After a bout of initial volatility, key benchmark indices drifted lower in morning trade. The barometer index, the S&P BSE Sensex, was currently down 86.11 points or 0.32% at 27,233.74. The number of shares advancing on BSE was almost the same as the number of losing shares. Metal stocks declined ahead of the Supreme Court hearing today, 9 September 2014, on the coal blocks allocated since 1993 to 2009 which the court termed illegal in a judgement on 25 August 2014.
Earlier, key indices had briefly reversed small losses registered in early trade.
Asian stocks were in green, with Japanese shares gaining on a weak yen. Brent crude oil futures edged lower, extending previous day's decline.
At 10:18 IST, the S&P BSE Sensex was down 86.11 points or 0.32% at 27,233.74. The index fell 98.08 points at the day's low of 27,260.35 in morning trade. The index rose 8.42 points at the day's high of 27,328.27 in early trade.
The CNX Nifty was down 28.75 points or 0.35% at 8,145.15. The index hit a high of 8,174.55 in intraday trade. The index hit a low of 8,139.40 in intraday trade.
The number of shares advancing on BSE was almost the same as the number of losing shares. 1,116 shares gained and 1,113 shares fell. A total of 64 shares were unchanged.
The BSE Mid-Cap index was off 19.40 points or 0.2% at 9,774.27. The BSE Small-Cap index was off 30.13 points or 0.28% at 10,821.70. Both these indices outperformed the Sensex.
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The total turnover on BSE amounted to Rs 898 crore by 10:15 IST compared to Rs 259 crore by 09:30 IST.
Among the 30-share Sensex pack, 19 stocks declined and rest of them gained.
Infosys (down 1.08%), ONGC (down 1.08%) and L&T (down 1.01%) edged lower from the Sensex pack.
Metal stocks declined ahead of the Supreme Court hearing today, 9 September 2014, on the coal blocks allocated since 1993 to 2009 which the court termed illegal in a judgement on 25 August 2014. Sesa Sterlite (down 1.52%), JSW Steel (down 1.07%), Tata Steel (down 0.81%), Steel Authority of India (Sail) (down 1.96%), NMDC (down 0.27%), National Aluminium Company (down 2.31%), Hindustan Zinc (down 0.89%), Jindal Steel & Power (down 0.97%) and Hindalco Industries (down 0.95%) edged lower. Hindustan Copper rose 0.45%.
As per reports, the government on Monday, 8 September 2014, filed an affidavit in the Supreme Court on 218 coal blocks held as illegal by the court. Reports suggest that the government has left it to the apex court to decide on the issue of cancellation of the coal block. The government gave details of about 40 operational coal blocks and six ready to be functional to the Supreme Court. The Supreme Court had on 25 August 2014 held that the allocation of coal blocks to various firms between 1993 and 2009 was illegal. Following that, the government asked the court to spare 40 producing and six soon-to-be-operational blocks from cancellation, and instead impose penalties on the operators for any wrongdoing while procuring them
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1162.98 crore on that day.
Brent crude oil futures edged lower, extending previous day's decline. Brent for October settlement was down 14 cents at $100.06 a barrel. The contract fell 62 cents to settle at $100.20 a barrel yesterday, 8 September 2014. It had slumped to $99.36 in intraday trade yesterday, the lowest since 1 May 2013, before rebounding into three-digit territory.
Iraq's parliament yesterday, 8 September 2014, approved a new government headed by Prime Minister Haider al-Abadi in a move to save Iraq from collapse.
The European Union yesterday, 8 September 2014, adopted new sanctions against Russia over the Ukraine crisis, but enforcement will be delayed while an assessment is being done on whether a ceasefire in Ukraine is holding. The measures will target the ability of Russia's top oil producers to raise capital in Europe.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.455, compared with its close of 60.295 on Monday, 8 September 2014.
Meanwhile, as per a statement issued by White House on Monday, 8 September 2014, India's Prime Minister Narendra Modi will meet US President Barack Obama at the White House on 29-30 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.
Asian stocks were trading higher today, 9 September 2014. Key benchmark indices in Singapore, Japan and Taiwan were up 0.25% to 0.45%. Key benchmark indices in China and Indonesia were off 0.12% to 0.64%. Stock markets in Hong Kong and South Korea are closed for a holiday.
Trading in US index futures indicated that the Dow could rise 5 points at the opening bell on Tuesday, 9 September 2014. Most US stocks fell on Monday, 8 September 2014, as declining oil prices sent shares of energy companies lower.
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