Key benchmark indices further trimmed intraday gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 262.45 points or 1.06%, off close to 220 points from the day's high and up about 40 points from the day's low. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap and Small-Cap indices, both, reversed intraday gains. The BSE Small-Cap index was currently off more than 1%.
Shares of private sector banks gained, with Axis Bank scaling record high. PSU bank stocks declined.
Indian stocks surged in early trade ahead of Prime Minister designate Narendra Modi's swearing in ceremony today, 26 May 2014, evening. Firmness continued on the bourses in morning trade. Key benchmark indcies extended gains and hit fresh intraday high in mid-morning trade. The Sensex hit over one-week high above the psychological 25,000 level. The 50-unit CNX-Nifty also hit its highest level in more than a week. Key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. Key benchmark indices further trimmed intraday gains in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 416.80 crore on Friday, 23 May 2014, as per provisional data from the stock exchanges.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday, 29 May 2014.
At 14:20 IST, the S&P BSE Sensex was up 262.45 points or 1.06% to 24,955.80. The index jumped 481.87 points at the day's high of 25,175.22 in early afternoon trade, its highest level since 16 May 2014. The index rose 219.22 points at the day's low of 24,912.57 in early trade.
The CNX Nifty was up 64.80 points or 0.88% to 7,431.90. The index hit a high of 7,504 in intraday trade, its highest level since 16 May 2014. The index hit a low of 7,422.25 in intraday trade.
The BSE Mid-Cap index was off 69.51 points or 0.8% at 8,598.81. The BSE Small-Cap index was off 115.19 points or 1.26% at 9,012.85. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,508 shares gained and 1,431 shares fell. A total of 115 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks gained and rest of them declined. Mahindra & Mahindra (M&M) (up 6.93%), Wipro (up 3.53%) and Tata Motors (up 3.06%) edged higher from the Sensex pack.
Shares of private sector banks gained. ICICI Bank (up 1.25%), and HDFC Bank (up 1.18%) gained. Kotak Mahindra Bank fell 0.46%.
Axis Bank rose 2.35% to Rs 1,908.75 after hitting record high of Rs 1,927.30 in intraday trade.
PSU bank stocks declined. Canara Bank (down 1.88%), Union Bank of India (down 0.5%), Bank of India (down 0.87%) and Bank of Baroda down 1.81%) declined.
India's biggest commercial bank in terms of branch network, State Bank of India (SBI), fell 1.27% at Rs 2,720.35. The stock reversed direction after hitting 52-week high of Rs 2,833.85 in intraday trade.
Punjab National Bank (PNB) rose 0.53% to Rs 1,040.50 after hitting 52-week high of Rs 1,068 in intraday trade.
Maruti Suzuki India rose 1.81% to Rs 2,428 after hitting a record high of Rs 2,505.30 in intraday trade. The company today, 26 May 2014, announced the launch of Celerio Green, the CNG powered Celerio car model with the acclaimed iGPI technology starting at Rs 4.68 lakh (Ex-showroom Delhi). The Celerio Green has only manual transmission option.
L&T jumped 4.85% to Rs 1,584.95 after hitting record high of Rs 1,622.70 in intraday trade. The National Highway Authority of India (NHAI) on Friday, 23 May 2014, approval a total of 9 proposals for deferment of premium payment to NHAI. This includes 2 projects of L&T. The NHAI said that deferment of premium payment to NHAI would give huge comfort to the lenders as debt obligation would now get priority over the premium payable to NHAI. NHAI would be able to recover the deferred premium with interest in the latter period of the concession. The deferment shall be limited to the actual revenue shortfall after meeting the debt obligation and operation expenditure. The concessionaire would not be allowed to declare any dividend until the shortfall in premium is made good. The concessionaire would also be required to share toll collection data with NHAI on real time basis, NHAI said.
Meanwhile, L&T during market hours today, 26 May 2014, said that L&T Infotech, a wholly owned subsidiary of L&T, has restructured its organisational structure, and with a view to accelerating profitable growth in the technology space, has appointed Mr. Chandrashekhar Kakal as Is Chief Operating Officer (COO), who will be inducted on the board of L&T Infotech.
Engineers India fell 3.66% after net profit fell 42.69% to Rs 103.55 crore on 7.61% decline in total income to Rs 571.61 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 23 May 2014. Engineers India's net profit declined 23.67% to Rs 479.76 crore on 23.48% decline in total income to Rs 2159.59 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). On consolidated basis, Engineers India's net profit fell 23.64% to Rs 482.73 crore on 23.31% decline in total income to Rs 2182.39 crore in FY 2014 over FY 2013.
Narendra Modi will be sworn in as India's next Prime Minister today, 26 May 2014, evening at the Rashtrapati Bhawan.
After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in the Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy. India's GDP growth slowed sharply at 4.7% in Q3 December 2013. Investors hope that the BJP-led government would be able to accelerate policy reforms and overhaul the country's poor infrastructure.
Modi is favored by business leaders because of his record in Gujarat, which he's led since 2001. With Modi at the helm of affairs, Gujarat's economy expanded by 10.1% a year, on average and adjusting for inflation, from 2001 and 2012, compared with 7.7% growth a year for India's economy as a whole.
Modi has pledged to fight inflation by cracking down on food hoarders, creating a national agriculture market and improving rural infrastructure.
Ever since NDA's victory in the election, speculation has been rife about the likely allocation of key ministerial portfolios in the Modi-led NDA government.
The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
European stocks edged higher on Monday, 26 May 2014. Key benchmark indices in Germany and France were up 0.24% to 0.79%. The stock market in UK was closed for a holiday.
German consumer confidence is due to stabilize at a high level in June, suggesting that the continuing tension in Ukraine has yet to have a noticeable impact on German consumer sentiment. The Nuremberg-based GfK institute's forward-looking indicator is due to be 8.5 in June, the group reported Monday, matching the previous month.
Asian stocks rose on Monday, 26 May 2014, after China's premier said policy will be fine tuned as needed to support the economy. Key benchmark indices in China, Taiwan, Singapore, Hong Kong and Japan were up 0.14% to 0.97%. Key benchmark indices in Indonesia and South Korea were off 0.01% to 0.34%.
China's Premier Li Keqiang said Asia's largest economy will adjust policy to address problems in the real economy, according to a statement on the government's website May 23.
Bank of Japan policy makers said the economy will probably grow above potential from summer, according to the minutes released today from an April 30 meeting.
Japan and China on Sunday accused each other's air forces of dangerous behaviour over the East China Sea, with Japan saying Chinese aircraft had come within a few dozen metres of its warplanes.
US stock markets remain closed today, 26 May 2014, on account of Memorial Day.
US stocks edged higher on Friday, 26 May 2014, with the S&P 500 index closing at a record high, buoyed by a rally in housing stocks after better-than-expected home sales and a jump in Hewlett-Packard shares a day after the personal computer maker said it would cut more jobs.
Data from the Commerce Department showed sales of new US single-family homes rose more than expected in April and the supply of houses on the market hit a 3-1/2 year high.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
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