A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was down 22.92 points or 0.11%, up about 60 points from the day's low and off close to 75 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Banking stocks were mixed. Shares of Bosch, known for its technology prowess in the automotive market, hit record high.
The Sensex edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices alternately swung between positive and negative zone in morning trade. Intraday volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. The Sensex regained positive terrain in early afternoon trade. After moving in a narrow range near the flat line in early afternoon trade, the key benchmark edged lower and hit fresh intraday low in afternoon trade. A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in mid-afternoon trade.
The market may remain volatile this week, which is a truncated trading week, as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series. The near month December 2013 derivatives contract expire on Thursday, 26 December 2013. The stock market remains closed tomorrow, 25 December 2013, on account of Christmas.
At 14:20 IST, the S&P BSE Sensex was down 22.92 points or 0.11% to 21,078.11. The index fell 80.91 points at the day's low of 21,020.12 in mid-afternoon trade, its lowest level since 20 December 2013. The index rose 55.89 points at the day's high of 21,156.92 in early trade.
The CNX Nifty was down 6.50 points or 0.1% at 6,278. The index hit a low of 6,262.50 in intraday trade, its lowest level since 20 December 2013. The index hit a high of 6,301.50 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,368 shares gained and 998 shares fell. A total of 158 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks declined and rest of them rose. Tata Power Company (down 2.53%), Sesa Sterlite (down 2.33%) and Wipro (down 1.47%) declined.
Bank stocks were mixed. AXIS Bank dropped 0.51%. HDFC Bank shed 0.86%.
ICICI Bank gained 0.29%. ICICI Bank on 21 December 2013 said it has cut its home loan rates for new customers by 15 basis points or 0.15 percentage points, as a part of a special scheme. It will be valid till 31 January 2014. Under the scheme, the bank will offer home loans up to Rs. 75 lakh at an interest rate of 10.25%, while loans above Rs. 75 lakh will be charged 10.50%.
State Bank of India (SBI) rose 0.31%. SBI on 19 December 2013 slashed home loan rates by up to 35 basis points for new borrowers and has unveiled a further discount of 5 basis points for women customers. Loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15% against the existing rate of 10.50%. For women borrowers, the rate of interest after an additional concession of 0.05% would be 10.10% for home loans of up to Rs 75 lakh. With regard to loans of above Rs 75 lakh, the new rate would be 10.30%. For women borrowers it is 10.25%.
Bosch rose 2.73% to Rs 9,758 after hitting record high of Rs 9,760 in intraday trade.
Kirloskar Electric Company fell 0.75%. The company said it has successfully exported a generator duty transformer of 24/30 MVA, 115/38.5/10.5 kV for a hydro-electric project in Song-Giang, Vietnam. The announcement was made after market hours on Monday, 23 December 2013. Separately, Kirloskar Electric Company said that the lay-off at the company's factory situated in Mysore has been extended till 24 January 2014.
Kirloskar Electric Company had on 2 December 2013 said that as a part of its continued efforts to improve the operating efficiency and to optimize the productivity of the resources, the company has announced lay-off for 53 workmen at Electronic unit at its factory situated in Mysore with effect from 25 November 2013 till 24 December 2013. The turnover of this unit in the total turnover of the company is less than 1.5%, the company said at that time.
In foreign exchange market, rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 61.8825, compared with its close of 61.9525/9625 on Monday, 23 December 2013.
Petroleum Minister Veerappa Moily, who took charge as the Environment and Forest Minister, today, 24 December 2013, said that Congress Vice President Rahul Gandhi is the party's Prime Ministerial candidate for 2014 Lok Sabha elections. Moily took charge as the Environment and Forest Minister after Jayanthi Natarajan resigned last week to help with the party's preparations for the coming 2014 Lok Sabha elections.
European stocks edged higher on Tuesday, 24 December 2013, amid shortened trading hours for Christmas Eve and before reports on US durable-goods orders and new house sales later in the global day today, 24 December 2013. Key benchmark indices in France and UK rose 0.1% to 0.3%. Germany's stock market was closed for Christmas holidays.
Most Asian stocks edged higher on Tuesday, 24 December 2013, after data showed the US economic recovery gaining momentum. US economy is the world's biggest economy. Key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore and South Korea rose by 0.08% to 1.13%. Taiwan's Taiwan Weighted fell 0.07%.
China's central bank conducted the first reverse-repurchase agreements in three weeks, helping to ease the tightest financing conditions since a record cash crunch in June.
In Japan, the Cabinet Office released its December economic report today, 24 December 2013. The report dropped a reference to the word deflation for the first time since October 2009, saying "prices are holding firm."
Indonesia announced on Tuesday it will allow increased levels of foreign investment in the country's power plants, advertising, and pharmaceutical industries as part of government efforts to boost the slowing economy. Under the new policy, the government increased the maximum foreign investment in pharmaceutical companies to 85 percent from 75 percent, and in advertising agencies to 51 percent from 49 percent. Indonesia also allowed foreign investment of up to 100 percent from 95 percent for power plant projects carried out as a public-private partnership. Under the partnership terms, a foreign investor now can own an entire power-plant during a concession period, after which some equity transfers to the government.
Trading in US index futures indicated that the Dow could advance 6 points at the opening bell on Tuesday, 24 December 2013. US stocks on Monday jumped to new records after strong economic data gave new momentum to last week's rally. US household purchases, which account for almost 70 percent of the economy, rose 0.5% after a 0.4% gain in October that was larger than previously estimated, the Commerce Department reported in Washington. A separate report showed consumer confidence increased in December. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 82.5 from 75.1 a month earlier.
The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.
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