Key benchmark indices held firm in mid-morning trade. The Sensex was currently up 202.68 points or 0.75% at 27,229.38. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. State-run upstream oil companies gained after crude oil dropped on Friday, 5 September 2014. Bharti Airtel rose after the company through its subsidiary announced an agreement with Eaton Towers for the divestment of telecoms towers.
After opening on a firm note, market extended gains with the barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, scaling record high.
At 11:20 IST, the S&P BSE Sensex was up 202.68 points or 0.75% at 27,229.38. The index gained 222.09 points at the day's high of 27,248.79 in morning trade, a record high for the barometer index. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 53.25 points or 0.66% at 8,140.10. The index hit a high of 8,149.25 in intraday trade, a record high for the index. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,803 shares gained and 724 shares fell. A total of 90 shares were unchanged.
The BSE Mid-Cap index rose 72.26 points or 0.75% to 9,741.02, underperforming the Sensex. The BSE Small-Cap index rose 160.98 points or 1.51% to 10,788.05, outperforming the Sensex.
The total turnover on BSE amounted to Rs 1413 crore by 11:15 IST compared to Rs 936 crore by 10:15 IST.
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Among the 30-share Sensex pack, 27 stocks gained and rest of them declined.
Hindalco Industries (up 1.94%), Hindustan Unilever (up 1.66%) and TCS (up 1.46%) edged higher from the Sensex pack.
State-run upstream oil companies gained after crude oil dropped on Friday, 5 September 2014.
ONGC (up 2.4%), GAIL (India) (up 1.32%) and Oil India (up 2.29%) gained.
State run upstream companies share a part of the under recoveries of PSU OMCs by allowing discount in the prices of crude oil, PDS kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
Bharti Airtel rose 0.86%. Bharti Airtel [through its subsidiary company Bharti Airtel International (Netherlands) BV (Airtel)] and Eaton Towers, a leading independent telecoms tower company in Africa, today, 8 September 2014 announced an agreement for the divestment of over 3500 telecoms towers from Airtel to Eaton Towers.
The agreements will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction, and will significantly reduce its on-going capital expenditure on passive infrastructure, the company said.
For Eaton Towers, the acquisition is a major step towards the scale needed to provide shared telecoms infrastructure solutions, with its customers benefiting from lower operating costs, expanded network coverage and capacity and improved quality of service, it added.
The agreements are subject to statutory and regulatory approvals in the respective countries, Bharti Airtel said.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
Brent crude oil futures edged higher today, 8 September 2014. Brent for October settlement was up 7 cents at $100.89 a barrel. The contract fell $1.01, or 1%, at $100.82 a barrel on Friday, 5 September 2014, after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In the foreign exchange market, the rupee edged higher against the dollar increased selling of the American unit by exporters and banks amid sustained foreign fund inflows. The partially convertible rupee was hovering at 60.25, compared with its close of 60.4050 on Friday, 5 September 2014.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.14% to 0.15%. Key benchmark indices in Japan and Indonesia rose 0.07% to 0.61%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Monday, 8 September 2014. US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
The European Union (EU) reportedly said on Friday, 5 September 2014 it had agreed on a tough new package of economic sanctions against Russia, despite a ceasefire between government forces and pro-Kremlin rebels in Ukraine. The sanctions tighten existing measures imposed in July, targeting more individuals with travel bans and asset freezes, as well as tightening access to capital markets for Russian oil and defence companies. The new EU sanctions will be formally approved on Monday, 8 September 2014 although the full details of the people and organisations targeted will not be released for another day.
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