Key benchmark indices surged in early trade as firmness in Asian stocks following firm close of US stocks on Tuesday, 26 August 2014, boosted sentiment. The barometer index, the S&P BSE Sensex was currently up 141.68 points or 0.54% at 26,584.49. The market breadth indicating the overall health of the market was strong. The market sentiment was also boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session.
Canara Bank rose after the bank said that the Board of Directors of the bank at its meeting held on 26 August 2014, have considered and granted in-principle approval for 5 for 1 stock split. State Bank of India (SBI) rose on reports the bank reduced its home loan rates to offer uniform interest rate on home loans. GAIL (India) fell as the stock turned ex-dividend today, 27 August 2014, for final dividend of Rs 5.90 per share for the year ended 31 March 2014.
At 9:20 IST, the S&P BSE Sensex was up 141.68 points or 0.54% at 26,584.49. The index gained 156.31 points at the day's high of 26,599.12 in early trade. The index rose 106.94 points at the day's low of 26,549.75 in early trade.
The CNX Nifty was up 33 points or 0.42% to 7,942.15. The index hit a high of 7,942.40 in intraday trade. The index hit a low of 7,932.40 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 987 shares gained and 303 shares fell. A total of 36 shares were unchanged.
The BSE Mid-Cap index was up 87.84 points or 0.95% at 9,346.66. The BSE Small-Cap index was up 80.04 points or 0.79% at 10,253.42. Both these indices outperformed the Sensex.
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Maruti Suzuki India rose 0.2%. The stock turned ex-dividend today, 27 August 2014, for final dividend of Rs 12 per share for the year ended 31 March 2014. . The Competition Commission of India (CCI) on Monday, 25 August 2014, levied a total penalty of Rs 2544.64 crore on 14 car makers including Maruti Suzuki India, at the rate of 2% of the average turnover after it found them to be in contravention of the provisions of the Competition Act, 2002.
GAIL (India) fell 0.55% as the stock turned ex-dividend today, 27 August 2014, for final dividend of Rs 5.90 per share for the year ended 31 March 2014.
State Bank of India (SBI) rose 1.47% on reports the bank reduced its home loan rates to offer uniform interest rate on home loans. Irrespective of the loan amount, SBI will offer home loans at an interest of 10.15% to home loan borrowers. Earlier, the interest rates stood at 10.15% on loans up to Rs 75 lakh and 10.3% on those above Rs 75 lakh.
The bank after market hours on Tuesday, 26 August 2014 said that it has been decided to designate Praveen Kumar Gupta as the Deputy Managing Director and Chief Financial Officer (CFO) of the bank.
Tata Motors gained 0.84%. The company after market hours on Tuesday, 26 August 2014 in a clarification with regard to penalty imposed by the Competition Commission of India (CCI) said that the order pertains to proceedings initiated by CCI in 2011 for investigating the conduct of several leading passenger vehicle manufacturers alleging restricted covenants imposed by them for supply of spare parts and other diagnostic tools in the after-market. In its order the CCI has directed the 14 passenger vehicle companies to undertake in India compliances and filing of a report within 180 days, Tata Motors said. The company would be filing an appeal against this order before the appropriate authorities, Tata Motors added.
The CCI on Monday, 25 August 2014, levied a total penalty of Rs 2544.64 crore on 14 car makers at the rate of 2% of the average turnover after it found them to be in contravention of the provisions of the Competition Act, 2002. The penalty levied to Tata Motors is Rs 1346.46 crore.
Canara Bank rose 1.14% after the bank said before market hours that the Board of Directors of the bank at its meeting held on 26 August 2014, have considered and granted in-principle approval for 5 for 1 stock split.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire tomorrow, 28 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 364.72 crore on Tuesday, 26 August 2014, as per provisional data from the stock exchanges.
Asian stocks rose today, 27 August 2014, after data signaled a stronger US economy and Russia's president hailed as "positive" talks over Ukraine. Key benchmark indices in Indonesia, Japan, China, Taiwan, Singapore and South Korea rose 0.03% to 0.93%. Hong Kong's Hang Seng fell 0.06%.
US stocks edged higher on Tuesday, 26 August 2014, to lift the S&P 500 index just a hair above the 2,000 mark, its first close above that milestone, after data that pointed to a brighter future for the US economy.
Bookings for goods meant to last at least three years climbed by a record 22.6% in July after a 2.7% gain in June that was bigger than previously reported, data from the Commerce Department in Washington showed. The Conference Board's US consumer confidence index rose to 92.4 in August, the highest since October 2007, the New York-based private research group said.
Russian President Vladimir Putin said talks with his Ukrainian counterpart over separatist fighting that's killed more than 2,000 people were "positive."
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