A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The barometer index, the S&P BSE Sensex, trimmed gains after hitting its highest level in more than two weeks. The Sensex was up 96.53 points or 0.37%, off about 70 points from the day's high and up about 20 points from the day's low. The market breadth indicating the overall health of the market was strong.
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. TCS gained after the company announced a new partnership with MapR Technologies, Inc.
At 10:20 IST, the S&P BSE Sensex was up 96.53 points or 0.37% to 26,122.33. The index jumped 162.84 points at the day's high of 26,188.64 in morning trade, its highest level since 8 July 2014. The index rose 72.04 points at the day's low of 26,097.84 in morning trade.
The CNX Nifty was up 14.45 points or 0.19% to 7,782.30. The index hit a high of 7,809.20 in intraday trade, a lifetime high for the index. The index hit a low of 7,778.70 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,223 shares rose and 680 shares fell. A total of 43 shares were unchanged.
The BSE Mid-Cap index was up 39.95 points or 0.43% at 9,351.04, outperforming the Sensex. The BSE Small-Cap index was up 38.09 points or 0.37% at 10,306.65, matching with the Sensex's gains in percentage terms.
More From This Section
IT stocks gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Infosys (up 2.32%), Wipro (up 0.55%), Tech Mahindra (up 0.74%) and HCL Technologies (up 0.77%) gained.
TCS gained 1.22%. The company after market hours on Tuesday, 22 July 2014, announced a new partnership with MapR Technologies, Inc., provider of the top-ranked distribution for Apache Hadoop, to help enterprise customers easily and rapidly capture critical big data insights. The partnership's new big data offerings will shift the IT cost curve and allow companies to strategically reimagine their business models, TCS said. The announcement was made after market hours on Tuesday, 22 July 2014.
ING Vysya Bank lost 4.75% after net profit declined 18.11% to Rs 143.40 crore on 4.77% growth in total income to Rs 1627.28 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Tuesday, 22 July 2014.
ING Vysya Bank's board of directors at its meeting held on Tuesday, 22 July 2014, proposed to seek approval of the shareholders of the bank through postal ballot to borrow such amount that the total amount of borrowings of the bank outstanding at any time shall not exceed Rs 20000 crore notwithstanding that the money to be borrowed together with the moneys already borrowed by the bank (apart from temporary loans obtained from the bank's bankers in the ordinary course of business), will exceed the aggregate of the paid-up capital of the bank and its free reserves as against the existing authorization to borrow upto four times of the aggregate of the paid-up capital and free reserves.
The bank also proposes to augment its capital either through a Tier I and/or Tier II debt issuance (which qualifies under Basel III requirement) or a combination of both in India rupees or equivalent foreign currency not exceeding Rs 700 crore through private placement of securities.
Key benchmark indices surged in early trade as firmness in Asian stocks and provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session on Tuesday, 22 July 2014, boosted sentiment. A bout of volatility was witnessed as key benchmark indices pared gains soon after hitting fresh intraday high in morning trade. The 50-unit CNX Nifty pared gains after hitting record high. The Sensex trimmed gains after hitting its highest level in more than two weeks.
The market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 412.03 crore on Tuesday, 22 July 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.17, compared with its close of 60.25 on Tuesday, 22 July 2014.
Asian stocks advanced for a third day today, 23 July 2014, boosted by better-than-expected inflation and housing reports in the US. Key benchmark indices in Hong Kong, South Korea, China, Indonesia, and Japan were up 0.01% to 0.66%. South Korea's Kospi fell 0.07%. The stock market in Taiwan was closed due to a typhoon.
Trading in US index futures indicated that the Dow could gain 5 points at the opening bell on Wednesday, 23 July 2014. US stocks closed modestly higher on Tuesday, 22 July 2014, boosted by better-than-expected inflation and housing reports as well as a flood of second-quarter earnings reports.
The US consumer price index increased 0.3% in June 2014 after a 0.4% gain in May 2014, figures from the Labor Department showed yesterday, 22 July 2014, in Washington. The data damped concerns interest-rate increases will be brought forward.
Purchases of existing houses advanced 2.6% to a 5.04 million annual rate in June 2014, the National Association of Realtors reported.
As per reports, the European Union (EU) agreed Tuesday, 22 July 2014, to expand a list of Russian entities and individuals subject to asset freezes and travel bans. The EU's latest sanctions against Russia come amid accusations that pro-Russian rebels shot down Malaysia Airlines flight MH17 in Ukraine on 17 July. All 298 people on the flight died after the downing of the jet. EU has reportedly threatened to expand the sanctions against Russia to include vast sectors of the Russian economy if Russia does not act swiftly to rein in rebels.
In the Middle East, violence continues in Gaza strip. As per reports, more than 600 Palestinians have been killed and over 4,000 wounded as fighting continues between Israel and Palestinian militants in Gaza Strip.
Powered by Capital Market - Live News