Key benchmark indices opened on a firm note on positive Asian stocks. The barometer index, the S&P BSE Sensex was up 288.14 points or 1.1% at 26,534.93. All the 30 members of the Sensex pack were in the green. Bharat Heavy Electricals (Bhel) surged after announcing large order win. The market breadth indicating the overall health of the market was strong. Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low.
At 9:23 IST, the S&P BSE Sensex was up 288.14 points or 1.1% at 26,534.93. The index jumped 312.81 points at the day's high of 26,559.60 in early trade. The index gained 147.42 points at the day's low of 26,394.21 in early trade.
The CNX Nifty was up 83.50 points or 1.06% at 7,926.20. The index hit a high of 7,934.95 in intraday trade. The index hit a low of 7,886.50 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,040 shares gained and 195 shares fell. A total of 23 shares were unchanged.
The BSE Mid-Cap index was up 105.80 points or 1.13% at 9,509.63. The BSE Small-Cap index was up 118.40 points or 1.12% at 10,682.54. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 169 crore by 09:30 IST.
All the 30 members of the Sensex pack gained. Hindalco Industries (up 4.33%), State Bank of India (up 1.93%) and Sesa Sterlite (up 1.87%) edged higher from the Sensex pack.
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Bharat Heavy Electricals (Bhel) surged 3.76%. Bhel announced after market hours on Wednesday, 8 October 2014, that it has bagged a contract for setting up a 1,320 megawatts (MW) supercritical thermal power project on engineering, procurement & construction (EPC) basis from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) valued at around Rs 7800 crore. The order for setting up a 2x660 MW coal-fired supercritical thermal power project at Ennore special economic zone (SEZ) in Tamil Nadu. For this tender, Bhel has partnered with Power Finance Corporation (PFC), another PSU, by syndicating the financing package in the current competitive environment.
The government will unveil industrial production data for August 2014 tomorrow, 10 October 2014. India's Index of industrial production (IIP) growth moderated to 0.5% in July 2014, showing moderation in the pace of growth from 3.9% (revised) increase recorded in the previous month of June 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1440.99 crore on that day.
Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan and Indonesia rose by 0.05% to 1.01%. China's Shanghai Composite index fell 0.57%. Markets in South Korea were closed for holiday.
Japanese core machinery orders rose for the third straight month in August, the government said today, 9 October 2014. The 4.7% rise in August follows monthly gains of 3.5% in July and 8.8% in June, after a record 19.5% drop in May.
US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Slowing global growth and a stronger dollar pose potential risks to the US outlook, Fed policy makers said at their Sept. 16-17 meeting, according to the minutes released yesterday, 8 October 2014.
The Federal Open Market Committee (FOMC) last month retained a pledge to keep interest rates near zero for a considerable time after it concludes an asset purchase program that's due to end after its October meeting. Policy makers next begin their two-day meeting on 28 October 2014.
The influential US monthly non-farms payroll data is due tomorrow, 10 October 2014. The data pertains to September 2014.
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