Key benchmark indices held firm in mid-afternoon trade as firmness in Asian stocks boosted sentiment. The S&P BSE Sensex was up 350.45 points or 1.72%, up 179.28 points from the day's low and off 7.34 points from the day's low. The market breadth, indicating the overall health of the market, was positive. All the 13 sectoral indices on BSE were in the green. In the foreign exchange market, the rupee strengthened against the dollar.
Shares of IT major Infosys hit 52-week high. Index heavyweight and cigarette major ITC hovered in positive zone. Shares of Financial Technologies (India) and Multi Commodity Exchange of India (MCX) surged on high volumes. Tata Steel extended Thursday's gains triggered by the company reporting turnaround in Q2 September 2013.
Key benchmark indices surged in early trade on positive Asian stocks. Key benchmark indices extended early gains in morning trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in over one week. Key benchmark indices extended gains to strike fresh intraday high in mid-morning trade. Key benchmark indices held firm after striking fresh intraday high in early afternoon trade. It hovered near their intraday high in afternoon trade. Key benchmark indices hovered near their intraday high in mid-afternoon trade.
The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Thursday, 14 November 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges. Stock markets had remained closed on Friday, 15 November 2013 on account of Moharram.
At 14:20 IST, the S&P BSE Sensex was up 350.45 points or 1.72% to 20,749.87. The index gained 357.79 points at the day's high of 20,757.21 in early afternoon trade, its highest level since 8 November 2013. The index rose 171.17 points at the day's low of 20,570.59 in opening trade.
The CNX Nifty was up 98.25 points or 1.62% to 6,154.40. The index hit a high of 6,158.35 in intraday trade, its highest level since 8 November 2013. The index hit a low of 6,110.40 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,388 shares gained and 1,095 shares fell. A total of 132 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks gained while rest of them declined.
HDFC Bank (up 2.8%), L&T (up 3.07%) and ONGC (up 2.57%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC rose 3.01% to Rs 323.85.
Infosys rose 1.14% to Rs 3,392.10. The stock hit a 52-week high of Rs 3,410 in intraday trade today, 18 November 2013.
Mastek lost 6.23% after the company said that a major North American customer is reprioritizing its multi-vendor transformation program. The announcement was made on Saturday, 16 November 2013.
Mastek said that while the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business. The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks, The company said it continues to have a strong relationship with the customer and company's solution continues to have customer's confidence. Mastek continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months.
Tata Steel rose 2.05%, with the stock extending Thursday's 4.58% gains triggered by the company reporting turnaround in Q2 September 2013.
The company after market hours on 13 November 2013 reported turnaround Q2 September 2013 results. The stock had surged 4.58% to settle at Rs 375.30 on Thursday, 14 November 2013. The stock market was closed on Friday, 15 November 2013 on account of Muharram.
Tata Steel reported a consolidated net profit of Rs 916.77 crore in Q2 September 2013 as against net loss of Rs 363.93 crore in Q2 September 2012. Revenue rose 7.35% to Rs 36645 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 54.26% to Rs 3784 crore in Q2 September 2013 over Q2 September 2012.
Tata Steel attributed the turnaround in Q2 September 2013 to steady ramp-up of the Indian operations and improved performance at the European and South East Asian operations.
Suzlon Energy was locked at 10% upper circuit after the company said it will unveil its new offshore turbine, the REpower 6.2M152. The announcement was made during trading hours today, 18 November 2013.
Suzlon Energy said that the new turbine features a rotor diameter of 152 metres, with the rotors sweeping an area larger than three football pitches. The nacelle alone is as big as two detached houses and will be constructed offshore at a height of between 95 and 110 metres.
Andreas Nauen, CEO, REpower Systems SE said, "We are the only manufacturer to have already installed more than 100 offshore turbines in the multi-megawatt class. With an eye on the outstanding availability and energy yield of the REpower 6.2M126, we have enhanced this robust, proven concept: the bigger rotor and correspondingly larger drive train of REpower 6.2M152 combined with tried-and-tested, first class technology enables our customers to generate energy even more cost-efficiency on the high seas".
Shares of Financial Technologies (India) were locked at 20% upper circuit and Multi Commodity Exchange of India (MCX) surged 18.39% of high volumes. As per reports, the Forward Markets Commission (FMC) has allowed the three former directors of MCX and Financial Technologies (India)) to cross-examine Grant Thornton, which conducted the forensic audit on the trouble-ridden unit National Spot Exchange (NSEL).
The commodity market regulator will finalise its order regarding 'fit and proper' status of two former directors after these entities cross-examine a forensic audit report. The cross-examination is scheduled on 25 November 2013.
In the foreign exchange market, the rupee strengthened against the dollar on positive global cues, after dovish comments last week from Fed Chairman-nominee Janet Yellen assure markets there will be no imminent decision to scale back the Fed's massive bond-buying programme. The partially convertible rupee was hovering at 62.54, stronger compared to its close of 63.11/12 on Thursday, 14 November 2013. Financial markets were closed on Friday, 15 November 2013 on account of Moharram.
Meanwhile, the second and final phase of voting in Chhattisgarh will be held tomorrow, 19 November 2013. Polling in the first phase for the 90-member state assembly had seen voter turnout of 67% on 11 November 2013.
European stock markets slipped on Monday after scoring a six-week winning streak last week. Key benchmark indices in UK, France and Germany fell 0.02% to 0.14%.
Asian stocks rose for a third day on Monday with Chinese stocks among the top gainers after Beijing late Friday vowed to carry out the broadest expansion of economic freedoms since at least the 1990s. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Indonesia and South Korea rose by 0.18% to 2.87%. Japan's Nikkei 225 index fell marginally by 0.01%.
China late evening Friday unveiled its most sweeping reform agenda in more than 30 years. The agenda aims to transition China to a more free-market consumer economy with fewer social controls. On the economic front, the plans include reducing the power of giant state-owned companies, removing a swathe of price controls, phasing out caps on interest rates and moving towards yuan convertibility. More broadly, the plans also outline loosening the one-child policy, abolishing the controversial re-education labor camps and introducing steps toward an independent judiciary.
Trading in US index futures indicated that the Dow could fall 2 points at the opening bell on Monday, 18 November 2013. US stocks stepped higher on Friday, lifting the S&P 500 and Dow industrials to record closes, as investors continued to find encouragement in Janet Yellen's support for the Federal Reserve's stimulus efforts.
At a confirmation hearing on Thursday, Yellen, the nominee to lead the Fed, defended the central bank's aggressive bond-buying program, known as quantitative easing or QE, and tried to ease concerns that bubbles were forming in the equity markets.
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