Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex, briefly turned negative only to regain positive zone later. The Sensex was up 7.34 points or 0.03%, off 80.79 points from the day's high and up 37.93 points from the day's low. The market breadth, indicating the overall health of the market was strong.
Index heavyweight Reliance Industries (RIL) rose in volatile trade as the company's 40th Annual General Meeting began in Mumbai. Metal and mining stocks were in demand. Ricoh India was locked at 20% lower circuit, with the stock extending Tuesday's 20% slump triggered by the company's failed delisting offer. Tyre stocks were in demand on renewed buying, with shares of CEAT scaling record high.
At 11:15 IST, the S&P BSE Sensex was up 7.34 points or 0.03% to 25,528.49. The index gained 88.09 points at the day's high of 25,609.28 in mid-morning trade, its highest level since 13 June 2014. The index fell 30.63 points at the day's low of 25,490.56 in early trade.
The CNX Nifty was up 6.80 points or 0.09% to 7,638.50. The index hit a high of 7,663 in intraday trade, its highest level since 13 June 2014. The index hit a low of 7,620.25 in intraday trade.
The market breadth, indicating the overall health of the market was strong. On BSE, 1,622 shares gained and 915 shares fell. A total of 92 shares were unchanged.
The BSE Mid-Cap index was up 61.62 points or 0.68% to 9,163.09. The BSE Small-Cap index rose 90.03 points or 0.91% to 9,991.59. Both these indices outperformed the Sensex.
More From This Section
The total turnover on BSE amounted to Rs 1603 crore by 11:15 IST, compared with Rs 981 crore by 10:15 IST.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
GAIL (India) (up 1.73%), ONGC (up 1.1%) and Axis Bank (up 0.87%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) rose 0.65% to Rs 1,097 as the company's 40th Annual General Meeting began in Mumbai. The stock hit high of Rs 1,101.95 and low of Rs 1,085.10 so far during the day.
Metal and mining stocks were in demand. Steel Authority of India (Sail) (up 2.36%), Hindalco Industries (up 2.34%), National Aluminium Company (up 2.17%), Hindustan Zinc (up 1.76%), Sesa Sterlite (up 1.73%), Jindal Steel & Power (up 0.66%), JSW Steel (up 0.63%), NMDC (up 0.42%) and Hindustan Copper (up 0.39%) edged higher.
Tata Steel rose 0.90%, with the stock extending Tuesday's gain. Tata Steel during market hours on Tuesday, 17 June 204, said that a committee constituted by the Board of Directors has proposed to seek approval of the shareholders of the company through postal ballot for increase in borrowing limit from Rs 50000 crore to Rs 70000 crore or the aggregate of the paid up capital and free reserves of the company, whichever is higher. The approval of the shareholders is also being sought for further issuance of privately placed debt securities (convertible into equity or otherwise) in the international and/or domestic capital markets for an amount not exceeding Rs 14000 crore.
Tyre stocks were in demand on renewed buying. Goodyear India (up 2.38%), Apollo Tyres (up 2.58%), JK Tyre & Industries (up 2.32%), MRF (up 1.51%) and TVS Srichakra (up 2.56%) gained.
CEAT spurted 5.23% to Rs 536 after scaling record high of Rs 552.55 in intraday trade.
Ricoh India was locked at 20% lower circuit at Rs 138.25, with the stock extending Tuesday's 20% slump triggered by the company's failed delisting offer.
Volatility struck bourses in early trade as the key benchmark indices alternately moved between positive and negative zone. Key benchmark indices moved in a narrow range in positive zone in morning trade. Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex, briefly turned negative only to regain positive zone later.
In the foreign exchange market, the rupee edged lower against the dollar after overnight gains in Brent crude prices. The partially convertible rupee was hovering at 60.13, compared with its close of 60.03/04 on Tuesday, 17 June 2014. India imports majority of its crude oil requirements.
Brent crude futures for August delivery were off 38 cents at $113.07 a barrel. The contract had risen 51 cents to settle at $113.45 yesterday, 17 June 2014, the highest close since 9 September 2013, on continuing militant violence in Iraq.
In a bid to put a lid on increase in prices of essential food items of daily consumption, the government on Tuesday, 17 June 2014, unveiled some anti-inflationary measures. Keeping in mind the increasing trend in the price of onions, the government has imposed a minimum export price (MEP) of $300 per metric ton on the export of onions, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement. This is expected to have a salutary impact on the availability of onions in the domestic market, the government said. The Centre said that the Delhi state government will be asked to consider delisting fruits and vegetables from the purview of the Agricultural Produce Market Committee (APMC) Act and would also be asked to procure additional supplies of onions for distribution through the government's own retail outlets.
Keeping in mind the increase in the retail price of rice, the Centre has decided to release more supplies of rice to state governments through the Food Corporation of India for Public Distribution System. The Centre also reviewed the steady increase in the retail price of milk and took a decision to consider withholding export incentives on milk currently in force.
Asian stocks slipped on Wednesday, 18 June 2014, as investors await the Federal Reserve monetary policy decision scheduled to be released later in the global day today, 18 June 2014. Key benchmark indices in China, Hong Kong, Indonesia and South Korea were off 0.05% to 0.65%. Key benchmark indices in Singapore, Taiwan and Japan were up 0.15% to 0.99%.
Trading in US index futures indicated that the Dow could rise 9 points at the opening bell on Wednesday, 18 June 2014. US stocks ended Tuesday, 17 June 2014 slightly higher, with the main benchmarks gaining for the third consecutive day. However, gains were muted as headlines of violence in Iraq did not abate.
A two-day meeting of the Federal Open Market Committee on US monetary policy concludes today, 18 June 2014. The FOMC after a monetary policy review on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve. The Fed also said at that time that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends.
Powered by Capital Market - Live News