Key benchmark indices edged higher at the onset of trading as consumer price inflation eased further in October, triggering hopes of rate cuts from Reserve Bank of India. The S&P BSE Sensex was currently up 80.43 points or 0.29% at 28,089.33. The market breadh indicating the overall health of the market was strong with more than three gainers for every loser on BSE.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 5.59% in October 2014, from 7.67% in September 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 5.86% in October 2014, from 5.9% in September 2014.
The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016.
Tata Steel dropped amid volatility after Q2 results. Reliance Power advanced after Q2 earnings. Cipla and Hindalco Industries edged higher ahead of Q2 results today, 13 November 2014. DLF dropped amid volatility ahead of Q2 results today, 13 November 2014.
Asian markets were mixed today, 13 November 2014, following a lack of strong cues from Wall Street and ahead of key economic data from China.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 12 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 459.47 crore on that day.
At 9:23 IST, the S&P BSE Sensex was up 80.43 points or 0.29% at 28,089.33. The index gained 89.84 points at the day's high of 28,098.74 in early trade. The index rose 35.55 points at the day's low of 28,044.45 in early trade.
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The CNX Nifty was up 14.80 points or 0.18% at 8,398.10. The index hit a high of 8,408 in intraday trade. The index hit a low of 8,391.10 in intraday trade.
The BSE Mid-Cap index was up 50.04 points or 0.49% at 10,183.31. The BSE Small-Cap index was up 35.40 points or 0.32% at 11,219.75. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong with more than three gainers for every loser on BSE. On BSE, 687 shares gained and 189 shares fell. A total of 30 shares were unchanged.
Tata Steel lost 0.22% at Rs 467.25. The stock hit a high of Rs 471.20 and a low of Rs 465. The company's consolidated net profit rose 36.82% to Rs 1254.33 crore on 2.03% fall in total income to Rs 36098.63 crore in Q2 September 2014 over Q2 September 2013. The bottom line was boosted by profit of Rs 1146.86 crore on sale of land at Borivali in Mumbai. The result was announced after market hours yesterday, 12 November 2014.
Reliance Power rose 0.67% at Rs 75.05. The company's consolidated net profit rose 1.02% to Rs 253.07 crore on 29.35% rise in total income to Rs 1884.18 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 12 November 2014.
Cipla rose 0.78% at Rs 623.35 ahead of Q2 September 2014 earnings today, 13 November 2014.
DLF lost 0.5% at Rs 139. The stock hit a high of Rs 140.25 and a low of Rs 138.10. The company announces Q2 September 2014 results today, 13 November 2014.
Hindalco Industries rose 0.82% at Rs 152.90 ahead of Q2 September 2014 earnings today, 13 November 2014.
India's Index of industrial production (IIP) growth improved to 2.5% in September 2014 compared with 0.5% (revised) increase in August 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The manufacturing sector's output growth rebounded to 2.5% in September 2014, snapping decline for last two sequential months mainly contributing to the improvement in IIP growth. However, the mining sector as well as electricity generation growth decelerated to 0.7% and 3.9%, respectively in September 2014.
The rate of inflation based on wholesale price index (WPI) is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI inflation data for October 2014 at 12:00 noon on Friday, 14 November 2014.
Asian markets were mixed today, 13 November 2014, following a lack of strong cues from Wall Street and ahead of key economic data from China. Key indices in Hong Kong, Japan, Taiwan, and Singapore were up 0.01% to 0.69%. Key indices in China, Indonesia, and South Korea were off 0.24% to 0.46%.
US stocks wavered yesterday, 12 November 2014, largely erasing a retreat from records, as investors mulled the slowdown in Europe's economy and earnings from Macy's and other retailers.
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said yesterday, 12 November 2014, financial markets could face less than placid waters in coming years. In his formal remarks, Mr. Kocherlakota repeated his belief that a US central bank rate increase next year would be a mistake. Inflation is unlikely to reach the Fed's 2% target until 2018, and because of this outlook, "it would be inappropriate for the [Federal Open Market Committee] to raise the target range for the fed funds rate at any such meeting" occurring in 2015, he said.
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