A bout of volatility was witnessed as key benchmark indices trimmed gains in early afternoon trade. The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 16.44 points or 0.08%, up 15.63 points from the day's low and off 67.22 points from the day's high. In the foreign exchange market, the rupee edged higher against the dollar, tracking gains in most Asian currencies against the dollar.
ONGC reversed initial gain. Tata Steel edged lower in choppy trade. Capital goods stocks gained on renewed buying. Jet Airways (India) gained after a promoter entity of the company offloaded 7.89% stake in the open market on Monday, 18 November 2013, as the carrier gears up to complete the 24% stake sale to Etihad. Other aviation stocks were also in demand.
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. A bout of volatility was witnessed as key benchmark indices trimmed gains in early afternoon 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 12:16 IST, the S&P BSE Sensex was up 16.44 points or 0.08% to 20,867.18. 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 0.81 points at the day's low of 20,851.55 in early afternoon trade.
The CNX Nifty was up 3.70 points or 0.06% to 6,192.70. 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, turned negative from positive in early afternoon trade. On BSE, 1,083 shares dropped and 1,055 shares rose. A total of 156 shares were unchanged.
The total turnover on BSE amounted to Rs 907 crore by 12:20 IST, compared to Rs 711 crore by 11:20 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Sesa Sterlite (down 2.89%), HDFC Bank (down 1.2%) and Bajaj Auto (down 0.99%) edged lower from the Sensex pack.
ONGC lost 1.76% to Rs 273.95, with the stock reversing initial gain. The stock hit high of Rs 281.75 and low of Rs 273.20 so far during the day.
Tata Steel edged lower in choppy trade. The stock was off 1.1% at Rs 381.80. The scrip hit high of Rs 391.30 and low of Rs 381.30 so far during the day.
Capital goods stocks gained on renewed buying. L&T (up 1.41%), Bhel (up 0.82%), ABB (up 1.99%), BEML (up 0.79%) and Bharat Electronics (up 0.64%), gained.
Jet Airways (India) rose 2.96% after a promoter entity of the company offloaded 7.89% stake in the open market on Monday, 18 November 2013, as the carrier gears up to complete the 24% stake sale to Etihad. Shares of Jet Airways (India) gained as the bulk deal is seen as the final step in the completion of a 24% stake sale to Abu Dhabi's Etihad Airways.
Tail Winds, a promoter entity of Jet Airways (India), sold a total of 68.15 lakh shares amounting to 7.89% stake on BSE and NSE on Monday, 18 November 2013. Tail Winds sold 48.15 lakh shares on BSE at Rs 310.23 each. It sold 20 lakh shares shares on NSE at Rs 310.07 each. Merrill Lynch Capital Markets Espana acquired 29 lakh shares of Jet Airways for around Rs 90 crore on BSE. Besides, Deutsche Securities Mauritius purchased 12.60 lakh shares of the carrier for Rs 39 crore on NSE. The shares were bought at Rs 310 per share by these two foreign entities.
Other aviation shares also gained. SpiceJet (up 1.75%) and Kingfisher Airlines (up 4.38%) gained.
Sadbhav Engineering rose 2.15% after the company said it has been declared the successful bidder by Delhi Metro Rail Corporation for a contract aggregating Rs 50.96 crore. The announcement was made during trading hours today, 19 November 2013.
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 62.14, 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 0.25% to 0.43%. Key benchmark indices in Taiwan, Hong Kong, and South Korea rose by 0.07% to 1.04%.
Trading in US index futures indicated that the Dow could advance 14 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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