Key benchmark indices extended gains to strike fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their fresh highest level in over one week. Positive Asian stocks boosted sentiment. The S&P BSE Sensex was up 345.56 points or 1.69%, up 174.39 points from the day's low and off 9.66 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Index heavyweight and cigarette major ITC extended early gain. Reliance Industries also extended its early rise. Capital goods stocks gained on renewed buying.
Key benchmark indices surged in early trade on positive Asian stocks. Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over one week. Key benchmark indices extended gains to strike fresh intraday high in mid-morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
At 11:18 IST, the S&P BSE Sensex was up 345.56 points or 1.69% to 20,744.98. The index gained 355.22 points at the day's high of 20,754.64 in mid-morning trade, its highest level since 8 November 2013. The index rose 171.17 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 99.60 points or 1.64% to 6,155.75. The index hit a high of 6,157.70 in intraday trade, its highest level since 8 November 2013. The index hit a low of 6,110.40 in intraday trade.
Also Read
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,245 shares gained and 597 shares fell. A total of 82 shares were unchanged.
The total turnover on BSE amounted to Rs 595 crore by 11:20 IST compared to Rs 418 crore by 10:20 IST.
Among the 30-share Sensex pack, 28 stocks gained and only two of them declined.
ICICI Bank (up 3.17%), ONGC (up 2.65%) and Wipro (up 2.27%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC rose 2.58% to Rs 322.50, with the stock extending intraday gain.
Reliance Industries gained 2.33% to Rs 871.60, with the stock extending intraday rise.
Capital goods stocks gained on renewed buying. L&T (up 3.05%) and Bhel (up 1.33%), ABB (up 1.06%), BEML (up 0.57%), Bharat Electronics (up 0.09%), Crompton Greaves (up 4.51%), Siemens (up 1.18%) and Thermax (up 0.75%) gained.
Bhushan Steel shed 0.61% after the company's net profit declined 70.19% to Rs 60.06 crore on 10.99% fall in total income to Rs 2276.60 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 14 November 2013.
Bhushan Steel also said after market hours on Thursday, 14 November 2013 that the board of directors of the company at its meeting held on 14 November 2013 has considered and approved to raise further equity shares for sum not exceeding Rs 1000 crore by way of right issue.
Amara Raja Batteries gained 2.32% after net profit rose 34.92% to Rs 94.58 crore on 12.36% growth in net sales excluding other income to Rs 804.72 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.
Amara Raja Batteries said that the company's effort to enhance the capacities of Two-wheeler battery in the existing plant has witnessed some delay and is likely to go on stream by end January 2014. The enhanced capacities will support the company to commence business with other major Two-wheeler OEMs and to grow the aftermarket business in a big manner, it said. The green field project for enhancement of Four-wheeler capacity is progressing as per schedule and is likely to commence production by Q2 of next financial year, the company said in a statement.
Commenting on the company's Q2 performance, Mr. Jayadev Galla, Vice Chairman and Managing Director, Amara Raja Batteries said, "I am happy to note that our sustained good performance continues to be in line with our annual plan and expectations, despite slowing economy, volatile rupee and sluggish demand in the automotive and UPS OEM sectors. The ongoing agitation for a united state of Andhra Pradesh in the Chittoor district has, so far, not had any major impact on the operations of the Company, largely supported by the credibility enjoyed by the organization".
Amara Raja Batteries said it is confident of continuing its growth in industrial battery business enabled by the ongoing capacity expansions and preferred vendor status built over the years both in the Telecom and UPS sectors. The Medium VRLA battery capacity expansion project will be completed in January 2014 with about 4 months delay due to conscious change in specifications and delay in supply of certain key equipment. Also the Large VRLA expanded capacity will support the business from February 2014, the company said in a statement.
In the foreign exchange market, the rupee strengthened against the dollar on positive global cues, after dovish comments last week from Fed Chairman-nominee Janet Yellen assure markets there will be no imminent decision to scale back the Fed's massive bond-buying programme. The partially convertible rupee was hovering at 62.65, stronger compared to its close of 63.11/12 on Thursday, 14 November 2013. Financial markets were closed on Friday, 15 November 2013 on account of Moharram.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
Asian markets were trading higher following firm cues from Wall Street. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Indonesia and South Korea rose by 0.22% to 2.66%. Japan's Nikkei 225 index fell 0.1%.
Meanwhile, China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
Trading in US index futures indicated that the Dow could fall 10 points at the opening bell on Monday, 18 November 2013. US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets.
Powered by Capital Market - Live News