A bout of volatility was witnessed as the S&P BSE Sensex regained positive zone after a sudden slide pushed the barometer index into negative zone from positive zone in morning trade. The 50-unit CNX Nifty was hovering in the red. The market breadth, indicating the overall health of the market, was positive. The Sensex was up 1.36 points or 0.01%, off close to 90 points from the day's high and up about 30 points from the day's low
Tata Motors and HDFC scaled their record high. Among mining and metal shares, NMDC and JSW Steel hit 52-week high. Bank of Baroda reversed direction after hitting 52-week high.
The Sensex edged higher in early trade after overnight rally in US stocks. The Sensex and the 50-unit CNX Nifty, both, hit record high. A bout of volatility was witnessed as the Sensex regained positive zone after a sudden slide pushed the barometer index into negative zone from positive zone in morning trade.
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 1043.86 crore on Wednesday, 9 April 2014, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was up 1.36 points or 0.01% to 22,703.70. The index jumped 90.15 points at the day's high of 22,792.49 in early trade, a lifetime high for the index. The index fell 29.62 points at the day's low of 22,672.72 in morning trade.
The CNX Nifty was down 6.10 points or 0.09% at 6,790.10. The index hit a high of 6,816.45 in intraday trade, a lifetime high for the index. The index hit a low of 6,781.25 in intraday trade.
The BSE Mid-Cap index was up 38.85 points or 0.53% at 7,324.24. The BSE Small-Cap index was up 34.47 points or 0.46% to 7,461.82. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,107 shares rose and 788 shares fell. A total of 79 shares were unchanged.
Tata Steel (down 1.73%), ONGC (down 1.21%) and Cipla (down 1%) edged lower from the Sensex pack.
Bank of Baroda fell 1% to Rs 783.80, with the stock reversing direction after hitting 52-week high of Rs 797.20 in early trade.
Tata Motors rose 2.03% to Rs 429.55 after hitting record high of Rs 429.80 in intraday trade.
HDFC rose 0.46% to Rs 925.75 after hitting record high of Rs 933 in intraday trade.
NMDC rose 1.56% to Rs 149.55 after hitting 52-week high of Rs 149.65 in intraday trade.
JSW Steel rose 1.42% to Rs 1078 after hitting 52-week high of Rs 1082.40 in intraday trade.
GTL Infrastructure was locked at 5% upper circuit at Rs 1.81 on BSE after the firm said it will consider allotment of equity shares consequent upon conversion notice received for conversion of FCCB at a conversion price of Rs 10 per share. The announcement was made after market hours on Wednesday, 9 April 2014.
GTL Infrastructure said that a meeting of the committee will be held today, 10 April 2014, to consider allotment of equity shares consequent upon conversion notice received for conversion of foreign currency convertible bonds (FCCBs) at a conversion price of Rs 10 per share, in terms of the Offering Circular dated October 17, 2012.
The total value of zero coupon compulsorily convertible bonds (ZCCBs) due 2017 (Series A Bonds) for which conversion notices received amounts to $342,000. Balance outstanding value of ZCCBs after proposed conversion stands at $52,091,000 and interest bearing convertible bonds due 2017 (Series B Bonds) stands at $193,543,000, totaling $245,634,000 of balance outstanding value of Bonds after proposed conversion.
Man Industries (India) galloped 8.99% after the company said that it has built order book of approximately Rs 1200 crore, which includes the recently received orders worth approximately Rs 700 crore from domestic and international customers for supply of large diameter pipes for oil and gas as well as water sector projects. In addition to the above confirmed order the company has outstanding bids over $1 billion at various stages of evaluation for several other oil, gas and water projects in India and abroad, the company said.
