Key benchmark indices surged in early trade on firm Asian stocks. The S&P BSE Sensex was up 199.66 points or 1.08%, up 50.73 points from the day's low and off 15.06 points from the day's high. The market breadth, indicating the overall health of the market, was quite strong. Index heavyweight and cigarette major ITC was slightly higher in early trade.
Oil and gas stocks gained on reports of a likely meeting today, 27 June 2013 of the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal for a steep hike in natural gas prices.
The market may remain volatile today, 27 June 2013, as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire today, 27 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 547.79 crore on Wednesday, 26 June 2013, as per provisional data from the stock exchanges.
At 9:23 IST, the S&P BSE Sensex was up 199.66 points or 1.08% to 18,751.78. The index gained 214.72 points at the day's high of 18,766.84 in early trade. The index rose 163.99 points at the day's low of 18,716.11 in opening trade.
The CNX Nifty was up 64.45 points or 1.15% to 5,653.15. The index hit a high of 5,657.85 in intraday trade. The index hit a low of 5,640.45 in intraday trade.
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The market breadth, indicating the overall health of the market, was quite strong. On BSE, 653 shares gained and 184 shares fell. A total of 33 shares were unchanged.
The total turnover on BSE amounted to Rs 103 crore by 09:25 IST.
Among the 30-share Sensex pack, 28 stocks gained and only two of them declined.
Oil and gas stocks gained on reports of a likely meeting today, 27 June 2013 of the Cabinet Committee on Economic Affairs (CCEA) to consider a proposal for a steep hike in natural gas prices. The CCEA last week deferred a decision on a proposal to hike natural gas prices as Oil Minister M Veerappa Moily was away on an official tour. The oil ministry has proposed an increase in gas prices to $6.775 million British thermal unit (mbtu) from current $4.2 mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
RIL (up 1.74%), Oil India (up 4.11%), ONGC (up 2.11%) and GAIL (India) (up 1.25%) gained.
Index heavyweight and cigarette major ITC rose 0.23%.
NTPC rose 0.35%. The company said after market hours on Wednesday, 26 June 2013, that the board of directors of the company at its meeting held on 25 June 2013 has accorded investment approval for the development of a 50 megawatts (MW) solar photo voltaic based project at Rajgarh, Madhya Pradesh at an appraised current project cost of Rs 346.42 crore.
Housing Development Finance Corporation (HDFC) rose 0.3%. The stock turned ex-dividend today, 27 June 2013, for dividend of Rs 12.50 per share for the year ended 31 March 2013.
Wipro rose 0.56%. The stock turned ex-dividend today, 27 June 2013, for final dividend of Rs 5 per share for the year ended 31 March 2013.
Sobha Developers gained 2.77%. The stock turned ex-dividend today, 27 June 2013, for dividend of Rs 7 per share for the year ended 31 March 2013.
Tata Global Beverages shed 0.45%. The stock turned ex-dividend today, 27 June 2013, for dividend of Rs 2.15 per share for the year ended 31 March 2013.
Magma Fincorp jumped 6.93%. The company said after market hours on Wednesday, 26 June 2013, that it has decided make an application seeking a banking license in terms of the guidelines for licensing of new banks in the private sector dated 22 February 2013 and the associated clarifications issued by the Reserve Bank of India on 3 June 2013.
The Reserve Bank of India (RBI) today, 27 June 2013, said that as per the preliminary data, India's current account deficit (CAD) moderated sharply to 3.6% of GDP in Q4 of March 2013 from a historically high level of 6.7% of GDP in Q3 December 2012 as trade deficit narrowed. The RBI said that non-oil non-gold component of imports showed a decline in Q4 March 2013, reflecting slowdown in domestic economic activity. Net invisibles recorded a decline of 7.7% in Q4 March 2013 as compared to a growth of 27.5% n Q4 March 2012 on account of decline in net services, transfers and income receipts.
The CAD edged up to 4.8% of GDP in the year ended 31 March 2013 (FY 2013), from 4.2% of GDP in the year ended 31 March 2012 (FY 2012). Burgeoning trade deficit along with significant decline in invisible earnings caused widening of CAD in FY 2013, RBI said.
Asian stocks advanced on Thursday, 27 June 2013, on hopes the Federal Reserve will maintain its bond purchases for a longer period of time after US first-quarter GDP growth was revised down to 1.8%, from an earlier estimate of 2.4%. Key benchmark indices in Indonesia, Taiwan, Singapore and Japan were up 1.06% to 2.83%.
Chinese shares rose after official data showing robust growth in industrial profits. In mainland China, the Shanghai Composite index was up 0.41%. In Hong Kong, the Hang Seng index was up 1.46%.
Profit at major Chinese industrial firms in May rose 15.5% from the year-earlier period, the National Bureau of Statistics said on Thursday. Profit at the firms from the newly adjusted measure of "core operating activities" rose 8.8% from a year earlier, 2.8 percentage points slower than in April, the data said. In the January-May period, overall industrial profit was up 12.3% from the same period in 2012, though up 11.4% in terms of core activities, the bureau said.
South Korean stocks jumped after data released on Thursday, 27 June 2013, showed that the nation's current-account surplus rose to a record high in May on the back of robust exports, even against the backdrop of a global slowdown. The Seoul Composite was up 2.83%.
US stocks jumped on Wednesday, 26 June 2013, pulling benchmark indexes into positive terrain for the week, as a downward revision in economic growth calmed concern about US monetary policy.
Gross domestic product expanded 1.8% from January through March, down from an earlier estimate of 2.4%, the Commerce Department reported.
Federal Reserve Chairman Ben Bernanke on 19 June 2013 said that policy makers may start dialing down stimulus if the US economy shows sustained improvement.
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