Key benchmark indices edged higher in early trade on positive Asian stocks. The barometer index, the S&P BSE Sensex was up 152.26 points or 0.6%, up 79.72 points from the day's low and off 5.16 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
India's largest oil exploration firm ONGC dropped in early trade. Tata Steel rose after Moody's Investors Service on Wednesday, 18 June 2014 affirmed the credit ratings on Tata Steel as well as Tata Steel UK Holdings, saying that their profitability and cash generation are unlikely to deteriorate in the next 12 months. Kotak Mahindra Bank fell as the Reserve Bank of India after market hours on Wednesday, 18 June 2014 notified that the foreign share holding in the private sector bank by Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme (PIS) has reached the trigger limit.
Asian markets edged higher on Thursday, 19 June 2014 on the optimism of Wall Street after the US Federal Reserve gave a positive assessment of the world's largest economy and committed to retaining its accommodative monetary policy.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 366.18 crore on Wednesday, 18 June 2014, as per provisional data from the stock exchanges.
At 9:28 IST, the S&P BSE Sensex was up 152.26 points or 0.6% to 25,398.51. The index gained 157.42 points at the day's high of 25,403.67 in early trade. The index rose 72.54 points at the day's low of 25,318.79 in early trade.
The CNX Nifty was up 35.85 points or 0.47% to 7,594.05. The index hit a high of 7,599.80 in intraday trade. The index hit a low of 7,574.35 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,083 shares gained and 305 shares fell. A total of 36 shares were unchanged.
The BSE Mid-Cap index rose 81.66 points or 0.9% to 9,116.91. The BSE Small-Cap index rose 108.71 points or 1.1% to 9,982.35. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 338 crore by 09:30 IST.
Among the 30-share Sensex pack, 28 stocks gained and only two of them declined.
Larsen & Toubro (up 1.42%), Bharat Heavy Electricals (Bhel) (up 1.41%) and Tata Power Company (up 1.36%) edged higher from the Sensex pack.
India's largest oil exploration firm ONGC dropped 2.8%.
Tata Steel rose 0.66%. Moody's Investors Service on Wednesday, 18 June 2014 affirmed the credit ratings on Tata Steel as well as Tata Steel UK Holdings, saying that their profitability and cash generation are unlikely to deteriorate in the next 12 months.
Kotak Mahindra Bank fell 1.56% as the Reserve Bank of India after market hours on Wednesday, 18 June 2014 notified that the foreign share holding in the private sector bank by Foreign Institutional Investors (FIIs) under Portfolio Investment Scheme (PIS) has reached the trigger limit. Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India.
Asian markets edged higher on Thursday, 19 June 2014 on the optimism of Wall Street after the US Federal Reserve gave a positive assessment of the world's largest economy and committed to retaining its accommodative monetary policy. Key benchmark indices in Singapore, Taiwan, Hong Kong and Japan rose by 0.01% to 1.59%. Key benchmark indices in Indonesia, China, and South Korea fell by 0.13% to 0.31%.
Chinese Premier Li Keqiang vowed that his nation's economy will not suffer a so-called "hard landing," a report said. Li said that the government was taking measures to ensure that gross domestic product grows no slower than an annual rate of 7.5% so as to ensure job creation, the report added.
US stocks rallied on Wednesday, 18 June 2014 gaining the most in four weeks, after the Federal Reserve chief signaled no hurry to raise rates.
The Federal Reserve said growth is bouncing back and the job market is improving as it continued to reduce the monthly pace of asset purchases. The Federal Open Market Committee trimmed bond-buying by $10 billion for a fifth straight meeting, to $35 billion, keeping it on pace to end the program late this year.
After a two-day policy meeting which concluded on Wednesday, 18 June 2014, the US central bank slashed its forecast for US economic growth this year to a range of between 2.1% and 2.3% from an earlier projection of around 2.9 %. But the Fed's forecasts for 2015 and 2016 were unchanged, and it expressed confidence that the recovery was on track, added the report.
Fed Chair Janet Yellen emphasized the need to put more Americans back to work and downplayed concerns about asset-price bubbles and incipient inflation. Yellen repeated that the Fed is likely to "reduce the pace of asset purchases in further measured steps" and that it expects interest rates to stay low for a "considerable time" after the buying ends. She declined to offer a more specific timetable for the first interest-rate increase since 2006, saying there's "no mechanical formula."
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