Key benchmark indices held firm in morning trade. The barometer index, the S&P BSE Sensex was currently up 285.32 points or 1.09% at 26,532.11. Capital goods stocks gained on renewed buying. Bharat Heavy Electricals (Bhel) surged after announcing large order win. Cipla gained after the company's subsidiary entered into a sales and distribution collaboration with Teva Pharmaceuticals. The market breadth indicating the overall health of the market was strong with over 3 gainers for every loser.
In overseas markets, Most Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Key indices opened on a firm note on positive Asian stocks.
In the foreign exchange market, the rupee edged higher against the dollar on sustained selling of the US currency by exporters and banks.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened.
At 10:15 IST, the S&P BSE Sensex was up 285.32 points or 1.09% at 26,532.11. The index jumped 312.81 points at the day's high of 26,559.60 in early trade, its highest level since 7 October 2014. The index gained 147.42 points at the day's low of 26,394.21 in early trade.
The CNX Nifty was up 89.60 points or 1.14% at 7,932.30. The index hit a high of 7,935.35 in intraday trade, its highest level since 7 October 2014. The index hit a low of 7,886.50 in intraday trade.
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The market breadth indicating the overall health of the market was strong with over 3 gainers for every loser. On BSE, 1,657 shares gained and 436 shares fell. A total of 68 shares were unchanged.
The BSE Mid-Cap index was up 124.96 points or 1.33% at 9,528.79. The BSE Small-Cap index was up 156.87 points or 1.48% at 10,721.01. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 685 crore by 10:20 IST compared to Rs 169 crore by 09:30 IST.
Among the 30-share Sensex pack, 28 gained and only two of them declined. Hindalco Industries (up 4.91%), Dr Reddy's Laboratories (up 2.14%) and HDFC (up 1.85%) edged higher from the Sensex pack.
Capital goods stocks gained on renewed buying. ABB India (up 1%), Bharat Electronics (up 3.81%), BEML (up 3.87%), Crompton Greaves (up 2.45%), Siemens (up 1.81%) and Thermax (up 0.38%) gained.
Bharat Heavy Electricals (Bhel) surged 3.59%. Bhel announced after market hours on Wednesday, 8 October 2014, that it has bagged a contract for setting up a 1,320 megawatts (MW) supercritical thermal power project on engineering, procurement & construction (EPC) basis from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) valued at around Rs 7800 crore. The order for setting up a 2x660 MW coal-fired supercritical thermal power project at Ennore special economic zone (SEZ) in Tamil Nadu. For this tender, Bhel has partnered with Power Finance Corporation (PFC), another PSU, by syndicating the financing package in the current competitive environment.
Larsen & Turbo (L&T) advanced rose 1.54%, with the stock extending Wednesday's gain. L&T Technology Services, the wholly owned subsidiary of L&T, during market hours on Wednesday, 8 October 2014, announced the intent to acquire the asset of US based Dell Product and Process Innovation Services, the engineering services division of Dell.
Cipla rose 2.01%. Medpro Pharmaceutical (Pty), a subsidiary company of Cipla Medpro, during market hours today, 9 October 2014 announced that it has entered into a collaboration with TevaPharmaceutical(Pty), an affiliate of Teva Pharmaceutical Industries (Teva). The collaboration is restricted to the territory of South Africa. The collaboration is a sales and distribution whereby Cipla Medpro will exclusively market Teva's broad pharamaceutical product portfolio in South Africa, Cipla said.
The collaboration with Teva in South Africa will focus on therapeutic areas, such as oncology, central nervous system, women's health, cardiovascular, ophthalmology and other specialty products, Cipla said.
The government will unveil industrial production data for August 2014 tomorrow, 10 October 2014. India's index of industrial production (IIP) growth moderated to 0.5% in July 2014, showing moderation in the pace of growth from 3.9% (revised) increase recorded in the previous month of June 2014.
In the foreign exchange market, the rupee edged higher against the dollar on sustained selling of the US currency by exporters and banks. The partially convertible rupee was hovering at 61.09, compared with its close of 61.4 during the previous trading session.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened. Brent for November settlement was up 5 cents at $91.43 a barrel. The contract had declined 73 cents to settle at $91.38 a barrel yesterday, 8 October 2014. It had dropped to $90.57 yesterday, the lowest since June 2012.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1440.99 crore on that day.
Most Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. Key benchmark indices in Singapore, Taiwan, Hong Kong and Indonesia rose by 0.23% to 1.01%. Key benchmark indices in China and Japan fell 0.42% to 0.57%. Markets in South Korea were closed for holiday.
Japanese core machinery orders rose for the third straight month in August, the government said today, 9 October 2014. The 4.7% rise in August follows monthly gains of 3.5% in July and 8.8% in June, after a record 19.5% drop in May.
Trading in US index futures indicated that the Dow could rise 18 points at the opening bell on Thursday, 9 October 2014. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Slowing global growth and a stronger dollar pose potential risks to the US outlook, Fed policy makers said at their Sept. 16-17 meeting, according to the minutes released yesterday, 8 October 2014.
The Federal Open Market Committee (FOMC) last month retained a pledge to keep interest rates near zero for a considerable time after it concludes an asset purchase program that's due to end after its October meeting. Policy makers next begin their two-day meeting on 28 October 2014.
The influential US monthly non-farms payroll data is due tomorrow, 10 October 2014. The data pertains to September 2014.
Meanwhile, finance ministers and central bankers from the Group of 20 nations are scheduled to meet today, 9 October 2014 and tomorrow, 10 October 2014 in Washington will discuss the outlook for inflation and the economy.
The IMF and World Bank begin their annual meetings in Washington tomorrow, 10 October 2014 as finance ministers and central bankers from around the world discuss ways to bolster the global economic recovery, weather the latest bout of geopolitical instability and lift incomes in poor countries.
The Bank of England (BOE) will announce its latest policy decision today, 9 October 2014. Reports indicated that interest rates are expected to remain on hold today, 9 October 2014 as signs of slowing economic growth and a cooling housing market ease pressure on the Bank of England for an imminent hike. The BOE has held the main rate at a historic low of 0.5% since March 2009.
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