Key benchmark indices were trading higher at the onset of trading session. The Sensex was currently up 66.26 points or 0.24% at 28,229.55. The market breadth indicating the overall health of the market was strong. The S&P BSE Sensex and the CNX Nifty, both, hit record high levels at the onset of trading session.
Ranbaxy Laboratories fell while Reliance Infrastructure rose after changes in the CNX Nifty Junior index. Adani Enterprises rose after clarification. Axis Bank rose after the bank said it priced $500 million 3.250% senior unsecured notes due 2020. Power Grid Corporation of India rose after board approved two transmission projects worth over Rs 1000 crore.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Tuesday, 18 November 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 101.98 crore on that day.
At 9:20 IST, the S&P BSE Sensex was up 66.26 points or 0.24% at 28,229.55. The index rose 130.72 points at the day's high of 28,294.01, at onset of the trading session, its record high level. The index rose 30.61 points at the day's low of 28193.90 at onset of the trading session.
The CNX Nifty was up 14.60 points or 0.17% at 8,440.50. The index hit a high of 8,455.65 in intraday trade, its record high level. The index hit a low of 8,437.20 in intraday trade.
The market breadth indicating the overall health of the market was strong . On BSE, 971 shares gained and 291 shares fell. A total of 29 shares were unchanged.
The BSE Mid-Cap index was up 55.98 points or 0.54% at 10,331.28. The BSE Small-Cap index was up 75.66 points or 0.66% at 11,518.82. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 24 shares rose and the remaining shares fell.
Ranbaxy Laboratories fell 0.41% while Reliance Infrastructure rose 1.05%. Drug maker Ranbaxy Laboratories is being excluded from the National Stock Exchange's CNX Nifty Junior index and would be replaced by Reliance Infrastructure. These changes would be effective from 28 November 2014. The changes have been made on account of proposed scheme of amalgamation with Sun Pharmaceuticals Industries. The changes were announced on Tuesday, 18 November 2014, by India Index Services & Products (IISL), a subsidiary of NSE Strategic Investment Corporation.
Jaiprakash Associates rose 1.16% and Shree Cement was unchanged at Rs 9217.40. The fair trade regulator, the Competition Commission of India (CCI), has approved Jaiprakash Associates' proposed sale of its Haryana's cement grinding unit to Shree Cement, saying the deal will not raise anti-competition concerns in the country.
Adani Enterprises rose 0.84%. The company after market hours yesterday, 18 November 2014, in a clarification with regard to news item titled "Adani ties up $1-bn SBI loan for OZ coal venture" said it has signed Memorandum of Understanding ('MOU) with State Bank of India (SBI) wherein SBI has agreed in principle to consider extending financial assistance of an amount upto $1 billion for development of Carmichael coal mine. This is, however, subject to SBI's due diligence and internal credit approval and also pursuant to the definitive understanding/agreement to be executed between the parties, Adani Enterprises said.
Axis Bank rose 0.15%. The bank after market hours yesterday, 18 November 2014 said it priced $500 million 3.250% senior unsecured notes due 2020 (the Notes). The Notes are issued by Axis Bank's DIFC branch, Dubai and are rated Baa2 by Moody's, BBB- by S&P and BBB- by Fitch. The Notes have been issued at a price of 99.656 to yield 3.319%. The Notes will be denominated in US dollars, and will bear fixed interest of 3.250% per annum, with interest payable semi-annually in arrears, Axis Bank said. The bank will apply the net proceeds to meet the funding requirement of its foreign branches and for general corporate purposes, Axis Bank said.
Infosys fell 0.19%. The board of Infosys BPO after market hours yesterday, 18 November 2014, announced that it has appointed Anup Uppadhayay as Chief Executive Officer and Managing Director of the company. The board of Infosys BPO also appointed Deepak Bhalla as Chief Financial Officer of the company. The board of Infosys BPO also announced the separation of Abraham Mathews, its Chief Financial Officer from the services of the company for not complying with its code of conduct. This departure is in keeping with the company's goal of setting the highest standards of corporate governance and adhering to the letter and spirit of the company's code of conduct. Gautam Thakkar, the current Chief Executive Officer has submitted his resignation to the company effective 30 November 2014, taking responsibility on moral grounds and will be assisting Uppadhayay in this transition.
Mahindra & Mahindra (M&M) fell 0.30%. M&M announced after market hours yesterday, 18 November 2014, that it would carry out preventive inspection of a part of its engines manufactured during May 2014. The preventive inspection and replacement (if needed) of this part (vacuum pump) would be free of cost for customers who would be individually contacted by the company. The proactive part Inspection replacement is in keeping with M&M's customer-centric approach as well as in keeping with the company's endeavour to ensure a hassle free experience for its customers. This is also in keeping with SIAM's voluntary code on vehicle recall. The inspection is limited to approximately 2300 (two thousand three hundred) vehicles of Scorpio Vlx/Sle /Lx , XUV 500 W4/W6AN8 and Xylo H9/1-18/H4 variants, the company said in a statement.
Power Grid Corporation of India (PGCIL) rose 0.94%. PGCIL said after market hours yesterday, 18 November 2014, that its board has approved two transmission projects worth over Rs 1000 crore. The transmission major would be implementing two projects valued at Rs 1046.71 crore, it said in a regulatory filing. The company would carry out sub-station works associated with system strengthening in Southern region for import of power from Eastern Region at an estimated cost of Rs 972.42 crore. This project is to be commissioned within 36 months from the date of investment approval. Besides, Power Grid Corporation of India would be implementing a Common Transmission Scheme associated with ISGS Projects in Nagapattinam / Cuddatore Area of Tamil Nadu - Part-A1(b) at an estimated cost of Rs 74.29 crore. This project has a completion schedule of 30 months. The two projects were approved by the board during its meeting on 11 November 2014.
India and Fiji announced a $75 million line of credit for Fiji for a co-generation power plant and upgrading the sugar industry and also a $5 million fund to develop its villages. The lines of credit were part of three agreements signed between the two countries in the presence of the two leaders on Wednesday, 19 November 2014. Prime Minister Narendra Modi arrived Fiji from Melbourne on board on a special Indian Air Force plane on the last leg of his three-nation ten-day tour after a hectic four-city Australia visit.
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 equities were mostly higher on Wednesday, as investors took heart from an inspiring performance on Wall Street overnight and news of a snap poll in Japan. Key benchmark indices in Indonesia, Japan, Singapore and Taiwan were up 0.56% to 1.39%. Key benchmark indices in China, Hong Kong and South Korea were off 0.24% to 0.31%.
Japanese Prime Minister Shinzo Abe told ruling party leaders on Tuesday, 18 November 2014, that he will delay an unpopular sales tax rise and call a snap election, a day after data showed the economy had slipped back into recession. The world's third-biggest economy unexpectedly shrank for a second consecutive quarter, data showed on Monday, 17 November 2014, a sign the pain from an initial rise in the sales tax to 8% from 5% in April was lasting longer than expected.
The Dow and S&P 500 closed at record highs on Tuesday, 18 November 2014, lifted by further gains in healthcare shares and hopes for a stronger global economy. The S&P 500 scored its fourth straight day of gains. The Dow Jones industrial average rose 40.07 points, or 0.23%, to 17,687.82, a record high. The S&P 500 gained 10.48 points, or 0.51%, to 2,051.80, its biggest one-day move since 5 November 2014. The Nasdaq Composite added 31.44 points, or 0.67%, to 4,702.44.
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