Key benchmark indices languished in red in afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 52.95 points or 0.2% at 26,384.07. The market breadth indicating the overall health of the market was weak. Bank stocks declined for the second day in a row. FMCG stocks advanced. Tech Mahindra gained after a media report suggested that the company expects its digital unit to contribute more than $500 million to revenue by 2015. ONGC dropped on reports that the government is considering offering higher discounts in the forthcoming big-ticket public offers of state-owned ONGC and Coal India.
Earlier during the day, key indices had moved into positive zone from negative zone after a weak start.
European shares dropped in early trade after previous session's sharp gains that were fuelled by prospects of further stimulus measures from the European Central Bank. Asian stocks declined in volatile trade. Brent crude oil prices rose for the second day in a row ahead of weekly US oil inventory data from the American Petroleum Institute
At 13:14 IST, the S&P BSE Sensex was down 52.95 points or 0.2% at 26,384.07. The index dropped 105.19 points at the day's low of 26,331.83 in early trade, its lowest level since 21 August 2014. The index rose 44.95 points at the day's high of 26,481.97 in morning trade.
The CNX Nifty was down 22.50 points or 0.28% to 7,883.80. The index hit a low of 7,871.65 in intraday trade, its lowest level since 21 August 2014. The index hit a high of 7,915.45 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,717 shares fell and 999 shares rose. A total of 113 shares were unchanged.
The BSE Mid-Cap index was down 24.22 points or 0.26% at 9,256.88. The BSE Small-Cap index was down 83.20 points or 0.81% at 10,172.18. Both these indices underperformed the Sensex.
ONGC lost 3.08% at Rs 415.55. As per reports, the goverment is considering offering higher discounts in the forthcoming big-ticket public offers of state-owned ONGC and Coal India.
Bank stocks declined. Yes Bank (down 2.63%), Bank of India (down 2.25%), Canara Bank (down 1.22%), IndusInd Bank (down 0.7%), Federal Bank (down 1.47%), Punjab National Bank (down 1.83%), Axis Bank (down 1.08%), Bank of Baroda (down 1.31%), ICICI Bank (down 0.82%), State Bank of India (down 1.17%) and HDFC Bank (down 0.13% at Rs 842.30) edged lower.
FMCG stocks advanced. Hindustan Unilever (up 1.64%), Dabur India (up 2.15%), Marico (up 1.63%), Colgate-Palmolive (India) (up 0.81%), Nestle India (up 0.05%), and Godrej Consumer Products (up 3.09%) edged higher.
Tech Mahindra rose 1.86% after a media report suggested that the company expects its digital unit to contribute more than $500 million to revenue by 2015, as the company moves towards its goal of achieving a $5 billion top line by that time.
CEAT lost 0.32%. The company's board of directors at its meeting held today, 26 August 2014, subject to the approval of the shareholders of the company at the ensuing Annual General Meeting, approved raising of an amount not exceeding Rs 500 crores through further issue of securities including equity shares or foreign currency convertible bonds (FCCBs) or American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) or fully or partly convertible debentures, non convertible debentures, preference shares convertible into equity shares or any other equity linked securities, by way of one or more public or private offerings (including through a Qualified Institutions Placement).
Chambal Fertilizers & Chemicals lost 1.01% after the during market hours said that one of the company's urea plants at Gadepan, District Kota, Rajasthan has shut down on 23 August 2014 due to leakage in Ammonia synthesis gas converter. It is likely to take two weeks before the plant resume production, the company said.
Jet Airways (India) lost 3.07%, with the stock extending Monday's fall triggered by ICRA downgrading the company's loan ratings due to delays in debt servicing.
DCM Shriram lost 3.12% as the stock turned ex-dividend today, 26 August 2014, for interim dividend of Rs 1.80 per share for the year ending 31 March 2015.
Goa Carbon lost 3.15% as the stock turned ex-dividend today, 26 August 2014, for dividend of Rs 1 per share for the year ended 31 March 2014.
KRBL lost 1.22% as the stock turned ex-dividend today, 26 August 2014, for final dividend of Rs 1.20 per share for the year ended 31 March 2014.
The stock market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire on Thursday, 28 August 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 127.33 crore on Monday, 25 August 2014, as per provisional data from the stock exchanges.
The Supreme Court on Monday, 25 August 2014, deemed all coal block allocations made since 1993 as illegal. The allocations had no objective criteria and no fair and transparent procedure was followed, the Court said, adding they were impermissible. The quashing of these allocations still remains to be decided in further hearings. The court suggested the appointment of a panel of retired apex court judges to help the court in this matter. The case will be heard on 1 September next.
Brent crude prices rose for the second day in a row ahead of weekly US oil inventory data from the American Petroleum Institute. Brent for October settlement was up 18 cents at $102.83 a barrel. The contract rose 36 cents to settle at $102.65 a barrel on Monday, 25 August 2014.
The presidents of Ukraine and Russia will meet in Minsk, Belarus later today, 26 August 2014. Meanwhile, the US and its European allies have condemned escalating violence in Libya after Islamist militias took control of an international airport in Tripoli.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.52, compared with its close of 60.565 on Monday, 25 August 2014.
European shares were in red in early trade today, 26 August 2014, trimming the previous session's sharp gains that were fuelled by prospects of further stimulus measures from the European Central Bank. Key benchmark indices in Germany and France were off 0.08% to 0.39%. In UK, the FTSE 100 index was up 0.38%.
Asian stocks declined in volatile trade today, 26 August 2014. Key benchmark indices in Indonesia, Japan, Singapore, Hong Kong and China fell 0.18% to 0.99%. Key benchmark indices in South Korea and Taiwan rose 0.04% to 0.35%.
Trading in US index futures indicated that the Dow could fall 2 points at the opening bell on Tuesday, 26 August 2014. US stocks gained on Monday, 25 August 2014, with S&P 500 index closing at a record high and moving above 2,000 mark in intraday trade for the first time, buoyed by activity and hints of more stimulus from the European Central Bank.
The pace of new-home sales in US fell to the slowest in four months in July. Purchases unexpectedly declined 2.4% to a 412,000 annualized pace, Commerce Department data showed on Monday, 25 August 2014. June purchases were revised up to a 422,000 rate after a May gain that was also bigger than previously estimated.
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