Key benchmark indices edged higher in early trade on mostly higher Asian stocks. The barometer index, the BSE Sensex, moved above the psychological 20,000 mark. The CNX Nifty hit the psychological 6,000 mark. The Sensex was up 101.28 points or 0.51%, up 77.94 points from the day's low and off 9.02 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Software major TCS rose ahead of its Q1 June 2013 results today, 18 July 2013. Axis Bank rose ahead of its Q1 June 2013 results today, 18 July 2013. Kotak Mahindra Bank slipped ahead of its Q1 June 2013 results today, 18 July 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 26.09 crore on Wednesday, 17 July 2013, as per provisional data from the stock exchanges.
At 9:29 IST, the S&P BSE Sensex was up 101.28 points or 0.51% to 20,050.01. The index gained 110.30 points at the day's high of 20,059.03 in early trade. The index rose 23.34 points at the day's low of 19,972.07 in early trade.
The CNX Nifty was up 28.90 points or 0.48% to 6,002.20. The index hit a high of 6,005.60 in intraday trade. The index hit a low of 5,982 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 585 shares gained and 269 shares fell. A total of 28 shares were unchanged.
The total turnover on BSE amounted to Rs 161 crore by 09:30 IST.
Among the 30-share Sensex pack, 24 stocks gained and rest of them declined.
Software major TCS rose 0.43% ahead of its Q1 June 2013 results today, 18 July 2013.
Axis Bank rose 0.75% ahead of its Q1 June 2013 results today, 18 July 2013.
Kotak Mahindra Bank slipped 0.18% ahead of its Q1 June 2013 results today, 18 July 2013.
Mahindra & Mahindra shed 0.63% after turning ex-dividend today, 18 July 2013, for total dividend of Rs 13 per share for the year ended 31 March 2013 (FY 2013).
IDFC fell 0.23% after turning ex-dividend today, 18 July 2013, for dividend of Rs 2.60 per share for the year ended 31 March 2013 (FY 2013).
Glenmark Pharmaceuticals rose 0.29%. The stock turned ex-dividend today, 18 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).
The Reserve Bank of India on Wednesday, 17 July 2013, said it has decided to conduct a special 3-day repo at an interest rate of 10.25% for a notified amount of Rs 25000 crore with a view to enabling banks to meet the liquidity requirements of mutual funds. This facility will be made available for a temporary period until further notice, RBI said.
Asian markets were mostly higher on Thursday, 18 July 2013, after Federal Reserve Chairman Ben Bernanke on Wednesday, 17 July 2013, said Fed's asset purchases "are by no means on a preset course" and could even be expanded should economic conditions warrant. Key benchmark indices in Hong Kong, Japan, Taiwan and Indonesia were up 0.01% to 0.56%. Key benchmark indices in China, Singapore and South Korea were down 0.5% to 0.78%.
Chinese Finance Minister Lou Jiwei on Wednesday, 17 July 2013, said that the government is unlikely to use massive fiscal stimulus this year.
US stocks ticked higher on Wednesday, 17 July 2013, after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth.
The Fed chief is due to speak before the Senate later on Thursday, 18 July 2013.
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