Key benchmark indices held firm in mid-morning trade as gains in Asian stocks boosted inventor sentiment. The S&P BSE Sensex was up 180.55 points or 0.97%, up 26.94 points from the day's low and off 42.80 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Reliance Industries (RIL), ONGC and Oil India extended initial gains on reports that a meeting of Cabinet Committee on Economic Affairs (CCEA) will be held today, 27 June 2013, to consider a proposal for a steep hike in natural gas prices. NTPC reversed initial gains in volatile trade. Cement stocks gained. Realty stocks were in demand on renewed buying.
Key benchmark indices surged in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices regained strength after paring initial gains. Key benchmark indices held firm in mid-morning trade.
The market may remain volatile today, 27 June 2013, as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire today, 27 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 547.79 crore on Wednesday, 26 June 2013, as per provisional data from the stock exchanges.
At 11:25 IST, the S&P BSE Sensex was up 180.55 points or 0.97% to 18,732.67. The index jumped 223.25 points at the day's high of 18,775.47 in early trade, its highest level since 25 June 2013. The index rose 153.61 points at the day's low of 18,705.73 in morning trade.
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The CNX Nifty was up 57.30 points or 1.03% to 5,646. The index hit a high of 5,662.25 in intraday trade, its highest level since 25 June 2013. The index hit a low of 5,639.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,063 shares gained and 803 shares fell. A total of 110 shares were unchanged.
The total turnover on BSE amounted to Rs 498 crore by 11:20 IST compared to Rs 311 crore by 09:25 IST.
Among the 30-share Sensex pack, 25 stocks gained and the rest of them declined. Bajaj Auto (up 3.34%), Sun Pharmaceutical Industries (up 1.85%) and HDFC Bank (up 1.79%) edged higher from the Sensex pack.
Reliance Industries (RIL), ONGC and Oil India extended initial gains on reports that a meeting of Cabinet Committee on Economic Affairs (CCEA) will be held today, 27 June 2013, to consider a proposal for a steep hike in natural gas prices.
Reliance Industries (RIL) gained 2.44% at Rs 822.15. The stock hit a high of Rs 824.15 and low of Rs 814.35 so far during the day.
Oil India (up 3.21%) and ONGC (up 3.41%) edged higher.
The CCEA last week deferred a decision on a proposal to hike natural gas prices as Oil Minister M Veerappa Moily was away on an official tour. The oil ministry has proposed an increase in gas prices to $6.775 million British thermal unit (mbtu) from current $4.2 mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
NTPC reversed initial gains in volatile trade. The stock was off 1.7% to Rs 138.80 in volatile trade. The stock rose as much as 1.26% at the day's high of Rs 143 in early trade. The company said after market hours on Wednesday, 26 June 2013, that the board of directors of the company at its meeting held on 25 June 2013 has accorded investment approval for the development of a 50 megawatts (MW) solar photo voltaic based project at Rajgarh, Madhya Pradesh at an appraised current project cost of Rs 346.42 crore.
Cement stocks gained. ACC (up 2.22%), Ambuja Cement (up 2.11%), Shree Cement (up 0.91%), Birla Corporation (up 0.55%) and UltraTech Cement (up 2.92%) edged higher.
Realty stocks were in demand on renewed buying. DLF (up 1.39%), Indiabulls Real Estate (up 0.68%), HDIL (up 2.58%), Unitech (up 0.51%), Godrej Properties (up 0.42%), Oberoi Realty (up 2.07%) and Parsvnath Developers (up 1.75%) gained.
Asian Paints rose 1.64% to Rs 4,565, with the stock extending Wednesday's gains triggered by the company announcing record date for stock split. Asian Paints during market hours on Wednesday, 26 June 2013, said that it has fixed 31 July 2013 as the record date for 10-for-1 stock split.
Religare Enterprises rose 2.1% after the company said that US-based Customers Bancorp Inc. has agreed to invest $51 million in the company through combination of primary and secondary market investment. The announcement was made after market hours on Wednesday, 26 June 2013.
Crompton Greaves shed 0.44%, with the stock reversing intraday gain. The company has bagged a Rs 231-crore order from Power Grid Corporation of India. The company made the announcement after market hours on Wednesday, 26 June 2013.
The Reserve Bank of India (RBI) today, 27 June 2013, said that as per the preliminary data, India's current account deficit (CAD) moderated sharply to 3.6% of GDP in Q4 of March 2013 from a historically high level of 6.7% of GDP in Q3 December 2012 as trade deficit narrowed. The RBI said that non-oil non-gold component of imports showed a decline in Q4 March 2013, reflecting slowdown in domestic economic activity. Net invisibles recorded a decline of 7.7% in Q4 March 2013 as compared to a growth of 27.5% n Q4 March 2012 on account of decline in net services, transfers and income receipts.
The CAD edged up to 4.8% of GDP in the year ended 31 March 2013 (FY 2013), from 4.2% of GDP in the year ended 31 March 2012 (FY 2012). Burgeoning trade deficit along with significant decline in invisible earnings caused widening of CAD in FY 2013, RBI said.
The RBI released the Balance of Payment (BoP) data a day ahead of its release scheduled on Friday, 28 June 2013, after the rupee hit record low below 60 versus the dollar on Wednesday, 26 June 2013. The rupee was hovering at 60.55, higher than its close of 60.7150/7250 on Wednesday. The rupee had hit record low of 60.76 in intraday deals on Wednesday.
Asian stocks advanced on Thursday, 27 June 2013, on hopes that a downward revision to US first-quarter gross domestic product growth might delay the Federal Reserve's plans to reduce asset purchases. Key benchmark indices in China, Hong Kong, Indonesia, Taiwan, Singapore and Japan were up 0.26% to 2.85%.
Profit at major Chinese industrial firms in May rose 15.5% from the year-earlier period, the National Bureau of Statistics said on Thursday. Profit at the firms from the newly adjusted measure of "core operating activities" rose 8.8% from a year earlier, 2.8 percentage points slower than in April, the data said. In the January-May period, overall industrial profit was up 12.3% from the same period in 2012, though up 11.4% in terms of core activities, the bureau said.
South Korean stocks jumped after data released on Thursday, 27 June 2013, showed that the nation's current-account surplus rose to a record high in May on the back of robust exports, even against the backdrop of a global slowdown. The Seoul Composite was up 2.93%.
Trading in US index futures indicated that the Dow could gain 18 points at the opening bell on Thursday, 27 June 2013. US stocks jumped on Wednesday, 26 June 2013, pulling benchmark indexes into positive terrain for the week, as a downward revision in economic growth calmed concern about US monetary policy. Gross domestic product expanded 1.8% from January through March, down from an earlier estimate of 2.4%, the Commerce Department reported.
Federal Reserve Chairman Ben Bernanke on 19 June 2013 said that the central bank may taper the pace of its bond purchases, currently set at $85 billion a month, as early as this year if the economy continues to improve in line with its forecasts.
Data on consumer spending in May and a separate report on weekly initial claims for unemployment benefits are due later in the global day today, 27 June 2013. Also set for Thursday are speeches by three Federal Reserve officials and a report on pending home sales for May from the National Association of Realtors.
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