Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex hit over one week high. The Sensex was currently up 280.81 points or 1.07% at 26,527.60. The market breadth indicating the overall health of the market was strong with over three gainers for every loser. Metal and mining stocks gained on renewed buying. Hindalco Industries jumped after US-based aluminum major Alcoa Inc reported better-than-expected Q3 earnings. Realty stocks gained on renewed buying.
In overseas markets, Asian stocks were mixed today, 9 October 2014. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Key indices opened on a firm note on positive Asian stocks.
In the foreign exchange market, the rupee edged higher against the dollar on sustained selling of the US currency by exporters and banks.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened.
At 11:15 IST, the S&P BSE Sensex was up 280.81 points or 1.07% at 26,527.60. The index jumped 324.87 points at the day's high of 26,571.66 in mid-morning trade, its highest level since 1 October 2014. The index gained 147.42 points at the day's low of 26,394.21 in early trade.
The CNX Nifty was up 81 points or 1.03% at 7,923.70. The index hit a high of 7,940.70 in intraday trade, its highest level since 7 October 2014. The index hit a low of 7,886.50 in intraday trade.
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The market breadth indicating the overall health of the market was strong with over three gainers for every loser. On BSE, 1,776 shares gained and 556 shares fell. A total of 69 shares were unchanged.
The BSE Mid-Cap index was up 121.25 points or 1.29% at 9,525.08. The BSE Small-Cap index was up 147.69 points or 1.4% at 10,711.83. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 991 crore by 11:20 IST compared to Rs 685 crore by 10:20 IST.
Among the 30-share Sensex pack, 28 gained and only two of them declined. Bharat Heavy Electricals (Bhel) (up 3.86%), SBI (up 2.47%) and Cipla (up 2.26%) edged higher from the Sensex pack.
Metal and mining stocks gained on renewed buying. Hindustan Copper (up 2.05%), JSW Steel (up 0.79%), Hindustan Zinc (up 0.28%), Tata Steel (up 1.54%), Jindal Steel & Power (up 0.63%), Sesa Sterlite (up 1.46%), Steel Authority of India (Sail) (up 0.35%), National Aluminum Company (up 3.75%) and NMDC (up 0.06%) gained.
Hindalco Industries jumped 5.91% after US based aluminum major Alcoa Inc reported better-than-expected Q3 earnings. Alcoa Inc reported a stronger-than-expected increase in third-quarter profit on Wednesday, 8 October 2014, as higher aluminum prices and lower costs drove a recovery in its business unit that produces aluminum.
In the third quarter, Alcoa's net income rose to $149 million, or 12 cents a share, from $24 million, or 2 cents, even as it took restructuring charges for smelter closures. Third-quarter after-tax operating income in Alcoa's primary metals unit, which houses its aluminum mining, refining and smelting operations, jumped to $245 million from $8 million. It also benefited from an increase in average realized prices to $2,538 a tonne from $2,180.
Realty stocks also gained on renewed buying. Indiabulls Real Estate (up 3.24%), Housing Development and Infrastructure (up 3.31%), D B Realty (up 2.31%), DLF (up 0.93%), Unitech (up 2.04%), Godrej Properties (up 1.45%) and Parsvnath Developers (up 1.24%) edged higher.
Hathway Cable & Datacom rose 3.11% to Rs 311.90. Foreign investment bank Macquarie Bank bought 40.73 lakh shares of Hathway Cable & Datacom at Rs 304.72 per share in bulk deals on NSE on Wednesday, 8 October 2014. Route One Fund I LP sold 21.28 lakh shares of the company at Rs 304.80 per share and Route One Offshore Master Fund LP sold 18.32 lakh shares at Rs 304.80 per share in bulk deals on NSE on Wednesday, 8 October 2014.
The government will unveil industrial production data for August 2014 tomorrow, 10 October 2014. India's index of industrial production (IIP) growth moderated to 0.5% in July 2014, showing moderation in the pace of growth from 3.9% (revised) increase recorded in the previous month of June 2014.
In the foreign exchange market, the rupee edged higher against the dollar on sustained selling of the US currency by exporters and banks. The partially convertible rupee was hovering at 61.0725, compared with its close of 61.4 during the previous trading session.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened. Brent for November settlement was up 22 cents at $91.60 a barrel. The contract had declined 73 cents to settle at $91.38 a barrel yesterday, 8 October 2014. It had dropped to $90.57 yesterday, the lowest since June 2012.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1440.99 crore on that day.
Asian stocks were mixed today, 9 October 2014. Key benchmark indices in Singapore, Hong Kong and Indonesia rose by 0.75% to 0.92%. Key benchmark indices in Taiwan, China and Japan fell 0.05% to 0.41%. Markets in South Korea were closed for holiday.
Japanese core machinery orders rose for the third straight month in August, the government said today, 9 October 2014. The 4.7% rise in August follows monthly gains of 3.5% in July and 8.8% in June, after a record 19.5% drop in May.
Trading in US index futures indicated that the Dow could rise 19 points at the opening bell on Thursday, 9 October 2014. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Slowing global growth and a stronger dollar pose potential risks to the US outlook, Fed policy makers said at their Sept. 16-17 meeting, according to the minutes released yesterday, 8 October 2014.
The Federal Open Market Committee (FOMC) last month retained a pledge to keep interest rates near zero for a considerable time after it concludes an asset purchase program that's due to end after its October meeting. Policy makers next begin their two-day meeting on 28 October 2014.
The influential US monthly non-farms payroll data is due tomorrow, 10 October 2014. The data pertains to September 2014.
Meanwhile, finance ministers and central bankers from the Group of 20 nations are scheduled to meet today, 9 October 2014 and tomorrow, 10 October 2014 in Washington will discuss the outlook for inflation and the economy.
The IMF and World Bank begin their annual meetings in Washington tomorrow, 10 October 2014 as finance ministers and central bankers from around the world discuss ways to bolster the global economic recovery, weather the latest bout of geopolitical instability and lift incomes in poor countries.
The Bank of England (BOE) will announce its latest policy decision today, 9 October 2014. Reports indicated that interest rates are expected to remain on hold today, 9 October 2014 as signs of slowing economic growth and a cooling housing market ease pressure on the Bank of England for an imminent hike. The BOE has held the main rate at a historic low of 0.5% since March 2009.
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