Key benchmark indices held positive terrain in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 37.19 points or 0.15%, up close to 65 points from the day's low and off close to 110 points from the day's high. The market breadth indicating the overall health of the market was positive. Firmness in European stocks aided gains on the domestic bourses.
Gas utility stocks rose after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, 25 June 2014, deferred a decision on revision of natural gas pricing for three months.
At 14:20 IST, the S&P BSE Sensex was up 37.19 points or 0.15% to 25,099.86. The index jumped 146.94 points at the day's high of 25,209.61 in early trade. The index shed 29.73 points at the day's low of 25,032.94 in early afternoon trade.
The CNX Nifty was up 8.85 points or 0.12% at 7,502.05. The index hit a high of 7,538.75 in intraday trade. The index hit a low of 7,482.30 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,500 shares gained and 1,352 shares fell. A total of 105 shares were unchanged.
Hindalco Industries (down 2.48%), Bharat Heavy Electricals (Bhel) (down 2.61%) and Bharti Airtel (down 2.26%) edged lower from the Sensex pack.
The BSE Mid-Cap index was down 3.86 points or 0.04% at 9,176.98, underperforming the Sensex. The BSE Small-Cap index was up 12.53 points or 0.13% at 9993.91, outperforming the Sensex.
Gas utility stocks rose after the Cabinet Committee on Economic Affairs (CCEA) on Wednesday, 25 June 2014, deferred a decision on revision of natural gas pricing for three months. Gujarat Gas Company (up 0.1% to Rs 412.95), Gujarat State Petronet (up 6.49% to Rs 92.65), and Indraprastha Gas (up 1.7% to Rs 353.50) gained.
GAIL (India) dropped on reports more than a dozen people were killed today, 27 June 2014, after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh. The stock was off 1.42% at Rs 453. The stock hit high of Rs 461.05 and low of Rs 451.25 so far during the day. The victims were local residents and a fire at the scene had been brought under control, reports said.
UltraTech Cement dropped 4.05% to Rs 2,575.
Havells India jumped 6.3% to Rs 1,173 ahead of board meet on 30 June 2014 to consider stock split
Nelco rose 1.2% to Rs 57.05 after the company said it has received a sum of Rs 13.03 crore from the Jawaharlal Nehru Port Trust (JNPT) with respect to its past claims in a dispute. Nelco had received a favourable verdict from the court on this matter in February this year.
Key benchmark indices edged higher amid initial volatility as crude oil prices dropped on Thursday, 26 June 2014. Intraday volatility continued as key benchmark indices pared gains after extending initial gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade. A bout of volatility was witnessed as key benchmark indices reversed gains and hit fresh intraday low in early afternoon trade. Key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade. It held positive terrain in mid-afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.115, compared with its close of 60.14/15 on Thursday, 26 June 2014.
Oil prices fell as militant violence in Iraq has not yet affected oil production from the country. Brent crude oil futures for August delivery were down 2 cents at $113.19 a barrel. The contract lost 79 cents to settle at $113.21 on Thursday, 26 June 2014, its lowest settlement since 16 June 2014.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Meanwhile, rain shortfall shrank in the third week since the onset of its monsoon, recovering a little after a poor start. Rains were 31% below average in the week to June 25, improving from 45% below average in the second week of the monsoon. India's farm sector accounts for 14% of its nearly $2 trillion economy.
The Reserve Bank of India on Thursday, 26 June 2014, said in its Financial Stability Report (FSR) June 2014 that the return to political stability has provided impetus to the domestic economic outlook and the capital markets reflect the expectations on policy measures to address the adverse growth-inflation dynamics and saving-investment balance as also efficient implementation of policies and programmes. Further progress on fiscal consolidation, a predictable tax and policy regime, and low and stable inflation rates will be the key anchors in promoting India's macroeconomic as well as financial stability, RBI Governor Raghuram Rajan said in his foreword to the FSR.
European stocks edged higher on Friday, 27 June 2014 as investors awaited data on US consumer confidence to gauge the outlook for the world's largest economy. Key benchmark indices in Germany, France and UK were up 0.25% to 0.37%.
Asian stocks edged lower on Friday, 27 June 2014, after a Federal Reserve official said the US may raise interest rates by March. Key benchmark indices in China, Japan, Indonesia, Singapore, South Korea and Taiwan fell by 0.11% to 1.39%. Hong Kong's Hang Seng rose 0.1%.
Trading in US index futures indicated that the Dow could fall 9 points at the opening bell on Friday, 27 June 2014. US stocks slipped for the third time in four days on Thursday, 26 June 2014, after James Bullard, president of the Federal Reserve Bank of St. Louis, suggested that higher interest rates may happen sooner than people thought. Economic data showing that consumer spending rose less than forecast also led to losses in US stocks. Bullard, speaking in an interview to a business channel, predicted the central bank's first interest-rate rise will happen in the first quarter of next year.
Consumer spending, which accounts for about 70% of the economy, climbed 0.2% in May after being little changed in April, US Commerce Department figures showed.
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