Key benchmark indices retained positive zone in mid-morning trade. The S&P BSE Sensex was up 63.71 points or 0.31%, up 56.16 points from the day's low and off 23.09 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 funds remained net buyers of Indian stocks on Tuesday, 25 February 2014.
Many metal and mining stocks edged lower. But, shares of National Aluminium Company rose after the company after market hours on Tuesday, 25 February 2014, said that its board of directors at its meeting held Tuesday approved payment of interim dividend of Rs 1.10 per share for the year ending 31 March 2014. Shares of Tata Power Company extended Tuesday's losses triggered by equity dilution worries. Shares of ABB India surged.
Key benchmark indices edged higher amid initial volatility. The Sensex soon extended initial gains. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in more than 4-1/2 weeks. The Sensex pared gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 25 February 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore on Tuesday, 25 February 2014, as per provisional data from the stock exchanges.
The market may remain volatile today, 26 February 2014, as traders roll over positions in the futures and options (F&O) segment from the near-month February 2014 series to March 2014 series. The near month February 2014 F&O contracts expire today, 26 February 2014. The stock market remains closed tomorrow, 27 February 2014, on account of Mahashivratri.
At 11:15 IST, the S&P BSE Sensex was up 63.71 points or 0.31% to 20,916.18. The index gained 86.80 points at the day's high of 20,939.27 in morning trade, its highest level since 24 January 2014. The index rose 7.55 points at the day's low of 20,860.02 in early trade.
Also Read
The CNX Nifty was up 16.50 points or 0.27% to 6,216.55. The index hit a high of 6,222.90 in intraday trade, its highest level since 24 January 2014. The index hit a low of 6,202.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,121 shares gained and 930 shares fell. A total of 116 shares were unchanged.
The BSE Mid-Cap index was up 6.95 points or 0.11% at 6,469.27, underperforming the Sensex. The BSE Small-Cap index was up 24.22 points or 0.38% to 6,445.92, outperforming the Sensex.
The total turnover on BSE amounted to Rs 612 crore by 11:15 IST, compared with Rs 402 crore by 10:20 IST.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
GAIL (India) (up 1.79%), Sun Pharmaceutical Industries (up 1.42%) and Wipro (up 1.15%) edged higher from the Sensex pack.
Many metal and mining stocks edged lower. Sesa Sterlite (down 2.81%), NMDC (down 3.11%), Hindustan Zinc (down 2.24%), JSW Steel (down 0.63%), Hindustan Copper (down 0.43%), Steel Authority of India (Sail) (down 1.18%) declined. Tata Steel lost 1.58%.
Hindalco Industries (up 0.25%), and Jindal Steel & Power (JSPL) (up 0.5%) gained.
National Aluminium Company rose 0.78%. National Aluminium Company after market hours on Tuesday, 25 February 2014, said that the company's board of directors at its meeting held on Tuesday approved payment of interim dividend of Rs 1.10 per share for the year ending 31 March 2014. The payment of interim dividend shall be made on 25 March 2014, the company said.
Shares of Tata Power Company extended Tuesday's losses triggered by equity dilution worries. The stock was off 1.17%. The company after trading hours on Tuesday, 25 February 2014, said that a meeting of the board of directors of the company has been convened on Thursday, 27 February 2014, to consider various fund raising options including but not limited to equity issuances by way of a rights issue, preferential issue, qualified institutions placement or any combination thereof.
ABB India surged 7.2% to Rs 724.70 after hitting a 52-week high of Rs 730.30 in intraday trade.
Mahindra CIE Automotive rose 1.12% to Rs 76.50 after a mutual fund acquired 1.63% stake in the company on Tuesday, 25 February 2014. On Tuesday, 25 February 2014, Sundaram Mutual Fund (Sundaram Select Midcap Fund) bought 15.02 lakh shares, or 1.63% stake, of Mahindra CIE Automotive at Rs 64 each. However, Scholz AG sold its entire stake of 21.97 lakh shares, or 2.38% equity, of Mahindra CIE Automotive at Rs 64.01 each on NSE.
In the foreign exchange market, the rupee reversed initial losses against the dollar as equities rose. The partially convertible rupee was hovering at 61.9350, compared with its close of 61.935/945 on Tuesday, 25 February 2014.
The the government will unveil data on gross domestic product (GDP) for Q3 December 2013 on Friday, 28 February 2014. The GDP grew at improved pace of 4.8% in Q2 September 2013, from 4.4% growth recorded in Q1 June 2013.
Reserve Bank of India next undertakes monetary policy review 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, eleven regional parties formed an alliance on Tuesday, 25 February 2014, to contest general elections, presenting themselves as an alternative to the ruling Congress party and the opposition Bharatiya Janata Party. Prakash Karat, a leader of the Communist Party of India (Marxist), which is part of the new coalition, said the partnership was forged in an effort to keep the country's two major national parties out of power. Mr. Karat accused the incumbent Congress of corruption and misrule, and declared the BJP unfit to run the country because of its controversial prime ministerial candidate Narendra Modi, who Mr. Karat denounced as a "challenge to the very secular edifice" of India. "We need an alternative," Mr. Karat said.
Among members of the new bloc are the Communist Party of India (Marxist), the Communist Party of India, Janata Dal (United), Samajwadi Party, Biju Janata Dal and the All India Anna Dravida Munnetra Kazhagam. The alliance includes regional chieftains from the politically crucial states of Bihar, Uttar Pradesh, Tamil Nadu and Orissa. The two notable exceptions are Mamata Banerjee, the powerful chief minister of West Bengal, and Kumari Mayawati, a resurgent lower caste leader in Uttar Pradesh.
Asian stocks edged lower on Wednesday, 26 February 2014, after overnight decline in US stocks. Key benchmark indices in China, Singapore, Japan and Indonesia were off 0.45% to 0.66%. Key benchmark indices in Hong Kong, South Korea and Taiwan were up 0.23% to 0.43%.
China's central bank The People's Bank of China on Tuesday, 25 February 2014, drained another 100 billion yuan ($16.4 billion) from money markets.
Trading in US index futures indicated that the Dow could advance 37 points at the opening bell on Wednesday, 26 February 2014. US stocks finished a choppy trading session lower on Tuesday, 25 February 2014, as gloomy reports on home prices and consumer confidence dampened the mood. The pace of US home-price growth slowed down at the end of 2013, but despite this the year saw the fastest calendar-year price growth in eight years, according to data released on Tuesday. The US consumer confidence index also dipped primarily because Americans are less certain about the economy in the next six months, even though they view the current environment as much improved, the Conference Board said on Tuesday.
About $1.7 billion was taken out of US equity exchange-traded funds on 24 February 2014, bringing total withdrawals to almost $6 billion this month, according to reports.
The US Federal Reserve bought $2.66 billion of Treasuries due from February 2023 to November 2023 on Tuesday, 25 February 2014, under its quantitative-easing stimulus strategy to hold down borrowing costs and fuel economic growth.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion.
Powered by Capital Market - Live News