A bout of volatility was witnessed as key benchmark indices recovered from lower level after trimming intraday gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 117.13 points or 0.46%, up close to 60 points from the day's low and off about 100 points from the day's high. The market breadth indicating the overall health of the market was positive. The BSE Small-Cap index was up 1.32%, outperforming the Sensex. Indian stocks rose today, 21 July 2014, as provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment on the domestic bourses.
Auto stocks were mixed. Index heavyweight and cigarette maker ITC rose. FMCG stocks gained.
At 14:20 IST, the S&P BSE Sensex was up 117.13 points or 0.46% to 25,758.69. The index surged 219.59 points at the day's high of 25,861.15 in morning trade, its highest level since 10 July 2014. The index rose 54.73 points at the day's low of 25,696.29 in mid-afternoon trade.
The CNX Nifty was up 28.50 points or 0.37% to 7,692.40. The index hit a high of 7,722.10 in intraday trade, its highest level since 10 July 2014. The index hit a low of 7,676.25 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,680 shares rose and 1,150 shares fell. A total of 90 shares were unchanged.
The BSE Mid-Cap index was up 62.73 points or 0.68% at 9,315.53. The BSE Small-Cap index was up 109.46 points or 1.08% at 10,290.30. Both these indices outperformed the Sensex.
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Axis Bank (up 1.24%), ICICI Bank (up 1.14%) and Coal India (up 0.8%) edged higher from the Sensex pack.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.75%), Maruti Suzuki India (up 0.75%), and Hero MotoCorp (up 0.86%) rose. Bajaj Auto (down 0.65%), Tata Motors (down 1.06%) and Ashok Leyland (down 2.94%) declined.
FMCG stocks gained. Godrej Consumer Products (up 0.42%), Hindustan Unilever (HUL) (up 0.59%), Marico (up 1.61%), and Nestle India (up 0.76%) gained.
Index heavyweight and cigarette maker ITC rose 1.35% to Rs 348.80. The stock hit high of Rs 348.95 and low of Rs 344.45 so far during the day.
Key benchmark indices surged in early trade as firmness in Asian stocks, provisional data showing buying by foreign portfolio investors during the previous trading session and improvement in rainfall last week boosted sentiment. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. The Sensex and the 50-unt CNX Nifty, both, hit 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices trimmed gains in mid-morning trade. Key benchmark indices hovered in positive terrain albeit near intraday low in early afternoon trade. A bout of volatility was witnessed as key benchmark indices recovered from lower level after trimming intraday gains in mid-afternoon trade.
The market sentiment was boosted by provisional data showed that foreign portfolio investors were buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 574.47 crore on Friday, 18 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.22, compared with its close of 60.275 on Friday, 18 July 2014.
Union Minister of State (MoS) Science and Technology (Independent Charge), Earth Sciences (Independent Charge), MoS in Prime Minister's Office (PMO), Department of Personnel and Training, Atomic Energy, Space and Earth Sciences, Dr. Jitendra Singh said on Sunday, 20 July 2014, that there has been significant increase in the monsoon during the last one week beginning from 13 July 2014. While during the month of June and first two weeks of July, the monsoon was deficient by 43%, in the week beginning 13 July 2014, the deficiency was 32%, thus, recording an improvement of 11% in the monsoon level.
The monsoon forecast for next two weeks is also good, particularly in Central India and coastal regions of South India. There is, therefore, no reason to be unnecessarily alarmist on the issue of monsoon, Dr. Singh said. From 1 August onwards, he said, the meteorological predictions indicate active rainfall in the country.
Rains are vital to India's farm sector, which accounts for about 14% of the country's nearly $2 trillion economy. Two-thirds of its 1.2 billion population lives in rural areas.
European stocks declined today, 21 July 2014, as investors weighed earnings reports and international tensions after the downing of a passenger jet in Ukraine last week and Israel's offensive in Gaza. Key benchmark indices in UK, Germany and France were down by 0.36% to 0.9%.
Asian stocks edged lower today, 21 July 2014. Key benchmark indices in Hong Kong, South Korea, Singapore, and China fell 0.02% to 0.29%. Key benchmark indices in Indonesia and Taiwan rose by 0.43% to 0.67%. Japanese markets were shut for a public holiday.
Trading in US index futures indicated that the Dow could fall 45 points at the opening bell on Monday, 21 July 2014. US stocks rose on Friday, 18 July 2014, where better earnings from Google Inc., the world's third-largest company, refocused investors on economic growth amid crises in the Middle East and Ukraine.
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