Key benchmark indices traded off the day's highs in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 166.85 points or 0.8%, off 104.69 points from the day's high and up 183.75 points from the day's low. The Sensex was currently trading below the psychological 21,000 level, having alternately moved above and below that mark in intraday trade so far. The market breadth, indicating the overall health of the market, was positive. The market sentiment was boosted by data showing that foreign funds remained buyers of Indian stocks on Wednesday, 23 October 2013. In the foreign exchange market, the rupee edged higher against the dollar on speculation the Federal Reserve will maintain stimulus for the US economy in the foreseeable future after disappointing US job data for September 2013 released early this week.
Capital goods pivotals were in demand. Hero MotoCorp extended Wednesday's gain triggered by the company reporting better-than-expected Q2 September 2013 results. Shares of biscuits major Britannia Industries hit record high. Coal India fell in volatile trade.
Key benchmark indices reversed small initial fall. Key benchmark indices extended initial gains in morning trade. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in more than 35 months. Key benchmark indices pared gains in mid-morning trade. Key benchmark indices further pared gains in early afternoon trade.
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Wednesday, 23 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 644.80 crore on Wednesday, 23 October 2013, as per provisional data from the stock exchanges.
At 12:15 IST, the S&P BSE Sensex was up 166.85 points or 0.8% to 20,934.73. The index jumped 271.54 points at the day's high of 21,039.42 in morning trade, its highest level since 8 November 2010. The index fell 16.90 points at the day's low of 20,750.98 at the onset of the trading session.
The CNX Nifty was up 47.85 points or 0.77% to 6,226.20. The index hit a high of 6,252.45 in intraday trade, its highest level since 11 November 2010. The index hit a low of 6,162.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,222 shares gained and 981 shares fell. A total of 151 shares were unchanged.
The total turnover on BSE amounted to Rs 959 crore by 12:20 IST compared to Rs 682 crore by 11:20 IST.
Capital goods pivotals were in demand. L&T rose 1.85%. The company early this week said that its construction division has secured new orders worth Rs 1333 crore in October 2013 in various business segments.
Bhel gained 0.88%.
Punj Lloyd rose 1.86% after the company said that its wholly-owned Singapore based subsidiary has sold its entire shareholding in Olive Group Capital for a total consideration of $20 million. The announcement was made after market hours on Wednesday, 23 October 2013.
Punj Lloyd said that Punj Lloyd Pte Ltd., a Singapore based wholly owned subsidiary of the company, has sold its entire shareholding in Olive Group Capital, comprising 27.78% of its capital, for a total consideration of $20 million for a mix of initial and deferred consideration. The deferred consideration of approximately $11 million shall be received with interest thereon. Punj Lloyd Group had invested $14 million (approx) in Olive Group.
Punj Lloyd also announced that it has been awarded a contract, on cost plus basis, for setting up of various infrastructure facilities including civil, structural, mechanical, electrical & instrumentation, piping, cross country pipelines, horizontal direction drilling, equipment assembly, fabrication and erection, marine work, tankages work and electrical and other associated and miscellaneous works and rectification of defective works at a leading refinery in India. The approximate cost of the order is Rs 275 crore, it said.
Hero MotoCorp extended Wednesday's gain triggered by the company reporting better-than-expected Q2 September 2013 results. The stock was up 0.59%. The company during market hours on Wednesday, 23 October 2013, said net profit rose 9.26% to Rs 481.41 crore on 10.49% growth in total income to Rs 5841.67 crore in Q2 September 2013 over Q2 September 2012.
Hero MotoCorp said that with the company fast augmenting its presence globally and further strengthening its leadership in the domestic market, the company has unveiled a global vision for brand Hero to be achieved by the year 2020. This entails a target of Rs 60000 crore in turnover by the year 2020.
Coal India fell 1.09% to Rs 285.90. The stock was volatile. The stock rose as much as 0.33% at the day's high of Rs 290 so far during the day. The scrip fell as much as 1.37% at the day's low of Rs 285.10 so far during the day.
Britannia Industries gained 3.16% to Rs 943.85 after striking a record high of Rs 951.80 in intraday trade.
Raymond rose 3.11% after consolidated net profit jumped 84% to Rs 92 crore on 10% increase in net sales to Rs 1224 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 23 October 2013.
PI Industries spurted 14.8% after net profit jumped 114.1% to Rs 55.29 crore on 54.7% growth in net sales to Rs 461.14 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 23 October 2013.
In the foreign exchange market, the rupee edged higher against the dollar on speculation the Federal Reserve will maintain stimulus for the US economy in the foreseeable future after disappointing US job data for September 2013 released early this week. The partially convertible rupee was hovering at 61.435, compared with its close of 61.59/60 on Wednesday, 23 October 2013.
Bond prices rose on speculation the Federal Reserve will maintain stimulus for the US economy in the foreseeable future after disappointing US job data for September 2013 released early this week. The yield on the 10-year benchmark government security 7.16% GS 2023 was hovering at 8.5979%, lower than its close of 8.6315% on Wednesday, 23 October 2013. Bond yield and bond prices are inversely related.
Asian markets edged higher on Thursday, 24 October 2013, after a measure of Chinese factory hit a seven-month high. Key benchmark indices in South Korea, Singapore, Indonesia, Japan and Taiwan rose by 0.12% to 0.55%. Key benchmark indices in China and Hong Kong fell by 0.69% to 0.82%.
The initial October reading for China's manufacturing activity came out at 50.9, compared to a final reading of 50.2 in September. The score was a seven-month high, above the 50 mark that separates expansion and contraction in factory activity. The preliminary reading was among the first economic data on the region's largest economy in the third quarter, coming less than a week after figures showed that Chinese growth picked up from a dip in the second quarter.
Trading in US index futures indicated that the Dow could advance 59 points at the opening bell on Thursday, 24 October 2013. US stocks closed lower on Wednesday with the S&P 500 falling from a record, as investors assessed mixed results from US corporations, including a disappointment from equipment-maker Caterpillar Inc.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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