Supreme Petrochem surged 7.98% after the company said its board will meet on 21 April 2014, to consider the buyback of equity shares of the company. The announcement was made after market hours on Wednesday, 9 April 2014. Supreme Petrochem said that its board of directors will meet on 21 April 2014, to consider the buyback of equity shares of the company to such extent [not exceeding 10% of the networth (paid-up equity capital and free reserves) of the company] on such terms and conditions as the board may decide in accordance with Sebi (buy-back of Securities) Regulations, 1998, including any amendments, statutory modification(s) or re-enactments thereof.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.2375, compared with its close of 60.14/15 on Wednesday, 9 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
The next major trigger for the stock market is Q4 March 2014 and year ended 31 March 2014 (FY 2014) corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results to see if there is any revision in their future earnings forecast of the company for the year ending 31 March 2015 (FY 2015) and/or for the year ending 31 March 2016 (FY 2016). Indian companies will start reporting their Q4 and full year results from mid-April 2014. The result season will conclude in end-May 2014.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31.
Polling for 91 seats in the third phase of the Lok Sabha elections began today, 10 April 2014. Polling is being held in the sugarcane belts of western Uttar Pradesh, Delhi, the drought and hailstorm-hit Vidarbha region of Maharashtra, the Vindhya region of Madhya Pradesh, the plains of Jammu, the politically charged Kerala and the Maoist-affected belts of Jharkhand and Chhattisgarh.
Asian stocks edged lower on Thursday, 10 April 2014, as Chinese trade figures unexpectedly fell, tempering optimism after the Federal Reserve eased concern about when US rates will rise. Key benchmark indices in China, Singapore, Indonesia, Taiwan and South Korea were off 0.058% to 3.31%. Key benchmark indices in Hong Kong and Japan were up 0.12% to 0.18%.
Chinese exports fell 6.6% in March, extending the steepest drop since 2009 in February and missing the estimate. China's imports plunged 11.3% last month down from growth of 10.1% in February and below the estimates. China's export data have been distorted by inflated numbers in early 2013, when some companies filed fake invoices to disguise capital inflows.
China's Premier Li Keqiang today, 10 April 2014, said China will not take any forceful stimulus measures to counter short-term fluctuations in its economic growth, stressing again that authorities have flexibility in achieving the 2014 growth target. Sustaining healthy growth in China's labour market is most important for the government, Li told an investment forum in China's southern island of Hainan. Whether China's annual economic growth comes in slightly above or below a targeted 7.5% is less important in comparison, he said.
The Bank of Korea left its key rate unchanged at its first policy meeting under Lee Ju Yeol, as low inflation gives the new governor room to support growth in Asia's fourth-biggest economy. The central bank held the seven-day repurchase rate at 2.5% for an 11th straight month, it said in a statement in Seoul today, 10 April 2014.
Trading in US index futures indicated that the Dow could drop 9 points at the opening bell on Thursday, 10 April 2014. US stocks rallied on Wednesday, 9 April 2014, with technology shares gaining the most in two months, as minutes from the Federal Reserve's last meeting eased concern about the timing of future interest-rate increases.
Several Fed policy makers said a rise in their median projection for the main interest rate exaggerated the likely speed of tightening, according to minutes of their March 18-19 meeting released on Wednesday, 9 April 2014. Federal Reserve officials fretted last month that investors would overreact to policymakers' fresh forecasts on interest rates that appeared to map out a more aggressive cycle of rate hikes than was actually anticipated.
The published rate forecasts of the current 16 Fed policymakers, known as the "dots" charts, suggested the federal funds rate would end 2016 at 2.25%, a half percentage point above Fed officials' projections in December. In minutes of the March 18-19 meeting published on Wednesday, several of the meeting's participants said the charts "overstated the shift in the projections," suggesting the Fed is not as eager to tighten policy as the dots had seemed to suggest. The minutes also showed that officials wanted to emphasize that the official policy statement, and not the dots charts, give a better indication of the likely path of rates.
After its March meeting, the Fed said in a statement that it would wait a "considerable time" following the end of its bond-buying program before finally raising interest rates.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
In Europe, a monthly meeting of the Monetary Policy Committee of the Bank of England's (BoE) for monetary policy review is scheduled today, 10 April 2014.
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