A range bound movement was witnessed as key benchmark indices retained positive zone in mid-morning trade. The gains for the benchmark indices were small. The barometer index, the S&P BSE Sensex, was currently up 25.79 points or 0.09% at 28,189.08. The market breadth indicating the overall health of the market was positive. Most FMCG shares edged higher. Shares of companies catering to the defense sector rose.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 101.98 crore yesterday, 18 November 2014, as per provisional data. Reserve Bank of India Governor Raghuram Rajan yesterday, 18 November 2014, said that there is a lot of work to be done to get India back on a strong growth path.
Earlier, the Sensex and the CNX Nifty, both, pared gains after hitting record high at the onset of trading session.
In overseas markets, Asian stocks were mixed. US stocks edged higher yesterday, 18 November 2014, with the Dow Jones Industrial Average and the S&P 500, both, attaining record closing high as upbeat US housing data, as well as news of a snap election in Japan and better-than-expected data from Germany boosted investor sentiment.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures were steady after data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market.
At 11:15 IST, the S&P BSE Sensex was up 25.79 points, or 0.09% at 28,189.08. The index jumped 130.72 points at the day's high of 28,294.01 at onset of the trading session, a record high for the index. The index fell 31.07 points at the day's low of 28,132.22 in morning trade.
The CNX Nifty was up 3.25 points or 0.04% at 8,429.15. The index hit a high of 8,455.65 in intraday trade, its record high level. The index hit a low of 8,412.30 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,457 shares gained and 985 shares fell. A total of 98 shares were unchanged.
The BSE Mid-Cap index was up 77.09 points or 0.75% at 10,352.39. The BSE Small-Cap index was up 86.15 points or 0.75% at 11,529.31. Both these indices outperformed the Sensex.
Most FMCG shares edged higher. Britannia Industries (up 2.38%), Bajaj Corp (up 2.16%), Dabur India (up 2.11%), Hindustan Unilever (up 1.91%), Tata Global Beverages (up 1.54%), ITC (up 1.44%), GlaxoSmithKline Consumer Healthcare (up 1.28%), Nestle India (up 1.02%), Bata India (up 0.61%) and Procter & Gamble Hygiene & Health Care (up 0.37%), edged higher. Colgate Palmolive (India) (down 1.20%), Jyothy Laboratories (down 0.38%), Marico (down 0.05%) and Godrej Consumer Products (down 0.02%), edged lower.
Shares of companies catering to the defense sector rose. BEML (up 3.71%), Dynamatic Technologies (up 2.20%), Astra Microwave Products (up 1.62%), Bharat Electronics (up 0.85%) and Walchandnagar Industries (up 0.14%), edged higher. Pipavav Defence & Offshore Engineering Company was down 1.47%.
Apar Industries gained 1.45% after the company said that its wholly owned subsidiary, Petroleum Specialities Pte., Singapore, is in the process of setting up a facility in United Arab Emirates. The company made the announcement after market hours yesterday, 18 November 2014.
IL&FS Engineering and Construction Company jumped 12.02% after the company scheduled a meeting of the Board of Directors on 28 November 2014 to consider additional fund raising options for the company. The announcement was made after market hours yesterday, 18 November 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.83, compared with its close of 61.745 during the previous trading session.
Brent crude oil futures were steady after data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market. Brent for January settlement was off 5 cents to $78.42 a barrel. The contract had lost 84 cents to settle at at $78.47 a barrel yesterday, 18 November 2014.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
Reserve Bank of India Governor Raghuram Rajan yesterday, 18 November 2014, said that there is a lot of work to be done to get India back on a strong growth path. India will focus on sustainable economic growth and developed economies should do the same, Rajan told reporters in Mauritius yesterday, 18 November 2014. "Lots of work to do to get India back on a strong growth path. The government has been putting together a series of reforms which I think cumulatively amount to big reforms. The central bank is putting together reforms. My sense is we will do what it takes," Rajan said.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Asian stocks were mixed today, 19 November 2014. Key benchmark indices in Indonesia, Singapore and Taiwan were up 0.42% to 1.05%. Key benchmark indices in China, Hong Kong and South Korea were off 0.06% to 0.37%.
In Japan, the Nikkei 225 Average was up 0.13%. The Bank of Japan (BOJ) after a monetary policy review today, 19 November 2014, decided to maintain its large-scale easing policy and stick to its upbeat assessment of the economy despite dismal growth figures released earlier this week that prompted Prime Minister Shinzo Abe to delay a tax increase and call early elections. While government data released early this showed the world's third-biggest economy unexpectedly fell into a recession, the BOJ maintained the view that a moderate recovery trend has taken hold, suggesting that the downturn sparked by a tax increase earlier in the year will be short-lived.
The relatively optimistic view contrasts with the judgment by Mr. Abe that the economy isn't strong enough to go ahead with a second increase in the sales tax planned for next year. The prime minister said yesterday, 18 November 2014, that the rise in the tax rate would be delayed by 18 months and that he would seek a popular mandate for the postponement and his economic policy platform known as Abenomics in an election next month.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell today, 19 November 2014. US stocks edged higher yesterday, 18 November 2014, with the Dow Jones Industrial Average and the S&P 500, both, attaining record closing high as upbeat US housing data, as well as news of a snap election in Japan and better-than-expected data from Germany boosted investor sentiment.
Powered by Capital Market - Live News
