Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, was up 145.88 points or 0.69%, up 107.22 points from the day's low and off 0.21points from the day's high. The market breadth, indicating the overall health of the market, was positive. The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 26 December 2013. Gains in Asian stocks also underpinned sentiment on the domestic bourses.
FMCG stocks rose on renewed buying. Index heavyweight and cigarette major ITC edged higher. Apollo Hospitals Enterprise and Mahindra & Mahindra Financial Services edged higher as these two stocks have been included by NSE for trading in its futures & options segment starting today, 27 December 2013.
Asian stocks edged higher on Friday, 27 December 2013, as improved economic data sent US stocks surging overnight.
The market edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices regained strength after trimming initial gains in morning trade. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in more than two weeks. Firmness continued on the bourses in mid-morning trade. Key benchmark indices extended gains and hit fresh intraday high in afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 26 December 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 743.70 crore on Thursday, 26 December 2013, as per provisional data from the stock exchanges.
At 13:16 IST, the S&P BSE Sensex was up 145.88 points or 0.69% to 21,220.47. The index jumped 146.09 points at the day's high of 21,220.68 in afternoon trade, its highest level since 10 December 2013. The index gained 38.66 points at the day's low of 21,113.25 in early trade.
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The CNX Nifty was up 40.45 points or 0.64% to 6,319.35. The index hit a high of 6,320.15 in intraday trade, its highest level since 11 December 2013. The index hit a low of 6,289.40 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,309 shares gained and 1,024 shares fell. A total of 131 shares were unchanged.
The total turnover on BSE amounted to Rs 988 crore by 13:15 IST.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined. TCS (up 2.07%), AXIS Bank (up 1.93%) and Infosys (up 1.38%) gained.
Maruti Suzuki India (down 1.15%), Bhel (down 1.09%) and Bajaj Auto (down 0.62%) declined.
FMCG stocks rose on renewed buying. Britannia Industries (up 0.61%), Colgate-Palmolive (India) (up 0.83%), Godrej Consumer Products (up 3.05%), Hindustan Unilever (up 1.37%), Marico (up 1.7%), Nestle India (up 0.52%) edged higher.
Index heavyweight and cigarette major ITC rose 0.56% to Rs 321.75. The stock hit high of Rs 322.10 and low of Rs 320 so far during the day.
GlaxoSmithKline Pharmaceuticals rose 0.02% to Rs 2,955.25 after striking record high of Rs 2,963.80 in intraday trade.
Apollo Hospitals Enterprise jumped 5.1%. Mahindra & Mahindra Financial Services was up 1.4%. These two stocks have been included for trading in the futures & options (F&O) segment of the National Stock Exchange (NSE) starting today, 27 December 2013. The F&O lot size of Apollo Hospitals Enterprise has been set at 250, whereas the lot size of Mahindra & Mahindra Financial Services has been fixed at 1,000.
C Mahendra Exports (up 17.68%), Monsanto India (up 11.35%), Gitanjali Gems (up 10.93%), Accelya Kale Solutions (up 11.38%), Welspun Corp (up 9.95%), Hinduja Ventures (up 8.31%), Kwality (up 7.84%), Swaraj Engines (up 7.85%), SRF (up 7.83%), Uttam Galva Steels (up 6.24%) were among the major gainers from the BSE Small-Cap index.
TVS Motor Company (up 4.67%), Blue Dart Express (up 3.9%), KPIT Technologies (up 3.69%), Hexaware Technologies (up 3.56%), Redington India (up 3.48%), Just Dial (up 3.48%), Oberoi Realty (up 3.32%), Bajaj Electricals (up 3.25%), Muthoot Finance (up 2.99%) and Triveni Turbine (up 2.97%) were among the major gainers from the BSE Mid-Cap index.
In the foreign exchange market, the rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 61.91, compared with its close of 62.16/17 on Thursday, 26 December 2013.
Asian stocks edged higher on Friday, 27 December 2013, as improved economic data sent US stocks surging overnight. Key benchmark indices in Indonesia, Japan, Taiwan, South Korea and Singapore were up 0.03% to 0.56%.
Chinese shares rose after money-market rates posted the biggest decline since February 2011. In mainland China, the Shanghai Composite Index was up 1.36%. In Hong Kong, the Hang Seng index was up 0.23%.
China data today, 27 December 2013, showed industrial companies' profits rose 9.7% from a year earlier in November, compared with a 15.1% jump in October.
Japan's inflation accelerated to the fastest pace since 2008 last month, bringing the rate closer to policy makers' target while threatening to erode household spending power unless employers boost wages. Prices excluding fresh food rose 1.2% from a year earlier, the statistics bureau said today in Tokyo.
Trading in US index futures indicated that the Dow could slide 6 points at the opening bell on Friday, 27 December 2013. US stocks extended all-time highs on Thursday as a drop in jobless claims fueled optimism in the economy. Fewer Americans than projected filed applications for unemployment benefits last week, indicating the US labor market is improving. Jobless claims declined by 42,000 to 338,000 in the week ended Dec. 21, a Labor Department report showed in Washington. US consumer confidence climbed last week to a four-month high as an improving job market and holiday discounts put Americans in the mood to shop.
US President Barack Obama on Thursday signed a compromise budget that reduces the risk of another government shutdown and a defense bill that cracks down on sexual assault in the military and smooths the path for transferring detainees from the US prison in Guantanamo Bay, Cuba. The two-year US budget agreement, negotiated by Congress earlier this month, and the National Defense Authorization Act for fiscal 2104 were among seven pieces of legislation signed by Obama, who is vacationing with his family in Hawaii. The US Senate passed the budget deal on December 18 to ease automatic spending cuts and reduce the risk of a government shutdown. It was negotiated by Democratic Senator Patty Murray of Washington state and Paul Ryan, Republican from Wisconsin, who is chairman of the House Budget Committee. The Senate approved the annual defense policy bill on December 20, one of its final actions before leaving for the Christmas break. The act authorizes a Pentagon base budget of $526.8 billion in the 2014 fiscal year. That amount will have to be reconciled early in the new year with the $498 billion agreed to in the budget deal.
The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.
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