Key benchmark indices continued to alternately move between positive and negative zone in morning trade. The barometer index, the S&P BSE Sensex, was up 9.16 points or 0.04%, off close to 50 points from the day's high and up almost equal points from the day's low. The market breadth indicating the overall health of the market was strong.
IT stocks rose on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. Engineers India gained after the company said that the Government has decided to grant Navratna status to the company.
At 10:20 IST, the S&P BSE Sensex was up 9.16 points or 0.04% to 25,378.05. The index rose 58.90 points at the day's high of 25,427.80 in early trade, its highest level since 18 June 2014. The index shed 39.63 points at the day's low of 25,329.27 in early trade.
The CNX Nifty was up 2.35 points or 0.03% to 7,582.55. The index hit a high of 7,589.25 in intraday trade. The index hit a low of 7,566 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,217 shares gained and 733 shares fell. A total of 71 shares were unchanged.
The BSE Mid-Cap index was up 56.32 points or 0.61% at 9,217.50. The BSE Small-Cap index was up 51.91 points or 0.52% at 10,029.62. Both these indices outperformed the Sensex.
Bajaj Auto (up 2.22%), Coal India (up 1.7%) and Tata Motors (up 1.19%) edged higher from the Sensex pack.
IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. HCL Technologies (up 1.35% to Rs 1,433.70), Tech Mahindra (up 0.82% to Rs 2,010.05), Wipro (up 0.08% to Rs 531.70), TCS (up 0.12% to Rs 2,307) and Infosys (up 0.21% to Rs 3,216.90), edged higher.
Engineers India rose 3.75% to Rs 314.30 after the company said that the Government has decided to grant Navratna status to the company. The announcement was made after market hours on Tuesday, 24 June 2014. The Navratna status will give the state-run company's board of directors more financial and operational autonomy.
With small gains, the Sensex hit one-week high at the onset of the trading session. Key benchmark indices alternately swung between positive and negative zone in early trade. The Sensex continued to alternately move between positive and negative zone in morning trade.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire tomorrow, 26 June 2014.
In the foreign exchange market, the rupee edged lower against the dollar as Brent crude hovered near nine-month. The partially convertible rupee was hovering at 60.36, compared with its close of 60.1325/1425 on Tuesday, 24 June 2014.
Brent crude hovered near nine-month high above $114 a barrel as militant violence in Iraq continues. Brent crude futures for August delivery were off 21 cents at $114.25 a barrel. The contract had risen 34 cents to settle at $114.46 on Tuesday, 24 June 2014. Iraq is a key oil exporter in the world.
Meanwhile, the Ministry of Railways has reduced the proposed steep hike in monthly season tickets (MST) rates. A decision has been taken to increase the cost of existing MST fare by only 14.2% inclusive of Fuel Adjustment Component (FAC), the rail ministry said. The ministry also decided that there will be no hike in fare for second class suburban travelers for a distance upto 80 kilo meter on single journey fares. The government had on 20 June 2014 announced 14.2% increase in railway passenger fare and 6.5% hike in railway freight rate to meet its annual expenditure.
The Budget Session of Parliament will commence from 7 of July 2014 and the session is scheduled to conclude on the 14 August 2014, the Ministry of Parliamentary Affairs said on Tuesday, 24 June 2014.
Asian stocks dropped on Wednesday, 25 June 2014, led by material shares, as escalating violence in the Middle East sapped demand for riskier assets. Key benchmark indices in Japan, China, Indonesia, South Korea and Taiwan fell by 0.05% to 0.54%. Key benchmark indices in Singapore and Hong Kong were up by 0.11% to 0.21%.
Trading in US index futures indicated that the Dow could fall 23 points at the opening bell on Wednesday, 25 June 2014. US stocks fell for the second day on Tuesday, 24 June 2014, as reports of escalating violence in the Middle East overshadowed data that boosted optimism in the world's biggest economy.
Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday.
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