High volatility was witnessed as key indices trimmed losses immediately after a sharp slide after the Supreme Court in its verdict today, 24 September 2014, scrapped all but 4 of the coal blocks allocated between 1993 and 2010 which the court had termed illegal earlier. In a ruling on 25 August 2014, the apex court had declared the allocation of these blocks as illegal. The 50-unit CNX Nifty fell below the psychological 8,000 level, having alternately moved above and below that mark in afternoon trade. Earlier, the Nifty had regained the 8,000 mark after falling below that level in morning trade. The barometer index, the S&P BSE Sensex, was currently down 104.48 points or 0.39% at 26,671.21. There was weakness in the broad market, with more than two losers for every gainer on BSE. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1185.17 crore yesterday, 23 September 2014, as per provisional data. The BSE Mid-Cap index was off 1.77%. The BSE Small-Cap index was off 1.99%. Auto stocks edged lower.
Meanwhile, Prime Minister Narendra Modi leaves for a five-day visit to the United States tomorrow, 25 September 2014, hours after the launch of the "Make in India" campaign in Delhi.
In overseas markets, European stocks edged lower after data showed German business confidence fell for a fifth month in September. Chinese shares led gains for Asian stocks after better-than-anticipated Chinese manufacturing data announced yesterday, 23 September 2014. US stocks declined for the third straight session yesterday, 23 September 2014, as a weak report on Europe's economy fueled more investor jitters about global growth.
Earlier, the Sensex and the 50 unit CNX Nifty had recovered after the two indices hit their lowest level in almost a week in morning trade.
Brent crude oil prices rose ahead of weekly US oil inventory data from US Energy Information Administration.
In the foreign exchange market, the rupee edged lower against the dollar on concern the escalating conflict in the Middle East will prompt investors to shun riskier emerging-market assets.
Also Read
At 14:15 IST, the S&P BSE Sensex was down 104.48 points or 0.39% at 26,671.21. The index lost 215.69 points at the day's low of 26,560 in mid-afternoon trade, its lowest level since 18 September 2014. The index rose 69.01 points at the day's high of 26,844.70 in mid-morning trade.
The CNX Nifty was down 42.55 points or 0.53% at 7,975. The index hit a low of 7,950.05 in intraday trade, its lowest level since 18 September 2014. The index hit a high of 8,042.05 in intraday trade.
The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE. 2,063 shares fell and 780 shares rose. A total of 77 shares were unchanged.
The BSE Mid-Cap index was down 171.65 points or 1.77% at 9,524.50. The BSE Small-Cap index was down 217.86 points or 1.99% at 10,751.40. Both these indices underperformed the Sensex.
Hindalco Industries slumped 4.65% after the Supreme Court verdict.
Auto stocks edged lower. Maruti Suzuki India (down 0.36%), Tata Motors (down 1.4%), Ashok Leyland (down 2.18%) and Eicher Motors (down 0.74%) declined.
Mahindra & Mahindra rose 0.22%. Mahindra Two Wheelers on Tuesday, 23 September 2014, announced its much awaited global scooter, code named G101, called 'GUSTO'. The bike will be launched in Northern and Western India on 29 September 2014 and the phased roll out in rest of India, South Asia, Latin America & Africa will happen in a few months.
Shares of two wheeler makers fell. Hero MotoCorp (down 1.53%), Bajaj Auto (down 1.33%) and TVS Motor Company (down 2.15%) declined.
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.
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.
In the foreign exchange market, the rupee edged lower against the dollar on concern the escalating conflict in the Middle East will prompt investors to shun riskier emerging-market assets. The partially convertible rupee was hovering at 60.96, compared with its close of 60.955 during the previous trading session.
Brent crude oil prices rose ahead of weekly US oil inventory data from US Energy Information Administration. Brent for November settlement was up 8 cents at $96.93 a barrel. The contract had fallen 12 cents a barrel or 0.12% to settle at $96.85 a barrel yesterday, 23 September 2014.
The US and its Arab allies that have joined the fight against Islamic State launched airstrikes into Syria, in the first major expansion of a campaign to defeat the militants.
Meanwhile, NATO said Russia has embarked on a significant withdrawal of its forces from Ukraine, adding to signs that a truce is taking hold.
India made history today, 24 September 2014, by successfully placing its spacecraft, Mangalyaan, in orbit around Mars, becoming the first country in the world to succeed in such an inter-planetary mission in the maiden attempt itself.
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'.
Modi leaves for a five-day visit to the United States tomorrow, 25 September 2014, hours after the launch of the "Make in India" campaign in Delhi. The Indian Prime Minister will meet US President Barack Obama at the White House on 30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
European stocks edged lower today, 24 September 2014, after data showed German business confidence fell for a fifth month in September. Key indices in France, Germany and UK were off 0.03% to 0.19%.
German business confidence fell for a fifth month even after the European Central Bank stepped up plans to revive the faltering euro-area recovery. The Ifo institute's business climate index, based on a survey of 7,000 executives, dropped to 104.7 in September from 106.3 in August.
Chinese shares led gains for Asian stocks today, 24 September 2014, after better-than-anticipated Chinese manufacturing data announced yesterday, 23 September 2014. Key benchmark indices in China, Hong Kong, Indonesia, Taiwan, and South Korea rose by 0.06% to 1.47%. Key benchmark indices in Japan and Singapore were off 0.24% to 0.31%.
Trading in US index futures indicated that the Dow could gain 27 points at the opening bell on Wednesday, 24 September 2014. 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 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.
Powered by Capital Market - Live News