Key benchmark indices were trading just a tad higher for the day in early afternoon trade, having pared gains after an initial upmove took the indices to record high. The barometer index, the S&P BSE Sensex, was currently up 18.46 points or 0.07% at 26,409.44. The market breadth indicating the overall health of the market was positive. Asian stocks were up after a rally in US stocks on Monday, 18 August 2014. Cement stocks were in demand with ACC hitting record high. Among pharma stocks, Lupin scaled record high. Among auto stocks,Tata Motors hit lifetime high. Tyre stocks rose.
Key benchmark indices gave away almost entire intraday gains in early afternoon trade after a further decline in crude oil prices and a rally in US stocks on Monday, 18 August 2014, triggered a firm opening and took the Sensex and the 50-unit CNX Nifty to record high.
At 12:16 IST, the S&P BSE Sensex was up 18.46 points or 0.07% to 26,409.44. The index jumped 139.71 points at the day's high of 26,530.67 in early trade, a record high for the index. The index rose 4.21 points at the day's low of 26,395.17 in early afternoon trade.
The CNX Nifty was up 13.70 points or 0.17% to 7,887.95. The index hit a high of 7,918.55 in intraday trade, a record high for the index. The index hit a low of 7,881.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,414 shares gained and 1,131 shares fell. A total of 115 shares were unchanged.
The BSE Mid-Cap index was up 76.95 points or 0.84% at 9,247.29. The BSE Small-Cap index was up 88.62 points or 0.88% at 10,136.09. Both these indices outperformed the Sensex.
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Cement stocks were in demand. Ambuja Cements (up 1.23%), UltraTech Cement (up 0.31%) and Shree Cement (up 1.78%) gained.
ACC rose 0.2% to Rs 1,510.75 after hitting record high of Rs 1,527.80 in intraday trade.
Grasim Industries was up 1.04%. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
Lupin rose 0.53% to Rs 1,206.90 after hitting record high of Rs 1,215 in intraday trade.
Tata Motors gained 1.86% to Rs 513.25 after hitting record high of Rs 513.70 in intraday trade. The company after market hours on Thursday, 14 August 2014, said that its global wholesales declined 8.46% at 80,151 units in July 2014 over July 2013. Global wholesales rose 5.98% at 80,151 units in July 2014 over June 2014.
Tyre stocks rose. Apollo Tyres (up 0.88%), JK Tyre & Industries (up 1.92%), MRF (up 0.9%) and CEAT (up 5.94%) gained.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 473.42 crore on Monday, 18 August 2014, as per provisional data from the stock exchanges.
Meanwhile, India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. Brent crude oil futures edged up towards $102 a barrel today, 19 August 2014, but stayed near a 14-month low reached in the previous session on weak demand and easing concerns over risks to supply. The October Brent crude contract was up 28 cents at $101.88 a barrel. The contract fell $1.93 a barrel to settle at $ 101.60 a barrel on Monday, 18 August 2014, after Iraqi Kurds recaptured a large chunk of the biggest dam in the country from Islamist militants, with help from US air power.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.7325, compared with its close of 60.78 on Thursday, 14 August 2014. The currency market remained close on Friday, 15 August 2014, and Monday, 18 August 2014 on account of holidays.
India reportedly called off on Monday, 18 August 2014, peace talks with Pakistan, giving a jolt to renewed diplomatic efforts between the two nuclear-armed neighbours and adding to the troubles of Pakistan's beleaguered government. India said it would not attend talks involving the foreign secretaries of the two countries, which had been set to take place on 25 August 2014 in Islamabad, because of plans by Pakistan to consult Kashmiri separatists ahead of the meeting.
Asian stocks rose today, 19 August 2014, after a rally in US stocks on Monday, 18 August 2014, triggered by upbeat US housing data and hopes of progress in the Ukraine crisis. Key benchmark indices in South Korea, Taiwan, Singapore, Japan, and Indonesia were up 0.12% to 1.12%. China's Shanghai Composite was off 0.43%. Hong Kong's Hang Seng fell 0.02%.
Trading in US index futures indicated that the Dow could gain 33 points at the opening bell on Tuesday, 19 August 2014. US stocks registered solid gains on Monday, 18 August 2014, helped by deal news and easing Ukraine-Russia tensions. A better-than-expected reading on the housing market also boosted sentiment and kicked off a big week for economic data. US homebuilder sentiment rose in August to its highest since January, the National Association of Home Builders said on Monday, marking a third straight monthly gain.
The minutes from the last Federal Open Market Committee meeting will be released tomorrow, 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.
Foreign ministers from Russia, Ukraine, Germany, and France gathered in Berlin over the weekend to discuss talks for a ceasefire or a political solution in Ukraine, and Russia's Foreign Ministry said on Monday a 'certain progress' was achieved during the talks.
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