Key indices moved within a very narrow range in afternoon trade after seeing high intraday volatility earlier during the day. The barometer index, the S&P BSE Sensex, regained positive zone after briefly turning negative. The Sensex was currently up 15.51 points or 0.06% at 27,127.72. The market breadth indicating the overall health of the market was negative. European and Asian stocks gained after as Scotland voted to reject independence from the UK. Overnight losses for Brent crude oil futures augur well for India as the country imports majority of its crude oil requirements. Meanwhile, on the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014, announced that China will invest $20 billion in India over the next 5 years. The two Asian countries also agreed that specific measures to enhance market access for Indian companies in China will be expedited in agricultural and pharmaceutical products and for export of services.
Infosys extended intraday gain after the company announced a global partnership with Huawei and expansion of its partnership with Hitachi Data Systems and Microsoft Corp. Capital goods stocks edged lower. Shares of tyre makers rose on renewed buying, with shares of MRF and JK Tyre & Industries hitting record high.
In overseas markets, European stocks rose in early trade as Scotland voted to reject independence from the UK. Asian stocks rose as data overnight showed fewer Americans filed for jobless claims and as Scotland voted to reject independence from the UK. In the US, the S&P 500 and Dow Jones Industrial Average closed at record levels yesterday, 18 September 2014, as investors welcomed the Federal Reserve's commitment to low interest rates long after the ending of monetary stimulus.
Scotland has chosen to stay in the United Kingdom, spurning independence in a historic referendum that had worried allies and investors, results showed today, 19 September 2014. With 31 of 32 constituencies declared, unionists had won 55% of the vote while separatists were on 45%.
Earlier, high intraday volatility was witnessed as key indices alternately swung between positive and negative zone. Key indices had risen to their highest level in more than a week in mid-morning trade after early results showed that Scotland voting against breaking from the United Kingdom.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil prices extended previous session's losses following a higher-than-expected crude oil inventory build.
At 13:15 IST, the S&P BSE Sensex was up 15.51 points or 0.06% at 27,127.72. The index jumped 134.96 points at the day's high of 27,247.17 in mid-morning trade, its highest level since 10 September 2014. The index fell 57.17 points at the day's low of 27,055.04 in early afternoon trade.
The CNX Nifty was up 12.95 points or 0.16% at 8,127.70. The index hit a high of 8,160.90 in intraday trade, its highest level since 9 September 2014 The index hit a low of 8,105.35 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,424 shares fell and 1,396 shares rose. A total of 98 shares were unchanged.
The BSE Mid-Cap index was up 16.60 points or 0.17% at 9,877.82. The BSE Small-Cap index was up 61.35 points or 0.55% at 11,182.51. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2601 crore by 13:15 IST.
Infosys advanced 1.62% to Rs 3,760, with the stock extending intraday gain. The stock hit high of Rs 3,769.35 and low of Rs 3,690 so far during the day. Infosys today, 19 September 2014 announced a global partnership with Huawei, a leading global information and communication technology (ICT) solution provider. Through this partnership, the companies will jointly offer enterprise customers cloud, big data and communication solutions, along with other enterprise-oriented services which will combine Huawei's cloud infrastructure and global IT service expertise from Infosys. Infosys and Huawei will also further strengthen their existing partnership in the Huawei Business Process and Information Technology space.
Seperately, Infosys today, 19 September 2014, announced the expansion of its partnership with Hitachi Data Systems (HDS) to bring next-generation infrastructure and data center transformation solutions to enterprises. The new solutions will help improve operational efficiencies and facilitate smooth transition of their IT infrastructure to new cloud-based environments, Infosys said. Infosys will also establish a center of excellence to co-create pay-per-use solutions with HDS, the company said.
Seperately, Infosys also today, 19 September 2014, announced the expansion of its decade-long partnership with Microsoft Corp. to help enterprises transform their business and tap opportunities in a cloud-first, mobile-first world. Infosys will now expand its capabilities for analytics and other service offerings on Microsoft technologies.
Capital goods stocks edged lower. ABB India (down 0.65%), Bharat Heavy Electricals (Bhel) (down 1.14%), BEML (down 1.86%), Crompton Greaves (down 2.79%), L&T (down 1.69%), Punj Lloyd (down 1.6%) and Siemens (down 0.39%) declined. Thermax (up 2.09%) and Bharat Electronics (up 0.16%) gained.
Jet Airways (India) gained 3.77%. Jet Airways (India) during market hours said that the rating committee of ICRA has after due consideration upgraded the long term rating for Line of Credit from [ICRA] D (pronounced ICRA D) to [ICRA] C (pronounced ICRA C). Further, the rating committee of ICRA has also upgraded the short term rating for Line of Credit from [ICRA] D (pronounced ICRA D) to [ICRA] A4 (pronounced ICRA A four), Jet Airways (India) said.
Shares of tyre makers rose on renewed buying. MRF rose 0.81% at Rs 31,780. The stock hit a record high of Rs 32,111 in intraday trade.
JK Tyre & Industries jumped 6.77% to Rs 487.95. The stock hit a record high of Rs 497.50 in intraday trade.
Goodyear India (up 1.39%), Balkrishana Industries (up 5.4%), CEAT (up 2.8%) and Apollo Tyres (up 1.2%) gained.
TVS Srichakra fell 1.95%.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 60.825, compared with its close of 60.85 during the previous trading session.
Brent crude oil prices extended losses registered in previous trading session following a higher-than-expected crude oil inventory build. Brent for November settlement was down 6 cents at $97.64 a barrel. The contract had fallen $1.27 a barrel or 1.28% to settle at $97.70 a barrel on Thursday, 18 September 2014.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Meanwhile, on the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014, announced that China will invest $20 billion in India over the next 5 years. Under a five year Trade and Economic Development Plan, China has also agreed to improve the trade balance between the two countries which is heavily skewed in China's favour. The two Asian countries agreed that specific measures to enhance market access for Indian companies in China will be expedited in agricultural and pharmaceutical products and for export of services. China will set up two industrial parks in India -- one in Gujarat and one in Maharashtra. India and China also agreed on specific steps to enhance cooperation in upgrading India's railways sector.
European stocks edged higher today, 19 September 2014, as Scotland voted to reject independence from the UK. Key benchmark indices in UK, France and Germany were up 0.57% to 0.67%.
Asian stocks rose today, 19 September 2014, as data showed fewer Americans filed for jobless claims. Key benchmark indices in China, Singapore, Hong Kong, Indonesia, Taiwan, Japan and South Korea rose by 0.04% to 1.58%.
Trading in US index futures indicated that the Dow could gain 63 points at the opening bell on Friday, 19 September 2014. US stocks rose on Thursday, 18 September 2014, a day after the US Federal Reserve kept intact its pledge to keep interest rates low, providing a backstop for investors that helped lift both the Dow Jones Industrial Average and the S&P 500 index to record highs.
US housing starts and permits fell in August, but upward revisions to the prior month's data indicated gradual improvement in the housing market.
Separately, American jobless claims fell by 36,000 to 280,000 in the period ended 13 September 2014, the Labor Department said yesterday. Those already collecting unemployment benefits fell to a more than seven-year low.
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