A bout of volatility was witnessed as key benchmark indices once again recovered from lower level after erasing almost entire intraday gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 54.10 points or 0.2% at 26,445.06. European stocks were in green. Asian stocks ended higher. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap index was up 1.03%. The BSE Small-Cap index was up 1.12%. Both these indices outperformed the Sensex. Most IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Sesa Sterlite rose on reports that the Goa state government will allot at least 27 iron ore mining leases from 30 September to 10 October this year.
Earlier, a further decline in crude oil prices and a rally in US stocks on Monday, 18 August 2014, triggered a firm opening on the domestic bourses and took the Sensex and the 50-unit CNX Nifty to record high.
At 14:20 IST, the S&P BSE Sensex was up 54.10 points or 0.2% to 26,445.06. The index jumped 139.71 points at the day's high of 26,530.67 in early trade, a record high for the index. The index rose 4.21 points at the day's low of 26,395.17 in early afternoon trade.
The CNX Nifty was up 28.60 points or 0.36% to 7,902.85. The index hit a high of 7,918.55 in intraday trade, a record high for the index. The index hit a low of 7,881.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,555 shares gained and 1,249 shares fell. A total of 108 shares were unchanged.
The BSE Mid-Cap index was up 94.05 points or 1.03% at 9,264.39. The BSE Small-Cap index was up 113 points or 1.12% at 10,160.47. Both these indices outperformed the Sensex.
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Most IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Wipro (up 0.03%), HCL Technologies (up 0.71%) and Tech Mahindra (up 0.28%) gained. Infosys declined 0.18%.
TCS dropped 1.71%. TCS' UK based BPO subsidiary Diligenta today, 19 August 2014, announced that it has secured a new multi-million pound, multi-year contract with Friends Life Management Services (Friends Life) for its international operation. Under the terms of this deal, Diligenta will configure and implement TCS BaNCS, a globally acclaimed core platform, to support the international operations of Friends Life - Friends Provident International (FPI).
Sesa Sterlite rose 2.17% on reports that the Goa state government will allot at least 27 iron ore mining leases from 30 September to 10 October this year. Goa chief minister Manohar Parrikar reportedly said his government will renew leases of 27 holders which include Sesa Sterlite. There has been a ban on iron ore mining in Goa since October 2012 due to illegal mining. The Supreme Court order in April had given right to the state to give out mining leases while keeping overall output of mining under limits.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 473.42 crore on Monday, 18 August 2014, as per provisional data from the stock exchanges.
Meanwhile, India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. Brent crude oil futures edged up towards $102 a barrel today, 19 August 2014, but stayed near a 14-month low reached in the previous session on weak demand and easing concerns over risks to supply. The October Brent crude contract was up 14 cents at $101.74 a barrel. The contract fell $1.93 a barrel to settle at $ 101.60 a barrel on Monday, 18 August 2014, after Iraqi Kurds recaptured a large chunk of the biggest dam in the country from Islamist militants, with help from US air power.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.67, compared with its close of 60.78 on Thursday, 14 August 2014. The currency market remained close on Friday, 15 August 2014, and Monday, 18 August 2014 on account of holidays.
India reportedly called off on Monday, 18 August 2014, peace talks with Pakistan, giving a jolt to renewed diplomatic efforts between the two nuclear-armed neighbours and adding to the troubles of Pakistan's beleaguered government. India said it would not attend talks involving the foreign secretaries of the two countries, which had been set to take place on 25 August 2014 in Islamabad, because of plans by Pakistan to consult Kashmiri separatists ahead of the meeting.
European stocks rose today, 19 August 2014, extending strong gains of the previous trading session as talks between Ukraine and Russia eased concern about the conflict between the two countries. Key benchmark indices in UK, France and Germany were up 0.44% to 0.91%.
UK inflation cooled more than forecast in July, giving the Bank of England room to keep its key interest rate at a record-low. The rate of price growth fell to 1.6% from 1.9% in June, the Office for National Statistics said today in London.
Foreign ministers from Russia, Ukraine, Germany, and France gathered in Berlin over the weekend to discuss talks for a ceasefire or a political solution in Ukraine, and Russia's Foreign Ministry said on Monday a 'certain progress' was achieved during the talks.
Asian stocks rose today, 19 August 2014, after a rally in US stocks on Monday, 18 August 2014, triggered by upbeat US housing data and hopes of progress in the Ukraine crisis. Key benchmark indices in China, Hong Kong, South Korea, Taiwan, Singapore, Japan, and Indonesia were up 0.22% to 1.12%.
Trading in US index futures indicated that the Dow could gain 40 points at the opening bell on Tuesday, 19 August 2014. US stocks registered solid gains on Monday, 18 August 2014, helped by deal news and easing Ukraine-Russia tensions. A better-than-expected reading on the housing market also boosted sentiment and kicked off a big week for economic data. US homebuilder sentiment rose in August to its highest since January, the National Association of Home Builders said on Monday, marking a third straight monthly gain.
The minutes from the last Federal Open Market Committee meeting will be released tomorrow, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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