Key benchmark indices edged higher in early trade tracking firmness in Asian stocks. The barometer index, the S&P BSE Sensex, was up 42.80 points or 0.2%, off close to 10 points from the day's high and up about 25 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Capital goods pivotals edged higher. Grasim Industries gained after the company said that the operations of the company's chemical plant at Vilayat in Gujarat resumed after suspension due to unexpected floods affecting the plant/power supply.
The market may remain volatile today, 26 December 2013, as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series. The near month December 2013 derivatives contracts expire today, 26 December 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 40.67 crore on Tuesday, 24 December 2013, as per provisional data from the stock exchanges.
At 9:29 IST, the S&P BSE Sensex was up 42.80 points or 0.2% to 21,075.51. The index rose 54.38 points at the day's high of 21,087.09 in early trade. The index gained 18.29 points at the day's low of 21,051 in opening trade.
The CNX Nifty was up 5.95 points or 0.09% to 6,274.35. The index hit a high of 6,281.45 in intraday trade. The index hit a low of 6,270.05 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 615 shares gained and 172 shares fell. A total of 32 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined. Sesa Sterlite (up 1.01%), ONGC (up 0.84%) and Cipla (up 0.66%) gained.
Capital goods pivotals edged higher. L&T (up 0.33%) and Bhel (up 0.48%) gained.
HDFC Bank rose 0.22%. The bank announced after market hours on Tuesday, 24 December 2013 that the board of directors of the bank at its meeting held on Tuesday, 24 December 2013, has appointed Mr. Paresh Sukthankar as the Deputy Managing Director of the bank for a period of 3 years from 24 December 2013 to 23 December 2016 subject to the approval of the shareholders and Reserve Bank of India. Mr. Sukthankar currently holds 6.87 lakh equity shares of the bank, HDFC Bank said.
HDFC Bank also said that it has appointed Mr. Kaizad Bharucha as an Additional Director and as an Executive Director of the bank for a period of 3 years from 24 December 2013 to 23 December 2016 subject to the approval of the shareholders and Reserve Bank of India. Mr. Bharucha currently holds 7.66 lakh equity shares of the bank, HDFC Bank said.
Grasim Industries gained 0.51%. The company said at the fag end of trading session on Tuesday, 24 December 2013 that the operations of the company's chemical plant at Vilayat in Gujarat have resumed. The company has also commenced the operations of the downstream Epoxy Plant at Vilayat. The full capacity at both these plants will be achieved in a phased manner, Grasim said. The company had announced on 7 October 2013 that operations of the company's chemical plant were suspended due to unexpected floods affecting the plant/power supply.
In foreign exchange market, rupee edged lower against the dollar in early trade. The partially convertible rupee was hovering at 61.88, compared with its close of 61.79 on Tuesday, 24 December 2013. Financial markets remained closed on Wednesday, 25 December 2013, on account of Christmas.
Asian stocks rose on Thursday led by Japanese stocks. Key benchmark indices in Taiwan, Japan, Singapore and South Korea rose by 0.17% to 0.91%. China's Shanghai Composite fell 1.03%. Stock markets in Hong Kong and Indonesia were shut for holidays today, 26 December 2013.
China's ruling Communist Party reportedly unveiled on Wednesday a five-year plan to fight pervasive graft, with particular attention on corruption that triggers protests or happens in the course of economic reforms. President Xi Jinping has launched a sweeping crackdown on corruption since taking power, pursuing high-flying "tigers" as well as lowly "flies" in the government, military, state-owned enterprises and universities
China's economy this year is likely to expanded 7.6%, compared with the government's 7.5% target, a News Agency in China reportedly said, citing a report by the State Council.
US stock markets remained closed on Wednesday, 25 December 2013 for Christmas.
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