Firmness continued on the bourses in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 205.14 points or 0.8%, up about 140 points from the day's low and off about 30 points from the day's high. The market breadth indicating the overall health of the market was strong. Gains in Asian stocks boosted sentiment on the domestic bourses.
Metal stocks gained across the board. Tech Mahindra rose after the company announced its plans to significantly expand in Korea.
At 12:20 IST, the S&P BSE Sensex was up 205.14 points or 0.8% to 25,920.31. The index jumped 238.69 points at the day's high of 25,953.86 in mid-morning trade, its highest level since 8 July 2014. The index rose 65.22 points at the day's low of 25,780.39 in early trade.
The CNX Nifty was up 55.80 points or 0.73% to 7,740. The index hit a high of 7,748.95 in intraday trade, its highest level since 8 July 2014. The index hit a low of 7,704.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,541 shares rose and 1,011 shares fell. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 49.32 points or 0.53% at 9,349.74. The BSE Small-Cap index was up 72.68 points or 0.71% at 10,342.27. Both these indices underperformed the Sensex.
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Coal India (up 1.72%), HDFC (up 1.39%) and Dr Reddy's Laboratories (up 1.31%) edged higher from the Sensex pack.
Metal stocks gained across the board. Sesa Sterlite (up 1.02%), JSW Steel (up 1.74%), Hindalco Industries (up 1.77%), NMDC (up 0.6%), Jindal Steel & Power (up 1.77%), Hindustan Zinc (up 1.31%), Bhushan Steel (up 0.13%), Tata Steel (up 0.52%), Steel Authority of India (Sail) (up 0.97%), National Aluminum Company (up 5%) and Hindustan Copper (up 1.14%) gained.
Tech Mahindra rose 0.21%. The company during market hours today, today, 22 July 2014, announced its plans to significantly expand in Korea. The company said it will focus on offering innovative solutions and consultancy services in Korea to customers in manufacturing, auto, aerospace & defense, telecom, oil & gas, BFSI, healthcare, engineering services, device engineering and EBS segments. The company said it will establish partnerships with local universities, business schools and trade bodies to enable creation of 300 jobs in Korea in the next 3 years. The company aspires to be the largest Indian based system integrator in Korea by 2017. The company believes that localisation is the key to achieve the target and plans to run as a local Korean company in partnership with a Korean conglomerate.
Savita Oil Technologies slumped 4.6% after net profit declined 15.5% to Rs 6.31 crore on 1.1% growth in net sales to Rs 485.61 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Monday, 21 July 2014.
Key benchmark indices surged in early trade on firm Asian stocks. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. The Sensex and the 50-unit CNX Nifty, both, hit two-week high. Firmness continued on the bourses in early afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.225, compared with its close of 60.295 on Monday, 21 July 2014.
Asian stocks rose today, 22 July 2014, as investors shrugged off international tension after the downing of a passenger jet in Ukraine on 17 July and fighting between Israel and Palestinian militants in Gaza Strip. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, Japan, and Taiwan rose by 0.09% to 1.34%. Indonesia's Jakarta Composite fell 0.46%.
Trading in US index futures indicated that the Dow could gain 19 points at the opening bell on Tuesday, 22 July 2014. US stocks declined on Monday, 21 July 2014, as investors hit the pause button after Friday's sharp gains.
Russia is facing international pressure after pro-Russian rebels downed Malaysia Airlines flight MH17 in Ukraine on 17 July, killing 298 people on board. As per reports, European Union foreign ministers are set to today, 22 July 2014, approve sanctions against a range of Russian oligarchs.
Meanwhile, the death toll continues to mount on both sides of the Gaza conflict as the United States pushes for a halt to fighting between Hamas and Israel.
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