Key benchmark indices further pared gains in a range bound market in afternoon trade. Profit booking emerged after the government released trade data for the month of January 2014. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex, was up 38.16 points or 0.19%, off close to 71 points from the day's high and up close to 19 points from the day's low.
The government unveiled the trade data for the month of January 2014. Trade deficit was at $9.92 billion in January 2014 compared with $10.14 billion in December 2013. Exports rose 1.5% at $26.75 billion in January 2014 over December 2013. April-January exports rose 5.7% at $257 billion compared with corresponding period of the previous year. January imports rose 0.7% at $36.67 billion in January 2014 over December 2013. January gold and silver imports were at $1.72 billion in January 2014 compared with $1.77 billion in December 2013. April-Jan trade deficit was at $119.9 billion compared with $167.8 billion in the corresponding period of the previous year.
Coming back to today's trade, shares of IT companies rose across the board after a strong outlook by industry body Nasscom. TCS rose after announced that Qatar National Bank has gone live with the TCS BaNCS universal banking solution for custody. CEAT gained after strong Q3 results.
The market trimmed gains after a firm start. The Sensex hovered in green in mid-morning trade. Key benchmark indices traded off the day's high in early afternoon trade. Key benchmark indices further pared gains in a range bound market in afternoon trade.
At 13:20 IST, the S&P BSE Sensex was up 38.16 points or 0.19% to 20,372.43. The index jumped 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 8.30 points or 0.14% to 6,061.75. The index hit a high of 6,081.85 in intraday trade. The index hit a low of 6,053.25 in intraday trade.
The BSE Mid-Cap index was up 3.16 points or 0.05% at 6,343.10. The BSE Small-Cap index was up 4.09 points or 0.06% at 6,343.97. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,267 shares dropped and 1,115 shares rose. A total of 127 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks rose and rest fell. Tata Motors (up 2.07%), ONGC (up 1.21%), Tata Power (up 1.19%), Tata Steel (up 1.12%), ICICI Bank (up 0.98%), Infosys (up 0.90%), HDFC (up 0.88%) and Axis Bank (up 0.44%), edged higher from the Sensex pack.
Hindalco Industries (down 1.87%), Bharti Airtel (down 1.76%), Hero MotoCorp (down 1.61%), NTPC (down 1.44%), Reliance Industries (down 0.92%), Maruti Suzuki India (down 0.79%), Sesa Sterlite (down 0.59%), Cipla (down 0.51%), Coal India (down 0.39%) and Bhel (down 0.35%), edged lower from the Sensex pack.
Shares of IT companies rose across the board after a strong outlook by industry body Nasscom. CMC (up 3.15%), HCL Technologies (up 2.58%), Tech Mahindra (up 1.45%), Infosys (up 0.88%), Hexaware Technologies (up 0.35%), MphasiS (up 0.24%), Wipro (up 0.13%) and Oracle Financial Services Software (up 0.07%), edged higher.
The Indian IT outsourcing sector is expected to see exports growing 13% - 15% in the fiscal year ending March 2015 (FY 2015), an industry lobby group said on Tuesday, 11 February 2014, with improving US and European economies driving growth.
The sector's exports in FY 2015 are forecast to rise to as much as $99 billion, according to Nasscom. That compares with an estimated 13% rise in fiscal year ending March 2014, Nasscom said.
Addressing the media, R Chandrashekhar, president of Nasscom, said the consistency in the performance has shown the stability of the IT industry.
IT major TCS rose 0.84% to Rs 2,111.30. TCS announced during market hours today, 11 February 2014, that Qatar National Bank has gone live with the TCS BaNCS universal banking solution for custody. As part of its strategy to become a financial powerhouse, the Bank has been deploying technology to roll out products at a fast clip. The project has gone live within the planned nine Months and is expected to reinforce QNB's growing stature not just as a regional bank but as an emerging global bank with local roots. The solution now supports QNB's Custody, Securities Lending & Borrowing on Direct investor Channels in Qatar.
QNB Group has steadily grown to be the largest bank in the Middle East and North Africa Region and is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets. Commenting on the go-live, Adel Al Malki, General Manager, Group IT said. "As the biggest bank in Qatar and the leading Financial Institution in the Region, it is important that we provide quality solutions to our clients and customers, The introduction of TCS BaNCS deploys robust and proven technology that will benefit our diverse range of Custody and Securities Lending & Borrowing clients, and this will further enhance capabilities and delivery in this important area of our business."
"With this go-live TCS BaNCS has further expanded its customer presence in the Middle East, said Ariketh Vasudevan, Head of TCS Financial Solutions, MEA. Today, more than 40 financial institutions use this platform as their preferred technology solution in the banking and capital markets segments".
CEAT rose 1.26% after consolidated net profit surged 198.5% to Rs 66.95 crore on 15.3% increase in total income to Rs 1442.34 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Monday, 10 February 2014.
Automotive Axles lost 4.63% after net profit fell 52.3% to Rs 2.90 crore on 32.8% decline in net sales to Rs 133.29 crore in Q1 December 2013 over Q1 December 2012. The Q1 result was announced after market hours on Monday, 10 February 2014.
In the foreign exchange market, the rupee edged higher against the dollar on global risk-on sentiment. The partially convertible rupee was hovering at 62.39, compared with its close of 62.43/44 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.
Consumer price inflation is seen easing a bit in January 2014. Inflation based on the combined consumer price index (CPI) for urban and rural India is seen easing to 9.4% in January 2014 from 9.87% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the combined consumer price index (CPI) for urban and rural India for January 2014 at 17:30 IST tomorrow, 12 February 2014.
Inflation based on the wholesale price index (WPI) is also expected to ease in January 2014. WPI inflation is seen easing to 5.9% in January 2014 from 6.16% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil data on inflation based on the wholesale price index (WPI) for January 2014 at 12 noon on Friday, 14 February 2014.
Industrial production is expected to remain in contraction mode in December 2013. Industrial output is expected to decline 1% in December 2013, as per the median estimate of a poll of economists carried out by Capital Market. India's industrial production 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, 11 February 2014, before Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day. Key benchmark indices in China, South Korea, Singapore, Indonesia, Hong Kong and Taiwan rose 0.46% to 1.79%. Japanese stock markets were closed for a holiday today.
Trading in US index futures indicated that the Dow could advance 43 points at the opening bell on Tuesday, 11 February 2014. US stocks rose on Monday amid optimism that economic growth is robust enough to weather central bank stimulus cuts.
Federal Reserve Chairman Janet Yellen delivers her first testimony on monetary policy later in the global day today, 11 February 2014. Yellen will speak on monetary policy and the outlook for the US economy 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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