Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, was up 98.44 points or 0.48%, off close to 15 points from the day's high and up about 40 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
NMDC declined as the stock turned ex-dividend today, 17 February 2014 for the second interim dividend of Rs 5.50 per share for the year ending 31 March 2014. Steel Authority of India (Sail) rose on decent Q3 results. DLF rose after the company announced its Q3 results. Tata Motors rose after the company announced group global wholesales for January 2014.
Asian stocks rose on Monday after China's new credit increased to a record in January, boosting optimism the world's second-largest economy can maintain its growth momentum.
At 9:37 IST, the S&P BSE Sensex was up 98.44 points or 0.48% to 20,465.26. The index gained 114.94 points at the day's high of 20,481.76 in early trade. The index rose 59.59 points at the day's low of 20,426.41 in early trade.
The CNX Nifty was up 21.15 points or 0.35% to 6,069.50. The index hit a high of 6,079.35 in intraday trade. The index hit a low of 6,057.10 in intraday trade.
The BSE Mid-Cap index was up 9.18 points or 0.16% at 6,321.69. The BSE Small-Cap index was up 10.29 points or 0.16% at 6,289.98. Both these indices underperformed the Sensex.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 612 shares rose and 420 shares fell. A total of 46 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks rose and rest fell. Tata Power Company (up 1.56%), ONGC (up 1.07%) and Dr. Reddy's Laboratories (up 1.09%) edged higher from the Sensex pack.
Tata Motors rose 1.38% after the company announced group global wholesales in January 2014. The company announced after market hours on Friday, 14 February 2014 that group global wholesales in January 2014, including Jaguar Land Rover were 80,163 units. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range -- were 30,121 units. Global wholesales of all passenger vehicles in January 2014 were 50,042 units. Global wholesales of Tata Motors' passenger vehicles in January 2014 were 11,411 units.
Global wholesales for Jaguar Land Rover for the month were 38,631vehicles. Jaguar wholesales for the month were 6,711 vehicles, while Land Rover wholesales for the month were 31,920 vehicles.
DLF rose 1.8% after announcing its Q3 results. The company's consolidated net profit fell 48.98% to Rs 145.29 crore on 13.04% rise in total income to Rs 2590.20 crore in Q3 December 2013 over Q3 December 2012. The company announced result after market hours on Friday, 14 February 2014.
Steel Authority of India (Sail) rose 0.41% on decent Q3 results. The company's net profit rose 9.97% to Rs 532.60 crore on 7.14% increase in total income to Rs 11667.52 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Friday, 14 February 2014.
Sail said that the board of directors of the company at its meeting held on 14 February 2014, inter alia, has approved interim dividend of Rs 2.02 per equity share for the year ending 31 March 2014.
NMDC declined 4.27% as the stock turned ex-dividend today, 17 February 2014 for the second interim dividend of Rs 5.50 per share for the year ending 31 March 2014.
State Bank of India fell 0.21%. The bank said on Saturday, 15 February 2014 that it has revised downwards the interest rates on bulk term deposits for Rs 1 crore and above effective from 18 February 2014. It has also decided to revise the interest rates on retail term deposits for below Rs 1 crore effective from 18 February 2014.
Punjab National Bank rose 0.04%. The bank said on Saturday, 15 February 2014 that after regulatory approvals, the bank has decided to sell its entire stake in India Factoring & Financial Solutions (IFFSL) to parent promoter Fll (FIM Bank Malta). The transaction shall be completed during the current quarter ending 31 March 2014.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget for the first four months of 2014/15 today, 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections.
The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian stocks rose on Monday after China's new credit increased to a record in January, boosting optimism the world's second-largest economy can maintain its growth momentum. Key benchmark indices in China, Hong Kong, South Korea, Indonesia, Taiwan, Japan and Singapore rose by 0.16% to 0.84%.
Japan's economy grew less than forecast in the fourth quarter, according to a report today, underscoring risks to the recovery as a sales-tax increase looms in April. Gross domestic product expanded an annualized 1.0% from the previous quarter, the Cabinet Office said in Tokyo.
US stocks rose on Friday as investors shrugged off a report showing poor industrial output last month as mainly weather-related. The US stock market is closed today for a holiday.
US industrial output unexpectedly fell 0.3% in January but the Federal Reserve said that was partly due to the severe weather that curtailed production in some regions.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
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