A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently below the psychological 29,000 mark, having alternately moved above and below that mark so far during the day. The Sensex was currently up 116.55 points or 0.4% at 28,995.93. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 1.11%, outperforming the Sensex. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 2% to about 19% for quite a few stocks. In overseas markets, Chinese stocks surged.
FMCG stocks edged higher. Index heavyweight and cigarette maker ITC rose. IT stocks advanced as rupee edged lower against the dollar.
On the macro front, data released by the government after trading session on Friday, 10 April 2015, showed a pick up in industrial production growth in February this year.
Earlier, the Sensex and the 50-unit CNX Nifty had, both, hit their highest level in more than four weeks in early afternoon trade.
The stock market remains closed tomorrow, 14 April 2015, on account of Dr. Baba Saheb Ambedkar Jayanti.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 362.79 crore on Friday, 10 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 135.18 crore on Friday, 10 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar.
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Brent crude oil futures edged higher.
In overseas markets, European stocks edged lower. Chinese stocks led gains in Asian stocks. US stocks edged higher during the previous trading session on Friday, 10 April 2015, after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
At 13:22 IST, the S&P BSE Sensex was up 116.55 points or 0.4% at 28,995.93. The index jumped 162.24 points at the day's high of 29,041.62 in afternoon trade, its highest level since 13 March 2015. The index fell 35.44 points at the day's low of 28,843.94 in morning trade.
The CNX Nifty was up 37.70 points or 0.43% at 8,818.05. The index hit a high of 8,827 in intraday trade, its highest level since 13 March 2015. The index hit a low of 8,762.10 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,654 shares gained and 961 shares fell. A total of 121 shares were unchanged.
The BSE Mid-Cap index was up 62.75 points or 0.57% at 11,155.77. The BSE Small-Cap index was up 131.17 points or 1.11% at 11,977.50. Both these indices outperformed the Sensex.
FMCG stocks gained. Nestle India (up 0.22%), Godrej Consumer Products (up 1.15%), Britannia Industries (up 1.21%), Hindustan Unilever (up 1.01%) and Colgate-Palmolive (India) (up 0.24%) gained.
Index heavyweight and cigarette maker ITC rose 1.11% to Rs 349.90. The stock hit high of Rs 349.95 and low of Rs 344.75 so far during the day.
IT stocks advanced as rupee edged lower against the dollar. Tech Mahindra (up 0.54%), HCL Technologies (up 0.8%), Oracle Financial Services Software (up 3.64%), TCS (up 0.11%), Infosys (up 0.32%), and Wipro (up 0.74%) edged higher. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Coal India rose 1.58%. Divestment secretary Aradhana Johri reportedly told a TV channel today, 13 April 2015, that another tranche of share sale in state-run miner Coal India is not ruled out. In January, the government raised about $3.6 billion by selling a 10% stake in the coal miner. The Government of India currently holds 79.65% stake in Coal India (as per shareholding pattern as on 31 March 2015).
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.39, compared with closing of 62.32 during the previous trading session.
Brent crude oil futures edged higher. Brent for May settlement which expires on 15 April 2015 was up 3 cents at $57.90 a barrel. The contract had risen $1.30 a barrel or 2.29% to settle at $57.87 a barrel during previous trading session. Brent for June settlement was up 7 cents at $59.02 a barrel.
On the macro front, index of industrial production (IIP) increased 5% in February 2015 compared with the revised growth of 2.8% in January 2015, government data released after market hours on Friday, 10 April 2015 showed. The IIP growth for January 2015 has been scaled up to 2.8% at the first revision compared with 2.6% reported provisionally. Meanwhile, the growth in November 2014 was also been revised sharply upwards to 5.2% at its second and final revision compared with -3.9% at the first revision and 3.8% released provisionally.
The mining sector output rebounded 2.5% in February 2015, snapping decline for last two months. Meanwhile, electricity generation rose at improved pace of 5% in February 2015. However, the manufacturing sector's output jumped at nine months high pace of 5.2% in February 2015 contributing to the overall growth in the industrial production.
IIP increased 2.8% in April-February FY2015 compared with the 0.1% fall in the corresponding period of the previous year
Inflation based on the consumer price index (CPI) is expected to remain steady at 5.4% in March 2015, as per the median estimate of a poll of economists carried out by Capital Market. CPI inflation stood at 5.4% in February 2015. The government will unveil data on CPI for March 2015 after trading hours today, 13 April 2015.
Inflation based on the wholesale price index (WPI) is expected to remain in negative zone in March 2015. WPI inflation is expected at negative 2.2% for March 2015, as per the median estimate of a poll of economists carried out by Capital Market. WPI inflation was negative 2.1% in February 2015. The government will unveil data on WPI for March 2015 at 12:10 IST tomorrow, 14 April 2015.
Prime Minister Narendra Modi on Saturday 11 April 2015 made a strong pitch for India's permanent membership at the United Nations Security Council, and expressed confidence that the world would soon recognize and accept India's capabilities. Modi is currently in Europe for an official visit.
In overseas markets, European stocks edged lower today, 13 April 2015. Key indices in France and Germany shed by 0.04% to 0.19%. UK's FTSE 100 rose 0.93%.
Asian stocks edged higher today, 13 April 2015 following the positive lead from Wall Street on Friday, 10 April 2015. Key benchmark indices in China, Singapore, Taiwan, Hong Kong and South Korea rose by 0.27% to 2.2%. Key benchmark indices in Indonesia and Japan fell 0.01% to 0.72%.
China's exports fell sharply in March while imports slumped once again, suggesting to economists that the world's second largest economy is being hit with sluggish demand at home and abroad. China's exports slid 15% from a year earlier in March while imports dropped 12.7%, according to data released today, 13 April 2015 by the General Administration of Customs.
Japanese core machinery orders fell 0.4% in February on a seasonally adjusted basis from the previous month, government data showed today, 13 April 2015. The fall followed a 1.7% decline in January.
Trading in US index futures indicated that the Dow could fall 25 points at the opening bell today, 13 April 2015. US stocks ended the session higher on Friday, 10 April 2015 after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
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