Key benchmark indices further trimmed gains in afternoon trade as European stocks edged lower in early trade there. The barometer index, the S&P BSE Sensex was currently up 159.68 points or 0.59% at 27,186.38. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. The BSE Mid-Cap index rose 0.98%. The BSE Small-Cap index gained 1.79%. Both these indices outperformed the Sensex. Metal stocks gained on renewed buying. IT stocks also gained. Indian stocks rose today, 8 September 2014, as lower crude oil prices boosted sentiment. The market sentiment was also boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session.
Key indices trimmed gains after opening on a firm note and extending gains to scale record high.
At 14:15 IST, the S&P BSE Sensex was up 159.68 points or 0.59% at 27,186.38. The index gained 222.09 points at the day's high of 27,248.79 in morning trade, a record high for the barometer index. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 49.75 points or 0.62% at 8,136.60. The index hit a high of 8,149.25 in intraday trade, a record high for the index. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,905 shares gained and 887 shares fell. A total of 97 shares were unchanged.
The BSE Mid-Cap index rose 95 points or 0.98% to 9,763.76. The BSE Small-Cap index rose 190.02 points or 1.79% to 10,817.09. Both these indices outperformed the Sensex.
ONGC (up 1.92%), Bajaj Auto (up 1.42%) and Hindustan Unilever (up 1.1%) edged higher from the Sensex pack.
Metal stocks gained on renewed buying. JSW Steel (up 0.85%), Hindalco Industries (up 2.06%), Jindal Steel & Power (up 1.95%), Hindustan Zinc (up 2.38%), Bhushan Steel (up 4.96%), Tata Steel (up 0.15%), Steel Authority of India (Sail) (up 0.59%), National Aluminum Company (up 0.63%) and Hindustan Copper (up 0.9%) gained. But, NMDC fell 0.35%.
Sesa Sterlite rose 0.84%. Sesa Sterlite's board of directors approved an enabling resolution for raising the company's borrowing limit from Rs 60000 crore to Rs 80000 crore. The announcement was made after market hours on Friday, 5 September 2014.
The company's board of directors also approved a proposal to issue convertible securities of up to Rs 6000 crore and private placement of non-convertible debentures and/or other debt securities with warrants upto Rs 4000 crore. The Board has also approved creation of charge/mortgage over properties of the company for the purpose of the borrowing, Sesa Sterlite said. The company Board has also approved re-appointment of Dindayal Jalan as Whole-Time Director, designated as Chief Financial Officer, for two years till 30 September 2016.
IT stocks also gained. TCS (up 0.97%), Infosys (up 0.45%), Tech Mahindra (up 0.9%), HCL Technologies (up 0.18%) and Wipro (up 1.13%) gained.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
Brent crude oil futures edged higher today, 8 September 2014. Brent for October settlement was down 5 cents at $100.77 a barrel. The contract fell $1.01, or 1%, at $100.82 a barrel on Friday, 5 September 2014, after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions.
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.
In the foreign exchange market, the rupee edged higher against the dollar on increased selling of the American unit by exporters and banks amid sustained foreign fund inflows. The partially convertible rupee was hovering at 60.25, compared with its close of 60.4050 on Friday, 5 September 2014.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
Most European stocks declined today, 8 September 2014, on profit booking after recent rally. Key benchmark indices in France and UK fell 0.19% to 0.23%. Germany's DAX rose 0.15%.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.11% to 0.35%. Key benchmark indices in Japan and Indonesia rose 0.23% to 0.67%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell on Monday, 8 September 2014. US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
The European Union (EU) reportedly said on Friday, 5 September 2014 it had agreed on a tough new package of economic sanctions against Russia, despite a ceasefire between government forces and pro-Kremlin rebels in Ukraine. The sanctions tighten existing measures imposed in July, targeting more individuals with travel bans and asset freezes, as well as tightening access to capital markets for Russian oil and defence companies. The new EU sanctions will be formally approved on Monday, 8 September 2014 although the full details of the people and organisations targeted will not be released for another day.
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