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Last Updated : Mar 26 2014 | 11:56 PM IST

Key benchmark indices extended intraday gains in early afternoon trade. The barometer index, the S&P BSE Sensex,was up 79.68 points or 0.36%, up 24.18 points from the day's low and off 37.21 points from the day's high. The market breadth, indicating the overall health of the market, was positive. The market sentiment was boosted by data showing that foreign institutional investors (FIIs) made substantial purchases of Indian stocks on Tuesday, 25 March 2014. Gains in Asian stocks also boosted sentiment on the domestic bourses.

Index heavyweight and cigarette major ITC dropped in volatile trade. Metal and mining stocks edged higher on growing expectations that China will take steps to stimulate its sagging economy. Tata Steel edged higher after the company after market hours on Tuesday, 25 March 2014, said that it has completed the e-auction process for sale of land in Borivali (East), Mumbai on Monday, 24 March 2014. Shares of engineering and construction major L&T hit 52-week high.

The market opened on a firm note on higher Asian stocks. The Sensex and the 50-unit CNX Nifty, both, hit record high. Key benchmark indices trimmed initial gains in morning trade. Key benchmark indices moved in a narrow range in positive zone in mid-morning trade. Key benchmark indices hovered in positive zone in early afternoon trade. Key benchmark indices extended intraday gains in early afternoon trade.

Asian shares edged higher on Wednesday, 26 March 2014, after US consumer confidence climbed to a six-year high, buoying investor optimism about the outlook for the world's biggest economy.

Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near-month March 2014 series to April 2014 series. The near-month March 2014 F&O contracts expire tomorrow, 27 March 2014.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1223.28 crore on Monday, 25 March 2014, as per provisional data from the stock exchanges.

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At 12:12 IST, the S&P BSE Sensex was up 79.68 points or 0.36% to 22,134.89. The index jumped 116.89 points at the day's high of 22,172.10 in early trade, record high for the barometer index. The index rose 55.50 points at the day's low of 22,110.71 in mid-morning trade.

The CNX Nifty was up 26.65 points or 0.4% to 6,616.40. The index hit a high of 6,623.25 in intraday trade, a record high. The index hit a low of 6,607.55 in intraday trade.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1,300 shares gained and 1,204 shares fell. A total of 131 shares were unchanged.

The BSE Mid-Cap index was up 51.92 points or 0.76% at 6,894.08. The BSE Small-Cap index was up 44.71 points or 0.65% at 6,897.82. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 2613 crore by 12:20 IST, compared with Rs 2396 crore by 11:20 IST.

Among the 30-share Sensex pack, 22 stocks gained and rest of them declined.

Index heavyweight and cigarette major ITC lost 1.86% at Rs 356.35 in volatile trade. The stock hit high of Rs 363.70 and low of Rs 354 so far during the day.

Engineering and construction major L&T rose 1.33% to Rs 1,265.05 after hitting a 52-week high of Rs 1,267.50 in intraday trade.

Metal and mining stocks edged higher on growing expectations that China will take steps to stimulate its sagging economy. China is the world's largest consumer of copper and aluminum.

Jindal Steel & Power (up 3.01%), National Aluminum Company (up 1.11%), Steel Authority of India (Sail) (up 4.77%), NMDC (up 1.11%), JSW Steel (up 2.17%), Sesa Sterlite (up 2.74%), Hindalco Industries (up 3.52%), Hindustan Copper (up 0.99%) and Hindustan Zinc (up 1.56%) gained.

Tata Steel rose 2%. Tata Steel after market hours on Tuesday, 25 March 2014, said that the company had launched the bid-cum-auction process for the sale of its land parcel in Borivali on 18 December 2013 by public advertisements in national dailies. The site measuring roughly 25 acres is located at the junction of Western Express Highway and Dattapada road in Borivali (E), Mumbai and is abutting both these roads. The neighborhood predominantly comprises medium to high-end residential developments. Tata Steel said it has completed the e-auction process on Monday, 24 March 2014, for the sale of this land with the participation of several well-known developers. The Committee of Independent Directors appointed for the oversight and governance of the sale process by the Tata Steel Board on Tuesday, 25 March 2014, declared Oberoi Realty as the highest bidder of the auction on the basis of their final bid of Rs 1155 crore, after several rounds of bidding. As per the laid down process, the sale will be concluded after all requisite permissions are obtained, Tata Steel said.

Oberoi Realty surged 10.97% after the company after market hours on Tuesday, 25 March 2014, announced that it was declared as the highest bidder at the auction of about 25 acres of land parcel owned by Tata Steel in Borivali (East), Mumbai. Oberoi Realty is awaiting detailed communication for the next steps in the process. The sale will be concluded after receipt of the requisite approvals, the company said.

Wheels India jumped 11.55% to Rs 519.20 on bargain hunting after the stock slumped 21.34% in the preceding thirteen trading sessions to Rs 465.45 on 25 March 2014, from a recent high of Rs 591.70 on 6 March 2014.

Unity Infraprojects jumped 6.37%. Unity Infraprojects after market hours on Tuesday, 25 March 2014 announced that its board at a special meeting held on 25 March 2014, approved the company to refer to corporate debt restructuring (CDR) cell of Reserve Bank of India (RBI) under CDR system.

