A bout of volatility was witnessed in morning trade as key benchmark indices trimmed gains after reversing initial losses. Key indices had opened lower on weak Asian stocks. The barometer index, the S&P BSE Sensex was currently up 35.97 points or 0.14% at 26,504.33. The market breadth indicating the overall health of the market was positive. The provisional data showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 851.24 crore yesterday, 25 September 2014.
Jaiprakash Power Ventures (JPVL) surged and JSW Energy fell after JSW Energy (JSW) and JPVL announced the signing of binding Memorandum of Understanding (MoU), for the 100% acquisition by JSW of three operational plants of JPVL. Realty stocks edged higher.
In overseas markets, Asian stocks dropped with Japanese shares retreating from a six-year high, after the Standard & Poor's 500 index dropped the most in almost two months overnight. US stocks dropped on Thursday, 25 September 2014, on a report that Russian lawmakers are drafting legislation that would allow the government to seize foreign assets in response to sanctions by US and the European Union imposed on account of Russia's aggression in Ukraine.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil prices were a tad higher as hefty supplies capped price gains and outweighed concerns that rising tensions in the Middle East could disrupt supply.
At 10:15 IST, the S&P BSE Sensex was up 35.97 points or 0.14% at 26,504.33. The index rose 110.19 points at the day's high of 26,578.55 in morning trade. The index lost 117.09 points at the day's low of 26,351.27 in early trade.
The CNX Nifty was up 23.35 points or 0.3% at 7.935.20. The index hit a high of 7,952.95 in intraday trade. The index hit a low of 7,884.85 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,044 shares rose and 942 shares fell. A total of 54 shares were unchanged.
The BSE Mid-Cap index was down 82.62 points or 0.88% at 9,268.10. The BSE Small-Cap index was down 107.30 points or 1.03% at 10,337.47. Both these indices underperformed the Sensex.
ONGC (up 2.34%), Sun Pharmaceutical Industries (up 2.1%) and Tata Steel (up 1.83%) edged higher from the Sensex pack.
Realty stocks edged higher. DLF (up 1.57%), Housing Development & Infrastructure (HDIL) (up 1.92%), D B Realty (up 0.82%), Anant Raj (up 0.47%) and Unitech (up 3.36%) gained.
Jaiprakash Power Ventures (JPVL) surged 8.09% after JSW Energy (JSW) and JPVL announced the signing of binding Memorandum of Understanding (MoU), for the 100% acquisition by JSW of three operational plants of JPVL, namely 300 MW Baspa-II Hydro Electric Plant, 1091 MW Karcham Wangtoo Hydro Electric Plant and 500 MW Bina Thermal Power Plant. Shares of JSW Energy was down 2.21%.
The announcement comes a day after JPVL's proposed sale of three hydro projects fell through. Reliance Power (RPower) on Wednesday, 24 September 2014, called off its discussions with JPVL to buy three hydropower projects. JPVL announced that for reasons not attributable to any regulatory uncertainties but due to difference of commercial aspects, discussion with RPower was called off.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.465 compared with its close of 61.34 during the previous trading session.
Brent crude oil prices were a tad higher as hefty supplies capped price gains and outweighed concerns that rising tensions in the Middle East could disrupt supply. Brent for November settlement was up 2 cents at $97.02 a barrel. The contract had risen 5 cents a barrel or 0.05% to settle at $97 a barrel yesterday, 25 September 2014.
The provisional data released by the stock exchanges after trading hours on Thursday, 25 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 851.24 crore on that day.
Prime Minister Narendra Modi's five-day trip to the United States started today, 26 September 2014. The Indian Prime Minister will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
Asian stocks dropped today, 26 September 2014, with Japanese shares retreating from a six-year high, after the Standard & Poor's 500 Index dropped the most in almost two months overnight. Key benchmark indices in Indonesia, Japan, South Korea, Hong Kong, Taiwan and Singapore fell 0.06% to 1.51%. China's Shanghai Composite rose 0.03%.
Japan's annual core consumer inflation eased in August, in another sign that the Bank of Japan could be forced into additional easing steps to meet its 2% price goal sometime next fiscal year.
Trading in US index futures indicated that the Dow could gain 14 points at the opening bell on Friday, 26 September 2014. US stocks dropped on Thursday, 25 September 2014, on a report that Russian lawmakers are drafting legislation that would allow the government to seize foreign assets in response to sanctions by US and the European Union imposed on account of Russia's aggression in Ukraine.
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