Key benchmark indices trimmed gains in early afternoon trade after the latest data showed that core wholesale price inflation edged up in January 2014. The market breadth, indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex, was up 47.40 points or 0.23%, off close to 72 points from the day's high and up about 75 points from the day's low.
State Bank of India fell after weak Q3 results. Most metal shares declined.
The market edged higher in early trade on firm Asian stocks. The Sensex regained positive terrain after slipping into the red to hit fresh intraday low in morning trade. The 50-unit CNX Nifty regained psychological 6,000 mark after falling below that mark for a brief period in morning trade. The Sensex retained positive zone in early afternoon trade. Key benchmark indices trimmed gains in early afternoon trade after the latest data showed that core wholesale price inflation edged up in January 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 399.40 crore on Thursday, 13 February 2014, as per provisional data from the stock exchanges.
At 13:21 IST, the S&P BSE Sensex was up 47.40 points or 0.23% to 20,240.75. The index jumped 119.67 points at the day's high of 20,313.02 in early trade. The index fell 27.27 points at the day's low of 20,166.08 in morning trade.
The CNX Nifty was up 9.85 points or 0.16% to 6,010.95. The index hit a high of 6,033.30 in intraday trade. The index hit a low of 5,990.80 in intraday trade, its lowest level since 6 February 2014.
The BSE Mid-Cap index was down 3.36 points or 0.05% to 6,301.42. The BSE Small-Cap index was down 1.85 points or 0.03% at 6,280.64. Both these indices underperformed the Sensex.
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The market breadth, indicating the overall health of the market, turned negative from positive in afternoon trade. On BSE, 1,265 shares fell and 1,077 shares rose. A total of 138 shares were unchanged.
Bhel (down 2.9%), Bajaj Auto (down 2.62%), Cipla (down 2.15%), Hero MotoCorp (down 1.63%), Dr Reddy's Laboratories (down 1.32%), Coal India (down 0.98%) and Axis Bank (down 0.88%), edged lower from the Sensex pack.
TCS (up 2.12%), Tata Motors (up 2.11%), NTPC (up 1.58%), Infosys (up 1.37%), Bharti Airtel (up 1.12%), GAIL (India) (up 1.11%), HDFC Bank (up 1.11%) and Reliance Industries (up 1.11%), edged higher from the Sensex pack.
State Bank of India (SBI) fell 1.40% to Rs 1478.70 after net profit fell 34.2% to Rs 2234.34 crore on 14.91% increase in total income to Rs 39060.76 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 14 February 2014.
On a consolidated basis, SBI's net profit fell 38.93% to Rs 2838.62 crore on 15.11% increase in total income to Rs 58642.16 crore in Q3 December 2013 over Q3 December 2012.
Most metal shares declined. Sesa Sterlite (down 1.69%), Sail (down 1.49%), Hindalco Industries (down 1.35%), Hindustan Zinc (down 1%), Tata Steel (down 1.02%), JSW Steel (down 0.36%) and Jindal Steel & Power (down 0.24%), edged lower. Bhushan Steel (up 1.71%) and NMDC (up 0.73%), edged higher.
Titan Company was down 0.09% to Rs 229.05. The company announced during trading hours that the board of directors of the company has pursuant to the provisions of FEMA (Transfer of Issue of Security by a person resident outside India) Regulations, 2000 and subject to statutory consents and of the shareholders in general meeting by way of special resolution, accorded approval for investment by foreign institutional investors (FII) in the share capital of the company under the portfolio investment scheme on repatriation basis up to 35% of the share capital of the company.
Madhucon Projects rose 3.42% to Rs 11.80. With reference to the media report that Madhucon Projects plans to sell 74% stake in Agra-Jaipur Expressways to IDFC, Madhucon Projects clarified during trading hours that BOT Toll Road Project of Bharatpur-Mahwa (4 lanes from of 63.000 kilometre to 120.000 kilometre of NH-11) in Rajasthan is under an special purpose vehicle (SPV) of Madhucon Agra-Jaipur Expressways, wherein Madhucon Projects is holding 0.1% stake equivalent one lakh equity shares of Rs 10 each. Efforts are being attempted to disinvest stake in Madhucon Agra-Jaipur Expressways since last one year. A number of investors have shown interest in acquiring the stake in Madhucon Agra-Jaipur Expressways. IDFC Alternatives Fund is one such investor. But, nothing is finalized at yet, Madhucon Projects said.
In the foreign exchange market, the rupee edged higher against the dollar on global risk-on sentiment. The partially convertible rupee was hovering at 62.32, compared with its close of 62.42/43 on Thursday, 13 February 2014.
Inflation based on the wholesale price index (WPI) stood at 5.05% (provisional) in January 2014 as compared to 6.16% (provisional) for December 2013 and 7.31% in January 2013. Build up inflation rate in the financial year so far was 5.17% compared to a build up rate of 5.78% in the corresponding period of the previous year. The government unveiled data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon today, 14 February 2014.
Core inflation or non-food manufacturing inflation edged up to 3.04% in January 2014, from 2.75% in December 2013, the latest data showed.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget for the first four months of 2014/15 on 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 edged higher on Friday, 14 February 2014, as US stocks rose overnight. Key benchmark indices in China, Hong Kong, South Korea, Indonesia and Taiwan fell by 0.31% to 0.83%. Key benchmark indices in Japan and Singapore fell by 0.07% to 1.53%.
China's inflation stayed subdued in January while factory-gate prices extended the longest drop since the 1990s, in a sign of moderating demand in the world's second-largest economy. The consumer price index rose 2.5% from a year earlier, the National Bureau of Statistics said today in Beijing, the same pace as in December. The producer-price index fell 1.6%.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Friday, 14 February 2014. US stocks rose on Thursday as earnings and a $45.2 billion takeover of Time Warner Cable Inc. overshadowed an unexpected drop in retail sales.
Receipts at US retailers declined 0.4% in January amid bad weather and uneven progress in the labor market, a report yesterday showed, signaling the economy was off to a slow start this year. The decline was the biggest since June 2012. A Labor Department report showed the number of Americans filing applications for unemployment benefits rose by 8,000 to 339,000 in the week ended Feb. 8.
Federal Reserve Chairwoman Janet Yellen's scheduled appearance before the Senate Banking Committee on Thursday, 13 February 2014, was postponed due to a snowstorm.
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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