Key benchmark indices moved in a narrow range in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 38.98 points or 0.19%, up 36.87 points from the day's low and off 44.68 points from the day's high. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee edged higher against the dollar, tracking gains in most Asian currencies against the dollar.
IT major Infosys hit 52-week high. Sesa Sterlite reversed initial gains. Bosch rose after the company said that the illegal 'Tool Down' strike that was resorted to by the workmen of the company's Bangalore plant has been withdrawn. Realty stocks rose on renewed buying. Karur Vysya Bank fell after two block deals.
Key benchmark indices edged higher in early trade. The Sensex and the 50-unit CNX Nifty, both, hit over 1-1/2-week high. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away almost entire initial gains in morning trade. Key benchmark indices moved in a narrow range in mid-morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1158.57 crore on Monday, 18 November 2013, as per provisional data from the stock exchanges.
At 11:16 IST, the S&P BSE Sensex was up 38.98 points or 0.19% to 20,889.72. The index gained 83.66 points at the day's high of 20,934.40 in early trade, its highest level since 7 November 2013. The index rose 2.13 points at the day's low of 20,852.87 in morning trade.
The CNX Nifty was up 8.55 points or 0.14% to 6,197.55. The index hit a high of 6,212.40 in intraday trade, its highest level since 7 November 2013. The index hit a low of 6,186.15 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,051 shares gained and 907 shares fell. A total of 152 shares were unchanged.
The total turnover on BSE amounted to Rs 711 crore by 11:20 IST, compared to Rs 446 crore by 10:20 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Hindalco Industries (up 3.24%), Maruti Suzuki India (up 2.24%) and GAIL (India) (up 1.76%) edged higher from the Sensex pack.
Infosys rose 0.62% to Rs 3,421.20. The stock hit a 52-week high of Rs 3,427.70 in intraday trade.
Sesa Sterlite lost 1.78% to Rs 185.10, with the stock reversing initial gains. The stock hit a high of Rs 190.70 and low of Rs 185.05 so far during the day.
Bosch rose 0.74%. The company during market hours today, 19 November 2013, said that the illegal 'Tool Down' strike that was resorted to by the workmen of Bangalore plant has been withdrawn with effect from today, 19 November 2013, beginning with the first shift of production. Earlier on 15 November 2013, Bosch had said that it had got notice of 'Tool Down' strike by union and workmen of Bangalore plant.
Realty stocks rose on renewed buying. DLF (up 1.44%), Indiabulls Real Estate (up 4.92%), D B Realty (up 0.79%), HDIL (up 2.39%), Unitech (up 2.94%), Godrej Properties (up 2.06%) and Parsvnath Developers (up 0.58%) gained.
Karur Vysya Bank fell 2.02% at Rs 328. A block deal of 2 lakh shares was executed on the counter at Rs 328 per share at 09:45 IST on BSE today, 19 November 2013. Another block deal of 30,024 shares was struck at Rs 330 per share at 09:52 IST on BSE today, 19 November 2013.
Financial Technologies (India) rose 2.43% after the company said its unit Financial Technologies Singapore sold its stake in SMX to ICE Singapore Holdings for $150 million. The announcement was made before trading hours today, 19 November 2013.
Financial Technologies (India) (FTIL) said that its wholly-owned subsidiary, Financial Technologies Singapore (FTSPL), sold its 100% stake in SMX (together with its wholly-owned subsidiary SMX CC) to ICE Singapore Holdings, an entity owned by the Intercontinental Exchange Group, Inc. for $150 million.
The transaction was approved by the board of directors of FTSPL and FTIL on 18 November 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals, the company said.
FTIL said it will primarily utilise the amount towards repayment of outstanding debt towards external commercial borrowings (ECB) and foreign currency loan (FCL) to banks, pursuant to which FTIL will become debt-free.
In the foreign exchange market, the rupee edged higher against the dollar, tracking gains in most Asian currencies against the dollar. The partially convertible rupee was hovering at 62.24, compared with its close of 62.41/42 on Monday, 18 November 2013.
On the political front, the second and final phase of voting in Chhattisgarh is being held today, 19 November 2013.
Asian markets were mostly lower on Tuesday, 19 November 2013, after previous session's hefty gains triggered by China's economic reform plans. Key benchmark indices in China, Singapore, Japan and Indonesia fell by 0.08% to 0.42%. Key benchmark indices in Taiwan, Hong Kong, and South Korea rose by 0.37% to 0.92%.
Trading in US index futures indicated that the Dow could advance 15 points at the opening bell on Tuesday, 19 November 2013. Most US stocks fell on Monday, 18 November 2013, after cautious comments by activist investor Carl Ichan on the equities market.
Investors will closely watch minutes of the Fed's October 29-30 meeting due tomorrow, 20 November 2013. Federal Reserve Chairman Ben Bernanke will speak at the National Economists Club in Washington later today, 19 November 2013.
At a Nov. 14 congressional hearing on her nomination to run the Fed, Vice Chairman Janet Yellen indicated she'll press on with the central bank's monetary stimulus until she sees a robust recovery, downplaying risks the policy is inflating asset bubbles.
New York Fed President William C. Dudley said on Monday, 18 November 2013, he's more hopeful about the economy while indicating no change in bond buying. "While growth in 2013 has been disappointing, I believe a good case can be made that the pace of growth will pick up some in 2014 and then somewhat more in 2015. As growth picks up, I expect to see more substantial improvement in labor market conditions," Dudley said.
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