Volatility ruled the roost as key benchmark indices once again pared gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 74.61 points or 0.37%, off 84.46 points from the day's high and up 57.07 points from the day's low. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee reversed initial losses against the dollar in choppy trade.
Bajaj Auto reversed initial gains. ICICI Bank also reversed intraday gains. Pharma major Sun Pharmaceutical Industries trimmed intraday losses in volatile trade. Steel stocks rose on renewed buying. Shares of Tata group organised retailer Trent jumped. Shares of other organised retailers also gained.
A bout of initial volatility was witnessed as key benchmark indices edged higher on firm Asian stocks. The 50-unit CNX Nifty regained the psychological 6,000 mark. Key benchmark indices trimmed initial gains and hit fresh intraday low in morning trade. Volatility continued as key benchmark indices regained strength after trimming intraday gains in mid-morning trade. Key benchmark indices extended intraday gains and hit fresh intraday high in early afternoon trade. Volatility continued as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. Volatility ruled the roost as key benchmark indices once again pared gains in mid-afternoon trade.
At 14:20 IST, the S&P BSE Sensex was up 74.61 points or 0.37% to 20,303.66. The index jumped 159.07 points at the day's high of 20,388.12 in early afternoon trade. The index rose 17.54 points at the day's low of 20,246.59 in mid-morning trade.
The CNX Nifty was up 22.60 points or 0.38% to 6,021.65. The index hit a high of 6,049.60 in intraday trade. The index hit a low of 6,003.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,209 shares gained and 1,113 shares fell. A total of 153 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined.
More From This Section
Bajaj Auto fell 1.04% to Rs 1,915, with the stock reversing initial gain. The stock hit a high of Rs 1,947.35 and low of Rs 1,912.90 so far during the day.
ICICI Bank shed 0.47% to Rs 1,024.85, with the stock reversing intraday gain. The stock hit a high of Rs 1,044.40 and low of Rs 1,020 so far during the day.
Pharma major Sun Pharmaceutical Industries trimmed intraday losses in volatile trade. The stock was off 0.48% to Rs 579. The stock hit a high of Rs 583 and low of Rs 569.10 so far during the day.
Steel stocks rose on renewed buying. Tata Steel (up 2.21%), Sail (up 2.9%), Jindal Steel & Power (up 1.59%) and Bhushan Steel (up 1.13%) gained. JSW Steel fell 0.78%.
Shares of Tata group organised retailer Trent jumped 11.92% to Rs 1,068.20.
Shares of other organised retailers also gained. Future Retail (up 1.1%) and Shoppers Stop (up 0.95%) gained.
Cadila Healthcare (up 3.22%), Strides Arcolabs (up 3.22%), Aditya Birla Nuvo (up 2.94%), Apollo Tyres (up 2.85%) and Jain Irrigation Systems (up 2.7%) edged higher from the BSE's 'A' group.
In the foreign exchange market, the rupee reversed initial losses against the dollar in choppy trade. The partially convertible rupee was hovering at 62.92, compared with its close of 62.93/94 on Thursday, 21 November 2013. The rupee had weakened past 63 against the dollar earlier during the day.
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.
European stock markets climbed on Friday, 22 November 2013, recovering from small losses seen the prior day, as investors waited for data on German business confidence, the Ifo index, due later in the global day. Key benchmark indices in UK, France and Germany were up 0.19% to 0.55%.
Data released today, 22 November 2013, showed that German GDP growth slowed to 0.3% in the third quarter from 0.7% in the prior three-month period.
Asian stocks edged higher on Friday, 22 November 2013, as positive political and economic news from the US supported sentiment. Key benchmark indices in Taiwan, Hong Kong, Japan, Singapore and South Korea rose by 0.04% to 0.62%. Key benchmark indices in Indonesia and China fell 0.42% to 0.43%.
Bank of Japan (BOJ) Governor Haruhiko Kuroda said in parliament today, 22 November 2013, that the yen isn't excessively weak. Inflation will hit the BOJ's 2% target in the latter half of the central bank's two-year time frame and policy makers will adjust its bond-buying program as needed, he said. The central bank yesterday maintained its unprecedented monetary policy.
Trading in US index futures indicated that the Dow could advance 18 points at the opening bell on Friday, 22 November 2013. The Dow Jones Industrial Average achieved its first-ever close above 16,000 on Thursday, 21 November 2013, as US stocks rallied boosted by better-than-expected data on weekly jobless claims and as investors reconsidered their concerns about the Federal Reserve's potential reduction in its bond-buying program.
The Labor Department said weekly jobless claims fell by 21,000 to 323,000. In addition, wholesale prices dropped 0.2% last month. On the downside, the Philadelphia Fed's index of manufacturing conditions dropped to 6.5 in November.
The US Senate Banking Committee on Thursday, 21 November 2013, voted 14-8 to approve Janet Yellen as the next chairman of the Fed, sending the nomination to the full Senate for approval.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. Minutes from the Federal Reserve's October meeting released this week signaled US stimulus may be reduced in coming months. Fed Bank of St. Louis President James Bullard on Thursday, 21 November 2013, said a cutback in the US central bank's bond-purchase program is "on the table" for policy makers' December meeting.
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.
Powered by Capital Market - Live News