Key benchmark indices displayed divergent trend in morning trade. The CNX Nifty was positive, while the S&P BSE Sensex was negative. The Nifty and the Sensex, both, sharply pared early gains as rupee tumbled against the dollar. The Sensex was currently down 9.27 points or 0.03% at 28,023.58. The market breadth indicating the overall health of the market turned negative from positive.
Banks shares declined. However, Kotak Mahindra Bank and ING Vysya Bank hit record high on media reports of likely merger. Infosys rose after the company announced collaboration with Stanford Graduate School of Business to create a comprehensive executive education program.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 19 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 71.80 crore on that day.
In the global market, Asian stocks mostly fell on Thursday as fresh data signalling a further loss of momentum in China's economy weighed on sentiment, while the yen slid to multi-year lows against the dollar and euro.
The Indian rupee slumped to its lowest level in nine months on Thursday, tracking the dollar's strength against major currencies.
Brent crude held above $78 a barrel on Thursday as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting.
At 10:20 IST, the S&P BSE Sensex was down 9.27 points or 0.03% at 28,023.58. The index rose 85.68 points at the day's high of 28,118.53, at onset of the trading session. The index fell 63.28 points at the day's low of 27,969.57 in early trade.
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The CNX Nifty was up 2.65 points or 0.03% at 8,384.95. The index hit a high of 8,410.10 in intraday trade. The index hit a low of 8,366.55 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,089 shares fell and 1061 shares gained. A total of 76 shares were unchanged.
The BSE Mid-Cap index was up 5 points or 0.05% at 10,215.60. The BSE Small-Cap index was up 11.88 points or 0.10% at 11,380.43. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 19 shares fell and the remaining shares rose.
Banks stocks were trading lower. Among private sector banks, City Union Bank (down 2.33%), HDFC Bank (down 1.4%), Yes Bank (down 1.08%), Axis Bank (down 1.04%), IndusInd Bank (down 1%), Federal Bank (down 0.73%) and ICICI Bank (down 0.18%), edged lower.
Kotak Mahindra Bank jumped 5.98% to Rs 1143. The stock hit a record high of Rs 1,160.05 today, 20 November 2014.
ING Vysya Bank jumped 5.81% to Rs 804. The stock hit a record high of Rs 812.85 in intraday today, 20 November 2014. According to media reports, Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank is in final stages of acquiring ING Vysysa Bank.
Exchanges have asked Kotak Mahindra Bank and ING Vysya Bank to clarify the media report.
Among public sector banks, Canara Bank (down 2.5%), UCO Bank (down 2.45%), Union Bank of India (down 2.07%), Bank of India (down 1.84%), Syndicate Bank (down 1.62%), Vijaya Bank (down 1.27%), Central Bank (down 1.24%), IDBI Bank (down 1.24%), Allahabad Bank (down 1.14%), Andhra Bank (down 1.04%), Punjab National Bank (down 0.89%), United Bank of India (down 0.81%), Bank of Maha (down 0.78%), Bank of Baroda (down 0.65%), Indian Bank (down 0.43%), Jammu & Kashmir Bank (down 0.41%) and Corporation Bank (down 0.14%), edged lower.
Infosys rose 0.65% after the company announced collaboration with Stanford Graduate School of Business to create a comprehensive executive education program. The announcement was made after market hours on Wednesday, 19 November 2014.
IL&FS Engineering and Construction Company rose 1.77% after the company bagged two contracts from Paschimanchal Vidhyut Vitran Nigam totaling Rs 239.6 crore. The announcement was made before market hours today, 20 November 2014.
In the foreign exchange market, the rupee slumped to its lowest level in nine months on Thursday, tracking the dollar's strength against major currencies. The partially convertible rupee was hovering at 62.1725, compared with its close of 61.96 during the previous trading session.
Brent crude held above $78 a barrel on Thursday as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting. Brent for January settlement was currently up 13 cents at $78.23 a barrel. The contract had lost 37 cents to finish at $78.10 a barrel yesterday, 19 November 2014.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Asian stocks mostly fell on Thursday as fresh data signalling a further loss of momentum in China's economy weighed on sentiment, while the yen slid to multi-year lows against the dollar and euro. Further declines in oil and other commodities such as iron ore and coal prices weighed on some bourses. Key benchmark indices in Hong Kong, Japan and Taiwan were up by 0.07% to 1.12%. Key benchmark indices in China, Indonesia, Singapore and South Korea were off 0.10% 0.93%.
The China flash HSBC/Markit manufacturing purchasing managers' index published on Thursday showed factory output contracted in the world's third-biggest economy for the first time in six months. The preliminary HSBC China Manufacturing Purchasing Managers Index fell to 50.0 in November, compared with a final reading of 50.4 in October, HSBC Holdings PLC said Thursday. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
Trading in US index futures indicated that the Dow could fall 25 points at the opening bell today, 20 November 2014. US stocks edged lower on Wednesday, 19 November 2014, as minutes from the most recent Federal Reserve meeting gave investors few new clues as to when US interest rates may rise. The S&P 500 snapped a four-day run of gains and a two-day streak of record closing highs. Minutes of the US central bank's October 28-29 meeting, where policymakers decided to finally end their bond-buying stimulus, indicated a debate among policymakers over the outlook for inflation and the economy.
Following the release of the minutes, US short-term interest-rate futures traders were still betting on a first Fed rate hike by September next year. Tech names were among the biggest drags on the market, with the Nasdaq underperforming both the Dow and S&P 500.
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