Key benchmark indices hovered in positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 99.92 points or 0.49%, up close to 80 points from the day's low and off close to 10 points from the day's high. The market breadth, indicating the overall health of the market, was positive. Gains in Asian stocks underpinned sentiment on the domestic bourses.
Capital goods stocks edged higher. Realty stocks edged lower.
The market trimmed gains after a firm start. The Sensex hovered in green in mid-morning trade.
Asian stocks rose on Tuesday, 11 February 2014, before US Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day.
At 11:20 IST, the S&P BSE Sensex was up 99.92 points or 0.49% to 20,434.19. The index jumped 109 points at the day's high of 20,443.35 in early trade, its highest level since 7 February 2014. The index rose 19.14 points at the day's low of 20,353.41 in early trade.
The CNX Nifty was up 22.55 points or 0.37% to 6,076. The index hit a high of 6,081.85 in intraday trade. The index hit a low of 6,053.25 in intraday trade.
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The BSE Mid-Cap index was up 23.53 points or 0.37% at 6,363.47. The BSE Small-Cap index was up 24.29 points or 0.38% at 6,364.17. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,087 shares rose and 942 shares fell. A total of 95 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks fell and rest rose. Tata Motors (up 2.82%), Tata Steel (up 1.54%) and TCS (up 1.4%) edged higher from the Sensex pack.
Housing Development Finance Corporation (HDFC) rose 0.41%.
Capital goods stocks edged higher. ABB (up 0.18%), Bhel (up 0.58%), L&T (up 0.83%) and Punj Lloyd (up 0.51%) gained.
Realty stocks edged lower. DLF (down 0.92%), HDIL (down 0.01%) and Unitech (down 0.7%) declined.
Tech Mahindra rose 2.03%. The company said during market hours that it is partnering with AIMS Software Pte., a subsidiary of Quest Computing, one of the world's leading providers of Grant Management Systems. The announcement was made during the Enterprise Ireland Trade Mission to Singapore and Malaysia led by Minister for Jobs, Enterprise and Innovation Richard Burton TD.
The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support. AIMS Software shall use a combination of their local AIMS Country Sales Management with Tech Mahindra's expertise and presence in the ASEAN region to provide both joint sales and marketing focus in addition to local SI deliver capability, Tech Mahindra said in statement. AIMS Software and Tech Mahindra are working closely to build full AIMS certification for key delivery and support personnel in ASEAN, so as to jointly provide a proven enterprise level client delivery and support service, Tech Mahindra said.
In the foreign exchange market, the rupee was steady against the dollar. The partially convertible rupee was hovering at 62.44, compared with its close of 62.43/44 on Monday, 10 February 2014.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
Consumer price inflation is seen easing a bit in January 2014. Inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing to 9.4% in January 2014 from 9.87% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 at 17:30 IST tomorrow, 12 February 2014.
Inflation based on the wholesale price index (WPI) is also expected to ease in January 2014. WPI inflation is seen easing to 5.9% in January 2014 from 6.16% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon on Friday, 14 February 2014.
Industrial production is expected to remain in contraction mode in December 2013. Industrial output is expected to decline 1% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. India's industrial production declined 2.1% in November 2013, recording decline for second consecutive month after 1.6% dip in October 2013.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian stocks rose on Tuesday, 11 February 2014, before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day. Key benchmark indices in China, South Korea, Singapore, Indonesia, Hong Kong and Taiwan rose 0.51% to 1.81%. Japanese stock markets were closed for a holiday today.
Trading in US index futures indicated that the Dow could advance 45 points at the opening bell on Tuesday, 11 February 2014. US stocks rose on Monday amid optimism that economic growth is robust enough to weather central bank stimulus cuts.
Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day today, 11 February 2014. Yellen will speak on monetary policy and the outlook for the US economy for the first time since being sworn in as the central bank's head.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
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