Key benchmark indices continued to alternately swing between positive and negative terrain near the flat line in mid-afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, trimmed gains after hitting fresh one week high. The Sensex was up 15.70 points or 0.06%, up 70.96 points from the day's low and off 47.61 points from the day's high. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap index was up 1.28%. The BSE Small-Cap index was up 1.13%. Both these indices outperformed the Sensex.
Diversified Grasim Industries surged. Cement stocks gained across the board. Tyre stocks extended Wednesday's gains, with shares of Balkrishna Industries scaling record high. Among side counters, Deepak Fertilizers & Petrochemicals Corporation, HCL Infosystems, Multi Commodity Exchange of India (MCX) and MphasiS hit 52-week high. Emami scaled record high.
At 14:15 IST, the S&P BSE Sensex was up 15.70 points or 0.06% to 25,565.42. The index gained 63.31 points at the day's high of 25,613.03 in mid-afternoon trade, its highest level since 10 July 2014. The index fell 55.26 points at the day's low of 25,494.46 in early afternoon trade.
The CNX Nifty was up 6.80 points or 0.08% to 7,631.20. The index hit a high of 7,655.65 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,612.70 in intraday trade.
The market breadth, indicating the overall health of the market was positive. On BSE, 1,614 shares gained and 1,160 shares fell. A total of 103 shares were unchanged.
The BSE Mid-Cap index was up 117.21 points or 1.28% at 9,283.13. The BSE Small-Cap index was up 113.73 points or 1.13% at 10,171.10. Both these indices outperformed the Sensex.
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Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Coal India (up 3.33%), Hindalco Industries (up 3.11%) and Tata Steel (up 2.49%) edged higher from the Sensex pack.
Cement stocks gained across the board. Ambuja Cements (up 1.1%), ACC (up 1.98%), UltraTech Cement (up 2.48%) gained. Shree Cement fell 0.98%.
Diversified Grasim Industries surged 3.86%. Grasim holds 60.26% stake in UltraTech Cement (as per the shareholding pattern as on 30 June 2014).
The thrust of the Union Budget 2014-15 on the housing and infrastructure sector augur well for cement demand. The higher disposable income in the hands of tax payers due to increase in minimum tax slab to Rs 2.50 lakh from Rs 2 lakh, and increase in the deduction on interest paid on a housing loan for a self-occupied property to Rs 2 lakh will promote investments in the housing sector. Also, the rise in outlays on housing, roads and highways, urban infrastructure and irrigation in the Budget will lead to increase in cement consumption.
Tyre stocks extended Wednesday's gains. Apollo Tyres (up 0.61%), JK Tyre & Industries (up 2.35%), MRF (up 1.12%) Goodyear India (up 0.52%), and CEAT (up 1.58%) gained.
Balkrishna Industries surged 7.45% to Rs 800 after scaling a record high of Rs 818.90 in intraday trade.
Deepak Fertilizers & Petrochemicals Corporation gained 5.33% to Rs 178 after hitting a 52-week high of Rs 179.75 in intraday trade.
Emami advanced 5.26% to Rs 542 after scaling a record high of Rs 575.90 in intraday trade.
HCL Infosystems jumped 7.59% to Rs 74.40 after hitting a 52-week high of Rs 76.45 in intraday trade.
Multi Commodity Exchange of India (MCX) jumped 5.44% to Rs 790.80 after hitting a 52-week high of Rs 798.95 in intraday trade. Financial Technologies (India) (FTIL) after trading hours on Wednesday, 16 July 2014, said that the company has sold 20.4 lakh equity shares of MCX in the open market. After the latest sale, FTIL's holding in MCX has come down to 20%, which is under lock-in till 7 March 2015.
MphasiS gained 4.71% to Rs 456.05 after hitting a 52-week high of Rs 466 in intraday trade.
With small initial gains, the Sensex and the 50-unit CNX Nifty, both, hit one week high. Key benchmark indices slipped into negative zone from positive zone in mid-morning trade. Key benchmark indices saw divergent trend and hovered near the flat line in early afternoon trade. Key benchmark indices continued to alternately swing between positive and negative terrain near the flat line in afternoon trade. Key benchmark indices trimmed gains after hitting fresh one week high in mid-afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 60.1175, compared with its close of 60.13 on Wednesday, 16 July 2014.
European stocks dropped today, 17 July 2014, as new sanctions on Russia by the US amid efforts to curb violence in Ukraine, sent Russia's ruble and bonds plunging. Key benchmark indices in France, Germany and UK shed 0.22% to 0.29%.
US President Barack Obama imposed the biggest package of US economic sanctions yet on Russia, hitting Russia's largest oil producer Rosneft and other energy, financial and defense firms. Meanwhile, the European Union said it would announce detailed sanctions on Russia by the end of July.
Asian stocks edged lower today, 17 July 2014, after the US and European Union imposed further sanctions on Russian businesses for Russia's failure to defuse fighting in Ukraine. Key benchmark indices in Indonesia, Japan, Singapore, China, Taiwan and Hong Kong were off 0.01% to 1.25%. South Korea's Seoul Composite index rose 0.37%.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Thursday, 17 July 2014. US stocks advanced on Wednesday, 16 July 2014, sending the Dow Jones Industrial Average to an all-time high, as companies from Time Warner Inc. to Intel Corp. rallied amid deals and earnings reports.
The Federal Reserve said in its Beige Book business survey released on Wednesday, 16 July 2014, that economic growth was modest to moderate in the latest period as all 12 of its districts reported stronger consumer spending and expanded manufacturing.
Federal Reserve Chairwoman Janet Yellen concluded her two-day appearance testifying on Capitol Hill. In her comments, she reportedly stressed a softer line on stock valuations, saying the Fed doesn't have a target for equity values. The central bank instead looks to see if valuations are outside historical norms. In that sense, I am not seeing alarming warning signals, she said Wednesday, 16 July 2014.
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