A further decline in crude oil prices and a rally in US stocks on Monday, 18 August 2014, triggered a firm opening on the domestic bourses, with the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hitting record high. The Sensex was currently up 126.13 points or 0.48% at 26,517.09. The market breadth indicating the overall health of the market was strong. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Monday, 18 August 2014.
DLF fell as the stock turned ex-dividend today, 19 August 2014, for dividend of Rs 2 per share for the year ended 31 March 2014. JSW Steel and Welspun Enterprises rose after JSW Steel entered into a definitive agreement with Welspun Enterprises (WEL) to acquire the entire equity shares held by WEL in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1000 crore plus net current assets.
At 9:21 IST, the S&P BSE Sensex was up 126.13 points or 0.48% to 26,517.09. The index jumped 135.66 points at the day's high of 26,526.62 in early trade, a record high for the index. The index rose 78.36 points at the day's low of 26,469.32 in early trade.
The CNX Nifty was up 36.30 points or 0.46% to 7,910.55. The index hit a high of 7,911.80 in intraday trade, a record high for the index. The index hit a low of 7,898.70 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 791 shares gained and 455 shares fell. A total of 55 shares were unchanged.
The BSE Mid-Cap index was up 68.47 points or 0.75% at 9,238.81. The BSE Small-Cap index was up 81.78 points or 0.81% at 10,129.25. Both these indices outperformed the Sensex.
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Sesa Sterlite (up 3.78%), Bharat Heavy Electricals (Bhel) (up 2.1%) and L&T (up 1.6%) edged higher from the Sensex pack.
DLF fell 0.35% as the stock turned ex-dividend today, 19 August 2014, for dividend of Rs 2 per share for the year ended 31 March 2014.
JSW Steel rose 1.01% after the company announced after market hours on Monday, 18 August 2014, that it has entered into a definitive agreement with Welspun Enterprises (WEL) to acquire the entire equity shares held by WEL in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1000 crore plus net current assets as of an agreed date of 31 August 2014. The company has acquired the equity shares of WMSL as WMSL is situated in close proximity to company's Dolvi unit, offering complimentary infrastructure and location to augment the current envisaged expansions at Dolvi by JSW Steel.
JSW Steel has a strategic goal to enhance its steel production to 40 million tonnes per annum (MTPA) in the next decade. The company currently has an installed capacity of 14.3 MTPA.
Shares of WEL jumped 4.77%.
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Monday, 18 August 2014. Foreign portfolio investors (FPIs) bought shares worth a net Rs 473.42 crore on Monday, 18 August 2014, as per provisional data from the stock exchanges.
India reportedly called off on Monday, 18 August 2014, peace talks with Pakistan, giving a jolt to renewed diplomatic efforts between the two nuclear-armed neighbours and adding to the troubles of Pakistan's beleaguered government. India said it would not attend talks involving the foreign secretaries of the two countries, which had been set to take place on 25 August 2014 in Islamabad, because of plans by Pakistan to consult Kashmiri separatists ahead of the meeting.
Asian stocks rose today, 19 August 2014, after a rally in US stocks on Monday, 18 August 2014, triggered by upbeat US housing data and hopes of progress in the Ukraine crisis. Key benchmark indices in South Korea, Taiwan, Singapore, Hong Kong, Japan, and Indonesia were up 0.09% to 1.02%. China's Shanghai Composite was off 0.22%.
US stocks registered solid gains on Monday, 18 August 2014, helped by deal news and easing Ukraine-Russia tensions. A better-than-expected reading on the housing market also boosted sentiment and kicked off a big week for economic data. US homebuilder sentiment rose in August to its highest since January, the National Association of Home Builders said on Monday, marking a third straight monthly gain.
Foreign ministers from Russia, Ukraine, Germany, and France gathered in Berlin over the weekend to discuss talks for a ceasefire or a political solution in Ukraine, and Russia's Foreign Ministry said on Monday a 'certain progress' was achieved during the talks.
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