Firmness continued on the domestic bourses in afternoon trade after European stocks rose in early trade there. The barometer index, the S&P BSE Sensex, was up 290.57 points or 1.16%, off close to 38 points from the day's high and up about 206 points from the day's low. The BSE Mid-Cap index was up almost 1.5%. The BSE Small-Cap index was up more than 1.7%. Both these indices outperformed the Sensex. The market breadth indicating the overall health of the market was strong. A decline in crude oil prices and gains in global 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.
Shares of companies operating in the capital goods sector were in demand. State-run National Buildings Construction Corporation jumped after the company said it has been granted "Navratna Status" by Department of Public Enterprises.
At 13:15 IST, the S&P BSE Sensex was up 290.57 points or 1.16% to 25,321.89. The index jumped 328.65 points at the day's high of 25,359.97 in mid-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 73.85 points or 0.99% to 7,567.20. The index hit a high of 7,580.05 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 two gainers for every loser on BSE. On BSE, 1,899 shares gained and 847 shares fell. A total of 116 shares were unchanged.
The BSE Mid-Cap index was up 133.52 points or 1.48% at 9,151.59. The BSE Small-Cap index was up 171.38 points or 1.75% at 9,987.73. Both these indices outperformed the Sensex.
More From This Section
Among the 30 Sensex shares, 25 rose and the remaining shares fell. GAIL (India) (up 3.65%), HDFC (up 2.4%), Tata Power (up 2.26%), State Bank of India (up 2.03%), ITC (up 2.02%), Axis Bank (up 1.99%), Reliance Industries (up 1.9%), ICICI Bank (up 1.80%), NTPC (up 1.77%), Sesa Sterlite (up 1.45%) and Tata Steel (up 1.35%), edged higher from the Sensex pack.
Sun Pharmaceutical Industries (down 0.94%), Infosys (down 0.59%), ONGC (down 0.47%), Wipro (down 0.42%) and Bharti Airtel (down 0.29%), edged lower from the Sensex pack.
Shares of companies operating in the capital goods sector were in demand. Pipavav Defence and Offshore Engineering Company (up 2.99%), Crompton Greaves (up 2.62%), Bharat Heavy Electricals (up 2.52%), Suzlon Energy (up 2.5%), ABB (up 2.48%), BEML (up 2.10%), Larsen & Toubro (up 1.77%), Jindal Saw (up 1.67%), Havells India (up 1.59%), SKF India (up 1.51%), Praj Industries (up 1.46%), Siemens (up 1.32%), ALSTOM India (up 1.29%), Punj Lloyd (up 1.29%), Lakshmi Machine Works (up 0.36%), Alstom T&D India (up 0.33%) and Thermax (up 0.06%), edged higher.
National Buildings Construction Corporation spurted 8.51% to Rs 330.95 after the company announced during trading hours today, 24 June 2014, that the company has been granted "Navratna Status" with effect from 23 June 2014 on the basis of its performance upon fulfilling the criteria prescribed by Department of Public Enterprises.
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. Firmness continued on the bourses in mid-morning trade. Key benchmark indices remained firm after moving in a narrow range in early afternoon 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 16 cents at $113.96 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 60.11, compared with its close of 60.20/21 on Monday, 23 June 2014.
Finance Minister Arun Jaitley reportedly said today, 24 June 2014, that India needs to act now to fix the health of its economy which is facing a challenging time. The comments come just weeks ahead of the final Union Budget for 2014-15 which is likely to be tabled in parliament by mid July 2014.
European shares edged higher in early trade on Tuesday, 24 June 2014. Key benchmark indices in UK, France and Germany were up by 0.22% to 0.32%.
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 0.05% to 0.98%.
Trading in US index futures indicated that the Dow could advance 3 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.
Powered by Capital Market - Live News