Key benchmark indices were trading slightly lower in morning trade after moving in a narrow range. The barometer index, the S&P BSE Sensex, was currently down 15.26 points or 0.06% at 26,405.41. The market breadth indicating the overall health of the market was strong. Shares of PSU OMCs extended recent gains on falling crude oil prices.
Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
At 10:21 IST, the S&P BSE Sensex was down 15.26 points or 0.06% at 26,405.41. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session. The index fell 43.57 points at the day's low of 26,376.37 in early trade, its lowest level since 18 August 2014.
The CNX Nifty was down 4.45 points or 0.06% at 7,893.05. The index hit a high of 7,922.70 in intraday trade, lifetime high for the index. The index hit a low of 7,881.15 in intraday trade, matching the index's intraday low hit during the preceding trading session on Tuesday, 19 August 2014.
The market breadth indicating the overall health of the market was strong. On BSE, 1,150 shares gained and 718 shares fell. A total of 65 shares were unchanged.
The BSE Mid-Cap index was up 27.87 points or 0.3% at 9,298.73. The BSE Small-Cap index was up 80.48 points or 0.79% at 10,249.28. Both these indices outperformed the Sensex.
Hero MotoCorp (down 1%), ONGC (down 1.01%) and Hindustan Unilever (down 0.79%) edged lower from the Sensex pack.
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Shares of PSU OMCs extended recent gains on falling crude oil prices. HPCL (up 2.19%), BPCL (up 0.1%) and Indian Oil Corporation (IOC) (up 1.2%) gained.
Lower crude oil prices will reduce under-recovery of public sector oil marketing companies (PSU OMCs) on domestic sales of diesel, kerosene and LPG at government controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
The under-recovery on High Speed Diesel (HSD) applicable for second fortnight of August 2014, effective from 16 August 2014, will go up to Rs 1.78 per litre. This was Rs 1.33 per litre during first fortnight of August 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the second fortnight of August 2014 will be Rs 32.98 per litre (Rs 32.98 per litre in first fortnight) and Rs 447.87 per cylinder (Rs 447.87 per cylinder in first fortnight) respectively. Effective from 16 August 2014, PSU OMCs are incurring combined daily under-recovery of about Rs 230 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is higher than Rs 226 crore daily under-recoveries during first fortnight of August. The under-recoveries for the financial year 2014-15 are projected to be Rs 91665 crore while the figure was Rs 1.39 lakh crore in 2013-14.
Eros International Media jumped 7.77% after the company said its on-demand entertainment portal Eros Now has acquired world wide rights of Zee TV shows. The announcement was made after market hours on Tuesday, 19 August 2014. Eros said that the partnership with Zee Entertainment Enterprises (Zee) would allow Eros Now to showcase Zee's television content ranging from serials and soaps to reality shows.
Just Dial rose 3.05% after the company said its board approved increasing the shareholding limit of foreign institutional investors in the company to 75% from 49%. The company made the announcement after market hours on Tuesday, 19 August 2014. Just Dial said its board has decided to seek shareholders' approval for increasing the aggregate shareholding limit of foreign institutional investors/foreign portfolio investors in the company from the existing 49% to 75%.
Further, the company's board also approved acquisition of Just Dial Inc from Just Dial Global, subject to necessary approvals and also decided to explore business opportunities in global markets.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.85, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. Brent crude oil futures steadied near 14-month lows above $101 a barrel today, 20 August 2014, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease. The October Brent crude contract was down 4 cents at $101.52 a barrel. The contract fell 4 cents a barrel to settle at $101.56 on Tuesday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.39 crore on Tuesday, 19 August 2014, as per provisional data from the stock exchanges.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, and Indonesia were up 0.08% to 0.4%. Key benchmark indices in China and South Korea were off 0.11% to 0.19%.
Trading in US index futures indicated that the Dow could fall 2 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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