A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 54.74 points or 0.21% at 26,365.93. The market breadth indicating the overall health of the market was positive. The BSE Small-Cap index was up more than 1%. Among cement shares, ACC scaled record high. Capital goods stocks were mixed. BEML fell as the stock turned ex-dividend. European stocks fell after minutes of Bank of England's latest policy meeting showed two members voted for interest-rate hike. Asian stocks rose after strong US housing data lifted US stocks on Tuesday, 19 August 2014. However, the gains for key indices in Asian were small. Brent crude rose after hitting 14-month low yesterday, 19 August 2014.
Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
At 14:21 IST, the S&P BSE Sensex was down 54.74 points or 0.21% at 26,365.93. The index fell 118.53 points at the day's low of 26,302.14 in mid-afternoon trade, its lowest level since 18 August 2014. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session.
The CNX Nifty was down 17.25 points or 0.14% at 7,886.15. The index hit a low of 7,866.80 in intraday trade, its lowest level since 18 August 2014. The index hit a high of 7,922.70 in intraday trade, lifetime high for the index.
The market breadth indicating the overall health of the market was positive. On BSE, 1,559 shares gained and 1,287 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index was up 24.36 points or 0.26% at 9,295.22. The BSE Small-Cap index was up 103.25 points or 1.02% at 10,272.05. Both these indices outperformed the Sensex.
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ACC rose 0.62% to Rs 1,532.50 after hitting record high of Rs 1,544.95 in intraday trade.
Capital goods stocks were mixed. ABB (India) (up 0.99%), Bharat Heavy Electricals (Bhel) (up 0.46%) and Siemens (up 0.13%) gained. L&T (down 0.71%), Crompton Greaves (down 1.9%) and Thermax (down 1.79%) declined.
BEML fell 0.73% as the stock turned ex-dividend today, 20 August 2014, for dividend of Re 1 per share for the year ended 31 March 2014.
In the foreign exchange market, the rupee was a tad higher against the dollar. The partially convertible rupee was hovering at 60.655, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. The October Brent crude contract was up 75 cents at $102.31 a barrel. The contract fell 4 cents a barrel to settle at $101.56 a barrel yesterday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.39 crore on Tuesday, 19 August 2014, as per provisional data from the stock exchanges.
European stocks fell after minutes of Bank of England's latest policy meeting showed two members voted for interest-rate hike. Key benchmark indices in UK, France and Germany were down 0.31% to 0.43%.
The Bank of England (BOE) in its minutes from August policy meeting published in London today, 20 August 2014, said the policy makers were split on rate increase. The push for a rate rise by Martin Weale and Ian McCafferty, two external members of the nine-member Monetary Policy Committee, will reinforce expectations that the BOE remains on course to lift borrowing costs early next year.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, South Korea and Indonesia were up 0.03% to 0.48%. China's Shanghai Composite fell 0.23%.
Trading in US index futures indicated that the Dow could fall 23 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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