Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over on week. Positive Asian stocks boosted sentiment. The S&P BSE Sensex was up 282.77 points or 1.38%, up 111.10 points from the day's low and off 20.31 points from the day's low. The market breadth, indicating the overall health of the market, was strong. .
Index heavyweight and cigarette major ITC extended early gain. Reliance Industries also extended its early rise. Bank stocks rose across the board.
Key benchmark indices surged in early trade on positive Asian stocks. Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over on week.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
At 10:18 IST, the S&P BSE Sensex was up 282.77 points or 1.38% to 20,681.69. The index gained 302.58 points at the day's high of 20,702 in morning trade, its highest level since 8 November 2013. The index rose 130.44 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 80.40 points or 1.33% to 6,136.55. The index hit a high of 6,145.45 in intraday trade, its highest level since 8 November 2013. The index hit a low of 6,110.40 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,171 shares gained and 553 shares fell. A total of 84 shares were unchanged.
The total turnover on BSE amounted to Rs 418 crore by 10:20 IST compared to Rs 183 crore by 09:30 IST.
Among the 30-share Sensex pack, 27 stocks gained and only three of them declined.
Coal India (down 0.77%), Tata Motors (down 0.51%) and Sesa Sterlite (down 0.34%) edged lower from the Sensex pack.
Index heavyweight and cigarette major ITC rose 1.94%, with the stock extending early gain.
Reliance Industries gained 1.87%, with the stock extending early rise.
Bank stocks rose across the board. Among private bank stocks, HDFC Bank (up 2.66%), Kotak Mahindra Bank (up 1.7%), Axis Bank (up 2.09%), Yes Bank (up 2.36%), and ICICI Bank (up 2.65%) gained.
Among PSU bank stocks, State Bank of India (SBI) (up 1.32%), Punjab National Bank (up 1.11%), Bank of Baroda (up 1.31%), Bank of India (up 3.68%) and Union Bank of India (up 3.01%) edged higher.
NTPC rose 0.75%. The company during trading hours today, 18 November 2013 said that its Farakka Super Thermal Power Station in West Bengal had started the movement of imported coal by barges through inland waterway. The first set of 3 barges carrying about 1,500 tonnes each of imported coal has berthed near Farakka station on 13 November 2013. NTPC said it will transport 3 MMTPA of coal through inland waterway to Farakka station for 7 years.
GlaxoSmithKline Pharmaceuticals (GSK) rose 1.12%. The company after market hours on Thursday, 14 November 2013 announced a new Rs 864 crore [85 million pound] factory creating 250 jobs in India as part of its continued commitment to ensuring access to medicines for people in the country.
During a visit to India on Thursday, 14 November 2013 to take part in a conference of international business leaders, GSK Chief Executive Officer Sir Andrew Witty said the location of the new factory is yet to be finalised, but that the lead site is in Bangalore.
GSK will partner with local design and construction companies to build a state of the art manufacturing facility which is expected to benefit from leading edge technologies including continuous manufacturing and automated systems.
The announcement is GSK's latest commitment to its manufacturing network in India where the company has invested Rs 1017 crore [100 million pound] over the last decade. GSK is proactively building capacity in the country as it delivers its portfolio of products in areas such as gastroenterology and anti-inflammatory medicines. When complete the new factory will make pharmaceutical products for the Indian market at a rate of up eight billion tablets and one billion capsules a year. The facility, expected to be operational by 2017, will also include a warehouse, site infrastructure and utilities to support the manufacturing and packing of the medicines.
Around 8500 people work in India for GSK. The company is a leader in dermatology and vaccines, with vaccines such as Rotarix against severe diarrhoea, and Synflorix used to protect children against streptococcus pneumonia. In addition, GSK's consumer business continues to be a market leader with six billion cups of its best known product Horlicks consumed by over 30 million households every year.
Sir Andrew said: GSK is a long-standing investor in India and we fully support the Government in their efforts to increase access to affordable medicines and to improve healthcare. This new facility will substantially increase the capacity of our manufacturing base and enable us to bring more medicines to the people of India.
Bosch fell 0.88%. The company on Friday, 15 November 2013 said that workmen of the company's Bangalore plant have resorted to a 'Tool Down' strike with effect from second shift of 14 November 2013, without giving any prior notice to management. In view of the Union's illegal and unjustified strike, the management of the company has decided to shut down plant operations for workmen at Bangalore plant with effect from night shift of 14 November 2013 till further notice. Efforts are in hand to resolve the matter and restore normalcy at the earliest, the company said.
In the foreign exchange market, the rupee strengthened against the dollar on positive global cues, after dovish comments last week from Fed Chairman-nominee Janet Yellen assure markets there will be no imminent decision to scale back the Fed's massive bond-buying programme.
The partially convertible rupee was hovering at 62.80, stronger compared to its close of 63.11/12 on Thursday, 14 November 2013. Financial markets were closed on Friday, 15 November 2013 on account of Moharram.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
Asian markets were trading higher following firm cues from Wall Street. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan, Indonesia and South Korea rose by 0.24% to 2.17%.
Meanwhile, China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
Trading in US index futures indicated that the Dow could fall 13 points at the opening bell on Monday, 18 November 2013. US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets. That boosted stocks globally on Thursday and continued to contribute to positive sentiment on Friday.
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