Key benchmark indices hit fresh intraday high in mid-morning trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex hit highest level in almost two weeks. The 50-unit CNX Nifty scaled two-week high. The Sensex was up 145.73 points or 0.72%, up about 80 points from the day's low and off close to 25 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Except BSE Metal index, all the other sectoral indices on BSE were in the green.
Capital goods stocks edged higher. Realty stocks also gained ahead of the announcement of inflation data based on the combined consumer price index (CPI) for urban and rural India for the month of January. HCL Technologies scaled record high.
The market edged higher in early trade. It extended gains and hit fresh intraday high in morning trade. It hit fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex hit highest level in almost two weeks. The 50-unit CNX Nifty scaled two-week high.
Asian shares edged higher on Wednesday, 12 February 2014, as upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors' appetite for risk.
At 11:20 IST, the S&P BSE Sensex was up 145.73 points or 0.72% to 20,509.10. The index gained 153.23 points at the day's high of 20,516.60 in mid-morning trade, its highest level since 31 January 2014. The index rose 66.46 points at the day's low of 20,429.83 in morning trade.
The CNX Nifty was up 40.95 points or 0.68% to 6,103.65. The index hit a high of 6,106.60 in intraday trade, its highest level since 29 January 2014. The index hit a low of 6,080.35 in intraday trade.
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The BSE Mid-Cap index was up 32.14 points or 0.51% at 6,389.71. The BSE Small-Cap index was up 32.89 points or 0.52% at 6,379.42. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,175 shares rose and 711 shares fell. A total of 104 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest fell. GAIL (India) (up 3.52%), ICICI Bank (up 2.11%) and RIL (up 1.43%) edged higher from the Sensex pack.
HCL Technologies rose 1.98% to Rs 1503 after hitting record high of Rs 1509.40 in intraday trade.
Capital goods stocks edged higher. ABB (up 2.42%), Bhel (up1.55%), BEML (up 1.14%), L&T (up 1.24%) and Punj Lloyd (up 1.03%) gained.
Realty stocks also gained ahead of the announcement of inflation data based on the combined consumer price index (CPI) for urban and rural India for the month of January. DLF (up 0.96%), D B Realty (up 3.55%), HDIL (up 1.18%), Sobha Developers (up 0.24%) and Unitech (up 0.63%) gained.
HPCL lost 1.18% after the company reported a net loss of Rs 1733.91 crore in Q3 December 2013 as against net profit of Rs 147.11 crore in Q3 December 2012. The Q3 result was announced after market hours on Tuesday, 11 February 2014.
During the nine months ended 31 December 2013, discount from upstream oil companies viz. ONGC and GAIL amounting to Rs 11099.66 crore (previous year corresponding period Rs 10041.27 crore) in respect of crude oil, PDS kerosene & domestic LPG purchased from them has been accounted. This includes an amount of Rs Nil for the nine months ended 31 December 2013 (previous year corresponding period Rs 1619.28 crore) which is receivable from ONGC and has been accounted as other operating revenue, HPCL said.
Based on the approval received from the Government of India (GoI), the company has accounted for Budgetary Support amounting to Rs 8276.99 crore for the nine months ended 31 December 2013 (previous year corresponding period Rs 12204.82 crore) against under-recoveries on sale of sensitive petroleum products, HPCL said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.15, higher than its close of 62.22 on Tuesday, 11 February 2014.
Rail minister Mallikarjun Kharge will present interim rail budget today, 12 February 2014. As per reports, passenger fares may not be touched barring minor changes in a few segments in the first rail budget to be presented by Kharge.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
Consumer price inflation is seen easing a bit in January 2014. Inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing at 9.4% in January 2014 from 9.87% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 at 17:30 IST today, 12 February 2014.
Inflation based on the wholesale price index (WPI) is also expected to ease in January 2014. WPI inflation is seen easing to 5.9% in January 2014 from 6.16% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon on Friday, 14 February 2014.
Industrial production is expected to remain in contraction mode in December 2013. Industrial output is expected to decline 1% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. India's industrial production declined 2.1% in November 2013, recording decline for second consecutive month after 1.6% dip in October 2013. The data will be announced at 17:30 IST today, 12 February 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian shares edged higher on Wednesday, 12 February 2014, as upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen whetted investors' appetite for risk. Key benchmark indices in China, Japan, South Korea, Singapore, Indonesia, Hong Kong and Taiwan rose 0.14% to 0.92%.
Chinese exports jumped 10.6% in January from a year earlier, eclipsing an estimate for a 0.1 percent gain, while imports rose 10% and the country's trade surplus widened to $31.86 billion.
Trading in US index futures indicated that the Dow could advance 7 points at the opening bell on Wednesday, 12 February 2014. US stocks surged on Tuesday on reassuring words from the new head of the Federal Reserve. Fed Chairperson Janet Yellen said she would continue the central bank's market-friendly, low-interest rate policies. Investors also welcomed news that Congress appeared poised to raise the US borrowing limit without the political drama that happened late last year. That would avert the threat of a disastrous default on the US government's debt.
Yellen, in her first public comments since taking over for Ben Bernanke at the Fed last week, told Congress that she expects a "great deal of continuity" with her predecessor. Yellen said she supports Bernanke's view that the economy is strengthening enough to withstand a pullback in the Fed's stimulus, but that interest rates should stay low to encourage more growth.
House Speaker John Boehner said Tuesday that he would allow a vote to raise the borrowing limit without any conditions attached. The announcement came a few days after Treasury Secretary Jack Lew said the federal government would exhaust its ability to borrow money by Feb. 27. Lew urged Congress to pass a bill to raise the limit as soon as possible.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
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