A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in late trade. Shares of automobile companies rose after news reports in late trade that Finance Minister Arun Jaitley has announced extension of the concessional excise duty on automobiles, capital goods and consumer goods by six months till 31 December 2014. The barometer index, the S&P BSE Sensex, was provisionally down 55.16 points or 0.22%, up about 40 points from the day's low and off close to 115 points from the day's high. The market breadth indicating the overall health of the market was positive.
Index heavyweight and cigarette maker ITC declined. Some private banks declined.
As per provisional figures, the S&P BSE Sensex was down 55.16 points or 0.22% to 25,313.74. The index shed 94.51 points at the day's low of 25,274.39 in late trade. 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 CNX Nifty was down 15.40 points or 0.2% to 7,564.80, as per provisional figures. The index hit a low of 7,557.05 in intraday trade. The index hit a high of 7,589.25 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,690 shares gained and 1,341 shares fell. A total of 111 shares were unchanged.
The BSE Mid-Cap index was up 47.48 points or 0.52% at 9,208.66. The BSE Small-Cap index was up 35.08 points or 0.35% at 10,012.79. Both these indices outperformed the Sensex.
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Among the 30 Sensex shares, 15 rose and remaining shares fell.
Index heavyweight and cigarette maker ITC declined 1.53% to Rs 315.50. The stock hit high of Rs 319.60 and low of Rs 315. The stock had recovered on Tuesday, 24 June 2014, after Monday's slide triggered by reports that Union health minister Harsh Vardhan has suggested increase in excise duty on cigarettes in upcoming final Union Budget for 2014-15 to deter people from smoking.
TCS dropped 0.16% to Rs 2,302. The stock hit high of Rs 2,318 and low of Rs 2,295. The company said during market hours that it has been selected by Dutch insurance firm, REAAL N.V., to develop and modernize the mainframe applications and servicing the company's life insurance portfolio. The five-year engagement will be focused on building a scalable and best in class technology platform for REAAL N.V. as it looks to increase agility across the business.
Shares of private banks declined. ICICI Bank (down 1.56%), HDFC Bank (down 0.62%), Axis Bank (down 0.65%), and Yes Bank (down 2.89%) declined. Kotak Mahindra Bank rose 0.65%.
IndusInd Bank rose 0.44% to Rs 573.50. The bank today announced its Currency Chest at Guindy, Chennai. This will enable the bank's branches and ATMs in the 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 automobile companies rose after news reports in late trade that Finance Minister Arun Jaitley has announced extension of the concessional excise duty on automobiles, capital goods and consumer goods by six months till 31 December 2014. Maruti Suzuki India (up 2.87% to Rs 2,485), Mahindra & Mahindra (M&M) (up 1.48% to Rs 1,184.50) and Tata Motors (up 0.74% to Rs 445.40) gained.
Ashok Leyland surged 7.37% to Rs 38.60, which is also a52-week high for the counter.
Among two-wheeler makers, Hero MotoCorp (up 1.43% to Rs 2,651) and TVS Motor Company (up 4.59% to Rs 148.20) gained.
Bajaj Auto rose 2.72% to Rs 2,281.15 after hitting record high of Rs 2,294.85 in intraday trade.
At the time of presentation of Interim Budget for 2014-15, the Congress led United Progressive Alliance (UPA) government had in February this year reduced excise duty on small cars, two wheelers, scooters and commercial vehicles to 8% from 12%. Excise duty on sports utility vehicles (SUVs) was cut to 24% from 30% and that on mid and large cars was cut to 24/20% from 27/24%. At that time, the reduction is excise duty was restricted till 30 June 2014 as an interim relief measure for the auto sector.
A similar interim relief was announced during the Interim Budget for 2014-15 by way of reduction of excise duty on some capital goods and consumer goods until 30 June 2014.
Parsvnath Developers rose by maximum permissible 5% upper limit at Rs 36.25 on BSE on reports that company plans to divest land parcels worth Rs 1000 crore to raise funds. However, company clarified during market hours that there are no specific negotiations going on in this regard and the company may either sell the non-core assets if the assets fetch a good price or enter into joint venture arrangements, in case such assets do not fetch a reasonably good price.
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. Key benchmark indices hovered in negative terrain in mid-morning trade. Key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade. The Sensex hit fresh intraday low in afternoon trade as European stocks dropped in early trade there. A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in late trade.
Indian stocks may remain volatile tomorrow, 26 June 2014, 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. The partially convertible rupee was hovering at 60.20, compared with its close of 60.1325/1425 on Tuesday, 24 June 2014.
Brent crude oil futures dropped. Brent crude futures for August delivery were off 76 cents at $113.70 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.
The Budget Session of Parliament will commence from 7 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.
European stocks fell for a fourth day on Wednesday, 25 June 2014, the longest stretch in seven weeks, as violence in the Middle East escalated. Key benchmark indices in UK, France and Germany were down by 0.37% to 0.58%.
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, Singapore, Hong Kong, South Korea and Taiwan fell by 0.02% to 0.71%.
Trading in US index futures indicated a flat opening of the US stocks 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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