Educomp Solutions gained 4.89% after the company said the corporate debt restructuring empowered group has approved the firm's proposed debt restructuring scheme. The company made the announcement during trading hours today, 26 March 2014.

Educomp Solutions' board on 27 June 2013 had approved the company to refer to corporate debt restructuring (CDR) cell for restructuring its debts.

The request for restructuring its debts outstanding on reference date (8 July 2013), comprising working capital debt of Rs 399.04 crore and long term debt of Rs 83.05 crore with CDR lenders, has been approved by CDR empowered group vide letter of approval dated 19 March 2014. The restructuring package agreed with CDR lenders (led by State Bank of Patiala) envisages extended repayment tenure of 10 years including moratorium period of 2.5 years from cut off date (1 April 2013) and funding of interest for a period of 2 years from cut off date, the company said.

Suven Life Sciences rose 1.12% after the company said it has received two product patents from the United States corresponding to NCEs for the treatment of disorders associated with Neurodegenerative diseases. The announcement was made during trading hours today, 26 March 2014.

Suven Life Sciences (Suven) announced today, 26 March 2014, the grant of two product patents from the United States corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2029 and 2030 respectively.

The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, Suven said in a statement.

With these new patents, Suven has a total of seventeen granted patents from USA. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven said in a statement.

Venkat Jasti, CEO of Suven said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".

In the foreign exchange market, the rupee edged higher against the dollar, helped by hopes of continued foreign fund inflows while gains in other Asian currencies also underpinned sentiment. The partially convertible rupee was hovering at 60.1975, compared with its close of 60.48/49 on Tuesday, 25 March 2014.

Indian government bond prices rose after the Reserve Bank of India (RBI) allotted Rs 10004 crore in a 7 day term repo variable rate auction held today, 26 March 2014. The reversal of the 7 day term repo will take place on 2 April 2014, the RBI said on Tuesday, 25 March 2014. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.7657%, lower than its close of 8.7878% on Tuesday, 25 March 2014. Bond yields and bond prices move in opposite direction.

The Reserve Bank of India will announce the First Bi-monthly Monetary Policy Statement, 2014-15 on 1 April 2014. Citing price pressures, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.

On the political front, the ruling Congress at the Centre will release its 2014 manifesto today, 26 March 2014. The Congress president, Sonia Gandhi, and Prime Minister Manmohan Singh would be present during the release function.

The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections. Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Along with the Lok Sabha election, Andhra Pradesh (AP), including the regions comprising Telangana, Odisha and Sikkim will go to polls to elect new assemblies. AP, Odisha and Sikkim assemblies come to end on June 2, June 7 and May 7 respectively.

Asian shares edged higher on Wednesday, 26 March 2014, after US consumer confidence climbed to a six-year high, buoying investor optimism about the outlook for the world's biggest economy. Key benchmark indices in Taiwan, Hong Kong, Singapore, Japan, Indonesia and South Korea were up 0.37% to 1.36%. In mainland China, the Shanghai Composite was off 0.36%.

Trading in US index futures indicated that the Dow could advance 19 points at the opening bell on Wednesday, 26 March 2014. US stocks Tuesday finished a choppy trading session higher, boosted by stronger-than-expected consumer confidence data. The main indexes recorded small gains after two days of losses.

Markets were reassured by comments from Philadelphia Fed president Charles Plosser, who said in a television interview that short-term interest rates should hit 4% at the end of 2016. He also said the market reaction to Federal Reserve Chairwoman Janet Yellen's comments after last week's Federal Open Market Committee meeting was "puzzling." He said her timetable of a rate hike six months after the end of bond buying "wasn't a wildly unexpected time frame."

Led by rosier expectations, a gauge of US consumer confidence jumped in March 2014 to the highest level in more than six years. The Conference Board on Tuesday reported that its gauge of consumer confidence reached 82.3 in March the highest level since January 2008 compared with an upwardly revised 78.3 in February.

US home prices slipped in January for a third straight month after a particularly harsh winter, according to data released Tuesday, as strong year-over-year appreciation showed signs of moderating. New US homes sold at an annual rate of 440,000 in February, down 3.3% from January's one-year high, the government said Tuesday.

The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 said after the conclusion of a monetary policy review that it will trim its monthly bond purchases by $10 billion to $55 billion. The Federal Reserve will end its bond-buying program before the end of the year with an interest-rate increase likely to follow in "around six months," Chair Janet Yellen said on 19 March 2014. Quarterly Fed forecasts on 19 March 2014 showed more officials predicting that the benchmark interest rate, now close to zero, will rise to at least 1% by the end of 2015 and 2.25% a year later.

US President Barack Obama on Tuesday, 25 March 2014, urged Russia to de-escalate the crisis over Ukraine or face the consequences of more sanctions if it encroaches further into the east of the country after its annexation of Crimea. Russian President Vladimir Putin "has to understand that there's a choice to be made here," Obama told reporters after a 53-nation nuclear-security summit in The Hague, saying there's "another path open" to the Russian leader. "It is now up to Russia to act responsibly and show itself once again willing to abide by international rules and international norms," Obama said.

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First Published: Mar 26 2014 | 12:16 PM IST

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