Key benchmark indices hovered in negative terrain in mid-morning trade. The barometer index, the S&P BSE Sensex, was down 16.09 points or 0.06%, off close to 75 points from the day's high and up about 25 points from the day's low. The market breadth indicating the overall health of the market was positive.
Shares of two-wheeler makers rose, with Bajaj Auto scaling record high. Shares of commercial vehicles maker Ashok Leyland extending Tuesday's gains. Shares of housing finance major HDFC hit record high. Shares of finance companies which provide loans against gold rose after the Reserve Bank of India (RBI) on Tuesday, 24 June 2014, allowed banks to engage non-deposit-taking non-banking finance companies as banking correspondents for financial inclusion.
At 11:20 IST, the S&P BSE Sensex was down 16.09 points or 0.06% to 25,352.81. The index rose 58.90 points at the day's high of 25,427.80 in early trade, its highest level since 18 June 2014. The index shed 41.03 points at the day's low of 25,327.87 in morning trade.
The CNX Nifty was down 7.45 points or 0.1% to 7,572.75. The index hit a high of 7,589.25 in intraday trade. The index hit a low of 7,566 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,409 shares gained and 999 shares fell. A total of 113 shares were unchanged.
The BSE Mid-Cap index was up 47.56 points or 0.52% at 9,208.74. The BSE Small-Cap index was up 45.56 points or 0.46% at 10,004.38. Both these indices outperformed the Sensex.
IndusInd Bank rose 0.09% to Rs 571.50. The bank said during market hours that it has unveiled its third Currency Chest at Guindy, Chennai. This will enable the bank's branches and ATMs in Southern part of the country to handle larger volumes of cash, IndusInd Bank said. The bank has drawn up an ambitious plan for setting up a sizeable number of Currency Chests across India in line with the bank's business growth.
Shares of two-wheeler makers rose. Hero MotoCorp (up 0.32% to Rs 2,622) and TVS Motor Company (up 1.16% to Rs 143.35) gained.
Bajaj Auto rose 1.24% to Rs 2,270.30 after hitting record high of Rs 2,294.85 in intraday trade.
Ashok Leyland rose 2.92% to Rs 37 after hitting 52-week high of Rs 37.55 in intraday trade.
HDFC gained 0.61% to Rs 1,000 after hitting record high of Rs 1,002.40 in intraday trade.
Shares of finance companies which provide loans against gold rose after the Reserve Bank of India (RBI) on Tuesday, 24 June 2014, allowed banks to engage non-deposit-taking non-banking finance companies as banking correspondents for financial inclusion. Manappuram Finance (up 2.79% to Rs 23.95) and Muthoot Finance (up 1.7% to Rs 191.80) gained. Working as banking correspondents provides a strong fee income opportunity for these non-deposit-taking lenders.
With small gains, the Sensex hit one-week high at the onset of the trading session. Key benchmark indices alternately swung between positive and negative zone in early trade. The Sensex continued to alternately move between positive and negative zone in morning trade. Indices were hovering in the negative terrain in mid-morning trade.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire tomorrow, 26 June 2014.
In the foreign exchange market, the rupee edged lower against the dollar as Brent crude hovered near nine-month. The partially convertible rupee was hovering at 60.2825, compared with its close of 60.1325/1425 on Tuesday, 24 June 2014.
Brent crude hovered near nine-month high above $114 a barrel as militant violence in Iraq continues. Brent crude futures for August delivery were off 19 cents at $114.27 a barrel. The contract had risen 34 cents to settle at $114.46 on Tuesday, 24 June 2014. Iraq is a key oil exporter in the world.
Meanwhile, the Ministry of Railways has reduced the proposed steep hike in monthly season tickets (MST) rates. A decision has been taken to increase the cost of existing MST fare by only 14.2% inclusive of Fuel Adjustment Component (FAC), the rail ministry said. The ministry also decided that there will be no hike in fare for second class suburban travelers for a distance upto 80 kilo meter on single journey fares. The government had on 20 June 2014 announced 14.2% increase in railway passenger fare and 6.5% hike in railway freight rate to meet its annual expenditure.
The Budget Session of Parliament will commence from 7 of July 2014 and the session is scheduled to conclude on the 14 August 2014, the Ministry of Parliamentary Affairs said on Tuesday, 24 June 2014.
Asian stocks dropped on Wednesday, 25 June 2014, led by material shares, as escalating violence in the Middle East sapped demand for riskier assets. Key benchmark indices in Japan, China, Indonesia, South Korea and Taiwan fell by 0.05% to 0.63%. Key benchmark indices in Singapore and Hong Kong were up by 0.01% to 0.06%.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell on Wednesday, 25 June 2014. US stocks fell for the second day on Tuesday, 24 June 2014, as reports of escalating violence in the Middle East overshadowed data that boosted optimism in the world's biggest economy.
Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday.
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