A bout of volatility was witnessed as key benchmark indices swung between positive and negative terrain after opening higher. The barometer index, the S&P BSE Sensex was currently down 21.46 points or 0.08% at 26,754.21. The market breadth indicating the overall health of the market was positive. Asian stocks rose today, 24 September 2014. Index heavyweight and cigarette maker ITC edged higher. Thermax jumped after the company said that Thermax Babcock & Wilcox Energy Solutions (TBWES), a joint venture of Thermax and US based Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), received an export order from B&W PGG. JSW Energy rose after the company said that Barmer Lignite Mining Company (BLMCL), a joint venture company, received environmental clearance from Ministry of Environment, Forests & Climate Change (MoEFCC) to increase the mining capacity of its Kapurdi lignite mines from 3.75 million tonnes per annum (MTPA) to 7 MTPA for 4 years.
At 9:23 IST, the S&P BSE Sensex was down 21.46 points or 0.08% at 26,754.21. The index lost 24.53 points at the day's low of 26,751.16 in early trade. The index rose 50.79 points at the day's high of 26,826.48 in early trade.
The CNX Nifty was down 4.45 points or 0.06% at 8,013.10. The index hit a low of 8,007.60 in intraday trade. The index hit a high of 8,034.55 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 712 shares gained and 640 shares fell. A total of 40 shares were unchanged.
The BSE Mid-Cap index was up 16.18 points or 0.17% at 9,712.33. The BSE Small-Cap index was up 51.71 points or 0.47% at 11,021.01. Both these indices outperformed the Sensex.
Index heavyweight and cigarette maker ITC gained 0.16%. With respect to a news item captioned "ITC to expand 'puja' Products Range" ITC has clarified after market hours on Tuesday, 23 September 2014, that the news refers to routine marketing activities in an already existing category of the company's Agarbatti business. The product range, including Dhoop and Sambrani, are all existing categories and finds mention in the company's report and accounts. From time to time, business offer different limited edition packs of existing products to promote the category and generate consumer interest during special festivals and other occasions. The said activity in any event does not have any significant material impact on the company's operations / performance.
JSW Energy rose 2.63% after the company said after market hours on Tuesday, 23 September 2014, that Barmer Lignite Mining Company (BLMCL), a joint venture between Raj WestPower (RWPL), a wholly owned subsidiary of the company and Rajasthan State Mines and Minerals (RSMML), has received Environmental Clearance from Ministry of Environment, Forests & Climate Change (MoEFCC) to increase the mining capacity of its Kapurdi lignite mines from 3.75 million tonnes per annum (MTPA) to 7 MTPA for 4 years.
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Thermax jumped 5.1% after the company after market hours on Tuesday, 23 September 2014 said that Thermax Babcock & Wilcox Energy Solutions (TBWES), a joint venture of Thermax and US based Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), has received an export order from B&W PGG for detailed engineering, manufacturing and supply of selective items for two pulverized coal-fired boilers for an international project. The contract value is approximately Rs 339 crore.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month September 2014 series to October 2014 series. The near-month September 2014 F&O contracts expire tomorrow, 25 September 2014.
Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign tomorrow, 25 September 2014. The initiative is one of the several steps which government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country. In his maiden independence day address, Modi invited the global business community to set up manufacturing facilities in India, giving the slogan 'come, make in India'.
The provisional data released by the stock exchanges after trading hours on Tuesday, 23 September 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1185.17 crore on that day.
Asian stocks rose today, 24 September 2014. Key benchmark indices in China, Hong Kong, Indonesia, Taiwan, and South Korea rose by 0.12% to 0.79%. Key benchmark indices in Japan and Singapore fell 0.04% to 0.23%.
US stocks declined Tuesday, 23 September 2014, as a weak report on Europe's economy fueled more investor jitters about global growth.
In economic news, US manufacturing activity hovered at a near 4-1/2-year high in September and factory employment surged, supporting views of sturdy economic growth this quarter. The growth picture was also boosted by other data on Tuesday showing an acceleration in services industry growth this month. Markit said its preliminary or flash US Manufacturing Purchasing Managers Index was at 57.9, unchanged from August's reading when it touched its highest level since April 2010. A reading above 50 signals expansion in manufacturing. Factory employment increased for a second straight month, with a gauge of labor market conditions touching its highest level since March 2012. Separately, the Federal Reserve Bank of Philadelphia said its general activity index for non-manufacturing firms jumped to 35.7 this month from 27.3 in August.
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