Key benchmark indices recovered after reversing gains to hit fresh intraday low in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was down 29.57 points or 0.12%, up 34.40 points from the day's low and off 104.08 points from the day's high. The market breadth indicating the overall health of the market was negative.
State Bank of India (SBI) fell in volatile trade. Sun TV Network rose on bargain hunting after recent slide. Select consumer durables stocks were in demand on renewed buying.
At 14:15 IST, the S&P BSE Sensex was down 29.57 points or 0.12% to 25,172.23. The index gained 74.51 points at the day's high of 25,276.31 in early afternoon trade. The index fell 63.97 points at the day's low of 25,137.83 in mid-afternoon trade.
The CNX Nifty was down 17.50 points or 0.23% to 7,523.20. The index hit a high of 7,560.55 in intraday trade. The index hit a low of 7,519.40 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,583 shares declined and 1,273 shares gained. A total of 93 shares were unchanged.
The BSE Mid-Cap index was up 2.27 points or 0.03% at 8,999.62, outperforming the Sensex. The BSE Small-Cap index was down 27.30 points or 0.28% at 9,815.68, matching Sensex's gain.
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Among the 30 Sensex shares, 17 stocks declined and the rest of them gained.
Sun Pharmaceutical Industries (down 2.33%), Tata Power (down 2.02%) and Mahindra & Mahindra (down 1.17%) edged lower from the Sensex pack.
State Bank of India (SBI) fell 0.78% to Rs 2,585.85. The stock was volatile. The stock hit high of Rs 2,622 and low of Rs 2,581 so far during the day.
Sun TV Network rose 2.67% to Rs 431, with the stock gaining on bargain hunting after recent slide. Shares of Sun TV Network had declined 5.42% in three trading sessions to settle at Rs 419.80 on Thursday, 19 June 2014, from a recent high of Rs 443.90 on 16 June 2014.
MindTree jumped 5.08% to Rs 904.50 after the company received shareholders' approval to raise upto $1 billion. The company made the announcement after trading hours on Thursday, 19 June 2014. MindTree has received an approval from shareholders to borrow up to $1 billion and to issue bonus shares. Besides, the company has been authorised to sell, lease, mortgage or otherwise dispose off the whole or substantially the whole of the undertaking(s), the moveable and immoveable properties of the company, both present and future.
Atul Auto surged 7.45% to Rs 498 after the company said its board of directors will meet on 26 June 2014, to consider stock-split. The announcement was made after market hours on Thursday, 19 June 2014.
Select consumer durables stocks were in demand on renewed buying. Titan Company (up 3.56%), Rajesh Exports (up 16.6%), PC Jeweller (up 2.67%) and Gitanjali Gems (up 4.86%) gained.
Volatility struck bourses in early trade as the key benchmark indices reversed initial gains only to regain positive zone later. Volatility continued in morning trade as the key benchmark indices reversed intraday gain. Key benchmark indices regained positive zone after hitting intraday low in mid-morning trade. Volatility continued as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. Key benchmark indices further trimmed gains afternoon trade. Key benchmark indices recovered after reversing gains to hit fresh intraday low in mid-afternoon trade.
Increase in crude oil prices has sparked worries about India's macroeconomic situation as India imports majority of its crude oil requirements. Increase in crude oil prices has raised concerns of increase in fuel price inflation and increase in India's current account deficit and fiscal deficit.
Militant violence in Iraq which is a key oil exporter in the world, has sent crude prices higher over the past few days. Brent crude futures for August delivery were down 10 cents at $114.96 a barrel today, 20 June 2014. The contract gained 80 cents to settle at $115.06 a barrel yesterday, 19 June 2014, the highest close since 6 September 2013.
The United States on Thursday, 19 June 2014, said it will send military advisers to Iraq to support Iraqi security forces and create joint operation centers in Baghdad and northern Iraq. The United States is prepared to make targeted air strikes in Iraq, he said, maintaining that ground troops would not be returning to the country.
Closer home, India's Ministry of Petroleum & Natural Gas on Thursday, 19 June 2014, said that there is no disruption in supply of crude oil from Iraq to India so far. Crude supplies to India from Iraq come from the Basra oilfields which are situated well away from the conflict zone in the north-eastern part of Iraq and loading of crude oil shipments from the Basra oil terminal continues normally, the oil ministry said. Nonetheless, the PSU OMCs have been asked to prepare a contingency plan both for the short and medium term including diversification of their resources for import of crude oil in order to minimize the impact of any geo-political instability in the middle-east, the oil ministry said.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 420.51 crore on Thursday, 19 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged lower against the dollar as crude rose on Thursday, 19 June 2014. The partially convertible rupee was hovering at 60.2150, compared with its close of 60.08/09 on Thursday, 19 June 2014.
The monsoon has covered half of the country four days behind the usual schedule. Meanwhile, all India seasonal rainfall from 1 to 18 June 2014 was 45% below long period average, the India Meteorological Department said on its website on Thursday, 19 June 2014. The weather office has forecast below average rainfall in 2014 due to fears of El Nino, a weather event marked by the warming of sea surface temperatures in the Pacific Ocean that can lead to droughts in the Asia Pacific region including India.
European market edged higher today, 20 June 2014 as dovish comments from Federal Reserve Chairwoman Janet Yellen earlier in the week continued to push indexes closer to multiyear highs. Key benchmark indices in UK and Germany were up by 0.03% to 0.3%. In France, the CAC 40 shed 0.07%.
Asian stocks edged lower on Friday, 20 June 2014. Key benchmark indices in Japan, Indonesia, Singapore, Taiwan and South Korea fell by 0.08% to 1.20%. Key benchmark indices in China and Hong Kong rose 0.11% to 0.15%.
Trading in US index futures indicated that the Dow could fall 5 points at the opening bell on Friday, 20 June 2014. Most US stocks ended with modest gains on Thursday, 19 June 2014. With miniscule gains, the S&P 500 finished at a record level for the 21st time this year.
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