With August 2014 derivatives contracts set for expiry today, key benchmark indices moved in an extremely narrow range in positive zone in afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 67.19 points or 0.25% at 26,622.90. The market breadth indicating the overall health of the market was negative. The BSE Mid-Cap index remained in red whereas the BSE Small-Cap index retained positive zone. A day after the government notified increase in foreign direct investment (FDI) ceiling in the defence sector, the government on Wednesday, 27 August 2014, issued a notification allowing 100% FDI through the automatic route in railway infrastructure. Most IT stocks declined. FMCG stocks were mixed. Provisional data showed that foreign funds remained net buyers of Indian equities during the previous trading session.
Earlier during the day, the Sensex had surged to a record high after a higher opening.
In overseas markets, European shares edged lower ahead of the release of the revised US gross domestic product figures for the second quarter later in the global day. Asian stocks were mixed. Brent crude oil futures fell as expectations of ample supply weighed on prices.
At 13:14 IST, the S&P BSE Sensex was up 67.19 points or 0.25% at 26,622.90. The index jumped 114.23 points at the day's high of 26,674.38 in early trade, a record high for the index. The index rose 36.52 points at the day's low of 26,596.67 in early trade.
The CNX Nifty was up 16.35 points or 0.21% to 7,952.40. The index hit a high of 7,967.80 in intraday trade, its highest level since 25 August 2014. The index hit a low of 7,942.25 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,441 shares fell and 1,266 shares rose. A total of 100 shares were unchanged.
The BSE Mid-Cap index was down 18.23 points or 0.2% at 9,308.36, underperforming the Sensex. The BSE Small-Cap index was up 34.19 points or 0.33% at 10,288.06, outperforming the Sensex.
Among Sensex pack, 18 stocks advanced while remaining declined.
Most IT stocks declined. TCS (down 0.43%), HCL Technologies (down 0.63%), Infosys (down 0.73%), and MphasiS (down 0.91%) declined. Wipro (up 1.64%), Tech Mahindra (up 0.65%), and MindTree (up 0.58%) gained.
FMCG stocks were mixed. Colgate-Palmolive (India) (up 1.03%), Marico (up 0.81%) and Hindustan Unilever (up 0.01%) gained. Nestle (down 0.37%), Godrej Consumer Products (down 1.24%) and Dabur India (down 1.42%) declined.
Tata Communications (up 4.36%), Engineers India (up 4.29%), NHPC (up 4.06%), Bharti Infratel (up 4.05%), and Shriram City Union Finance (up 2.82%) were the top gainers from BSE's A group shares.
Indian Overseas Bank (down 4.72%), Jaiprakash Associates (down 3.81%), Havells India (down 3.74%), and Dena Bank (down 3.49%) were the top losers from BSE's A group shares.
Bhushan Steel fell by the maximum level of 5% for the day.
Indraprastha Gas rose 1.67%. The company today, 28 August 2014, signed share purchase agreements to acquire up to 5 crore equity shares of Rs 10 each of Maharashtra Natural Gas (MNGL) at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL in such a manner so that upon completion of the proposed transaction the company's shareholding in MNGL shall not exceed 50% of the issued, subscribed and paid up share capital of MNGL. MNGL is in city gas Distribution business in Pune in Maharashtra.
Singer India rose 2.67% after net profit rose 45.06% to Rs 2.35 crore on 37.44% rise in total income from operations (net) to Rs 65.37 crore in Q4 June 2014 over Q4 June 2013. Singer India's net profit fell 54.5% to Rs 6.97 crore on 23.65% rise in total income from operations (net) to Rs 243.89 crore in the year ended 30 June 2014 over the year ended 30 June 2013.
SKS Microfinance rose 3.13% after a foreign brokerage reportedly initiated coverage on the stock with an overweight rating. The foreign brokerage said that Indian microfinance industry has $90 billion demand potential. SKS Microfinance is in a better position than most peers, it added.
Fedders Lloyd Corporation tumbled 16.18% after net profit dropped 64.24% to Rs 5.90 crore on 0.63% fall in total income from operations (net) to Rs 288.88 crore in Q4 June 2014 over Q4 June 2013. The result was announced after market hours on Wednesday, 27 August 2014.
Fedders Lloyd Corporation's net profit fell 9.74% to Rs 44.81 crore on 13.93% rise in total income from operations (net) to Rs 1163.79 crore in the year ended 30 June 2014 over the year ended 30 June 2013.
Provisional data released by the stock exchanges showed that foreign funds remained net buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 290.18 crore on Wednesday, 27 August 2014, as per provisional data from the stock exchanges. FPIs bought shares worth a net Rs 2628.07 crore from the secondary equity market in this month so far till 26 August 2014, as per data from Securities & Exchange Board of India (Sebi). The inflow totaled Rs 70870.60 crore in this calendar year so far.
The market may remain volatile today, 28 August 2014, as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series. The near-month August 2014 F&O contracts expire today, 28 August 2014.
Brent crude oil futures fell as expectations of ample supply weighed on prices. Brent for October settlement was down 16 cents at $102.56 a barrel. The contract rose 22 cents to settle at $102.72 a barrel yesterday, 27 August 2014, after swinging by $1 between $102.05 and $103.07.
The US Energy Information Administration (EIA) in its weekly inventory report on Wednesday, 27 August 2014, said US crude oil stocks fell by a greater-than-expected 2.07 million barrels in the week ended 22 August 2014, but inventories at Cushing, the delivery point for US crude futures, rose 508,000 barrels.
Global credit rating agency Moody's Investors Service today, 28 August 2014, reportedly said that India's sovereign ratings are constrained by persistently high inflation. Recurrent inflationary pressures keep domestic capital costs high, erode domestic purchasing power as well as savings and lower India's international competitiveness, the rating agency said. Without a significant increase in food output, the risk from continued inflation could limit India's growth prospects, Moody's said.
Meanwhile, the government on Wednesday, 27 August 2014, took a decision to allow the Ministry of Road Transport and Highways to decide on mode of delivery and amendments in Model Concession Agreement in respect of national highways projects for expediting of implementation of road infrastructure projects in the country.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.48, compared with its close of 60.455 during the previous trading session.
The stock market remains closed tomorrow, 29 August 2014, on account of Ganesh Chaturthi.
The government will release Q1 June 2014 GDP data tomorrow, 29 August 2014. India's Gross Domestic Product (GDP) rose at a muted pace of 4.6% in Q4 March 2014. The GDP grew 4.7% in the fiscal year ended 31 March 2014 (FY 2014).
European shares edged down from one-month highs in the early trade today, 28 August 2014, ahead of the release of the revised US gross domestic product figures for the second quarter later in the global day. Key indices in Germany, France and UK were off 0.18% to 0.68%.
Asian stocks were mixed today, 28 August 2014, after a steady close for US stocks Wednesday, 27 August 2014. Key benchmark indices in Indonesia, Singapore and South Korea were up 0.04% to 0.4%. Key benchmark indices in China, Hong Kong, Japan and Taiwan were off 0.08% to 0.62%.
China's industrial profits rose 13.5% in July after climbing 17.9% in June, the fastest pace since September, according to data released by the National Bureau of Statistics today, 28 August 2014.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Thursday, 28 August 2014. Most US stocks edged higher on Wednesday, 27 August 2014, with the S&P 500 index creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results.
Powered by Capital Market - Live News
