Key benchmark indices hovered in positive terrain in morning trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, was up 43.07 points or 0.21%, off close to 90 points from the day's high and up close to 25 points from the day's low. The market breadth, indicating the overall health of the market, was strong. IT stocks edged higher on renewed buying.
The market trimmed gains after a firm start. It hovered in positive terrain in morning trade.
Asian stocks rose on Tuesday, extending gains into a fourth day before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day today, 11 February 2014.
At 10:20 IST, the S&P BSE Sensex was up 43.07 points or 0.21% to 20,377.34. The index gained 109 points at the day's high of 20,443.35 in early trade, its highest level since 7 February 2014. The index rose 19.14 points at the day's low of 20,353.41 in early trade.
The CNX Nifty was up 7.70 points or 0.13% to 6,061.15. The index hit a high of 6,080.05 in intraday trade. The index hit a low of 6,053.25 in intraday trade.
The BSE Mid-Cap index was up 22.09 points or 0.35% at 6,362.03. The BSE Small-Cap index was up 35.10 points or 0.5% at 6,374.96. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 822 shares rose and 543 shares fell. A total of 73 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks fell and rest rose. Sun Pharmaceutical Industries (up 1.22%), L&T (up 1.01%) and ICICI Bank (up 0.74%) edged higher from the Sensex pack.
IT stocks edged higher on renewed buying. Infosys (up 0.69%), TCS (up 0.99%), Tech Mahindra (up 1.26%) and Wipro (up 0.61%) gained.
HCL Technologies rose 1.72%. The company announced during market hours the first ever global Twitter recruitment campaign called COOLESTINTERVIEWEVER. Starting February 10, HCL will conduct a series of interviews exclusively over Twitter, offering the winning candidate an opportunity to work on a yearlong strategic project with the company's top management. The COOLESTINTERVIEWEVER will run for three consecutive weeks, connecting participants from all over the world with HCL HR executives through Twitter. The top five applicants will participate in one-on-one interviews over the social media platform. In the third and final week, HCL will select a winning candidate to serve for 12 months as one of the selected roles provided by the company of his or her choice. These cool job profiles are tailor made for those who are young-at-heart and excel in their fields of expertise.
Dhanlaxmi Bank lost 5.83% after the bank reported a net loss of Rs 119.37 crore in Q3 December 2013 as against net profit of Rs 4.39 crore in Q3 December 2012. The Q3 result was announced after market hours on Monday, 10 February 2014.
Dhanlaxmi Bank's total income declined 7% to Rs 327.52 crore in Q3 December 2013 over Q3 December 2012.
Dhanlaxmi Bank's provisions and contingencies galloped 1050.97% to Rs 111.76 crore in Q3 December 2013 over Q3 December 2012.
The bank's ratio of gross non-performing assets (NPAs) to gross advances spurted to 7.05% as on 31 December 2013, from 5.31% as on 30 September 2013 and 4.19% as on 31 December 2012. The ratio of net NPAs to net advances increased to 4.64% as on 31 December 2013, from 3.69% as on 30 September 2013 and 2.93% as on 31 December 2012.
Dhanlaxmi Bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 9.78% as on 31 December 2013 as against 10.46% as on 30 September 2013.
In terms of RBI circular dated 23 August 2013 on "Investment portfolio of banks-Classification, Valuation and Provisioning", the bank has opted to amortise the depreciation on the Available for Sale (AFS) and Held for Trading (HFT) portfolios on each of the valuation dates in the current financial year i.e. 2013-14 in equal installments. Accordingly out of the total depreciation of Rs 81.01 crore as on 31 December 2013, the bank has recognized Rs 38.55 crore in the profit and loss account of the current quarter, Dhanlaxmi Bank said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.415, slightly higher than its close of 62.43 on Monday, 10 February 2014.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for the month of January 2014 tomorrow, 12 February 2014. The CPI inflation slowed to 9.87% in December 2013, from 11.16% in November 2013.
The government will unveil data on inflation based on the wholesale price index (WPI) for the month of January 2014 on Friday, 14 February 2014. The WPI inflation eased to 6.16% in December 2013, from 7.52% in November 2013.
Data on industrial production for December 2013 will be out tomorrow, 12 February 2014. Industrial output declined 2.1% in November 2013, recording decline for second consecutive month after 1.6% dip in October 2013.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian stocks rose on Tuesday, extending gains into a fourth day before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy. Key benchmark indices in China, South Korea, Singapore, Indonesia, Hong Kong and Taiwan rose 0.37% to 1.6%.
Trading in US index futures indicated that the Dow could gain 41 points at the opening bell on Tuesday, 11 February 2014. US stocks rose on Monday before Federal Reserve Chairman Janet Yellen delivers her first report on monetary policy.
Yellen will speak on monetary policy and the outlook for the economy later in the global day today for the first time since being sworn in as the central bank's head.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
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