Intraday recovery helped the barometer index, the S&P BSE Sensex, regain the psychological 27,000 level in mid-afternoon trade. The Sensex was currently down 43.50 points or 0.16% at 27,042.43. Key indices trimmed losses as European stocks moved into the green from red. Meanwhile, Australia's Prime Minister Tony Abbott reportedly said he would sign a civil nuclear deal with Indian Prime Minister Narendra Modi later today, 5 September 2014. The market breadth indicating the overall health of the market was positive. The Small-Cap index rose was more than 1%. Most realty stocks declined. Auto component makers rose on renewed buying.
Earlier, key benchmark indices had slipped into the red from green in mid-morning trade after giving up almost entire initial gains after opening higher.
European stocks moved into the green from red. Asian stocks fell as investors awaited the influential US non-farm payroll data for August. The European Central Bank (ECB) unexpectedly moved to cut its main policy rates and announced additional measures after a monetary policy review yesterday, 4 September 2014, in an attempt to stimulate the flagging economy in the 18-country region. Brent crude oil prices rose after previous day's losses.
At 14:15 IST, the S&P BSE Sensex was down 43.50 points or 0.16% at 27,042.43. The index fell 132.77 points at the day's low of 26,953.16 trade in afternoon trade, its lowest level since 2 September 2014. The index gained 92.87 points at the day's high of 27,178.80 in early trade, its highest level since 3 September 2014.
The CNX Nifty was down 7.85 points or 0.1% at 8,088.10. The index hit a low of 8,057.05 in intraday trade, its lowest level since 2 September 2014. The index hit a high of 8,122.70 in intraday trade, its highest level since 3 September 2014.
The market breadth indicating the overall health of the market was positive. On BSE, 1,568 shares gained and 1,273 shares fell. A total of 96 shares were unchanged.
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The BSE Mid-Cap index was up 59.66 points or 0.62% at 9,674.73. The BSE Small-Cap index was up 116.43 points or 1.11% at 10,611.89. Both these indices outperformed the Sensex.
Most realty stocks declined. Oberoi Realty (down 0.5%), D B Realty (down 4.03%), Parsvnath Developers (down 2.85%), Prestige Estates Projects (down 2.47%), and Anant Raj (down 0.27%) declined. Unitech rose 0.22%.
DLF rose 3.68% on bargain hunting after tumbling 8.6% on Thursday, 4 September 2014. The company before market hours on Thursday, 4 September 2014, said a judgement was passed by the Punjab and Haryana High Court on Wednesday, 3 September 2014, in a writ petition filed before it challenging the acquisition by Haryana state government with respect to 350 acres of land in Wazirabad Village, Gurgaon. The court while upholding the acquisition has passed certain observations regarding the allotment of the land to DLF. DLF said it is awaiting a copy of the order and can offer detailed comments only after that. However, at this juncture the company would only like to clarify that the said land was awarded to DLF by two rounds of international competitive bidding process, DLF said. The company further clarified that the above stated project is an independent project to be developed in the future and has no correlation whatsoever with any of the ongoing, existing or completed projects of the company including DLF 5, the company said.
Auto component makers gained on renewed buying. Clutch Auto (up 20%), Samkrg Pistons (up 11.79%), Minda Industries (up 10.09%), Subros (up 9.95%), Munjal Auto (up 9.88%), Munjal Showa (up 4.8%), Sona Koyo Steering Systems (up 4.47%) and Bharat Gears (up 1.85%), rose.
Meanwhile, provisional data released by the stock exchanges after trading hours yesterday, 4 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1697.74 crore on that day.
Brent crude oil futures edged higher after previous day's losses. Brent for October settlement was up 9 cents at $101.92 a barrel. The contract fell 94 cents a barrel to settle at $101.83 a barrel yesterday, 4 September 2014, as a surprise cut in interest rates by the European Central Bank led to a spike in the dollar, making it more expensive for holders of other currencies to buy the dollar-denominated commodity.
Ukrainian President Petro Poroshenko will hold talks today, 5 September 2014, with pro-Russian rebels in Minsk, Belarus.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Australia's Prime Minister Tony Abbott reportedly said today, 5 September 2014, he would sign a civil nuclear deal with Indian counterpart Prime Minister Narendra Modi later today, 5 September 2014, clearing the way for uranium sales to India.
In the foreign exchange market, the rupee edged lower against the dollar on dollar's broad strength. The partially convertible rupee was hovering at 60.435, compared with its close of 60.36 during the previous trading session.
European stocks moved into the green from red today, 5 September 2014, ahead of the influential US non-farm payroll data for August. Key benchmark indices in France and Germany were up 0.01% to 0.27%. In UK, the FTSE 100 was off 0.2%.
German industrial output grew more than forecast in July, signaling that Europe's largest economy is headed for a third-quarter rebound. Production, adjusted for seasonal swings, rose 1.9% from June, when it expanded a revised 0.4% the Economy Ministry in Berlin said today, 5 September 2014.
In Brussels today, representatives of the 28 European Union (EU) governments will consider tightening the economic sanctions that were imposed on Russia in July.
The European central Bank (ECB) unexpectedly lowered all its interest rates to all-time low on Thursday, 4 September 2014. ECB President Mario Draghi announced two new programs under which the institution will buy asset-backed securities and covered bonds issued by eurozone banks. In a news conference, Draghi said the aim was to expand the bank's balance sheet back to the heights reached in early 2012, which equates to a rise of around 50% or 1 trillion euros in new assets.
The Bank of England's Monetary Policy Committee at its meeting on Thursday, 4 September 2014, left its Bank Rate at 0.5%, where it has been since the depths of the financial crisis more than five years ago.
Asian stocks fell today, 5 September 2014, led by fall in material companies. Key indices in China, Hong Kong, Japan, South Korea, Taiwan, and Singapore were off 0.02% to 0.33%. China's Shanghai Composite rose 0.85%.
Trading in US index futures indicated that the Dow could fall 25 points at the opening bell on Friday, 5 September 2014. US stocks edged lower on Thursday, 4 September 2014, as energy producers sank with oil prices to overshadow the ECB announcement.
The influential US non-farm payroll data for August is due later in the global day today, 5 September 2014.
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