Volatility struck bourses in early trade as the key benchmark indices reversed initial losses triggered by negative Asian stocks. The S&P BSE Sensex was currently up 15.86 points or 0.06% at 26,287.83. The market breadth indicating the overall health of the market was strong. Maruti Suzuki India rose after the company reported good production figures in September 2014. Asian stocks declined today, 8 October 2014 after the International Monetary Fund (IMF) cut its outlook for global growth in 2015.
At 9:25 IST, the S&P BSE Sensex was up 15.86 points or 0.06% at 26,287.83. The index gained 31.92 points at the day's high of 26,303.89 in early trade. The index fell 84.16 points at the day's low of 26,187.81 in early trade.
The CNX Nifty was up 4.80 points or 0.06% at 7,857.20. The index hit a high of 7,858.55 in intraday trade. The index hit a low of 7,826.70 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 776 shares gained and 465 shares fell. A total of 40 shares were unchanged.
The BSE Mid-Cap index was up 30.40 points or 0.32% at 9,455.79. The BSE Small-Cap index was up 33.33 points or 0.32% at 10,591.29. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 185 crore by 09:30 IST.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
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Dr Reddy's Laboratories (down 1.9%), Sun Pharmaceutical Industries (down 1.89%) and Sesa Sterlite (down 1.53%) edged lower from the Sensex pack.
L&T (up 1.82%), NTPC (up 1.49%) and ONGC (up 1.23%) edged higher from the Sensex pack.
Maruti Suzuki India rose 0.3%. Maruti Suzuki India after market hours on Tuesday, 7 October 2014, said that the company's production rose 26.17% to 1.16 lakh units in September 2014 over September 2013. The company had said on 1 October 2014, its total sales rose 4.6% to 1.09 lakh units in September 2014 over September 2013.
Infosys dropped 1.21%. Investors will keenly watch Infosys' commentary regarding changes in its strategy under the new CEO, Dr. Vishal Sikka, when the company unveils its Q2 September 2014 results on Friday, 10 October 2014. At the time of announcing Q1 June 2014 results in July 2014, Infosys had forecast 7% to 9% growth in the company's revenue in dollar terms for the year ending 31 March 2015 (FY 2015). At that time, the company had forecast 5.6% to 7.6% growth in revenue in rupee terms for FY 2015. The guidance was based on rupee dollar exchange rate of 60. With deprecation of rupee against the dollar since that time, there is a room for upward revision in revenue guidance in rupee terms.
National Buildings Construction Corporation (NBCC) gained 3.23%. NBCC after market hours on Tuesday, 7 October 2014, said that IIT Kanpur has awarded to the company, project management consultancy work for major construction works such as engineering core lab, research complex(phase-I) and retrofitting of aerospace engineering block multistoried building for Rs 337.97 crore.
The International Monetary Fund (IMF) on Tuesday, 7 October 2014 raised India's growth forecast to 5.6% for 2014 from its earlier estimate of 5.4% on the back of effective policies and a renewal of confidence following the elections. However, the multilateral lender cut the global growth forecast and that for emerging market economies as a whole.
Meanwhile, the International Monetary Fund (IMF) on Tuesday, 7 October 2014 cut its outlook for global growth in 2015 and warned about the risks of rising geopolitical tensions and a financial-market correction as stocks reach frothy levels.
The world economy will grow 3.8% in 2015, compared with a July forecast for 4%, after a 3.3% expansion in 2014, compared with a July forecast for 3.4%, the Washington-based IMF said.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 7 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 332.84 crore on that day.
Asian stocks declined today, 8 October 2014 after the International Monetary Fund (IMF) cut its outlook for global growth in 2015. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.04% to 1.47%. China's Shanghai Composite index rose 0.3%. Markets in mainland China resume today, 8 October 2014 after closing from 1 October 2014.
The HSBC China services Purchasing Managers Index edged down to 53.5 in September, after recording a 17-month high of 54.1 in August, HSBC Holdings PLC today, 8 October said. A reading above 50 indicates a month-on-month expansion while below points to contraction.
US stocks ended sharply lower on Tuesday, 7 October 2014 as weak data out of Germany raised concerns about the strength of global growth ahead of the start of earnings season.
German industrial output in August slid 4%, the biggest fall in 5-1/2 years, data released on Tuesday, 7 October 2014 showed.
The US Federal Reserve will today, 8 October 2014, release the minutes of its Sept. 16-17 meeting at which it had decided to cut its monthly bond purchases to $15 billion. Policy makers next begin their two-day meeting on 28 October 2014.
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