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Sensex retains positive zone

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Capital Market
Last Updated : Apr 23 2014 | 11:56 PM IST

Firmness continued on the bourses in afternoon trade. The barometer index, the S&P BSE Sensex, was up 124.91 points or 0.55%, up close to 105 points from the day's low and off about 20 points from the day's high. The market breadth, indicating the overall health of the market was positive. The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 22 April 2014.

Most auto stocks edged higher. Realty stocks also gained.

The market opened on a positive note after provisional data released by the stock exchanges after trading hours on Tuesday, 22 April 2014, showed that foreign funds remained net buyers of Indian stocks on that day. The Sensex and the 50-unit CNX Nifty, both, hit record high. Key benchmark indices extended initial gains in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. Firmness continued on the bourses in afternoon trade.

The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 22 April 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 162.93 crore on Tuesday, 22 April 2014, as per provisional data from the stock exchanges.

Indian stocks may remain volatile during the remaining part of the trading session today, 23 April 2014, as traders roll over positions in the futures & options (F&O) segment from the near month April 2014 series to May 2014 series. The April 2014 F&O contracts expire today, 23 April 2014. The stock market remains closed tomorrow, 24 April 2014, on account of Parliamentary elections in Mumbai constituency.

At 13:20 IST, the S&P BSE Sensex was up 124.91 points or 0.55% at 22,883.28. The index jumped 143.28 points at the day's high of 22,901.65 in early afternoon trade, a lifetime high for the barometer index. The index rose 21.76 points at the day's low of 22,780.13 in early trade.

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The CNX Nifty was up 31.10 points or 0.47% at 6,847.45. The index hit a high of 6,861.60 in intraday trade, a lifetime high for the index. The index hit a low of 6,820.75 in intraday trade.

The market breadth, indicating the overall health of the market was positive. On BSE, 1,424 shares gained and 1,127 shares fell. A total of 151 shares were unchanged.

The BSE Mid-Cap index was up 34.65 points or 0.47% at 7,420.82, underperforming the Sensex. The BSE Small-Cap index was up 41.59 points or 0.55% at 7,670.69, matching the Sensex's performance in percentage terms.

L&T (up 2.38%), Bharat Heavy Electricals (Bhel) (up 1.85%) and Axis Bank (up 1.73%) edged higher from the Sensex pack.

Most auto stocks edged higher. Ashok Leyland (up 0.42%), Maruti Suzuki India (up 0.59%) and Mahindra & Mahindra (M&M) (up 1.31%) edged higher. Tata Motors fell 0.19%.

Shares of most two wheeler makers gained. TVS Motor Company (up 0.22%) and Hero MotoCorp (up 0.66%) gained. Bajaj Auto declined 0.04%.

Realty stocks gained. Housing Development & Infrastructure (HDIL) (up 0.77%), D B Realty (up 2.11%), Anant Raj (up 0.34%) and Unitech (up 0.3%) gained. DLF fell 1.31%.

In the foreign exchange market, the rupee edged lower against the dollar on importers' dollar purchases and on concern a decline in China's factory output will damp demand for the region's assets. The partially convertible rupee was hovering at 61.13, compared with its close of 60.76/77 on Tuesday, 22 April 2014.

The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.

A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.

European stocks were little changed in early trade on Wednesday, 23 April 2014, as data signaled a fourth month of contraction in Chinese manufacturing. Key benchmark indices in France and Germany were off 0.03% to 0.27%. In UK, the FTSE 100 index was up 0.06%.

Asian stocks edged lower on Wednesday, 23 April 2014, after Chinese manufacturing data signaled persisting weakness in the world's second-largest economy. Key benchmark indices in Taiwan, China, Indonesia, South Korea, Singapore and Hong Kong were off 0.16% to 0.81%. In Japan, the Nikkei 225 index was up 1.09%.

China's Purchasing Managers' Index for manufacturing was at 48.3 in April, compared with 48 in March, according to a preliminary reading published by HSBC Holdings Plc and Markit Economics today, 23 April 2014. A figure below 50 signals a contraction.

On Tuesday, 22 April 2014, China's central bank lowered reserve ratios at some rural lenders in the latest in a series of measures to help combat a slowing economy.

Trading in US index futures indicated that the Dow could advance 11 points at the opening bell on Wednesday, 23 April 2014. US stock markets edged higher Tuesday, 22 April 2014, with the S&P 500 extending its winning streak to six days, the longest streak of gains since September 2013. Investors welcomed better-than-expected results from Comcast Corp. and Harley-Davidson, Inc., while a flurry of deal news in the health-care sector added to positive sentiment.

In economic data, the sales pace of existing homes ticked down in March to the slowest rate since July 2012, according to data released Tuesday, 22 April 2014.

The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.

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First Published: Apr 23 2014 | 1:16 PM IST

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