Volatility continued as key benchmark trimmed gains after extending intraday gains in mid-morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, trimmed gains after hitting their highest level in more than a week. The Sensex was currently up 92.32 points or 0.34% at 27,204.53. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 1.13%, outperforming the Sensex. Asian stocks were in green after results based on two-third votes showed that Scotland is voting against breaking from the United Kingdom. Meanwhile, on the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014, announced that China will invest $20 billion in India over the next 5 years. The two Asian countries also agreed that specific measures to enhance market access for Indian companies in China will be expedited in agricultural and pharmaceutical products and for export of services.
Realty stocks edged lower. Bharti Airtel also edged lower on reports the company may have to pay Rs 436 crore for merging its subsidiary Airtel Broadband Services (ABSPL) with itself, as it would mean a change in permits from that of an internet provider to a unified license.
In overseas markets, Asian stocks rose as data overnight showed fewer Americans filed for jobless claims and after results based on two-third votes showed that Scotland is voting against breaking from the United Kingdom. In the US, the S&P 500 and Dow Jones Industrial Average closed at record levels yesterday, 18 September 2014, as investors welcomed the Federal Reserve's commitment to low interest rates long after the ending of monetary stimulus.
In UK, Scotland has chosen to stay in the United Kingdom, spurning independence in a historic referendum that had worried allies and investors, results showed today, 19 September 2014, with more than two thirds of the vote declared.
Earlier, key indices had risen in early trade on higher Asian stocks and after S&P 500 and Dow Jones Industrial Average closed at record levels overnight.
In the foreign exchange market, the rupee edged higher against the dollar.
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Brent crude oil prices extended previous session's losses following a higher-than-expected crude oil inventory build.
At 11:15 IST, the S&P BSE Sensex was up 92.32 points or 0.34% at 27,204.53. The index jumped 134.96 points at the day's high of 27,247.17 in mid-morning trade, its highest level since 10 September 2014. The index fell 41.45 points at the day's low of 27,070.76 in morning trade.
The CNX Nifty was up 31.70 points or 0.39% at 8,146.45. The index hit a high of 8,160.90 in intraday trade, its highest level since 9 September 2014 The index hit a low of 8,107.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,578 shares gained and 892 shares fell. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 75.89 points or 0.77% at 9,937.11. The BSE Small-Cap index was up 125.18 points or 1.13% at 11,246.34. Both these indices outperformed the Sensex.
Realty stocks edged lower. DLF (down 0.91%), Housing Development & Infrastructure (HDIL) (down 0.11%), D B Realty (down 0.4%), and Unitech (down 0.97%) declined. Sobha rose 1.26%.
Bharti Airtel fell 0.05% on reports the company may have to pay Rs 436 crore for merging its subsidiary Airtel Broadband Services (ABSPL) with itself, as it would mean a change in permits from that of an internet provider to a unified license. According to reports, Airtel will have to pay the fee for merger since ABSPL had an internet service provider's (ISP) licence to provide wireless broadband but merging it with a unified licence (UL) holder will allow the company to provide all kinds of wireless telephony using the 4G spectrum, and not just internet.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 60.77, compared with its close of 60.85 during the previous trading session.
Brent crude oil prices extended losses registered in previous trading session following a higher-than-expected crude oil inventory build. Brent for November settlement was down 10 cents at $97.60 a barrel. The contract had fallen $1.27 a barrel or 1.28% to settle at $97.70 a barrel on Thursday, 18 September 2014.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Asian stocks rose today, 19 September 2014, as data showed fewer Americans filed for jobless claims. Key benchmark indices in China, Singapore, Hong Kong, Indonesia, Taiwan, Japan and South Korea rose by 0.06% to 1.55%.
Trading in US index futures indicated that the Dow could gain 87 points at the opening bell on Friday, 19 September 2014. US stocks rose on Thursday, 18 September 2014, a day after the US Federal Reserve kept intact its pledge to keep interest rates low, providing a backstop for investors that helped lift both the Dow Jones Industrial Average and the S&P 500 index to record highs.
US housing starts and permits fell in August, but upward revisions to the prior month's data indicated gradual improvement in the housing market.
Separately, American jobless claims fell by 36,000 to 280,000 in the period ended 13 September 2014, the Labor Department said yesterday. Those already collecting unemployment benefits fell to a more than seven-year low.
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