Key benchmark indices extended gains and hit fresh intraday day high in late trade. The barometer index, the S&P BSE Sensex, was provisionally up 205.77 points or 0.82%, up 192.43 points from the day's low and off 41.73 close to points from the day's high. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index was up more than 2%. The BSE Small-Cap index was up 2.28%. Both these indices outperformed the Sensex. The market sentiment was positive as data released by the government after trading hours yesterday, 14 July 2014, showed that retail inflation eased in June 2014. Easing inflation provides space for the Reserve Bank of India (RBI) to cut policy rates to revive economic growth.
Bank stocks gained across the board after the latest data showed easing of retail inflation in June 2014. State Bank of India (SBI) advanced after the state-run bank during market hours said it has revised downwards its bulk and retail term deposit interest rates for select maturities with effect from 18 July 2014. Reliance Power rose after the company said that boiler light up has been achieved for the fifth 660 megawatts (MW) unit at the 3,960 MW Sasan ultra mega power project.
As per provisional closing, the S&P BSE Sensex was up 205.77 points or 0.82% to 25,212.75. The index jumped 247.50 points at the day's high of 25,254.48 in late trade, its highest level since 11 July 2014. The index rose 13.34 points at the day's low of 25,020.32 in early afternoon trade.
The CNX Nifty was up 71.10 points or 0.95% to 7,525.25. The index hit a high of 7,534.90 in intraday trade, its highest level since 11 July 2014. The index hit a low of 7,459.15 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,838 shares gained and 1,082 shares fell. A total of 101 shares were unchanged.
The BSE Mid-Cap index was up 180.20 points or 2.03% at 9,053.90. The BSE Small-Cap index was up 220.25 points or 2.28% to 9,862.71. Both these indices outperformed the Sensex.
More From This Section
The total turnover on BSE amounted to Rs 2669 crore, higher than Rs 2479.60 crore on Monday, 14 July 2014.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
Bharat Heavy Electricals (Bhel) (up 4.31%), Tata Steel (up 2.91%) and Mahindra & Mahindra (up 2.59%) edged higher from the Sensex pack.
Dr Reddy's Laboratories (down 1.99%), Hero MotoCorp (down 1.74%) and NTPC (down 1.39%) edged lower from the Sensex pack.
Bank stocks gained across the board after the latest data showed easing of retail inflation in June 2014. Among private bank stocks, HDFC Bank (up 0.96%), IndusInd Bank (up 0.55%), Kotak Mahindra Bank (up 1.86%), Axis Bank (up 2.78%), Yes Bank (up 1.65%), and ICICI Bank (up 3.34%) gained.
DCB Bank rose 3.69% after net profit rose 4.65% to Rs 45 crore on 35.15% growth in total income to Rs 173 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Monday, 14 July 2014.
Among PSU bank stocks, Punjab National Bank (up 2.84%), Bank of Baroda (up 4.29%), Bank of India (up 3.69%) and Union Bank of India (up 3.57%) edged higher.
State Bank of India (SBI) advanced 4.35%. The state-run bank during market hours said it has revised downwards its bulk term deposit interest rates (Rs 1 crore and above) to 6.25% from 6.5% for deposits between 7 days to 60 days with effect from 18 July 2014. SBI also revised downwards its bulk term deposit interest rates to 6.75% from 7% for deposits between 61 days to less than 1 year.
SBI also revised downwards its retail term deposit interest rates (below Rs 1 crore) to 7% from 7.5% for deposits between 7 days to 179 days with effect from 18 July 2014.
Reliance Power rose 2.74% after the company said that boiler light up has been achieved for the fifth 660 megawatts (MW) unit at the 3,960 MW Sasan ultra mega power project (UMPP). The sixth and last unit at the project is in advanced stages of construction, Reliance Power said. The Sasan UMPP is the largest integrated power plant and coal mining project in the world. Coal production has already commenced from the 20 million tonnes Moher and Moher-Amlohri coal mines associated with the power project.
Easing of retail inflation in June 2014, gains in Asian stocks and overnight upmove in US stocks triggered a firm opening on the domestic bourses. Key benchmark indices trimmed gains after hitting fresh intraday high in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices trimmed gains after a sudden slide in early afternoon trade. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away most of the intraday gains in afternoon trade. Volatility continued as the key benchmark indices traded off the day's highs in mid-afternoon trade. Key benchmark indices exteded gains and hit fresh intraday day high in late trade.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.1250, compared with its close of 60.07/08 on Monday, 14 July 2014.
On the macro front, the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 7.31% in June 2014, from 8.28% in May 2014, data released by the government after trading hours on Monday, 14 July 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 7.97% in June 2014, from 9.56% in May 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 7.39% in June 2014, from 7.71% in May 2014.
Inflation based on the wholesale price index eased to 5.43% in June 2014, from 6.01% in May 2014, data released by the government during trading hours on Monday, 14 July 2014, showed.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 5 August 2014.
European stocks edged lower on Tuesday, 15 July 2014, as investors awaited Federal Reserve Chair Janet Yellen's semi-annual testimony later in the global day. Key benchmark indices in UK, France and Germany were off 0.19% to 0.57%.
Asian stocks edged higher on Tuesday, 15 July 2014, after the Dow Jones industrial average hit an intraday record on Monday, 14 July 2014, boosted by Citigroup's better-than-expected earnings and a fresh round of merger and acquisition activity in the US healthcare industry. Key benchmark indices in Taiwan, Singapore, Hong Kong, Japan, Indonesia, China and South Korea rose by 0.01% to 0.99%.
The Bank of Japan kept its record stimulus unchanged and forecast inflation will pick up to its 2% price target. The central bank stuck with its goal of an annual increase in the monetary base of between 60 trillion yen and 70 trillion yen ($690 billion), it said in a statement today, 15 July 2014, in Tokyo at the end of a two-day monetary policy review.
China will release second-quarter GDP data tomorrow, 16 July 2014.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell on Tuesday, 15 July 2014. US stocks ended higher on Monday, 14 July 2014, with the Dow Jones industrial average hitting an intraday record, helped by Citigroup's better-than-expected earnings and more deals in the healthcare sector.
Investors are awaiting Federal Reserve Chair Janet Yellen's testimony before the congress due later in the day.
Powered by Capital Market - Live News