A range bound movement was witnessed as key benchmark indices retained positive terrain in morning trade. The gains for benchmark indices were small. The barometer index, the S&P BSE Sensex, was currently up 53.25 points or 0.2% at 26,904.30. The market breadth indicating the overall health of the market was positive. Realty stocks dropped. Wipro extended recent slide triggered by the company reporting disappointing Q2 earnings. Asian stocks were mixed. Brent fell for a second day. Falling crude oil prices augur well for India.
In overseas markets, Asian stocks were mixed. US stocks edged higher on Friday, 24 October 2014, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States.
Earlier, the Sensex and the 50-unit CNX Nifty had, both, hit their highest level in almost five weeks at the onset of the trading session.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contract expire on Thursday, 30 October 2014.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower for the second day in a row on ample oil supplies.
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At 10:17 IST, the S&P BSE Sensex was up 53.25 points or 0.2% at 26,904.30. The index jumped 143.91 points at the day's high of 26,994.96 at the onset of the trading session, its highest level since 23 September 2014. The index gained 0.07 points at the day's low of 26,851.12 in morning trade.
The CNX Nifty was up 15.95 points or 0.2% at 8,030.25. The index hit a high of 8,064.40 in intraday trade, its highest level since 23 September 2014. The index hit a low of 8,014.30 in intraday trade.
The BSE Mid-Cap index was down 7.18 points or 0.07% at 9,665.85. The BSE Small-Cap index was up 8.06 points or 0.08% at 10,670.71. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 978 shares rose while 907 shares declined. A total of 71 shares were unchanged.
Realty stocks dropped. DLF (down 6.17%), D B Realty (down 0.33%), Housing Development & Infrastructure (HDIL) (down 1.96%) and Sobha (down 3.26%) dropped. Unitech rose 0.28%.
Wipro lost 1.01% to Rs 555.10, with the stock extending recent slide triggered by the company reporting disappointing Q2 earnings. Wipro's consolidated net profit attributable to equity holders of the company rose 8% to Rs 2084.80 crore on 8% growth in total revenue to Rs 11683.80 crore in Q2 September 2014 over Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS).
Wendt (India) rose 2.58% after consolidated net profit declined 9.46% to Rs 3.54 crore on 10% growth in total income from operations to Rs 32.56 crore in Q2 September 2014 over Q2 September 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The rupee was hovering at 61.235, compared with its close of 61.28 during the previous trading session.
Brent crude oil futures edged lower for the second day in a row on ample oil supplies. Brent crude for December delivery was off 23 cents at $85.90 a barrel. The contract had lost 70 cents to settle at $86.13 a barrel on Friday, 24 October 2014. Global oil supply remains high despite persistent geopolitical risks in producers such as Iraq and Libya.
The government's decision this month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Meanwhile, the Election Commission of India on Saturday, 25 October 2014, announced schedule for assembly election in Jharkhand and Jammu & Kashmir. Polls in both the states will take place in five phases from 25 November 2014 to 20 December 2014. The results of polls in both these states will be announced on 23 December 2014.
Asian stocks were mixed today, 27 October 2014. Key benchmark indices in China, Hong Kong, Taiwan and Indonesia were off 0.31% to 0.84%. Key benchmark indices in South Korea, Singapore and Japan were up 0.03% to 0.84%.
China's economic growth will slow to 7.2% in the current quarter, down from the previous three months, as domestic demand weakens, said Song Guoqing, an academic member of the People's Bank of China monetary policy advisory committee. The nation's economy will probably expand 7.3% next year, Song said at a forum in Beijing on 25 October 2014. That view contrasts with a prediction by Fan Jianping, chief economist at a state research institute, who said he expects 7% growth in 2015 unless the central government imposes stronger-than-expected stimulus measures.
Trading in US index futures indicated that the Dow could gain 8 points at the opening bell today, 27 October 2014. US stocks jumped on Friday, 24 October 2014, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States.
A two-day meeting of the Federal Open Market Committee (FOMC) on US monetary policy review begins tomorrow, 28 October 2014.
In Europe, the European Banking Authority (EBA) put 123 banks in 22 countries through the stress test, which was carried out by the European Central Bank (ECB) and national supervisors. It provided the so-called fully loaded capital ratio for the first time. The ECB also released the results of its Comprehensive Assessment in Frankfurt yesterday, 26 October 2014, as it prepares to assume oversight of euro-area banks on 4 November 2014. The EBA's sample largely overlaps the ECB's, though it also contains banks from outside the euro area. Roughly one in five of the euro zone's top lenders failed landmark health checks at the end of last year but most have since repaired their finances, the European Central Bank said. None of Europe's largest banks were found lacking in the ECB study. Smaller lenders found to be deficient now have as many as nine months to fill gaps identified by the ECB, which is aiming to close the door on half a decade of financial turmoil in the euro region.
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