Key benchmark indices edged higher in early trade. The S&P BSE Sensex was up 81.64 points or 0.39%, up 62.22 points from the day's low and off 2.02 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Reliance Industries gained in early trade. ICICI Bank rose after the bank acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $750 million. Power Grid Corporation of India rose after the company said it has filed the red herring prospectus (rhp) for a follow on public offer (FPO).
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 09:20 IST, the S&P BSE Sensex was up 81.64 points or 0.39% to 20,932.38. The index gained 83.66 points at the day's high of 20,934.40 in early trade. The index rose 19.42 points at the day's low of 20,870.16 in early trade.
The CNX Nifty was up 18.80 points or 0.3% to 6,207.80. The index hit a high of 6,210.40 in intraday trade. The index hit a low of 6,193.40 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 567 shares gained and 207 shares fell. A total of 35 shares were unchanged.
The total turnover on BSE amounted to Rs 131 crore by 09:25 IST.
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Among the 30-share Sensex pack, 23 stocks gained and rest of them declined.
Jindal Steel & Power (up 1.57%), GAIL (India) (up 1.34%) and L&T (up 1.02%) edged higher from the Sensex pack.
Bhel (down 0.61%), HDFC Bank (down 0.49%) and Tata Motors (down 0.5%) edged lower from the Sensex pack.
Reliance Industries gained 0.9% to Rs 882.40
ICICI Bank rose 0.18%. ICICI Bank, acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $750 million. The notes were sold under the Rule 144A/Reg S format. The notes carry a coupon of 4.8% and were offered at an issue price of 99.609. The announcement was made after market hours on Monday, 18 November 2013.
Power Finance Corporation rose 0.69%. The company said after market hours on Monday, 18 November 2013 that its wholly owned subsidiary PFC Consulting has transferred on 13 November 2013, its wholly owned subsidiary namely Patran Transmission Company, incorporated for development of Independent Transmission System for Patran 400 kV S/S to Techno Electric and Engineering Company, successful bidder selected through Tariff based Competitive Bidding Guidelines for Transmission services issued by Ministry of Power, Government of India.
Power Grid Corporation of India rose 0.1%. The company after market hours on Monday, 18 November 2013 said it has filed the red herring prospectus (rhp) for a follow on public offer (FPO) of 78.70 crore equity shares, constituting 17% of its existing paid up capital. The FPO consists of a fresh issue of 60.18 crore equity shares, or 13% of existing paid up capital, and a disinvestment by the Government of India of 18.51 crore equity shares, or 4% of existing paid up capital, held by the President of India, acting through the Ministry of Power.
NHPC rose 0.56%. The company said after market hours on Monday, 18 November 2013 that the third unit (Unit No 2) of Uri-ll HE Project has been successfully commissioned with effect from 16 November 2013.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held today, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013. The results will be declared after counting on 8 December 2013.
Asian markets were mostly lower, after previous session's hefty gains on China's economic reform plans. Key benchmark indices in China, Singapore, Japan and Indonesia fell by 0.1% to 0.73%. Key benchmark indices in Taiwan, Hong Kong, and South Korea rose by 0.22% to 0.8%.
US stocks were mostly lower on Monday as the Standard & Poor's 500 and Nasdaq Composite index ended lower while the Dow Jones industrial average eked out a slight gain but failed to close above its milestone level of 16,000, as stocks sold off late in the session after cautious comments by activist investor Carl Ichan on the equities market.
Meanwhile, the Senate Banking Committee will vote on Thursday, 21 November 2013 on the nomination of Janet Yellen to be the chairwoman of the Federal Reserve. Yellen sailed through her nomination hearing last week, with more focus from senators on regulatory reform than on the central bank's $85 billion-a-month asset purchase plan.
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