Key benchmark indices edged higher amid initial volatility. The barometer index, the S&P BSE Sensex, was up 16.12 points or 0.08%, off 32.63 points from the day's high and up 21.56 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Infosys edged higher in early trade. Ranbaxy Laboratories dropped after the company announced the signing of a licensing agreement with EPIRUS Switzerland GmbH, a wholly-owned subsidiary of Boston-based EPIRUS Biopharmaceuticals, Inc. (EPIRUS), for BOW015 -- a biosimilar version of infliximab. Index heavyweight and cigarette major ITC edged lower in early trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 79.68 crore on Wednesday, 8 January 2014, as per provisional data from the stock exchanges.
At 9:35 IST, the S&P BSE Sensex was up 16.12 points or 0.08% to 20,745.50. The index gained 48.75 points at the day's high of 20,778.13 in early trade. The index fell 5.44 points at the day's low of 20,723.94 in early trade.
The CNX Nifty was up 1.35 points or 0.02% to 6,175.95. The index hit a high of 6,188.05 in intraday trade. The index hit a low of 6,170.55 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 629 shares gained and 454 shares fell. A total of 52 shares were unchanged.
The total turnover on BSE amounted to Rs 280 crore by 09:30 IST.
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Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Index heavyweight and cigarette major ITC fell 0.54% to Rs 314.95.
Infosys rose 0.8% ahead of Q3 December 2013 results tomorrow, 10 January 2014. At the time of announcement of Q2 September 2013 results in October 2013, Infosys had raised its revenue guidance in both dollar and rupee terms. The increase in revenue growth guidance in rupee terms was driven by weakness in rupee against the dollar. At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year. The company had at that time forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014).
Ranbaxy Laboratories dropped after the company announced the signing of a licensing agreement with EPIRUS Switzerland GmbH, a wholly-owned subsidiary of Boston-based EPIRUS Biopharmaceuticals, Inc. (EPIRUS), for BOW015 -- a biosimilar version of infliximab. The stock was off 0.5%. Under the terms of the agreement, EPIRUS will develop and supply the product, and upon regulatory approval Ranbaxy will market the product in India and other emerging markets.
United Spirits fell 0.2%. United Spirits before market hours said that the board of directors of the company at its meeting held on Wednesday, 8 January 2014, has approved a proposal to initiate a process to explore potential sale of Whyte and Mackay (W&M) -- an indirect wholly-owned subsidiary of the company. The board proposes to initiate a process, based on the outline timetable provided under UK law in connection with the decision of the Office of Fair Trading, to explore a potential sale of W&M, United Spirits said in a statement.
Union Bank of India rose 0.27%. The bank said after market hours on Wednesday, 8 January 2014 that the board of directors of the bank at its meeting held on 8 January 2014 have declared an interim dividend of 27% or Rs 2.70 per share for the financial year ending 31 March 2014 (FY 2014). The bank has fixed 21 January 2014 as the record date for the purpose of payment of interim dividend. The date of payment of interim dividend shall be 29 January 2014.
Oriental Bank of Commerce rose 0.91%. The bank said after market hours on Wednesday, 8 January 2014, that a meeting of the board of directors of the bank will be held on 11 January 2014, to consider declaration of interim dividend on the paid up equity capital of the bank for the financial year ending 31 March 2014 (FY 2014).
NHPC was unchanged at Rs 18.95. The company said after market hours on Wednesday, 8 January 2014, that a memorandum of understanding (MoU) has been signed on 6 January 2014 between the company and Government of Kerala for the development of Wind Power project by NHPC in Kerala. As per the agreement, NHPC will take up the grid interactive wind energy project with proposed installed capacity of 82 megawatts (MW) in Palakkad District of Kerala.
The next major trigger for the stock market is Q3 December 2013 corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the result to see if there is any revision in their future earnings forecast of the company for the current year and/or the next year. The Q3 earnings season begins tomorrow, 10 January 2014, the day when IT major Infosys and private sector bank IndusInd Bank unveil their earnings.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
Asian stocks edged lower on Thursday, 9 January 2014, as better-than-expected US private sector jobs numbers strengthened the case for further tapering of the Federal Reserve's bond-buying program. Key benchmark indices in Hong Kong, Singapore, Taiwan, South Korea and Japan were off 0.06% to 1.23%. Key benchmark indices in China and Indonesia were up 0.25% to 0.36%. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets over the past few years.
China's consumer-price inflation slowed in December 2013, according to government data out Thursday. China's consumer-price index rose 2.5% in December from a year earlier, the National Bureau of Statistics said in Beijing. That compares with 3% increase in November. The producer-price index fell 1.4% from a year earlier to record its longest series of losses since the Asian financial crisis in 1997.
South Korea's central bank left its key interest rate unchanged after a monetary policy review.
US stocks closed mostly lower on Wednesday, 8 January 2014, after minutes from the last Federal Open Market Committee meeting showed that a majority of officials judged the effects of the monthly asset purchases to be diminishing over time. Investors also pondered the implications of an upbeat private-sector jobs report that was released on Wednesday morning.
Federal Reserve officials saw diminishing economic benefits from Fed's bond-buying program and voiced concern about future risks to financial stability during their last meeting, when they began to cut the pace of purchases, according to minutes from their last meeting released Wednesday, 8 January 2014. The minutes didn't describe a set schedule for reductions in bond purchases, although a few officials mentioned the need for a more deterministic path. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. The US central bank is poised to continue winding down its stimulus measures gradually this year.
Automatic Data Processing (ADP) said on Wednesday that private employers created 238,000 jobs in December.
The US government will unveil the influential non-farm payroll report for December 2013 tomorrow, 10 January 2014.
The European Central Bank holds a monetary policy meeting today, 9 January 2014. UK's central bank -- Bank of England -- also undertakes monthly monetary policy review tomorrow, 9 January 2014. The Bank of England and the European Central Bank are both expected to keep monetary policy on hold.
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