Key benchmark indices continued to alternately swing between positive and negative terrain near the flat line in afternoon trade. The barometer index, the S&P BSE Sensex, was currently slightly lower for the day. The 50-unit CNX Nifty was a tad higher. The Sensex was down 6.65 points or 0.03%, up close to 50 points from the day's low and off about 65 points from the day's high. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap index was up 1.26%. The BSE Small-Cap index was up 1.04%.
Shares of power generation and power distribution companies rose. Shares of state-run coal miner Coal India also edged higher.
At 13:20 IST, the S&P BSE Sensex was down 6.65 points or 0.03% to 25,543.07. The index gained 60.75 points at the day's high of 25,610.47 in early trade, its highest level since 10 July 2014. The index fell 55.26 points at the day's low of 25,494.46 in early afternoon trade.
The CNX Nifty was up 8.20 points or 0.11% to 7,632.60. The index hit a high of 7,643.60 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,612.70 in intraday trade.
The market breadth, indicating the overall health of the market was positive. On BSE, 1,581 shares gained and 1,097 shares fell. A total of 110 shares were unchanged.
The BSE Mid-Cap index was up 115.53 points or 1.26% at 9,281.45. The BSE Small-Cap index was up 104.15 points or 1.04% at 10,161.52.
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Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Maruti Suzuki India (down 1.06%), GAIL (India) (down 0.72%) and Axis Bank (down 0.43%) edged lower from the Sensex pack.
Shares of power generation and power distribution companies rose. JSW Energy (up 2.13%), Power Grid Corporation of India (up 1.06%), Reliance Power (up 1.46%), Adani Power (up 2.77%), NTPC (up 1.64%), NHPC (up 0.21%), Torrent Power (up 1.37%), Reliance Infrastructure (up 0.12%) and Tata Power Company (up 1.72%) edged higher.
The Finance Minister Arun Jaitley in Union Budget 2014-15 on 10 July 2014, announced a ten-year tax holiday to the power sector undertakings, which begin generation, distribution and transmission of power by 31 March 2017.
Further, the Finance Minister has proposed to allocate an initial sum of Rs 100 crore for preparatory work for a new scheme "Ultra-Modern Super Critical Coal Based Thermal Power Technology" to promote cleaner and more efficient thermal power.
The assurance of finance minister in his speech that adequate coal supply will be made available for already completed generation projects and those that would be completed by March 2015 will spring back lot of power projects that are idle or commercially unviable to operate on imported coal.
To further improve rural life, the government will launch the Deen Dayal Upadhyay Gram Jyoti Yojana to augment power supply at a cost of Rs 500 crore.
To promote wind energy, the basic customs duty has been reduced from 10% to 5% on forged steel rings used in the manufacture of bearings of wind operated electricity generators. The finance minister has also withdrwan the SAD of 4% on parts and raw materials required for the manufacture of wind operated generators.
The S&P BSE Power index rose 1.49%, with the index gaining for the fourth day in a row.
Shares of Coal India rose 1.57%.
Crompton Greaves (up 14.42% at Rs 212.65), Jaypee Infratech (up 9.51% at Rs 38), TTK Prestige (up 9.26% at Rs 3,818), Essar Ports (up 8.58% at Rs 86.10) and Balkrishna Industries (up 7.7% at Rs 801.85) were the top gainers in that order from the BSE Mid-Cap index.
Ahluwalia Contracts (India) (up 13.23% at Rs 128.40), Savita Oil Technologies (up 11.14% at Rs 815.40), HCL Infosystems (up 8.82% at Rs 75.25), Indian Hume Pipe Company (up 8.13% at Rs 224.10) and Sadbhav Engineering (up 8.05% at Rs 214.10) were the top gainers in that order from the BSE Small-Cap index.
With small initial gains, the Sensex and the 50-unit CNX Nifty, both, hit one week high. Key benchmark indices slipped into negative zone from positive zone in mid-morning trade. Key benchmark indices saw divergent trend and hovered near the flat line in early afternoon trade. Key benchmark indices continued to alternately swing between positive and negative terrain near the flat line in afternoon trade.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.145, compared with its close of 60.13 on Wednesday, 16 July 2014.
European stocks dropped today, 17 July 2014, as new sanctions on Russia by the US amid efforts to curb violence in Ukraine, sent Russia's ruble and bonds plunging. Key benchmark indices in France, Germany and UK shed 0.3% to 0.64%.
US President Barack Obama imposed the biggest package of US economic sanctions yet on Russia, hitting Russia's largest oil producer Rosneft and other energy, financial and defense firms. Meanwhile, the European Union said it would announce detailed sanctions on Russia by the end of July.
Asian stocks edged lower today, 17 July 2014, after the US and European Union imposed further sanctions on Russian businesses for Russia's failure to defuse fighting in Ukraine. Key benchmark indices in Indonesia, Japan, Singapore, China, Taiwan and Hong Kong were off 0.06% to 1.09%. South Korea's Seoul Composite index rose 0.37%.
Trading in US index futures indicated that the Dow could fall 24 points at the opening bell on Thursday, 17 July 2014. US stocks advanced on Wednesday, 16 July 2014, sending the Dow Jones Industrial Average to an all-time high, as companies from Time Warner Inc. to Intel Corp. rallied amid deals and earnings reports.
The Federal Reserve said in its Beige Book business survey released on Wednesday, 16 July 2014, that economic growth was modest to moderate in the latest period as all 12 of its districts reported stronger consumer spending and expanded manufacturing.
Federal Reserve Chairwoman Janet Yellen concluded her two-day appearance testifying on Capitol Hill. In her comments, she reportedly stressed a softer line on stock valuations, saying the Fed doesn't have a target for equity values. The central bank instead looks to see if valuations are outside historical norms. In that sense, I am not seeing alarming warning signals, she said Wednesday, 16 July 2014.
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