Key benchmark indices alternately moved between postive and negative zone near the flat line in morning trade. The 50-unit CNX Nifty was currently trading above the psychological 6,000, having alternately moved above and below that level in intraday trade. The barometer index, the S&P BSE Sensex, was down 6.15 points or 0.03%, off 80.66 points from the day's high and up 31.32 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Mining and metal stocks rose on renewed buying. Tata Steel extended Wednesday's gains triggered by the company's announcement of increase in production and sales deliveries of steel in Q2 September 2013. JSW Steel rose after the company reported increase in production in Q2 September 2013. Shares of state-run iron ore miner NMDC rose on reports that the company has raised prices of iron ore lumps and fines by Rs 90 to Rs 100 a tonne. Ashok Leyland rose after a large bulk deal was executed in the counter on BSE.
A bout of initial volatility was witnessed as the key benchmark indices reversed initial losses. The Sensex, and the 50-unit CNX Nifty, both, hit their highest level in nearly three weeks. Key benchmark indices alternately moved between postive and negative zone near the flat line in morning trade.
In the foreign exchange market, the rupee edged lower against the dollar as weakness in other Asian currencies and global currency majors versus the greenback weighed. The partially convertible rupee was hovering at 62.20, weaker than its close of 61.93/94 on Wednesday, 9 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 326.58 crore on Wednesday, 9 October 2013, as per provisional data from the stock exchanges.
At 10:16 IST, the S&P BSE Sensex was down 6.15 points or 0.03% to 20,243.11. The index gained 74.51 points at the day's high of 20,323.77 in early trade, its highest level since 20 September 2013. The index fell 37.47 points at the day's low of 20,211.79 in morning trade.
The 50-unit CNX Nifty was up 1.80 points or 0.03% to 6,009.25. The index hit a high of 6,031.80 in intraday trade, its highest level since 20 September 2013. The index hit a low of 5,997.75 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,045 shares gained and 520 shares fell. A total of 105 shares were unchanged.
The total turnover on BSE amounted to Rs 452 crore by 10:20 IST compared to Rs 187 crore by 09:30 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Metal stocks rose on renewed buying. Sesa Sterlite (up 1.79%), National Aluminium Company (up 1.04%), Hindustan Zinc (up 1.15%) and Hindalco Industries (up 1.09%) edged higher.
Steel stocks shrugged off reports a hike in iron ore lumps and fines prices by state-run NMDC. Jindal Steel & Power advanced 2.33%. Sail rose 1.3%.
Tata Steel extended Wednesday's gains triggered by the company's announcement of increase in production and sales deliveries of steel in Q2 September 2013. The stock was up 1.9%. The company's hot metal production rose 19% to 2.46 million tonnes in Q2 September 2013 over Q2 September 2012. Crude steel production rose 19% to 2.29 million tonnes in Q2 September 2013 over Q2 September 2012. Saleable steel production rose 18% to 2.2 million tones in Q2 September 2013 over Q2 September 2012. Deliveries rose 18% to 2.03 million tonnes in Q2 September 2013 over Q2 September 2012. The company announced the data during trading hours on Wednesday, 9 October 2013.
JSW Steel rose 0.29%. The company during market hours today, 10 October 2013, said its crude steel production rose 6% to 2.98 million tonnes in Q2 September 2013 over Q2 September 2012. Production of flat rolled products rose 18% to 2.45 million tonnes in Q2 September 2013 over Q2 September 2012. Production of long rolled products rose 3% to 0.46 million tonnes in Q2 September 2013 over Q2 September 2012. The figures are after giving effect to the merger of JSW ISPAT Steel with the company.
JSW Steel said that the company took shutdown of one of its Corex furnaces for relining and capacity enhancement during the quarter. This furnace recommenced production from 12 September 2013.
Shares of state-run iron ore miner NMDC rose on reports that the company has raised prices of iron ore lumps and fines by Rs 90 to Rs 100 a tonne. The stock was up 2.1% at Rs 129.90.
Ashok Leyland gained 2.53% to Rs 16.20 on huge early volume of 2.69 crore shares after a large bulk deal of 2.6 crore shares was executed on the counter at Rs 15.90 per share at 09:26 IST on BSE today, 10 October 2013.
Asian markets were trading mixed on Thursday, 10 October 2013. Key benchmark indices in Singapore, Japan and Indonesia rose by 0.44% to 0.77%. Key benchmark indices in China, Hong Kong and South Korea fell by 0.01% to 0.88%. Taiwan's markets were closed for a holiday.
Chinese trade and inflation data to be released over the weekend and early next week will provide investors a chance to see whether the economic recovery seen in recent months has carried on to September.
Japanese core machinery orders rose 5.4% in August from the previous month, the government said Thursday, on a recovery in capital spending by businesses and increased demand ahead of a planned sales-tax hike. That came after a 0.03% decline in July, and was the first rise in three months.
Trading in US index futures indicated that the Dow could gain 58 points at the opening bell on Thursday, 10 October 2013. US stocks ended mostly higher on Wednesday, 9 October 2013, with signs of progress in ending deadlock in Washington after news that US President Barack Obama would meet House Democrats on Wednesday and House Republicans on Thursday. Investors' focus remains on the ongoing fiscal impasse in the US amid worries that Washington could pass the deadline to raise the debt ceiling -- a move that could lead to a default.
US markets offered little reaction to the Federal Reserve's release of minutes from its September meeting, at which the Fed unexpectedly refrained from tapering its $85 billion in monthly asset purchases. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes of their last meeting, which took place before the US government partial shutdown started.
Meanwhile, US President Barack Obama on Wednesday, 8 October 2013, nominated Janet Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the shutdown continues. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Brazil's central bank on Wednesday raised the country's baseline lending rate once more by half a point, as expected. But the central bank disappointed some investors by giving no sign that it will slow the pace of rate hikes going forward. In a unanimous vote, the monetary policy committee, or Copom, raised the Selic rate to 9.5%.
The OPEC is slated to release its monthly oil report later today, 10 October 2013.
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