Key benchmark indices trimmed gains in early afternoon trade. The barometer index, the S&P BSE Sensex was up 182.57 points or 0.68% at 27,209.27. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. Infrastructure stocks were in demand on renewed buying. L&T rose after the company's fully-owned subsidiary L&T Hydrocarbon Engineering secured orders worth Rs 1920 crore from domestic oil and gas majors.
After opening on a firm note, key benchmark indices extended gains to scale record high.
At 12:15 IST, the S&P BSE Sensex was up 182.57 points or 0.68% at 27,209.27. The index gained 222.09 points at the day's high of 27,248.79 in morning trade, a record high for the barometer index. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 53.20 points or 0.66% at 8,140.05. The index hit a high of 8,149.25 in intraday trade, a record high for the index. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,847 shares gained and 858 shares fell. A total of 94 shares were unchanged.
The BSE Mid-Cap index rose 73.70 points or 0.76% to 9,742.46, underperforming the Sensex. The BSE Small-Cap index rose 164.65 points or 1.55% to 10,791.72, outperforming the Sensex.
The total turnover on BSE amounted to Rs 1849 crore by 12:15 IST compared to Rs 1413 crore by 11:15 IST.
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Among the 30-share Sensex pack, 26 stocks gained and rest of them declined.
Hindalco Industries (up 2.14%), ONGC (up 2.24%) and Bajaj Auto (up 1.53%) edged higher from the Sensex pack.
Infrastructure stocks were in demand on renewed buying. IVRCL (up 7.58%), GVK Power Infrastructure (up 1.08%), Lanco Infratech (up 1.74%), GMR Infrastructure (up 1.02%) and IRB Infrastructure (up 2.11%) gained.
L&T rose 0.79%. L&T Hydrocarbon Engineering, a fully-owned subsidiary of L&T, secured orders worth Rs 1920 crore from domestic oil and gas majors. The announcement was made during market hours today, 8 September 2014.
An offshore contract worth Rs 1340 crore from Oil & Natural Gas Corporation (ONGC), includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field. The project is scheduled for completion by March 2016.
In the onshore segment, it has secured a contract valued at about Rs 580 crore from a leading company engaged in hydrocarbon downstream processing. The contract involves engineering, procurement and construction of a dual service cryogenic storage tank facility suitable for liquid ethane and liquefied natural gas and engineering work for the balance of the facilities to be installed at the manufacturing complex.
Punj Lloyd was locked at 10% upper circuit at Rs 40.60 after the firm said it has secured Rs 3515 crore rapid tank farm order from PRPC Refinery and Cracker, a subsidiary under the PETRONAS group. The announcement was made during market hours today, 8 September 2014.
With the latest order, Punj Lloyd group's order backlog reached Rs 24679 crore. The order backlog is the value of unexecuted orders on 30 June 2014 plus new orders received after that date. Total order booking in FY 2015 reached Rs 9940 crore, Punj Lloyd said in a statement.
Jaiprakash Associates gained 3.4% to Rs 34.95 on bargain hunting after the stock dropped 29.87% in the preceding four trading sessions to Rs 33.80 on 5 September 2014, from a recent high of Rs 48.20 on 1 September 2014.
Jaypee Infratech rose 5.38% to Rs 28.40 on bargain hunting after the stock fell 17.33% in the preceding two trading sessions to Rs 26.95 on 5 September 2014, from a recent high of Rs 32.60 on 3 September 2014.
Great Eastern Shipping Company rose 1.54% after the company said it signed a contract to buy a Supramax bulk carrier of about 52,454 deadweight tonnage. Great Eastern Shipping Company (G E Shipping) said the 2006 built vessel is expected to join the company's fleet in September-October 2014. The announcement was made after market hours on Friday, 5 September 2014.
La Opala RG advanced 5.61% after the company said that 25 September 2014 has been fixed as a record date for its 5-for-1 stock split. The announcement was made after market hours on Friday, 5 September 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
Brent crude oil futures edged higher today, 8 September 2014. Brent for October settlement was up 10 cents at $100.92 a barrel. The contract fell $1.01, or 1%, at $100.82 a barrel on Friday, 5 September 2014, after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions.
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.
In the foreign exchange market, the rupee edged higher against the dollar increased selling of the American unit by exporters and banks amid sustained foreign fund inflows. The partially convertible rupee was hovering at 60.26, compared with its close of 60.4050 on Friday, 5 September 2014.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.08% to 0.22%. Key benchmark indices in Japan and Indonesia rose 0.15% to 0.69%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
Trading in US index futures indicated that the Dow could fall 17 points at the opening bell on Monday, 8 September 2014. US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
The European Union (EU) reportedly said on Friday, 5 September 2014 it had agreed on a tough new package of economic sanctions against Russia, despite a ceasefire between government forces and pro-Kremlin rebels in Ukraine. The sanctions tighten existing measures imposed in July, targeting more individuals with travel bans and asset freezes, as well as tightening access to capital markets for Russian oil and defence companies. The new EU sanctions will be formally approved on Monday, 8 September 2014 although the full details of the people and organisations targeted will not be released for another day.
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