Key benchmark indices remained firm after moving in a narrow range in early afternoon trade. The barometer index, the S&P BSE Sensex, Sensex was up 265.06 points or 1.06%, off close to 65 points from the day's high and up about 180 points from the day's low. The BSE Mid-Cap index was up almost 1.4%. The BSE Small-Cap index was up over 1.6%. Both these indices outperformed the Sensex. The market breadth indicating the overall health of the market was strong. A decline in crude oil prices and gains in Asian stocks underpinned sentiment on the domestic bourses. As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased.
Realty stocks gained. Metal and mining stocks extended Monday's gains triggered by the findings of a preliminary survey showing that China's manufacturing activity expanded in June for the first time in six months.
At 12:20 IST, the S&P BSE Sensex was up 265.06 points or 1.06% to 25,296.38. The index jumped 328.65 points at the day's high of 25,359.97 in mid-morning trade, its highest level since 19 June 2014. The index gained 84.51 points at the day's low of 25,115.83 in early trade.
The CNX Nifty was up 66.65 points or 0.89% to 7,560. The index hit a high of 7,580.05 in intraday trade, its highest level since 19 June 2014. The index hit a low of 7,515.20 in intraday trade.
The market breadth indicating the overall health of the market was strong, with over two gainers for every loser on BSE. On BSE, 1,812 shares gained and 765 shares fell. A total of 118 shares were unchanged.
The BSE Mid-Cap index was up 122.45 points or 1.36% at 9,140.52. The BSE Small-Cap index was up 157.69 points or 1.61% at 9,974.04. Both these indices outperformed the Sensex.
GAIL (India) (up 3.72%), State Bank of India (SBI) (up 1.94%) and Axis Bank (up 1.93%) edged higher from the Sensex pack.
Realty stocks gained. D B Realty (up 0.42% to Rs 106.65), DLF (up 2.89% to Rs 215.55), Housing Development & Infrastructure (HDIL) (up 3.62% to Rs 91.70), Sobha Developers (up 0.48% to Rs 521.50) and Unitech (up 2.51% to Rs 34.70) gained.
Metal and mining stocks extended Monday's gains triggered by the findings of a preliminary survey showing that China's manufacturing activity expanded in June for the first time in six months. China is the World's largest consumer of copper and aluminum. Jindal Steel & Power (up 2.22% to Rs 333.90), Hindustan Copper (up 1.15% to Rs 115.95), JSW Steel (up 1.45% to Rs 1,257.65), Sesa Sterlite (up 1.6% to Rs 301.80), Hindalco Industries (up 1.24% to Rs 167.30), Hindustan Zinc (up 1.75% to Rs 167.50), National Aluminum Company (up 7.28% to Rs 58.95), Steel Authority of India (Sail) (up 2.42% to Rs 95.40) and NMDC (up 3.6% to Rs 181.25) gained.
Tata Steel rose 1.25% to Rs 533.70. Tata Steel said after market hours on Monday, 23 June 2014, that further to the share purchase agreement dated 16 May 2014 executed by Adani Ports and Special Economic Zone with L&T Infrastructure Development Projects and Tata Steel, Adani Ports and Special Economic Zone has completed the acquisition of 100% stake in the Dhamra Port Company from L&T Infrastructure Development Projects and Tata Steel.
Adani Ports and Special Economic Zone rose 1.82% to Rs 240.70.
L&T gained 1.84% to Rs 1,684.
Ahluwalia Contracts (India) jumped 5.6% to Rs 105.65 after the company after trading hours on Monday, 23 June 2014, said that a meeting of the board of directors will be held on 1 July 2014 to consider a proposal for issue of further shares to the promoters of the company on preferential allotment basis. Promoters already hold a substantial 72.61% stake in the company (as per the shareholding pattern as on 31 March 2014).
Decline in crude oil prices triggered a firm opening on the domestic bourses today, 24 June 2014. Key benchmark indices extended initial gains and hit fresh intraday high in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices remained firm after moving in a narrow range in early afternoon trade.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. Brent crude oil futures extended Monday's losses on reports that Iraq's army has recaptured territory along the nation's border with Jordan and Syria from militants. Brent oil futures for August delivery were off 29 cents at $113.83 a barrel. The contract fell 0.6% to settle at $114.12 on Monday, 23 June 2014, the biggest percentage drop since 16 May 2014.
The recent spike in crude oil prices triggered by violence in Iraq sparked worries about India's macroeconomic situation as India imports majority of its crude oil requirements. Increase in crude oil prices raised concerns of increase in India's current account deficit and fiscal deficit. Firm global crude oil prices and the latest hike in railway freight rate also stoked inflation worries.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire on Thursday, 26 June 2014.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.1275, compared with its close of 60.20/21 on Monday, 23 June 2014.
Asian stocks edged higher on Tuesday, 24 June 2014, as utilities advanced. Key benchmark indices in Indonesia, Japan, South Korea, China, Singapore, Hong Kong and Taiwan were up by 0.05% to 1.13%.
Trading in US index futures indicated that the Dow could fall 8 points at the opening bell on Tuesday, 24 June 2014. Most US stocks slid on Monday, 23 June 2014, with the Standard & Poor's 500 Index dropping for the first time in seven sessions, as General Electric Co. led industrial shares lower to offset gains among energy producers.
Data on Monday showed US sales of existing homes climbed 4.9% to a 4.89 million annualized rate in May, the most since October. A separate report from Markit Economics showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.
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