Key benchmark hovered in positive zone in afternoon trade. The barometer index, the S&P BSE Sensex, was up 32.70 points or 0.15%, off 64.77 points from the day's high and up 48.55 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Gains in Asian stocks supported gains on the domestic bourses.
Index heavyweight and cigarette maker ITC edged lower, with the stock reversing intraday gain in volatile trade. Hindustan Zinc and Sesa Sterlite edged higher after trade minister Anand Sharma on Monday, 20 January 2014, said that Union Cabinet has approved divestment of government's residual stake in Hindustan Zinc. Kotak Mahindra Bank dropped after reporting weak Q3 results.
Among side counters, Infotech Enterprises hit record high. Sasken Communication Technologies surged after the company's board of directors declared a special dividend of Rs 22.50 per share.
The market edged higher in early trade on firm Asian stocks. The Sensex extended initial gains and hit fresh intraday high in morning trade. A bout of volatility was witnessed as key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices regained positive terrain after reversing intraday gains in early afternoon trade. Key benchmark hovered in positive zone in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 384.89 crore on Monday, 20 January 2014, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex rose 32.70 points or 0.15% to 21,237.75. The index jumped 97.47 points at the day's high of 21,302.52 in mid-morning trade, its highest level since 16 January 2014. The index fell 15.85 points at the day's low of 21,189.20 in early afternoon trade.
The CNX Nifty was up 7.85 points or 0.12% to 6,311.80. The index hit a high of 6,330.30 in intraday trade, its highest level since 16 January 2014. The index hit a low of 6,297.90 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,260 shares gained and 1,144 shares fell. A total of 154 shares were unchanged.
The total turnover on BSE amounted to Rs 1045 crore by 13:15 IST.
Tata Motors (up 2.51%), ICICI Bank (up 2.38%) and L&T (up 1.23%) edged higher from the Sensex pack.
Index heavyweight and cigarette maker ITC edged lower, with the stock reversing intraday gain in volatile trade. The stock was down 0.36% at Rs 329. The stock hit a high of Rs 332.30 and low of Rs 328.50 so far during the day.
Hindustan Zinc jumped 3.62% to Rs 137.35 after hitting a 52-week high of Rs 141.80 in intraday trade. Trade minister Anand Sharma on Monday, 20 January 2014, said that Union Cabinet has approved divestment of government's residual stake in Hindustan Zinc. He said the method and timing of the stake sale would be decided later. The government sold its control in Hindustan Zinc to India-born billionaire Anil Agarwal's Vedanta Resources PLC almost a decade ago. The government now still has a 29.54% stake in Hindustan Zinc. Vedanta holds 64.92% stake in Hindustan Zinc through its Indian arm Sesa Sterlite -- erstwhile Sterlite Industries. Vedanta has been seeking a larger control of the company to fast-track decision-making.
Shares of Sesa Sterlite were up 1.7% to Rs 209. The stock hit a 52-week high of Rs 213.05 in intraday trade.
Kotak Mahindra Bank fell 2.63% on weak Q3 results. The bank's net profit fell 5.99% to Rs 339.98 crore on 3.85% increase in total income to Rs 2492.01 crore in Q3 December 2013 over Q3 December 2012. The bank's consolidated net profit rose 2.43% to Rs 591.25 crore on 6.43% growth in total income to Rs 4424.50 crore in Q3 December 2013 over Q3 December 2012. The result was announced during trading hours today, 21 January 2014.
Infotech Enterprises jumped 5.56% to Rs 375.10 after hitting a record high of Rs 382.15 in intraday trade.
Sasken Communication Technologies jumped 7.02% to Rs 209.60 after hitting a 52-week high of Rs 216.10 in intraday trade today, 21 January 2014. The company's board of directors declared a special dividend of Rs 22.50 per share. The announcement was made after market hours on Monday, 20 January 2014.
Based on the current market price of Rs 209.60, the special dividend of Rs 22.50 per share translates into a dividend yield of 10.73%.
Sasken Communication Technologies after market hours on Monday, 20 January 2014 said that in celebration of its 25th year since incorporation, the Board at its meeting held on 20 January 2014, has declared a special dividend of Rs 22.50 per share. This is in addition to the special dividend of Rs 2.50 per equity share declared in October 2013, thus taking the total special dividend to Rs 25 per share. The dividend will be disbursed on and from 31 January 2014, the company said.
Sasken Communication Technologies has announced 25 January 2014 as the record date for the purpose of payment of special dividend.
In the foreign exchange market, the rupee edged higher against the dollar as foreign banks offer dollars on strong inflows. The partially convertible rupee was hovering at 61.5825, compared with its close of 61.62/63 on Monday, 20 January 2014.
The Reserve Bank of India's Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.
Asian stocks edged higher on Tuesday, 21 January 2014, as China's money-market rates dropped after the central bank pumped funds into the financial system. Key benchmark indices in China, Japan, Singapore, Hong Kong, Indonesia, and South Korea were up 0.23% to 0.99%. Taiwan's Taiwan Weighted fell 0.25%.
The People's Bank of China yesterday added funds and expanded access to a lending facility as rising demand for cash before the Lunar New Year drove the biggest jump in money-market rates in seven months. Small- and medium-sized Chinese banks will also be able to tap the PBOC's Standing Lending Facility for loans of up to two weeks on a trial basis after the seven-day repurchase rate, a gauge of interbank funding availability, jumped 153 basis points yesterday to 6.32%.
The Bank of Japan's two-day monetary policy meeting began today, 21 January 2014.
Trading in US index futures indicated that the Dow could advance 55 points at the opening bell on Tuesday, 21 January 2014. The US stock market was closed on Monday, 20 January 2014, for a holiday commemorating civil rights leader Martin Luther King Jr.
The Federal Open Market Committee (FOMC) holds a two-day monetary policy meeting on 28 and 29 January 2014. By a 9-to-1 vote, the Fed on 18 December 2013 decided to trim its asset-purchase program by $10 billion to $75 billion per month starting in January 2014.
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