A bout of volatility was witnessed as key benchmark indices trimmed gains after hitting fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, was up 46.95 points or 0.23%, off 20 points from the day's high and up 51.60 points from the day's low. The market breadth, indicating the overall health of the market was positive.
Metal shares dropped. Among side counters, Monsanto India, NIIT Technologies and Tata Elxsi hit record high. Godfrey Phillips India, Bharat Forge and Ess Dee Aluminium hit 52-week high. Tara Jewels was locked at 5% upper circuit after IDFC Mutual Fund purchased 1% stake in the company on Tuesday, 18 February 2014.
The market edged higher amid initial volatility. The Sensex pared gains after hitting fresh intraday high in morning trade. The Sensex and the 50-unit CNX Nifty, both, hit 3-week high. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. A bout of volatility was witnessed as key benchmark indices trimmed gains after hitting fresh intraday high in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 292.23 crore on Tuesday, 18 February 2014, as per provisional data from the stock exchanges.
At 13:16 IST, the S&P BSE Sensex was up 46.95 points or 0.23% to 20,681.16. The index gained 66.95 points at the day's high of 20,701.16 in afternoon trade, its highest level since 29 January 2014. The index fell 4.65 points at the day's low of 20,629.56 in early trade.
The CNX Nifty was up 12.70 points or 0.21% to 6,139.80. The index hit a high of 6,144.50 in intraday trade, its highest level since 29 January 2014. The index hit a low of 6,125.75 in intraday trade.
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The BSE Mid-Cap index was up 22.10 points or 0.35% at 6,367.56. The BSE Small-Cap index was up 38.22 points or 0.6% at 6,368.94. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market was positive. On BSE, 1,252 shares rose and 1,177 shares fell. A total of 138 shares were unchanged.
The total turnover on BSE amounted to Rs 966 crore by 13:20 IST.
Among the 30-share Sensex pack, 16 stocks rose and rest fell. Sun Pharmaceutical Industries (up 1.93%), Infosys (up 1.25%) and GAIL (India) (up 1.18%) edged higher from the Sensex pack.
Hero MotoCorp (down 1.14%), Bajaj Auto (down 1.09%) and Tata Power Company (down 1.01%) edged lower from the Sensex pack.
Metal shares dropped. Sesa Sterlite (down 2%), Steel Authority of India (Sail) (down 0.33%), JSW Steel (down 0.76%), NMDC (down 1.05%), Hindalco Industries (down 0.63%), Tata Steel (down 1.47%) declined. National Aluminum Company rose 0.15%.
Jindal Steel & Power (JSPL) lost 2.85%. JSPL's buyback programme ended on Tuesday, 18 February 2014, as per the company's announcement this month.
Monsanto India surged 5.48% to Rs 1,267 after hitting a record high of Rs 1,298.70 in intraday trade today, 19 February 2014.
Godfrey Phillips India gained 4.75% to Rs 3,656.90 after hitting a 52-week high of Rs 3,660.60 in intraday trade today, 19 February 2014.
Bharat Forge gained 3.3% to Rs 369.55 after hitting a 52-week high of Rs 373.25 in intraday trade today, 19 February 2014.
NIIT Technologies gained 2.64% to Rs 435 after hitting a record high of Rs 438.70 in intraday trade today, 19 February 2014.
Tata Elxsi advanced 2.87% to Rs 493.65 after hitting a record high of Rs 498.05 in intraday trade today, 19 February 2014.
ABG Shipyard jumped 16.27% to Rs 301.65. On BSE, so far 2.14 lakh shares were traded in the counter as against an average daily volume of 42,746 shares in the past one quarter.
Ess Dee Aluminium jumped 5.57% to Rs 717 after hitting a 52-week high of Rs 731.50 in intraday trade today, 19 February 2014.
Kalpataru Power Transmission galloped 18.68% to Rs 89.90. On BSE, so far 3.31 lakh shares were traded in the counter as against an average daily volume of 40,852 shares in the past one quarter.
Tara Jewels was locked at 5% upper circuit at Rs 92.70 after IDFC Mutual Fund purchased 2.46 lakh shares or 1% stake in Tara Jewels at Rs 89 per share in a bulk deal on BSE on Tuesday, 18 February 2014.
The Reserve Bank of India on Tuesday, 18 February 2014, said it will conduct term repo auctions of appropriate amount and tenor during March 2014 to address liquidity tightness. In order to address the anticipated tightening in liquidity conditions on account of advance tax payments by corporates commencing mid-March 2014 and with a view to providing flexibility to the banking system in its liquidity management towards March-end 2014, the Reserve Bank of India (RBI) will conduct term repo auctions of appropriate amount and tenor during March 2014, the RBI said in a press release issued on Tuesday. The details of the term repo auctions will be announced in due course, the RBI said.
The 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 political front, the Lok Sabha passed a contentious proposal to split Andhra Pradesh and create the new state of Telangana on Tuesday amid chaotic scenes and uproar in parliament from opponents of the bill. The state capital Hyderabad will remain the common capital for the two states for a period of 10 years if the bill is passed in the upper house.
The decision to break up the state was made ahead of elections due by May 2014. The Bharatiya Janata Party, which is the frontrunner in the national election race, voted in favor of the bill, allowing it to pass. It still needs approval in the upper house by Friday, when parliament's final session before the election ends. The new state would account for 17 seats in parliament.
Asian stocks edged higher on Wednesday, 19 February 2014, after China's overnight money-market rate dropped to a nine-month low as an ample supply of cash offset the impact of the central bank draining funds. Key benchmark indices in Indonesia, Taiwan, Hong Kong, China and Singapore were up 0.24% to 1.11%. Key benchmark indices in Japan and South Korea were off 0.2% to 0.52%.
The People's Bank of China withdrew 48 billion yuan ($7.9 billion) by selling 14-day repurchase contracts at 3.8 percent yesterday, 18 February 2014. That was the first repo auction since June. The central bank said it will sell 50 billion yuan of nine-month treasury deposits on behalf of the Ministry of Finance tomorrow, 20 February 2014.
A preliminary report on China's manufacturing is due tomorrow, 20 February 2014.
Trading in US index futures indicated that the Dow could drop 14 points at the opening bell on Wednesday, 19 February 2014. US stocks settled mostly higher on Tuesday with the Nasdaq Composite recording its eighth consecutive session of gains, the longest since July 2013.
Manufacturing activity in the New York region gave up most of the strong gains made during the prior month although it remained in positive territory, according to data released Tuesday. The report fits a picture of a manufacturing sector struggling with severe winter weather. The ISM index for the US showed manufacturers suffered from the January chill last month.
A gauge of confidence among home builders plunged in February, dropping to the lowest level in nine months, led by weaker views on present sales of single-family homes, according to data released Tuesday. The housing-market index dropped to 46 this month from 56 in January 2014.
Minutes of the Federal Reserve's January meeting will be released later in the global day today, 19 February 2014. Federal Reserve Chairwoman Janet Yellen said last week that US growth has strengthened and that only a "notable change in the outlook" for the economy would prompt policy makers to slow the pace of cuts to the monthly bond-buying program.
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. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
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