After a strong rally in the previous session, the key benchmark indices opened higher today. The barometer index, the S&P BSE Sensex, was currently up 55.77 points or 0.21% at 26,485.62. The market breadth was positive on BSE. The BSE Mid-Cap index was up 0.37%. The BSE Small-Cap index was up 0.28%.
Coal India fell after Finance Minister Arun Jaitley told the media that it was right time to dilute nationalisation of the country's state-run coal industry. Idea Cellular rose after Q2 results.
At 9:25 IST, the S&P BSE Sensex was up 55.77 points or 0.21% at 26,485.62. The index jumped 140.96 points at the day's high of 26570.81 at the onset of the trading session. The index rose 54.63 points at the day's low of 26,484.48 in opening trade
The CNX Nifty was up 20.50 points or 0.26% at 7,899.90. The index hit a high of 7,917.10 in intraday trade. The index hit a low of 7,889.85 in intraday trade.
The BSE Mid-Cap index was up 34.65 points or 0.37% at 9,410.73. The BSE Small-Cap index was up 29.18 points or 0.28% at 10,392.63. Both theses indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 625 shares rose while 261 shares declined. A total of 30 shares were unchanged.
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Among the 30 Sensex shares, 23 rose and the remaining shares fell. Sesa Sterlite (up 2.46%), NTPC (up 2.05%), Hindalco Industries (up 1.98%), Cipla (up 1.32%), Tata Steel (up 1.1%), Tata Power (up 1.04%), Bharti Airtel (up 0.75%) and Wipro (up 0.75%), edged higher.
ONGC (down 0.82%), Mahindra & Mahindra (down 0.79%), ITC (down 0.48%), Hindustan Unilever (down 0.35%) and Reliance Industries (down 0.3%), edged lower from the Sensex pack.
Coal India fell 1.23% after Finance Minister Arun Jaitley yesterday, 20 October 2014, said in comments to a television news channel that he personally believes the time is right to dilute nationalisation of the country's state-run coal industry. It is easier to carry out economic reforms in the first year of a government, Jaitley said.
Idea Cellular rose 1.12%. The company's consolidated profit after tax (PAT) rose 3.8% to Rs 755.90 crore on 0.11% growth in total revenue to Rs 7569.90 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours yesterday, 20 October 2014.
The company said it has reversed the last 2 years trend of sequential revenue decline during the seasonally weak July-September quarter due to contraction in 'Voice Minutes of Use', with an absolute revenue growth of Rs 11.10 crore.
Total EBITDA declined 0.52% to Rs 2490.70 crore in Q2 September 2014 over Q1 June 2014. EBITDA margin declined to 32.9% in Q2 September 2014, from 33.1% in Q1 June 2014.
Idea Cellular's consolidated PAT including Indus 16% contribution sharply surged 68.9% to Rs 755.90 crore in Q2 September 2014 over Q2 September 2013. EBITDA on year-on-year (YoY) jumped 27.2% in Q2 September 2014 driving the EBITDA margin to 32.9%. Revenue rose 19.7% YoY in Q2 September 2014.
The strong consumer demand & brand association, expanding 2G & 3G network footprint, competitive spectrum portfolio with steady cash flows from operations affirms Idea's ability to deliver consistent, competitive, responsible and profitable growth, the company said. The company is well geared to meet all volatile, uncertain, complex and ambiguous developments and remains on course of its mission to improve its market standing both in Mobile voice and data business, Idea Cellular said in a statement.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Monday, 20 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1,040.08 crore on that day.
Asian stocks were mixed on Tuesday, 21 October 2014, as China's economy in the third quarter grew at its slowest pace in five years. Key benchmark indices in Hong Kong, Singapore and Taiwan were up by 0.01% to 0.32%. Key benchmark indices in China, Japan and South Korea were down by 0.27% to 0.72%. Indonesia's Jakarta Composite, was however, flat.
China's economy in the third quarter grew at its slowest pace in five years as it battles a slumping real-estate market and weak domestic demand and industrial production. China posted a 7.3% year-over-year quarterly growth rate, according to the National Bureau of Statistics on Tuesday. That marked the lowest level since the first quarter of 2009, in the midst of the global financial crisis, when growth fell to 6.6%. The 7.3% third-quarter growth rate was down from 7.5% in the second quarter.
Value-added industrial output in China rose by a larger-than-expected 8% in September from a year earlier, accelerating from a 6.9% year-over-year increase in August, the statistics bureau said. Industrial production also increased 0.91% in September from August, when it rose 0.2% from the preceding month, it said.
US equity investors began the week on an optimistic, albeit cautious, note on Monday, 20 October 2014, with gains in broader markets led by defensive sectors such as consumer staples and utilities. The Dow Jones Industrial Average closed 19.26 points, or 0.1%, higher at 16,399.67. The S&P 500 gained 17.25 points, or 0.9% to 1,904.01. The Nasdaq Composite rose 57.64 points, or 1.4%, to 4,316.07, led by gains in biotech and internet stocks.
The Federal Open Market Committee (FOMC) next undertakes a monetary policy review at a two-day meeting on 28-29 October 2014.
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