Key benchmark indices held firm after striking fresh intraday high in early afternoon trade. Positive Asian stocks boosted sentiment. The S&P BSE Sensex was up 341 points or 1.67%, up 169.83 points from the day's low and off 16.79 points from the day's low. Index heavyweight and cigarette major ITC extended intraday gain. Many other FMCG stocks were also in demand. The market breadth, indicating the overall health of the market, was positive.
Key benchmark indices surged in early trade on positive Asian stocks. Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over one week. Key benchmark indices extended gains to strike fresh intraday high in mid-morning trade. Key benchmark indices held firm after striking fresh intraday high in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
At 12:24 IST, the S&P BSE Sensex was up 341 points or 1.67% to 20,740.42. The index gained 357.79 points at the day's high of 20,757.21 in early afternoon trade, its highest level since 8 November 2013. The index rose 171.17 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 92.75 points or 1.53% to 6,148.90. The index hit a high of 6,157.80 in intraday trade, its highest level since 8 November 2013. The index hit a low of 6,110.40 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,354 shares gained and 918 shares fell. A total of 103 shares were unchanged.
Also Read
The total turnover on BSE amounted to Rs 789 crore by 12:20 IST compared to Rs 595 crore by 11:20 IST.
Among the 30-share Sensex pack, 25 stocks gained while rest of them declined.
ICICI Bank (up 2.93%), L&T (up 2.84%) and ONGC (up 2.37%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC rose 2.85% to Rs 323.30, with the stock extending intraday gain.
Many other FMCG stocks were also in demand. Colgate-Palmolive (India) (up 0.63%), Hindustan Unilever (up 1.52%), Marico (up 1.02%) and Tata Global Beverages (up 0.94%) gained.
Reliance Infrastructure rose 2.03% after the company today, 18 November 2013, announced the commissioning of its 5th 400 kV double circuit transmission line in Maharashtra through its arm Reliance Power Transmission. The announcement was made during trading hours today, 18 November 2013.
Reliance Infrastructure (RInfra) said that the 311 kilometres (KM) Pune-Parli line is part of the Western Region System Strengthening Scheme (WRSSS) II project and will connect key industrial centres of Maharashtra like Pune, Aurangabad and Beed.
Speaking on the development, RInfra CEO Mr Lalit Jalan said, "We are proud to announce the commissioning of the Pune-Parli transmission line. Despite the right of way (ROW) and other local challenges, our dedicated team could completed this critical line in time, which is instrumental for inter-connection of Western and Southern grid".
Mr Jalan added, "This is India's first ever 100% privately owned inter-state transmission project of the National Grid and we at RInfra are proud to be implementing it. On completion, the project would enable evacuation of surplus power of about 4,000 MW from the Eastern part of the country to the Western region".
The 1,500 KM long WRSSS project to be executed at a cost of about Rs 1700 crore was awarded to RInfra through tariff based International competitive bidding process. The project has been executed under build, own and operate pattern.
With this, RInfra has commissioned five out of the six transmission lines to be built in Maharashtra. The sixth and the last line in the project in Maharashtra, between Pune and Aurangabad are expected to be commissioned soon. RInfra, at present, is executing five transmission projects across the country with total outlay of over Rs 6600 crore.
Natco Pharma rose 1.53% after consolidated net profit rose 28.57% to Rs 27 crore on 1.57% decline in revenue to Rs 188 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.
Natco Pharma's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) margins have expanded to 31% of the revenue in Q2 September 2013, from 26% of revenue in Q2 September 2012.
AVT Natural Products surged 7.34% after the company said it has launched an exclusive range of condition-specific Health Supplements under the brand name Optim Health, in select cities. The announcement was made on Friday, 15 November 2013. The stock market was closed on that day on account of Muharram.
AVT Natural Products said that the range, targeted at consumers residing in the top cities seeking good health & living, will be distributed through leading Chemists and Modern Trade stores. The launch is initially limited to Bangalore, Hyderabad, Mumbai and Pune and will be scaled up in phases. Focused marketing activities will support the launch, the company added.
In the foreign exchange market, the rupee strengthened against the dollar on positive global cues, after dovish comments last week from Fed Chairman-nominee Janet Yellen assure markets there will be no imminent decision to scale back the Fed's massive bond-buying programme. The partially convertible rupee was hovering at 62.6350, stronger compared to its close of 63.11/12 on Thursday, 14 November 2013. Financial markets were closed on Friday, 15 November 2013 on account of Moharram.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
Asian stocks rose for a third day with Chinese stocks among the top gainers after Beijing late Friday vowed to carry out the broadest expansion of economic freedoms since at least the 1990s. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Indonesia and South Korea rose by 0.18% to 2.61%. Japan's Nikkei 225 index fell marginally by 0.01%.
China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
Trading in US index futures indicated that the Dow could fall 10 points at the opening bell on Monday, 18 November 2013. US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets.
Powered by Capital Market - Live News