Volatility continued in morning trade as the key benchmark indices regained strength after turned negative since hitting an intraday high. The S&P BSE Sensex was up 12.75 points or 0.06%, up 61.31 points from the day's low and off 36.19 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
IT stocks gained ahead of the two-day policy meeting on interest rates in the United States which begins tomorrow, 17 December 2013. Metal and mining stocks extended their recent losses as latest economic data showed that growth in China's manufacturing-sector activity slowed to three-month low.
A bout of volatility was seen in early trade as key benchmark indices cut losses after a lower start on negative Asian stocks. Volatility continued in morning trade as the key benchmark indices regained strength after turned negative since hitting an intraday high.
Foreign institutional investors (FIIs) sold shares worth a net Rs 432.02 crore on Friday, 13 December 2013, as per provisional data from the stock exchanges.
At 10:16 IST, the S&P BSE Sensex was up 12.75 points or 0.06% to 20,728.33. The index rose 48.94 points at the day's high of 20,764.52 in morning trade. The index fell 48.56 points at the day's low of 20,667.02 in early trade, its lowest level since 29 November 2013.
The CNX Nifty was up 2 points or 0.03% to 6,170.40. The index hit a high of 6,183.25 in intraday trade. The index hit a low of 6,152.90 in intraday trade, its lowest level since 4 December 2013.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 722 shares gained and 531 shares fell. A total of 68 shares were unchanged.
The total turnover on BSE amounted to Rs 328 crore by 10:20 IST compared to Rs 109 crore by 09:25 IST.
Among the 30-share Sensex pack, 19 stocks declined and rest of them gained.
IT stocks gained ahead of the two-day policy meeting on interest rates in the United States which begins tomorrow, 17 December 2013. US is the biggest outsourcing market for Indian IT services firms.
Infosys gained 1.73% to Rs 3,432.10.
Wipro fell 0.3% to Rs 517.40.
TCS rose 1.02% at Rs 2,023.35. The company during market hours today said that CUA- Australia's largest customer owned financial institution has implemented TCS BaNCS to reengineer its core banking and Online Banking system.
HCL Technologies rose 0.12% to Rs 1,183.50. Index compiler FTSE last week raised the 'investability weight' in its global equity index series of HCL Technologies to 38% from 30%.
Tech Mahindra rose 0.72%. FTSE last week raised 'investability weight' in its global equity index series of Tech Mahindra to 45% from 24%.
Metal and mining stocks extended their recent losses as latest economic data showed that growth in China's manufacturing-sector activity slowed to three-month low. China is the world's largest consumer of copper and aluminum.
Jindal Steel & Power (down 2.1%), Sail (down 0.07%), JSW Steel (down 0.15%), Tata Steel (down 0.2%), Hindalco Industries (down 1.31%), Hindustan Zinc (down 1.21%), NMDC (down 1.52%) National Aluminum Company (down 0.13%) and Hindustan Copper (down 0.09%) declined. Sesa Sterlite rose 0.96%.
The government will unveil data on inflation based on the wholesale price index (WPI) for November 2013 today, 16 December 2013. WPI is seen easing a bit at 6.9% in November 2013, from 7% in October 2013, as per the median estimate of a poll of economists carried out by Capital Market.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on Wednesday, 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
The Central Board of Direct Taxes (CBDT) on Friday, 13 December 2013 extended the time limit for payment of the December instalment of Advance Tax by two days from 15 December 2013 to 17 December 2013. This was done in view of the fact that 15 December 2013 was a Sunday. Tax payers can now pay their advance tax instalment by 17th December 2013, without entailing any consequential interest for deferment.
The December instalment of Advance Tax is required to be paid on or before 15th December 2013 by tax payers who are liable to pay Advance Tax. These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law.
In the foreign exchange market, the rupee opened a tad weak against the dollar on the prospects of a rate hike by the Reserve Bank of India. The partially convertible rupee was hovering at 62.185, compared with its close of 62.12 on Friday, 13 December 2013.
Asian shares were trading lower ahead of the crucial US Federal Reserve meet. Key benchmark indices in South Korea, Taiwan, Hong Kong, China, Singapore, Japan and Indonesia fell by 0.02% to 1.43%.
Growth in China's manufacturing-sector activity is slowing to three-month low, initial results from HSBC's monthly survey showed today, 16 December 2013. The "flash" version of the December HSBC/Markit China manufacturing Purchasing Managers' Index eased to 50.5, down from November's final reading of 50.8. Still, the headline number remained above the 50 level, indicating growth.
The Bank of Japan (BoJ), which buys more than 7 trillion yen ($67.6 billion) of Japanese Government Bonds (JGBs) every month in its bid to stoke inflation, holds a two-day monetary policy meeting on 19 and 20 December 2013.
Trading in US index futures indicated that the Dow could fall 67 points at the opening bell on Monday, 16 December 2013. US stocks closed flat to slightly higher on Friday after a choppy session as investors looked toward a Federal Reserve meeting that could start the curtailment of the Fed's equities-boosting stimulus program.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States which begins tomorrow, 17 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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