A bout of volatility was witnessed as key benchmark indices retained positive zone in morning trade. The barometer index, the S&P BSE Sensex, was currently up 102.71 points or 0.37% at 27,977.44. The market breadth indicating the overall health of the market was strong. Global crude oil prices fell.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 355.30 crore yesterday, 10 November 2014, as per provisional data. Chinese stocks led gains Asian stocks for the second day in a row after regulators in Shanghai and Hong Kong yesterday, 10 November 2014, announced that the exchange link between Hong Kong and Shanghai will start on 17 November 2014.
Shares of companies engaged in highway construction projects surged after the Ministry of Road Transport & Highways and the Ministry of Railways yesterday, 10 November 2014, signed a Memorandum of Understanding (MoU) on policy related to constructions of Road Over/Under Bridges (ROBs/RUBs) on National Highway corridors. Shares of public sector oil marketing companies rose as global crude oil prices dropped. Power Grid Corporation of India rose ahead of its Q2 results. Bosch dropped amid volatility ahead of its Q3 September 2014 results. IFCI rose ahead of its Q2 earnings.
In overseas markets, Chinese stocks led gains Asian stocks for the second day in a row after regulators in Shanghai and Hong Kong yesterday, 10 November 2014, announced that the exchange link between Hong Kong and Shanghai will start on 17 November 2014. US stocks finished a thinly-traded day with modest gains yesterday, 10 November 2014, that sent the S&P 500 and Dow Jones Industrial Average to close at record levels for the fourth straight session.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude futures dropped on speculation the Organization of Petroleum Exporting Countries is in no hurry to cut output to reverse a four-month slide in prices.
At 10:15 IST, the S&P BSE Sensex was up 102.71 points or 0.37% at 27,977.44. The index jumped 120.03 points at the day's high of 27,994.76 in early trade. The index rose 34.89 points at the day's low of 27,909.62 in early trade.
The CNX Nifty was up 28.95 points or 0.35% at 8,373.20. The index hit a high of 8,376.65 in intraday trade. The index hit a low of 8,353.15 in intraday trade.
The BSE Mid-Cap index was up 67.44 points or 0.67% at 10,080.71. The BSE Small-Cap index was up 60.23 points or 0.54% at 11,195.04. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,394 shares gained and 767 shares fell. A total of 84 shares were unchanged.
PSU OMCs edged higher as global crude oil prices dropped. Indian Oil Corporation (up 0.7%) and BPCL (up 0.23%) gained. HPCL (down 0.3%) declined. Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. The government has already freed pricing of petrol and diesel.
Power Grid Corporation of India rose 0.34% at Rs 148.70 ahead of its Q2 September 2014 results today, 11 November 2014.
IFCI rose 0.51% at Rs 39.15 ahead of its Q2 September 2014 results today, 11 November 2014.
Bosch lost 0.31% at Rs 15,360.70 ahead of its Q3 September 2014 results today, 11 November 2014. The stock hit a high of Rs 15,413.50 and a low of Rs 15,350.
JSW Steel lost 0.41% at Rs 1,227.15. The company during market hours today, 11 November 2014, said its total crude steel production declined 2% to 10.46 lakh tonnes in October 2014 over October 2013. The company said crude steel production declined due to planned shutdown of blast furnace at Dolvi for about 7 days in October 2014. JSW Steel's production of flat rolled products fell 5% to 8.28 lakh tonnes in October 2014 over October 2013. Production of long rolled products rose 3% to 1.53 lakh tonnes in October 2014 over October 2013.
Shares of companies engaged in highway construction projects surged after the Ministry of Road Transport & Highways and the Ministry of Railways yesterday, 10 November 2014, signed a Memorandum of Understanding (MoU) on policy related to constructions of Road Over/Under Bridges (ROBs/RUBs) on National Highway corridors. Tarmat (up 15.92%), Hindustan Construction Company (up 9.68%), PBA Infrastructure (up 5.99%), Madhucon Projects (up 2.56%), IRB Infrastructure Developers (up 1.85%), NCC (up 1.06%), Unity Infraprojects (up 1.41%), and C & C Constructions (up 0.5%) edged higher.
Through this MoU, there will be speedy clearances of various design & drawings for construction of ROBs/RUBs on National Highway Corridors and clear cut defined responsibility for construction of ROB/RUB on National Highway Corridors, the Ministry of Railways said in a statement. The announcement was made after trading hours yesterday, 10 November 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.5375, compared with its close of 61.505 during the previous trading session yesterday, 10 November 2014.
Brent crude futures dropped on speculation the Organization of Petroleum Exporting Countries is in no hurry to cut output to reverse a four-month slide in prices. Brent for December delivery was off 24 cents at $82.10 a barrel. The contract had fallen $1.05 a barrel to settle at $82.34 a barrel during the previous trading session on Monday, 10 November 2014, the lowest level since October 2010. Brent for January 2015 delivery was off 23 cents at $82.72 a barrel.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit. The fall in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. A slump in Brent crude since the end of June contributed to consumer-price index slowing to 6.46% in September 2014, the least since 2012. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent.
The government will unveil industrial production data for September 2014 tomorrow, 12 November 2014. Growth of industrial output remained subdued at 0.4% in August 2014 compared with 0.4% (revised) increase in July 2014.
The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for October 2014 tomorrow, 12 November 2014. CPI for urban and rural India eased to 6.46% in September 2014, from 7.73% in August 2014.
The government will release the inflation data based on wholesale price index (WPI) for October 2014 on Friday, 14 November 2014. WPI eased to 2.38% in September 2014, from 3.74% in August 2014.
Chinese stocks led gains Asian stocks for the second day in a row after regulators in Shanghai and Hong Kong yesterday, 10 November 2014, announced that the exchange link between Hong Kong and Shanghai will start on 17 November 2014. Key benchmark indices in China, Hong Kong, Japan, South Korea and Indonesia were up 0.17% to 1.7%. Key benchmark indices in Taiwan and Singapore were off 0.04% to 0.16%.
China yesterday, 10 November 2014, said that the Stock Connect program, which allows individual investors outside of China to buy Shanghai-listed shares for the first time ever, will start on 17 November 2014.
US stocks finished a thinly-traded day with modest gains yesterday, 10 November 2014, that sent the S&P 500 and Dow Jones Industrial Average to close at record levels for the fourth straight session. The Nasdaq Composite index attained its highest closing level since March 2000. The index was helped by big gains in the biotech and internet stocks.
Federal Reserve Bank of Boston President Eric Rosengren said yesterday, 10 November 2014, the US central bank should refrain from raising short-term term interest rates until there is stronger evidence price pressures are beginning to rise. Monetary policymakers should remain patient about removing accommodation until it is clear that we are on the path to achieving both our 2% inflation target and maximum sustainable employment, Mr. Rosengren said.
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