Key benchmark indices edged higher in early trade with 50-unit CNX Nifty scaling record high. The barometer index, the S&P BSE Sensex was currently up 98.76 points or 0.37% to 26,518.31. The market breadth indicating the overall health of the market was strong. The market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session.
Steel Authority of India (Sail) rose after Union Minister for Steel, Mines, Labour & Employment, Narendra Singh Tomar inaugurated a "Heat Hardening Pelletisation Unit" at Sail Research & Development Centre for Iron & Steel (RDCIS), Ranchi on Saturday, 23 August 2014. Asian Paints gained after the company announced that Berger International (BIL), Singapore, a subsidiary of Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has on 22 August 2014 filed an application for investment approval with the Regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia.
At 9:20 IST, the S&P BSE Sensex was up 98.76 points or 0.37% to 26,518.31. The index rose 109.12 points at the day's high of 26,528.67 in early trade. The index gained 70.76 points at the day's low of 26,490.31 in opening trade.
The CNX Nifty was up 27.85 points or 0.35% to 7,941.05. The index hit a high of 7,943.20 in intraday trade, a record high for the index. The index hit a low of 7,927.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,065 shares gained and 375 shares fell. A total of 37 shares were unchanged.
The BSE Mid-Cap index was up 38.81 points or 0.42% at 9,379.68. The BSE Small-Cap index was up 54.70 points or 0.53% at 10,353.22. Both these indices outperformed the Sensex.
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Bharat Heavy Electricals (Bhel) (up 1.52%), Maruti Suzuki India (up 1.26%) and Hindalco Industries (up 1.24%) edged higher from the Sensex pack.
Asian Paints gained 0.75% after the company announced after market hours on Friday, 22 August 2014, that Berger International (BIL), Singapore, a subsidiary of Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has on 22 August 2014 filed an application for investment approval with the Regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia. This greenfield venture is subject to necessary statutory and other approvals.
Steel Authority of India (Sail) rose 0.24% after Union Minister for Steel, Mines, Labour & Employment, Narendra Singh Tomar inaugurated a "Heat Hardening Pelletisation Unit" at Sail Research & Development Centre for Iron & Steel (RDCIS), Ranchi on Saturday, 23 August 2014. This unit shall facilitate in resolving the problems being faced by Indian steel industry for beneficiation of iron ore. Sail can now develop relevant technology parameters for producing heat hardened pellets from geothite / hematite iron ores.
Different units of biological waste water treatment plant for Coke Oven Effluent treatment were also inaugurated on the occasion. It will help Sail and Indian steel industry to conform to the stringent norms of Environment.
While addressing the Sail collective, Tomar said, "Steel industry is the core industry which reflects the technological status of the country and for a self-reliant India, PM's vision of "Make in India - Made in India" needs to be internalised by the erudite researchers and technologists of Sail and steel sector."
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire on Thursday, 28 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 302.06 crore on Friday, 22 August 2014, as per provisional data from the stock exchanges.
Indian and Pakistani troops reportedly intensified firing across the border over the weekend killing at least four, straining ties between the arch rivals who recently called off top-level diplomatic talks. Last week India said its foreign secretary would not meet with her Pakistani counterpart as scheduled today, 25 August 2014, because of plans by Pakistan to consult separatists from the border state of Jammu and Kashmir ahead of the meeting.
Most Asian stocks fell today, 25 August 2014, as investors weighed comments from central bank leaders for clues to monetary policy ahead of conflict negotiations between Russia and Ukraine. Key benchmark indices in Indonesia, Taiwan, Hong Kong and China fell 0.05% to 0.47%. Key benchmark indices in Japan, Singapore and South Korea rose 0.12% to 0.35%.
US stocks declined on Friday, 22 August 2014, as a widely watched speech by Federal Reserve Chairwoman Janet Yellen failed to enthuse investors.
In her speech at US Federal Reserve's annual symposium in Jackson Hole, Wyo, Federal Reserve Chair Janet Yellen on Friday, 22 August 2014, said that the US economy has made considerable progress in recovering from the largest and most sustained loss of employment since the Great Depression. She said that these developments are encouraging, but at the same time it speaks about the depth of the damage that, five years after the end of the recession, the labor market has yet to fully recover. Ms. Yellen reiterated that early rate hikes are possible, but it will depend on how the economy evolves in the next few months.
At the same event, European Central Bank President Mario Draghi called on European politicians to pivot away from tight budget policies that have held back euro-zone growth and pledged additional central-bank steps if needed to spur growth. Mr. Draghi said European central bankers and politicians both have a role to play in boosting demand and reducing joblessness. It would be helpful for the overall stance of policy if fiscal policy could play a greater role alongside monetary policy, he said. Expectations of future inflation in Europe exhibited significant declines at all horizons in August, he said.
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