Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, was up 282.27 points or 1.13%, up about 220 points from the day's low and off close to 20 points from the day's high. The market breadth indicating the overall health of the market was strong. A decline in crude oil prices and gains in Asian stocks underpinned sentiment on the domestic bourses. As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased.
Bank stocks gained as concerns of fuel price led inflation eased along with decline in crude oil prices.
At 10:20 IST, the S&P BSE Sensex was up 282.27 points or 1.13% to 25,313.59. The index jumped 304.74 points at the day's high of 25,336.06 in morning trade, its highest level since 19 June 2014. The index gained 84.51 points at the day's low of 25,115.83 in early trade.
The CNX Nifty was up 72.35 points or 0.97% to 7,565.70. The index hit a high of 7,572.10 in intraday trade, its highest level since 19 June 2014. The index hit a low of 7,515.20 in intraday trade.
The market breadth indicating the overall health of the market was strong, with over three gainers for every loser on BSE. On BSE, 1,408 shares gained and 443 shares fell. A total of 61 shares were unchanged.
The BSE Mid-Cap index was up 106.10 points or 1.18% at 9,124.17. The BSE Small-Cap index was up 129.28 points or 1.32% at 9,945.63. Both these indices outperformed the Sensex.
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GAIL (India) (up 4.41%), Sesa Sterlite (up 2.05%) and HDFC (up 2.17%) edged higher from the Sensex pack.
Bank stocks gained as concerns of fuel price led inflation eased along with decline in crude oil prices. Among PSU bank stocks, State Bank of India (SBI) (up 1.33% to Rs 2,638.35), Canara Bank (up 2.29% to Rs 444.30), Union Bank of India (up 2.01% to Rs 230.80), Bank of India (up 2.51% to Rs 292), Bank of Baroda (up 1.77% to Rs 849.80) and Punjab National Bank (up 1.29% to Rs 966) gained.
Among private sector banks, ICICI Bank (up 0.83% to Rs 1,425), IndusInd Bank (up 1.13% to Rs 574.50), Yes Bank (up 0.88% to Rs 555.50), Federal Bank (up 1.62% to Rs 128.85), HDFC Bank (up 0.9% to Rs 828.80), and Axis Bank (up 0.72% to Rs 1,897), gained. Kotak Mahindra Bank shed 0.08% to Rs 894.30.
Decline in crude oil prices triggered a firm opening on the domestic bourses today, 24 June 2014. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. Brent crude oil futures extended Monday's losses on reports that Iraq's army has recaptured territory along the nation's border with Jordan and Syria from militants. Brent oil futures for August delivery were off 21 cents at $113.91 a barrel. The contract fell 0.6% to settle at $114.12 on Monday, 23 June 2014, the biggest percentage drop since 16 May 2014.
The recent spike in crude oil prices triggered by violence in Iraq sparked worries about India's macroeconomic situation as India imports majority of its crude oil requirements. Increase in crude oil prices raised concerns of increase in India's current account deficit and fiscal deficit. Firm global crude oil prices and the latest hike in railway freight rate also stoked inflation worries.
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 on Thursday, 26 June 2014.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.105, compared with its close of 60.20/21 on Monday, 23 June 2014.
Asian stocks edged higher on Tuesday, 24 June 2014, as utilities advanced. Key benchmark indices in Indonesia, Japan, South Korea, China, Singapore, Hong Kong and Taiwan were up by 0.15% to 1.02%.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell on Tuesday, 24 June 2014. Most US stocks slid on Monday, 23 June 2014, with the Standard & Poor's 500 Index dropping for the first time in seven sessions, as General Electric Co. led industrial shares lower to offset gains among energy producers.
Data on Monday showed US sales of existing homes climbed 4.9% to a 4.89 million annualized rate in May, the most since October. A separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.
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