Key benchmark indices trimmed gains in late trade after an intraday rally triggered by firm global stocks. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit over one week high. The Sensex was provisionally up 368.07 points or 1.4% at 26,614.86. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. Capital goods stocks gained on renewed buying. Bharat Heavy Electricals (Bhel) surged after announcing large order win. In auto stocks, Ashok Leyland scaled record high.
Key benchmark indices snapped three-day falling trend today, 9 October 2014.
In overseas markets, European and Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Key indices held firm after opening with an upward gap mirroring positive Asian stocks. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit over one week high.
In the foreign exchange market, the rupee edged higher past the 61 mark against the dollar on sustained selling of the US currency by exporters and banks.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened.
As per provisional closing, the S&P BSE Sensex was up 368.07 points or 1.4% at 26,614.86. The index jumped 441.91 points at the day's high of 26,688.7 in late trade, its highest level since 30 September 2014. The index gained 147.42 points at the day's low of 26,394.21 in early trade.
The CNX Nifty was up 117.85 points or 1.5% at 7,960.55. The index hit a high of 7,972.35 in intraday trade, its highest level since 1 October 2014. The index hit a low of 7,886.50 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,989 shares gained and 946 shares fell. A total of 106 shares were unchanged.
The BSE Mid-Cap index was up 171.31 points or 1.82% at 9,575.14. The BSE Small-Cap index was up 162.70 points or 1.54% at 10,726.84. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2653 crore, lower than Rs 2796.49 crore on Wednesday, 8 October 2014.
Capital goods stocks gained on renewed buying. ABB India (up 0.47%), Bharat Electronics (up 4.27%), BEML (up 2.77%), Crompton Greaves (up 3.51%), Siemens (up 2.98%) and Thermax (up 2.28%) gained.
Bharat Heavy Electricals (Bhel) surged 8.44%. Bhel announced after market hours on Wednesday, 8 October 2014, that it has bagged a contract for setting up a 1,320 megawatts (MW) supercritical thermal power project on engineering, procurement & construction (EPC) basis from Tamil Nadu Generation and Distribution Corporation (TANGEDCO) valued at around Rs 7800 crore. The order for setting up a 2x660 MW coal-fired supercritical thermal power project at Ennore special economic zone (SEZ) in Tamil Nadu. For this tender, Bhel has partnered with Power Finance Corporation (PFC), another PSU, by syndicating the financing package in the current competitive environment.
Larsen & Turbo (L&T) advanced rose 2.66%, with the stock extending Wednesday's gain. L&T Technology Services, the wholly owned subsidiary of L&T, during market hours on Wednesday, 8 October 2014, announced the intent to acquire the asset of US based Dell Product and Process Innovation Services, the engineering services division of Dell.
Ashok Leyland gained 3.19% to Rs 45.25 after scaling a record high of Rs 45.40 in intraday trade.
GVK Power & Infrastructure rose 2.88%. After over 6 years of comprehensive environmental assessments and detailed planning, GVK Hancock has been granted an Environmental Authority (Clearance) for its Alpha Coal Project in the Galilee Basin in Central Queensland, GVK Power & Infrastructure said in a statement during trading hours today, 9 October 2014.
The government will unveil industrial production data for August 2014 tomorrow, 10 October 2014. India's index of industrial production (IIP) growth moderated to 0.5% in July 2014, showing moderation in the pace of growth from 3.9% (revised) increase recorded in the previous month of June 2014.
In the foreign exchange market, the rupee edged higher past the 61 mark against the dollar on sustained selling of the US currency by exporters and banks. The partially convertible rupee was hovering at 60.9575, compared with its close of 61.4 during the previous trading session.
Brent crude futures held steady above $91 a barrel today, 9 October 2014 after rebounding from a 27-month low hit in the previous session as the US dollar weakened. Brent for November settlement was up 28 cents at $91.66 a barrel. The contract had declined 73 cents to settle at $91.38 a barrel yesterday, 8 October 2014. It had dropped to $90.57 yesterday, the lowest since June 2012.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 8 October 2014, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 1440.99 crore on that day.
European stocks rallied today, 9 October 2014, rebounding from a two-month low, on speculation that the Federal Reserve will keep interest rates near zero amid concerns about slower global growth. Key benchmark indices in France, Germany and UK rose 0.6% to 1.19%.
The Bank of England (BOE) will announce its latest policy decision today, 9 October 2014. Reports indicated that interest rates are expected to remain on hold today, 9 October 2014 as signs of slowing economic growth and a cooling housing market ease pressure on the Bank of England for an imminent hike. The BOE has held the main rate at a historic low of 0.5% since March 2009.
Asian stocks rose today, 9 October 2014 as US Federal Reserve concerns over a global economic slowdown spurred bets that US interest rates will remain low. Key benchmark indices in Singapore, Taiwan, China, Hong Kong and Indonesia rose by 0.13% to 1.17%. Japan's Nikkei 225 index shed 0.75% Markets in South Korea were closed for holiday.
Japanese core machinery orders rose for the third straight month in August, the government said today, 9 October 2014. The 4.7% rise in August follows monthly gains of 3.5% in July and 8.8% in June, after a record 19.5% drop in May.
Trading in US index futures indicated that the Dow could gain 37 points at the opening bell on Thursday, 9 October 2014. US stocks scored their biggest one-day gains of the year yesterday, 8 October 2014 after minutes of September Federal Open Market Committee meeting reaffirmed the central bank's intent to be prudent in raising interest rates.
Slowing global growth and a stronger dollar pose potential risks to the US outlook, Fed policy makers said at their Sept. 16-17 meeting, according to the minutes released yesterday, 8 October 2014.
The Federal Open Market Committee (FOMC) last month retained a pledge to keep interest rates near zero for a considerable time after it concludes an asset purchase program that's due to end after its October meeting. Policy makers next begin their two-day meeting on 28 October 2014.
The influential US monthly non-farms payroll data is due tomorrow, 10 October 2014. The data pertains to September 2014.
Meanwhile, finance ministers and central bankers from the Group of 20 nations are scheduled to meet today, 9 October 2014 and tomorrow, 10 October 2014 in Washington will discuss the outlook for inflation and the economy.
The IMF and World Bank begin their annual meetings in Washington tomorrow, 10 October 2014 as finance ministers and central bankers from around the world discuss ways to bolster the global economic recovery, weather the latest bout of geopolitical instability and lift incomes in poor countries.
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