Key benchmark indices were range bound at lower levels in afternoon trade. Weakness prevailed as European market opened lower. The S&P BSE Sensex continued to hover below the 28,000 mark. The Sensex was currently down 80.91 points or 0.29% at 27,951.94. The market breadth indicating the overall health of the market was weak. Shares of Anil Dhirubhai Ambani Group companies declined. Shares of tyre makers edged lower. Shares of jewellery exporters and retailers declined across the board.
The provisional data released by the stock exchanges after trading hours yesterday, 19 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 71.80 crore on that day.
In the global market, European shares declined on Thursday, hit by disappointing economic data in France and Germany. Asian stocks were mixed as China's manufacturing weakened and the latest Fed minutes reminded investors that US interest rates are likely to rise next year.
In the foreign exchange market, the rupee edged lower against the dollar, tracking the dollar's strength against major currencies.
Brent crude held above $78 a barrel as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting.
At 14:17 IST, the S&P BSE Sensex was down 80.91 points or 0.29% at 27,951.94. The index fell 117.62 points at the day's low of 27,915.23 in afternoon trade, its lowest level since 14 November 2014. The index rose 85.68 points at the day's high of 28,118.53, at onset of the trading session.
The CNX Nifty was down 18.80 points or 0.22% at 8,363.50. The index hit a low of 8,353.15 in intraday trade, its lowest level since 17 November 2014. The index hit a high of 8,410.10 in intraday trade.
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The BSE Mid-Cap index was down 50.62 points or 0.50% at 10,159.98. The BSE Small-Cap index was down 91.52 points or 0.81% at 11,277.03. Both theses indices underpeformed the Sensex.
The market breadth indicating the overall health of the market was weak. On BSE, 1,768 shares fell and 1,134 shares gained. A total of 98 shares were unchanged.
State-run NTPC fell 1.08% to Rs 142.55. The company announced during trading hours today, 20 November 2014, that it has launched an issue of $500 million fixed rate unsecured notes due 2024 which were priced on 19 November 2014. The notes carry a coupon of 4.375% per annum payable semi-annually and are of 10 years tenor. The notes are expected to be settled by 26 November 2014. The notes will be listed on the Singapore Stock Exchange. The proceeds will be used for capital expenditure purposes in accordance with the RBI guidelines and regulations, the company said in a statement.
Shares of Anil Dhirubhai Ambani Group companies declined. Reliance Communications (down 3.05%), Reliance Infrastructure (down 2.31%), Reliance Capital (down 1.8%), Reliance Power (down 1.71%) and Reliance Broadcast Network (down 0.07%), edged lower.
Shares of tyre makers edged lower. Dunlop India (down 5%), Falcon Tyres (down 2.42%), CEAT (down 1.70%), JK Tyre & Industries (down 1.46%), Apollo Tyres (down 0.95%) and MRF (down 0.66%), edged lower.
Shares of jewellery exporters and retailers declined across the board. C. Mahendra Exports (down 4.95%), Thangamayil Jewellery (down 3.68%), Rajesh Exports (down 3.25%), Gitanjali Gems (down 2.57%), Tribhovandas Bhimji Zaveri (down 2.04%), Tara Jewels (down 2.01%), PC Jeweller (down 1.58%), Titan Company (down 0.97%) and Shree Ganesh Jewellery House (down 0.59%), edged lower.
In the foreign exchange market, the rupee edged lower against the dollar, tracking the dollar's strength against major currencies. The partially convertible rupee was hovering at 62.04, compared with its close of 61.96 during the previous trading session.
Brent crude held above $78 a barrel as the market waited for news on possible cuts in oil output ahead of next week's OPEC meeting. Brent for January settlement was currently up 13 cents at $78.23 a barrel. The contract had lost 37 cents to finish at $78.10 a barrel yesterday, 19 November 2014.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
European shares declined on Thursday, hit by disappointing economic data in France and Germany. Key benchmark indices in UK, France and Germany were down by 0.10% to 0.35%.
France's manufacturing PMI survey missed expectations, although data for the services sector came in slightly ahead of forecasts. The preliminary Markit France Manufacturing purchasing managers' index (PMI) for November fell to 47.6 - a three-month low - down from 48.5 in October. The Services sector gave a slightly better reading than expected - 48.8, up from 48.3 in October and this helped to lift the overall composite PMI to 48.4 from 48.2 last month.
Germany's private sector has grown at the slowest rate in 16 months in November as manufacturing stagnates and services lose momentum, a survey showed on Thursday, signalling a weak fourth quarter for Europe's largest economy. Markit's flash composite Purchasing Managers' Index (PMI), which tracks growth in the manufacturing and services sectors that account for more than two-thirds of the economy, fell to 52.1 in November from 53.9 in October, marking a 16-month low.
Asian stocks were mixed as China's manufacturing weakened and the latest Fed minutes reminded investors that U.S. interest rates are likely to rise next year. Key benchmark indices in Japan and Taiwan were up 0.07% to 1.29%. Key benchmark indices in Indonesia, Hong Kong, Singapore and South Korea were off 0.10% 0.82%.
China's Shanghai Composite was up 0.07%. The China flash HSBC/Markit manufacturing purchasing managers' index published on Thursday showed factory output contracted in the world's third-biggest economy for the first time in six months. The preliminary HSBC China Manufacturing Purchasing Managers Index fell to 50.0 in November, compared with a final reading of 50.4 in October, HSBC Holdings PLC said Thursday. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
Trading in US index futures indicated that the Dow could fall 38 points at the opening bell today, 20 November 2014. US stocks edged lower on Wednesday, 19 November 2014, as minutes from the most recent Federal Reserve meeting gave investors few new clues as to when US interest rates may rise. The S&P 500 snapped a four-day run of gains and a two-day streak of record closing highs. Minutes of the US central bank's October 28-29 meeting, where policymakers decided to finally end their bond-buying stimulus, indicated a debate among policymakers over the outlook for inflation and the economy.
Following the release of the minutes, US short-term interest-rate futures traders were still betting on a first Fed rate hike by September next year. Tech names were among the biggest drags on the market, with the Nasdaq underperforming both the Dow and S&P 500.
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