Key benchmark indices extended gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, scaled record high. The Sensex was currently up 206.73 points or 0.76% at 27,233.43. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. L&T rose after the company's fully-owned subsidiary L&T Hydrocarbon Engineering secured orders worth Rs 1920 crore from domestic oil and gas majors. Shares of PSU OMCs rose as crude oil prices slumped on Friday, 2 September 2014.
At 10:20 IST, the S&P BSE Sensex was up 206.73 points or 0.76% at 27,233.43. The index gained 222.09 points at the day's high of 27,248.79 in morning trade, a record high for the barometer index. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 56.70 points or 0.7% at 8,143.55. The index hit a high of 8,147.50 in intraday trade, a record high for the index. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,608 shares gained and 587 shares fell. A total of 76 shares were unchanged.
The BSE Mid-Cap index rose 59.12 points or 0.61% to 9,727.88, underperforming the Sensex. The BSE Small-Cap index rose 138.23 points or 1.3% to 10,765.30, outperforming the Sensex.
The total turnover on BSE amounted to Rs 936 crore by 10:15 IST compared to Rs 299 crore by 09:30 IST.
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L&T rose 0.98%. L&T Hydrocarbon Engineering, a fully-owned subsidiary of L&T, secured orders worth Rs 1920 crore from domestic oil and gas majors. The announcement was made during market hours today, 8 September 2014.
An offshore contract worth Rs 1340 crore from Oil & Natural Gas Corporation (ONGC), includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field. The project is scheduled for completion by March 2016.
In the onshore segment, it has secured a contract valued at about Rs 580 crore from a leading company engaged in hydrocarbon downstream processing. The contract involves engineering, procurement and construction of a dual service cryogenic storage tank facility suitable for liquid ethane and liquefied natural gas and engineering work for the balance of the facilities to be installed at the manufacturing complex.
Shares of PSU OMCs rose as crude oil prices slumped on Friday, 5 September 2014.
HPCL (up 1.4%), Indian Oil Corporation (up 1.02%) and BPCL (up 0.81%) edged higher.
Crude oil futures dropped on Friday, 5 September 2014, after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions. Brent October contract finished $1.01, or 1%, lower at $100.82 a barrel on Friday. US crude October contract finished $1.16, or 1.2%, lower at $93.29 a barrel on Friday.
Lower crude oil prices will decrease under recoveries of PSU OMCs on domestic sale of diesel, LPG and kerosene at government controlled prices. The government has adopted the policy of gradually increasing diesel prices to eliminate under recovery and deregulate the diesel prices. The government has already freed pricing of petrol.
The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas reviewed international prices of crude oil and petroleum products during the second fortnight of August 2014. The under-recovery on High Speed Diesel (HSD) applicable for first fortnight of September 2014, effective from 1 September 2014, will go down to Rs 0.08 per litre, from Rs 1.78 per litre during second fortnight of August 2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the first fortnight of September 2014 was Rs 32.67 per litre (Rs 32.98 per litre in second fortnight of August 2014) and Rs 427.82 per cylinder (Rs 447.87 per cylinder in second fortnight of August 2014) respectively. Effective from 1 September 2014, PSU OMCs are incurring combined daily under-recovery of about Rs 195 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This is lower than Rs 230 crore daily under-recoveries during second fortnight of August 2014. The under-recoveries for the financial year 2014-15 are projected to be Rs 91665 crore while the figure was Rs 1.39 lakh crore in 2013-14.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.17% to 0.31%. Key benchmark indices in Japan and Indonesia rose 0.04% to 0.63%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell on Monday, 8 September 2014. US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
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