Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, regained psychological 27,000 mark. The Sensex was currently up 128.61 points or 0.48% at 27,009.43. The market breadth indicating the overall health of the market was strong.
State Bank of India rose after the bank announced that it has fixed 21 November 2014 as record date for 10-for-1 stock split. Oil and Natural Gas Corporation (ONGC) gained after the company announced that it signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation (PVEP - a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation.
Hero MotoCorp gained after the company said that the company is confident of clocking over 90,000 units of scooters in retail sales in this month, Bharat Heavy Electricals (Bhel) rose after the company said it has secured a contract worth Rs 422 crore for setting up a 444 megawatts (MW) Hydro Electric Project (HEP) in Uttarakhand. L&T rose after its wholly owned IT subsidiary -- L&T Infotech, said it has completed the acquisition of Pune based Information Systems Resource Centre Pvt. Ltd. (ISRC)
In overseas markets, Asian stocks rose today, 29 October 2014 before the Federal Reserve reviews monetary policy. US stocks rose yesterday, 28 October 2014, as strong earnings eased concerns about the outlook for corporate America.
At 9:25 IST, the S&P BSE Sensex was up 128.61 points or 0.48% at 27,009.43. The index rose 178.88 points at the day's high of 27059.70 in early trade. The index rose 110.21 points at the day's low of 26991.03 in early trade.
The CNX Nifty was up 34.80 points or 0.47% at 8,065.35. The index hit a high of 8,081.05 in intraday trade. The index hit a low of 8,059.25 in intraday trade.
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The BSE Mid-Cap index was up 43.06 points or 0.45% at 9,643.46, underperforming the Sensex. The BSE Small-Cap index was up 75.56 points or 0.7% at 10,799.62, outperforming the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 948 shares rose while 235 shares declined. A total of 33 shares were unchanged.
L&T rose 0.35% after its wholly owned IT subsidiary -- L&T Infotech -- after trading hours yesterday, 28 October 2014, said it has completed the acquisition of Pune based Information Systems Resource Centre Pvt. Ltd. (ISRC). ISRC was a subsidiary of Otis Elevator Co., which is apart of UTC Building & Industrial Systems, a unit of United Technologies Corp. L&T Infotech plans to leverage the technology capability and experience of ISRC in order to enhance its value-add to UTC.
Bharat Heavy Electricals (Bhel) rose 0.47% after the company after trading hours yesterday, 28 October 2014, said it has secured a contract worth Rs 422 crore for setting up a 444 megawatts (MW) Hydro Electric Project (HEP) in Uttarakhand. Bhel's scope of work in the contract envisages engineering, procurement and construction of all hydro generating sets and associated electro mechanical works and is to be executed in a tight schedule of 48 months. The order has been placed by THDCIL, formerly known as Tehri Hydro Development Corporation.
Hero MotoCorp gained 1.39% after the company after trading hours yesterday, 28 October 2014, said that the company is confident of clocking over 90,000 units of scooters in retail sales in this month, which will be the company's all-time high monthly retail scooter sales. The company further said that it is raising scooter production capacity to about 1 lakh units per month by January 2015. Like the previous year, Hero MotoCorp is confident of clocking good double digit growth in scooters this year as well. The company has lined up two new scooter models for launch over the next few months, Hero MotoCorp said.
Separately, the Reserve Bank of India has on Tuesday, 28 October 2014, notified that foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of Hero MotoCorp under the Portfolio Investment Scheme. The Reserve Bank has stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. The purchases could be made through primary market and through stock exchanges.
TCS rose 0.19%. The stock turned ex-dividend today, 29 October 2014, for an interim dividend of Rs 5 per share for the year ending March 2015.
Oil and Natural Gas Corporation (ONGC) gained 0.83% after the company announced that it signed a Memorandum of Understanding (MOU) with Petrovietnam Exploration Production Corporation (PVEP - a wholly owned subsidiary of Vietnam Oil and Gas Group (Petrovietnam), for mutual cooperation for exploration in the NELP Blocks of ONGC in Andaman and Cauvery Basins, subject to due diligence and negotiations on terms of participation. The announcement was made after market hours on Tuesday, 28 October 2014.
ONGC Videsh also signed a Heads of Agreement (HOA) with PVEP for mutual cooperation for exploration in Blocks 102/10 & 106/10 of PVEP and Block 128 of ONGC Videsh in offshore Vietnam, subject to due diligence and negotiations on terms of participation, the company said.
ONGC Videsh forayed into Vietnam as early as 1988, when it was awarded the exploration license for Block 06.1. Presently the Block is producing natural gas. The company also got exploration Blocks 127 and 128 in 2006. Block 127 was relinquished after completing the work programme. Block 128 is currently under exploration, ONGC said in a statement.
State Bank of India rose 0.59% after the bank announced after market hours on Tuesday, 28 October 2014, that it has fixed 21 November 2014 as record date for 10-for-1 stock split.
The market may remain volatile in near future as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contract expire tomorrow, 30 October 2014.
Asian stocks rose today, 29 October 2014 before the Federal Reserve reviews monetary policy. Key benchmark indices in Indonesia, South Korea, Singapore, Japan, China, Hong Kong, and Taiwan were up 0.34% to 1.48%.
US stocks rose on Tuesday, 28 October 2014, as strong earnings eased concerns about the outlook for corporate America.
Among economic data, US consumer confidence data, hit its highest since 2007 in October. The report overshadowed a separate read that showed new orders for capital goods by US businesses fell the most in eight months in September.
A two-day meeting of the Federal Open Market Committee (FOMC) on US monetary policy review ends today, 29 October 2014. The Fed is expected to announce the end of quantitative easing after the meeting. Investors will be looking to see if the Fed drops the "considerable period" for keeping rates low at its two-day policy meeting. As several Fed officials have come out with dovish comments recently, investors largely expect that guidance to be reiterated.
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