After a range bound movement in mid-morning trade, key benchmark indices edged higher in early afternoon trade. The 50-unit CNX Nifty hit its highest level in more than four weeks. Earlier, the Sensex too had hit its highest level in more than four weeks when the barometer index hit the psychological 29,000 mark at the onset of the trading session. The Sensex was currently trading below the psychological 29,000 level. The Sensex was currently up 92.78 points or 0.32% at 28,972.16. The market breadth indicating the overall health of the market was quite strong with, almost two gainers for every loser on BSE. The BSE Small-Cap index was up 1.27%, outperforming the Sensex. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 2% to about 20% for quite a few stocks.
Metal and mining edged higher on renewed buying. State-run iron ore miner NMDC edged higher after a latest disclosure from Life Insurance Corporation of India (LIC) showed that LIC hiked its stake in the company over a period of last few months. Telecom stocks rose on renewed buying. Bharat Heavy Electricals (Bhel) rose after the company successfully commissioned another 600 megawatts (MW) thermal unit in Chhattisgarh.
On the macro front, data released by the government after trading session on Friday, 10 April 2015, showed a pick up in industrial production growth in February this year.
The stock market remains closed tomorrow, 14 April 2015, on account of Dr. Baba Saheb Ambedkar Jayanti.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 362.79 crore on Friday, 10 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 135.18 crore on Friday, 10 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar. Brent crude oil futures edged higher.
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In overseas markets, Chinese stocks led gains in Asian stocks. US stocks edged higher during the previous trading session on Friday, 10 April 2015, after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
At 12:15 IST, the S&P BSE Sensex was up 92.78 points or 0.32% at 28,972.16. The index jumped 125.65 points at the day's high of 29,005.03 at onset of the day's trading session, its highest level since 13 March 2015. The index fell 35.44 points at the day's low of 28,843.94 in morning trade.
The CNX Nifty was up 25 points or 0.28% at 8,805.35. The index hit a high of 8,805.95 in intraday trade, its highest level since 13 March 2015. The index hit a low of 8,762.10 in intraday trade.
The market breadth indicating the overall health of the market was quite strong with, almost two gainers for every loser on BSE. 1,623 shares gained and 821 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index was up 75.04 points or 0.68% at 11,168.06. The BSE Small-Cap index was up 149.87 points or 1.27% at 11,996.20. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1392 crore by 12:15 IST compared with Rs 1160 crore by 11:15 IST.
Metal and mining stocks were mostly higher. Jindal Steel & Power (up 2%), Hindustan Copper (up 0.5%), National Aluminium Company (up 1.06%), JSW Steel (up 0.23%), Tata Steel (up 1.03%), Steel Authority of India (Sail) (up 1.46%) gained. Sesa Sterlite (down 0.4%), Hindustan Zinc (down 0.23%), and Hindalco Industries (down 1.34%) edged lower.
State-run iron ore miner NMDC edged higher after a latest disclosure from Life Insurance Corporation of India (LIC) showed that LIC hiked its stake in the company over a period of last few months. The stock was up 1%. A disclosure issued by LIC on Saturday, 11 April 2015, showed that India's biggest domestic institutional investor acquired 7.98 crore shares, or 2.013% equity of NMDC through open market between 20 September 2014 and 9 April 2015. Consequently, LIC's stake in NMDC has risen to 10.124% from 8.111% earlier.
Bharat Heavy Electricals (Bhel) rose 2.28%. Bhel during market hours today, 13 April 2015, said that the company has successfully commissioned another 600 megawatts (MW) thermal unit in Chhattisgarh. The unit was commissioned at Dainik Bhaskar Power (DBPL)'s upcoming thermal power project located at Dhabra in Janjgir Champa District of Chhattisgarh. Bhel has been a partner in the power development programme of the state of Chhatisgarh. With a cumulative installed capacity of 11,400 MW, the share of Bhel sets stands at 68% of the total installed capacity in the state, the company said.
Telecom stocks rose on renewed buying. Bharti Airtel (up 1.68%), Idea Cellular (up 2.12%), Tata Teleservices (Maharashtra) (up 0.61%) and Reliance Communications (up 1.11%) gained. MTNL shed 0.7%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.395, compared with closing of 62.32 during the previous trading session.
Brent crude oil futures edged higher. Brent for May settlement which expires on 15 April 2015 was up 4 cents at $57.91 a barrel. The contract had risen $1.30 a barrel or 2.29% to settle at $57.87 a barrel during previous trading session. Brent for June settlement was up 7 cents at $59.02 a barrel.
Index of industrial production (IIP) increased 5% in February 2015 compared with the revised growth of 2.8% in January 2015, government data released after market hours on Friday, 10 April 2015 showed. The IIP growth for January 2015 has been scaled up to 2.8% at the first revision compared with 2.6% reported provisionally. Meanwhile, the growth in November 2014 was also been revised sharply upwards to 5.2% at its second and final revision compared with -3.9% at the first revision and 3.8% released provisionally.
The mining sector output rebounded 2.5% in February 2015, snapping decline for last two months. Meanwhile, electricity generation rose at improved pace of 5% in February 2015. However, the manufacturing sector's output jumped at nine months high pace of 5.2% in February 2015 contributing to the overall growth in the industrial production.
IIP increased 2.8% in April-February FY2015 compared with the 0.1% fall in the corresponding period of the previous year
Inflation based on the consumer price index (CPI) is expected to remain steady at 5.4% in March 2015, as per the median estimate of a poll of economists carried out by Capital Market. CPI inflation stood at 5.4% in February 2015. The government will unveil data on CPI for March 2015 after trading hours today, 13 April 2015.
Inflation based on the wholesale price index (WPI) is expected to remain in negative zone in March 2015. WPI inflation is expected at negative 2.2% for March 2015, as per the median estimate of a poll of economists carried out by Capital Market. WPI inflation was negative 2.1% in February 2015. The government will unveil data on WPI for March 2015 at 12:10 IST tomorrow, 14 April 2015.
Prime Minister Narendra Modi on Saturday 11 April 2015 made a strong pitch for India's permanent membership at the United Nations Security Council, and expressed confidence that the world would soon recognize and accept India's capabilities. Modi is currently in Europe for an official visit.
Asian stocks edged higher today, 13 April 2015 following the positive lead from Wall Street on Friday, 10 April 2015. Key benchmark indices in China, Singapore, Taiwan, Hong Kong and South Korea rose by 0.35% to 1.99%. Key benchmark indices in Indonesia and Japan fell 0.01% to 0.65%.
China's exports fell sharply in March while imports slumped once again, suggesting to economists that the world's second largest economy is being hit with sluggish demand at home and abroad. China's exports slid 15% from a year earlier in March while imports dropped 12.7%, according to data released today, 13 April 2015 by the General Administration of Customs.
Japanese core machinery orders fell 0.4% in February on a seasonally adjusted basis from the previous month, government data showed today, 13 April 2015. The fall followed a 1.7% decline in January.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell today, 13 April 2015. US stocks ended the session higher on Friday, 10 April 2015 after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
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