Key benchmark indices rallied to fresh intraday high in mid-afternoon trade as the rupee hit two-week high against the dollar on receding geopolitical risks from Syria. Gains in global stocks also underpinned sentiment. The S&P BSE Sensex, was up 658.73 points or 3.42%, up 484.13 points from the day's low and off 7.18 points from the day's high. The market breadth, indicating the overall health of the market, was strong. All the thirteen sectoral indices on BSE were trading in the green.
Tata Motors surged to record high after its UK-unit Jaguar Land Rover today, 10 September 2013 reported strong sales in August 2013. Capital goods gained on fresh buying.
Key benchmark indices rallied in early trade on firm Asian cues. The stock market had remained closed on Monday, 9 September 2013, on account of Ganesh Chaturthi. Key benchmark indices surged in morning trade as the rupee rose to a two-week high on receding geopolitical risks from Syria. The barometer index, BSE Sensex, hit over six-week high. The CNX Nifty hit six-week high. Key benchmark indices hit fresh intraday high in mid-morning trade. Market hit fresh intraday high in early afternoon trade. It held firm in afternoon trade. Key benchmark indices rallied to fresh intraday high in mid-afternoon trade.
The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Friday, 6 September 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 800.71 crore on Friday, 6 September 2013, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee rose to a two-week high on Tuesday as receding geopolitical risks from Syria and strong exports in August helped lift the currency. The partially convertible rupee was hovering at 64.12, stronger than its close of 65.24/25 on Friday, 6 September 2013. Financial markets were closed on Monday, 9 September 2013, on account of Ganesh Chaturthi. The rupee has seen a steep recovery from an all time low of 68.85 hit on 28 August 2013. Rupee depreciation fuels inflation, increases import bill and current account deficit. It also increases the government's spending on fuel subsidies, potentially widening the fiscal deficit.
At 14:18 IST, the S&P BSE Sensex was up 658.73 points or 3.42% to 19,928.79. The index surged 665.91 points at the day's high of 19,935.97 in mid-afternoon trade, its highest level since 25 July 2013. The index gained 174.60 points at the day's low of 19,444.66 in early trade.
The CNX Nifty was up 190.80 points or 3.36% to 5,871.20. The index hit a high of 5,876.90 in intraday trade, its highest level since 29 July 2013. The index hit a low of 5,738.20 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,475 shares gained and 773 shares fell. A total of 144 shares were unchanged.
The total turnover on BSE amounted to Rs 1636 crore by 14:20 IST
Among the 30-share Sensex pack, 27 stocks gained and only three of them declined. HDFC (up 5.98%), Hindustan Unilever (up 6.12%) and Hero MotoCorp (up 5.05%), edged higher from the Sensex pack.
Tata Motors jumped 9.27% to Rs 347.20 after striking a record high of Rs 348.80 in intraday trade today, 10 September 2013. It was the top gainer from the Sensex pack. The company's unit Jaguar Land Rover (JLR) today, 10 September 2013 reported 28% rise in sales in August 2013 over August 2012 to 27,852 vehicles, also its best ever August sales performance. During the first eight months of the year, JLR sales rose 16% to 269,653 vehicles over the previous corresponding year ago period.
Commenting on the August performance Phil Popham, Jaguar Land Rover Group Sales Operations Director said: "August has proven to be another incredibly strong month for Jaguar Land Rover with sales growth from both our established and new model lines.
The Jaguar XJ and XF, the Range Rover Evoque and the Land Rover Freelander are up significantly whilst the new Range Rover and F-TYPE continue to attract new buyers to our brands. This is further evidence that we are offering customers our most accomplished product line up to date."
Meanwhile, PT Tata Motors Distribusi Indonesia (TMDI), wholly owned subsidiary of Tata Motors today, 10 September 2013 announced its foray into the Indonesian automotive industry with the launch of three new exciting Tata passenger vehicles -- the Tata Aria, the Tata Vista and the Tata Safari Storme. These three models, launched today, are the new-age range of Tata's extensive passenger vehicles which are unique, quality products, perfectly matched, to meet growing demand among Indonesian consumers of contemporary, next-generation car offerings, seven-seat crossover variants, and tough, durable SUV's. With these three debut products, TMDI believes that Indonesian consumers will be able to enjoy best vehicle experience.
Tata Motors announced on 9 September 2013 its partnership with DRB-HICOM, Malaysia's biggest conglomerate, for the import, distribution and assembly of Tata Motors Commercial Vehicles in Malaysia, an important milestone in the continued expansion of the company's global footprint.
As part of the agreement, Tata Motors signed a Distribution Agreement (DA) and Technology License Agreement (TLA) with USF-HICOM (Malaysia) Sdn. Bhd., a subsidiary of DRB-HICOM Berhad. Tata Motors also signed another Importation Agreement (IA) with another DRB-HICOM subsidiary, DRB-HICOM Auto Solution Sdn. Bhd. (DHAS) and USF-HICOM.
Capital goods gained on fresh buying. ABB (up 19.7%), BEML (up 2.93%), Bharat Electronics (up 0.6%), Crompton Greaves (up 3.7%), L&T (up 6.97%), Siemens (up 6.63%) and Thermax (up 4.8%) gained.
Bharat Heavy Electricals (Bhel) rose 1.1% to Rs 143.10 in volatile trade, with the stock extending recent gains. The stock lost as much as 3.21% at the day's low of Rs 137 so far during the day. The stock rose as much as 3.42% at the day's high of Rs 146.40 so far during the day. Shares of Bhel had rallied 18.55% in prior three sessions to settle at Rs 141.55 on Friday, 6 September 2013, from a recent low of Rs 119.40 on 3 September 2013.
Meanwhile, Bhel said after market hours on Friday, 6 September 2013, that consequent upon the merger of Bharat Heavy Plate & Vessels (BHPV) with the company, the BHPV plant is renamed as Heavy Plates & Vessels Plant (HPVP) and designated as the 17th manufacturing unit of Bhel located at Vishakhapatnam, Andhra Pradesh.
Ashoka Buildcon rose 1.07% after the company said it has emerged as the lowest bidder for a power project worth Rs 609.62 crore in Tamil Nadu. The announcement was made during trading hours today, 10 September 2013.
European stocks advanced to a three-week high on Tuesday as data showed Chinese industrial production and retail sales rose in August, adding to signs the global economy is rebounding. Key benchmark indices in France, Germany and UK rose by 0.81% to 1.56%.
Asian stocks hit three-month high on Tuesday ahead of a fresh round of Chinese economic data and signs that Syrian tensions are easing. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia, South Korea, Singapore and Japan rose by 0.2% to 3.06%.
China's industrial output grew at the fastest pace in 17 months in August, adding to signs of a rebound this quarter that include a pickup in export gains. Factory production rose 10.4% from a year earlier, the National Bureau of Statistics said in a statement in Beijing today. Retail sales rose 13.4% in August higher than 13.2% gain in the previous month.
Trading in US index futures indicated that the Dow could gain 69 points at the opening bell on Tuesday, 10 September 2013. US markets ended higher on Monday, helped in part by hopes that the threat of a US military intervention in the Middle East could be abating.
Russia on Monday proposed to work with Damascus to put its chemical weapons under international control, a move that President Barack Obama said could be "potentially positive".
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.
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