Key benchmark indices surged to fresh intraday high in late trade as firmness in Asian stocks boosted sentiment. The S&P BSE Sensex was provisionally up 453.95 points or 2.23%, up 282.78 points from the day's low and off 9.64 points from the day's low. The market breadth, indicating the overall health of the market, was positive. All the 13 sectoral indices on BSE were in the green. In the foreign exchange market, the rupee strengthened against the dollar.
Index heavyweight and cigarette major ITC surged. Another index heavyweight Reliance Industries also advanced. Shares of IT major Infosys hit 52-week high. Tata Steel extended Thursday's gains triggered by the company reporting turnaround in Q2 September 2013. Shares of Financial Technologies (India) and Multi Commodity Exchange of India (MCX) surged on high volumes.
Key benchmark indices surged in early trade on positive Asian stocks. Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over one week. Key benchmark indices extended gains to strike fresh intraday high in mid-morning trade. Key benchmark indices held firm after striking fresh intraday high in early afternoon trade. It hovered near their intraday high in afternoon trade. Key benchmark indices hovered near their intraday high in mid-afternoon trade. Key benchmark indices surged to fresh intraday high in late trade.
The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 14 November 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
As per provisional closing, the S&P BSE Sensex was up 453.95 points or 2.23% to 20,853.37. The index gained 463.59 points at the day's high of 20,863.01 in late trade, its highest level since 7 November 2013. The index rose 171.17 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 134.25 points or 2.22% to 6,190.40. The index hit a high of 6,196.80 in intraday trade, its highest level since 7 November 2013. The index hit a low of 6,110.40 in intraday trade.
More From This Section
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,486 shares gained and 1,120 shares fell. A total of 134 shares were unchanged.
The total turnover on BSE amounted to Rs 2025 crore, higher than Rs 1850.06 crore on Thursday, 14 November 2013.
Among the 30-share Sensex pack, 26 stocks gained while rest of them declined.
HDFC Bank (up 4.22%), L&T (up 4.16%) and ONGC (up 3.44%) edged higher from the Sensex pack.
Sesa Sterlite (down 1.65%), Coal India (down 1.04%) and Cipla (down 0.52%) declined from Sensex pack.
Index heavyweight and cigarette major ITC rose 3.72% to Rs 326.10.
Reliance Industries gained 2.62% to Rs 874.10.
Infosys rose 1.41% to Rs 3,401.05. The stock hit a 52-week high of Rs 3,410 in intraday trade today, 18 November 2013.
Tata Consultancy Services (TCS) rose 1.3%. The company announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat. The state-of-the-art software development facility was inaugurated by Narendra Modi, Hon'ble Chief Minister, Gujarat who was welcomed at the venue by Cyrus P Mistry, Chairman, Tata Group and N. Chandrasekaran, Chief Executive Officer & Managing Director. Also present on the occasion were senior officials of the state government, business, academic and community leaders as well as senior executives from TCS.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions. He added, We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.
TCS Garima Park has been developed as a green campus and is a LEED (Leadership in Energy and Environmental Design) Gold rated IT campus. Built with locally sourced red stone, a trademark feature of local architecture, the campus also uses extensive technology to increase efficiency and reduce wastage. Solar panels, LED lighting, occupancy and light-sensitive sensors have been used to optimise power consumption, for instance.
TCS Garima Park provides a contemporary and holistic working space for employees. It has been designed to extensively use natural light and ventilation extensively throughout the structure. There are open, shared spaces for TCSers to use to collaborate and co-create like a 250-seat amphitheatre, a 250-seat multli-purpose hall. To help TCSers focus on wellness, TCS Garima Park also features a modern gymnasium, tennis, badminton and basketball courts as well as a jogging track for employees to use.
The Garima Park campus also features a learning center as well as iClass rooms (connected with other TCS learning hubs across the world), hi-end virtual presence conference rooms, meeting rooms and cafeterias. The campus is an approved Special Economic Zone and will serve global customers across industry segments.
Tata Steel surged 3.02%, with the stock extending Thursday's 4.58% gains triggered by the company reporting turnaround in Q2 September 2013.
The company after market hours on 13 November 2013 reported turnaround Q2 September 2013 results. The stock had surged 4.58% to settle at Rs 375.30 on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.
Tata Steel reported a consolidated net profit of Rs 916.77 crore in Q2 September 2013 as against net loss of Rs 363.93 crore in Q2 September 2012. Revenue rose 7.35% to Rs 36645 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 54.26% to Rs 3784 crore in Q2 September 2013 over Q2 September 2012.
Tata Steel attributed the turnaround in Q2 September 2013 to steady ramp-up of the Indian operations and improved performance at the European and South East Asian operations.
Shares of Financial Technologies (India) were locked at 20% upper circuit and Multi Commodity Exchange of India (MCX) surged 18.06% of high volumes. As per reports, the Forward Markets Commission (FMC) has allowed the three former directors of MCX and Financial Technologies (India)) to cross-examine Grant Thornton, which conducted the forensic audit on the trouble-ridden unit National Spot Exchange (NSEL).
The commodity market regulator will finalise its order regarding 'fit and proper' status of two former directors after these entities cross-examine a forensic audit report. The cross-examination is scheduled on 25 November 2013.
In the foreign exchange market, the rupee strengthened against the dollar on positive global cues, after dovish comments last week from Fed Chairman-nominee Janet Yellen assure markets there will be no imminent decision to scale back the Fed's massive bond-buying programme. The partially convertible rupee was hovering at 62.48, stronger compared to its close of 63.11/12 on Thursday, 14 November 2013. Financial markets were closed on Friday, 15 November 2013 on account of Moharram.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
European stock markets were slightly higher on Monday, extending a six-week winning streak. Key benchmark indices in UK, France and Germany rose 0.02% to 0.06%.
Asian stocks rose for a third day on Monday with Chinese stocks among the top gainers after Beijing late Friday vowed to carry out the broadest expansion of economic freedoms since at least the 1990s. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Indonesia and South Korea rose by 0.05% to 2.73%. Japan's Nikkei 225 index fell marginally by 0.01%.
China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
Trading in US index futures indicated that the Dow could rise 4 points at the opening bell on Monday, 18 November 2013. US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets.
Powered by Capital Market - Live News