Firmness continued on the bourses in afternoon trade. The barometer index, the S&P BSE Sensex was up 249.05 points or 1.21%, off about 36 points from the day's high and up close to 225 points from the day's low. All the thirteen sectoral indices on BSE were in the green. The market breadth, indicating the overall health of the market, was positive.
The market surged in early trade. The market extended initial gains and hit fresh intraday high in morning trade. The Sensex, and the 50-unit CNX Nifty, both, hit their highest level in more than a week. The Sensex trimmed gains after hitting fresh intraday high in mid-morning 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 Thursday, 28 November 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 102.91 crore on Thursday, 28 November 2013, as per provisional data from the stock exchanges.
Domestic institutional investors (DIIs) bought shares worth a net Rs 330.51 crore on Thursday, 28 November 2013, as per provisional data from the stock exchanges.
At 13:16 IST, the S&P BSE Sensex was up 249.05 points or 1.21% to 20,783.96. The index jumped 284.86 points at the day's high of 20,819.77 in mid-morning trade, its highest level since 20 November 2013. The index gained 24.02 points at the day's low of 20,558.93 in early trade.
The CNX Nifty was up 82.10 points or 1.35% to 6,173.95. The index hit a high of 6,182.40 in intraday trade, its highest level since 20 November 2013. The index hit a low of 6,103.80 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,352 shares rose and 926 shares dropped. A total of 161 shares were unchanged.
From the 30-share Sensex pack, 27 rose and only three shares fell. Sesa Sterlite (up 3.79%), State Bank of India (up 3.13%), ICICI Bank (up 2.82%), GAIL (India) (up 2.44%), Bhel (up 2.39%), Cipla (up 2.01%), ITC (up 1.79%) and Tata Power (up 1.66%), edged higher from the Sensex pack.
M&M (down 0.32%), Wipro (down 0.18%) and Tata Motors (down 0.01%), edged lower from the Sensex pack.
Shoppers Stop jumped 5.75% to Rs 340 after IDFC Mutual Fund's IDFC Premier Equity Fund bought 9.99 lakh shares of Shoppers Stop at Rs 321.25 through a bulk deal on the NSE on Thursday, 28 November 2013. Eastspring Investments India Equity Open sold 7.58 lakh equity shares of Shoppers Stop on NSE at Rs 321.25 per share.
Jaiprakash Associates (up 6.97%), Power Finance Corporation (up 5.25%), Syndicate Bank (up 4.64%), NMDC (up 4.61%) and Bank of Baroda (up 4.51%), were among the leading gainers in the BSE's 'A' group.
In the foreign exchange market, the rupee edged lower against the dollar in volatile trade. The partially convertible rupee was hovering at 62.57, lower than its close of 62.41/42 on Thursday, 28 November 2013.
The yield on 10-year benchmark federal paper, 7.16% GS 2023, was once again above the 9% level after falling below that mark earlier during the day. The yield on 7.16% GS 2023 was hovering at 9.0363%, higher than its close of 9.0138% on Thursday, 28 November 2013. Bond yields and bond prices are inversely related.
On macro data front, the government unveils Q2 September 2013 GDP growth data after trading hours today, 29 November 2013. The GDP growth for Q2 September 2013 is projected at 4.7%, as per the median estimate of a poll of economists carried out by Capital Market. India's GDP grew at its slowest pace in four years at 4.4% in Q1 June 2013.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Asian stocks edged lower in choppy trade on Friday, 29 November 2013. Key benchmark indices in Indonesia, South Korea, Singapore, and Japan were down 0.04% to 0.41%. Key benchmark indices in China, Hong Kong and Taiwan were up 0.05% to 0.53%.
Consumer prices excluding fresh food, the Bank of Japan's gauge for its 2 percent inflation target, rose 0.9% in October from a year earlier, a fifth straight gain, according a government report today.
Trading in US index futures indicated that the Dow could advance 40 points at the opening bell on Friday, 29 November 2013. The US stock market will close early at 1:00 p.m. today, 29 November 2013. The market was closed on Thursday, 28 November 2013, for the Thanksgiving holiday.
Investors are keeping a close watch on economic data in the United States as the Federal Reserve monitors the pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been aimed at encouraging growth. The US government will release the influential US non-farm payrolls data for November 2013 on 6 December 2013. The Fed has said improvement in the labor market is a key factor in its policy assessment.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
In Europe, global credit rating agency Standard & Poor's today, 29 November 2013, revised up its outlook on Spain to stable from negative, and affirmed its BBB sovereign-debt rating. "The stable outlook incorporates our view that Spain's credit metrics are stabilizing and that we currently see less than a one-in-three probability of the rating moving up or down over the next two years," said S&P in a press release. S&P said it sees improvement in Spain's external position as growth resumes, and expects GDP will contract by 1.2% in 2013, but then slowly recover, with 0.8% growth in 2014 and 1.2% in 2015, helped largely by robust exports. S&P said Spain's government will broadly meet its budgetary deficit target of 5.8% of GDP in 2014.
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