Volatility continued as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 38.98 points or 0.15%, off 35.53 points from the day's high and up 99.81 points from the day's low. The market breadth indicating the overall health of the market was negative.
Cairn India rose as Brent crude traded near nine-month high. TVS Motor Company scaled record high after the company announced the launch of its all new motorcycle, StaR HLX 125, in Tanzania. Sugar stocks gained on renewed buying.
At 12:15 IST, the S&P BSE Sensex was up 38.98 points or 0.15% to 25,240.78. The index gained 74.51 points at the day's high of 25,276.31 in early afternoon trade. The index fell 60.83 points at the day's low of 25,140.97 in mid-morning trade.
The CNX Nifty was up 7.45 points or 0.1% to 7,548.15. The index hit a high of 7,560.55 in intraday trade. The index hit a low of 7,520.10 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,320 shares declined and 1,269 shares gained. A total of 108 shares were unchanged.
The BSE Mid-Cap index was up 32.97 points or 0.37% at 9,030.32, outperforming the Sensex. The BSE Small-Cap index was up 15.13 points or 0.15% at 9,858.11, matching Sensex's gain.
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The total turnover on BSE amounted to Rs 1380 crore by 12:15 IST on BSE, compared with Rs 1023 crore by 11:15 IST.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
Axis Bank (up 1.87%), Bajaj Auto (up 1.12%) and Coal India (up 1.05%) edged higher from the Sensex pack.
Larsen & Toubro (L&T) shed 0.58%. Ashok Leyland rose 0.09%. Ashok Leyland Defence Systems, Nexter Systems and L&T have signed a consortium agreement to collaborate for the Mounted Gun System (MGS) artillery programme of the Indian Army, the three companies said in a joint statement today, 20 June 2014. The partnership was signed at Eurosatory, one of the world's largest defence exhibitions. Under the agreement, L&T will act as the prime contractor and Nexter will transfer the final integration and production of the MGS artillery system in India to L&T.
The artillery system proposed by the consortium for the MGS programme is a version of the well-known CAESAR artillery System on 6x6 Super Stallion chassis from Ashok Leyland.
The partnership among the three companies is based on delivering the best solution and value to the Indian Army. The customization of the systems to fulfill specific Indian requirements will be done in cooperation between the three companies.
Cairn India rose as Brent crude traded near nine-month high. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India. The stock was up 1.21%.
State-run oil exploration giant ONGC rose 1.18%.
TVS Motor Company advanced 2.29% to Rs 147.80 after scaling a record high of Rs 150.30 in intraday trade. The company announced the launch of its all new motorcycle, StaR HLX 125, in Tanzania after market hours on Thursday, 19 June 2014.
Designed especially to suit riding conditions in the African continent, StaR HLX 125 is an ideal combination of power, mileage and comfort, TVS Motor Company said in a statement. The company currently exports its StaR range, Max range, Victor range, Apache RTR 160, Apache RTR 180 and Jive to African markets. StaR HLX 125 is now being introduced in Tanzania.
Sugar stocks gained on renewed buying. Triveni Engineering & Industries (up 5.95%), Shree Renuka Sugars (up 5.67%), Dhampur Sugar Mills (up 5.59%), Sakthi Sugars (up 4.95%), Simbhaoli Sugar Mills (up 4.04%), Bajaj Hindusthan (up 3.96%), Dwarikesh Sugar Industries (up 3.82%) and Balrampur Chini Mills (up 3.28%) edged higher.
Volatility struck bourses in early trade as the key benchmark indices reversed initial gains only to regain positive zone later. Volatility continued in morning trade as the key benchmark indices reversed intraday gain. Key benchmark indices regained positive zone after hitting intraday low in mid-morning trade. Volatility continued as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade.
Increase in crude oil prices has sparked worries about India's macroeconomic situation as India imports majority of its crude oil requirements. Increase in crude oil prices has raised concerns of increase in fuel price inflation and increase in India's current account deficit and fiscal deficit
Militant violence in Iraq which is a key oil exporter in the world, has sent crude prices higher over the past few days. Brent crude futures for August delivery were down 6 cents at $115 a barrel today, 20 June 2014. The contract gained 80 cents to settle at $115.06 a barrel yesterday, 19 June 2014, the highest close since 6 September 2013.
The United States on Thursday, 19 June 2014, said it will send military advisers to Iraq to support Iraqi security forces and create joint operation centers in Baghdad and northern Iraq. The United States is prepared to make targeted air strikes in Iraq, he said, maintaining that ground troops would not be returning to the country.
Closer home, India's Ministry of Petroleum & Natural Gas on Thursday, 19 June 2014, said that there is no disruption in supply of crude oil from Iraq to India so far. Crude supplies to India from Iraq come from the Basra oilfields which are situated well away from the conflict zone in the north-eastern part of Iraq and loading of crude oil shipments from the Basra oil terminal continues normally, the oil ministry said. Nonetheless, the PSU OMCs have been asked to prepare a contingency plan both for the short and medium term including diversification of their resources for import of crude oil in order to minimize the impact of any geo-political instability in the middle-east, the oil ministry said.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 420.51 crore on Thursday, 19 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged lower against the dollar as crude rose on Thursday, 19 June 2014. The partially convertible rupee was hovering at 60.30, compared with its close of 60.08/09 on Thursday, 19 June 2014.
The monsoon has covered half of the country four days behind the usual schedule. Meanwhile, all India seasonal rainfall from 1 to 18 June 2014 was 45% below long period average, the India Meteorological Department said on its website on Thursday, 19 June 2014. The weather office has forecast below average rainfall in 2014 due to fears of El Nino, a weather event marked by the warming of sea surface temperatures in the Pacific Ocean that can lead to droughts in the Asia Pacific region including India.
Asian stocks edged lower on Friday, 20 June 2014. Key benchmark indices in China, Japan, Indonesia, Singapore, Taiwan and South Korea fell by 0.14% to 1.2%. In Hong Kong, the Hang Seng index rise 0.21%.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell on Friday, 20 June 2014. Most US stocks ended with modest gains on Thursday, 19 June 2014. With miniscule gains, the S&P 500 finished at a record level for the 21st time this year.
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