Key benchmark indices surged in early trade on firm Asian stocks. The barometer index, the S&P BSE Sensex, was up 139.95 points or 0.69%, up close to 40 points from the day's low and off about 20 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Asian stocks edged higher on Thursday, 28 November 2013, after US employment and consumer confidence reports boosted optimism in the world's largest economy.
Realty stocks edged higher in early trade. Among auto stocks, Tata Motors scaled record high.
The market may remain volatile today, 28 November 2013, as traders roll over positions in the futures & options (F&O) segment from the near month November 2013 series to December 2013 series. The near month November 2013 derivatives contracts expire today, 28 November 2013.
At 9:34 IST, the S&P BSE Sensex was up 139.95 points or 0.69% to 20,560.21. The index jumped 157.65 points at the day's high of 20,577.91 in early trade, its highest level since 26 November 2013. The index rose 97.71 points at the day's low of 20,517.97 in early trade.
The CNX Nifty was up 41.20 points or 0.68% to 6,098.30. The index hit a high of 6,104.90 in intraday trade, its highest level since 26 November 2013. The index hit a low of 6,090 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 723 shares rose and 258 shares dropped. A total of 33 shares were unchanged.
Among the 30-share Sensex pack, 29 stocks rose and only one fell. ICICI Bank (up 1.47%), M&M (up 1.16%) and Bhel (up 1.09%) rose.
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Tata Motors rose 0.25% to Rs 400.25 after hitting record high of Rs 405 in intraday trade.
Realty stocks edged higher. DLF (up 1.15%), HDIL (up 2.61%), D B Realty (up 2.49%) and Unitech (up 0.98%) gained.
In the foreign exchange market, the rupee edged lower against the dollar in early deals on broad dollar gains triggered by positive US economic data overnight. The partially convertible rupee was at 62.3225, compared with its close of 62.14/15 on Wednesday, 27 November 2013.
On the macro front, India's economic growth is seen recovering a bit in Q2 September 2013. The GDP growth for Q2 September 2013 is projected at 4.7%, as per the median estimate of a poll of economists carried out by Capital Market. India's GDP grew at its slowest pace in four years at 4.4% in Q1 June 2013. The government unveils Q2 September 2013 GDP growth data tomorrow, 29 November 2013.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Asian stocks edged higher on Thursday, 28 November 2013, after US employment and consumer confidence reports boosted optimism in the world's largest economy. Key benchmark indices in China, Hong Kong, Indoensia, Taiwan, South Korea, Singapore, and Japan were up 0.06% to 1.31%.
The US market is closed today, 28 November 2013, for the Thanksgiving holiday. The market will close early at 1:00 p.m. on Friday, 29 November 2013. US stocks rose on Wednesday, 27 November 2013, with Dow Jones Industrial Average and the S&P 500 ending at their record high as Hewlett-Packard Co. led a technology rally while data on employment and consumer confidence boosted optimism in the economy.
Data yesterday showed fewer Americans than projected filed applications for unemployment benefits last week, a sign that the labor market is showing resilience. The Thomson Reuters/University of Michigan final index of consumer sentiment in November unexpectedly rose to 75.1 from 73.2 a month earlier. The Conference Board's index of US leading indicators, a gauge of the economic outlook for the next three to six months, rose for a fourth straight month in October, reflecting gains in factory orders and applications to build new homes.
Investors have been keeping watch on economic data in the United States as the Federal Reserve monitors the pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been aimed at encouraging growth. The Fed has said improvement in the labor market is a key factor in its policy assessment. The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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