Key benchmark indices remained firmly in positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was hovering above the psychological 26,000 mark after hitting two week high in early trade. The Sensex was up 123.30 points or 0.48% at 26,042.25. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. The market breadth indicating the overall health of the market was currently positive, having moved alternately between positive in negative in mid-morning trade. HDFC Bank advanced on reports that the private sector bank has approached Foreign Investment Promotion Board (FIPB) with a new proposal on foreign investments in the bank. Two wheeler stocks declined. Shares of PSU banks were mixed after a broad-based decline yesterday, 13 August 2014.
After a relatively steady start, key benchmark indices had surged in early trade as weaker-than-expected US retail sales data reinforced speculation that the Federal Reserve won't rush to raise rates. The Fed has kept short-term US interest rates near zero since December 2008, bolstering demand for emerging-market assets as investors seek higher yield. The Sensex and the 50-unit CNX Nifty hit two-week high in early trade.
At 11:15 IST, the S&P BSE Sensex was up 123.30 points or 0.48% to 26,042.25. The index jumped 152.57 points at the day's high of 26,071.52 in early trade, its highest level since 31 July 2014. The index rose 26.40 points at the day's low of 25,945.35 in early trade.
The CNX Nifty was up 31.25 points or 0.4% to 7,770.80. The index hit a high of 7,781 in intraday trade, its highest level since 31 July 2014. The index hit a low of 7,739.10 in intraday trade.
The market breadth indicating the overall health of the market was currently positive, having moved alternately between positive and negative zone since mid-morning trade. On BSE, 1,156 shares gained and 1,100 shares fell. A total of 80 shares were unchanged.
The BSE Mid-Cap index was up 54.84 points or 0.62% at 8,955.59, outperforming the Sensex. The BSE Small-Cap index was up 41.31 points or 0.43% at 9,752.62, underperforming the Sensex.
The total turnover on BSE amounted to Rs 925 crore by 11:15 IST, compared to Rs 616 crore by 10:15 IST.
HDFC Bank advanced 1.64% on reports the private sector bank has approached Foreign Investment Promotion Board (FIPB) with a new proposal on foreign investments in the bank. In its new proposal, the bank has acknowledged HDFC's stake in the bank as foreign investment. It seeks regularisation of foreign investment in the bank at 74%, the report added. HDFC holds 22.56% stake in HDFC Bank (as per the shareholding pattern as on 30 June 2014).
Two wheeler stocks declined. Hero MotoCorp lost 2.98% to Rs 2,503.45. The stock hit high of Rs 2,581 and low of Rs 2,490 so far during the day.
Bajaj Auto shed 0.85%. TVS Motor Company rose 1.74%.
Shares of PSU banks were mixed after a broad-based decline yesterday, 13 August 2014. Canara Bank (up 1.22%), Union Bank of India (up 1.61%), Bank of India (up 1.62%), Syndicate Bank (up 0.78%), Indian Overseas Bank (up 1.03%), Andhra Bank (up 1.19%), Oriental Bank of Commerce (up 0.55%) and Dena Bank (up 0.92%) gained.
State Bank of India (SBI) (down 0.15%), Corporation Bank (down 2.75%), United Bank of India (down 1.23%), UCO Bank (down 0.69%), State Bank of Mysore (down 2.48%), Punjab National Bank (down 0.39%) declined.
Bank of Baroda slipped 0.16%, with the stock extending Wednesday's 3.73% slide triggered by the Reserve Bank of India (RBI) on Tuesday, 12 August 2014, notifying that further purchases of equity shares of the bank by foreign shareholders would be allowed only after obtaining prior approval of the RBI since the foreign share holding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indians (NRIs)/Persons of Indian Origin (PIOs) in Bank of Baroda has reached the trigger limit.
GMR Infrastructure rose 0.81%, with the stock reversing intraday fall. The company reported consolidated net loss of Rs 593.20 crore in Q1 June 2014, higher than net loss of Rs 326.03 crore in Q1 June 2013. On a consolidated basis, GMR Infrastructure's total income rose 4% to Rs 2796.37 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Wednesday, 13 August 2014.
Meanwhile, the board of GMR Infrastructure approved raising of funds through issue of non-convertible debentures, equity shares/equity linked instruments or any other securities upto an amount of Rs 2500 crore.
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. FPIs bought shares worth a net Rs 718.27 crore on Wednesday, 13 August 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 15 August 2014, on account of Independence Day.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.01, compared with its close of 61.225 on Wednesday, 13 August 2014.
The government will announce data on inflation based on the wholesale price index (WPI) for July 2014 at about 12:00 IST today, 14 August 2014. WPI inflation had eased to 5.43% in June 2014 from 6.01% in May 2014.
Asian stocks edged higher today, 14 August 2014, as a slowdown in the US retail sales fueled bets the US Federal Reserve won't raise interest rates earlier than expected. Key benchmark indices in China, Hong Kong, Japan and Singapore were up 0.04% to 0.75%. Key benchmark indices in Taiwan, Indonesia and South Korea were off 0.07% to 0.4%.
After holding its policy unchanged for more than a year, the Bank of Korea cut its benchmark interest rate today, 14 August 2014, by a quarter point to 2.25%, the lowest since late 2010.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 14 August 2014. US stocks rose on Wednesday, 13 August 2014, as a slowdown in retail sales boosted speculation the Federal Reserve won't be forced to raise rates sooner than anticipated.
Sales at US retailers were unchanged in July, the weakest result in six months, as sales fell at auto dealers, but rose at gas stations and food and beverage stores, according to government data released on Wednesday, 13 August 2014. Separately, business inventories rose in June by more than expected.
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