Key benchmark indices moved in a narrow range in positive zone in morning trade. The barometer index, the S&P BSE Sensex, was up 22.14 points or 0.09%, up 52.77 points from the day's low and off 36.03 points from the day's high. The market breadth, indicating the overall health of the market was strong, with more than two gainers for each loser on BSE.
Shares of power generation firms edged higher on renewed buying. Power finance companies were also in demand. Shares of major Cipla surged.
At 10:15 IST, the S&P BSE Sensex was up 22.14 points or 0.09% to 25,543.33. The index gained 58.17 points at the day's high of 25,579.36 in morning trade, its highest level since 13 June 2014. The index fell 30.63 points at the day's low of 25,490.56 in early trade.
The CNX Nifty was up 10.25 points or 0.13% to 7,641.95. The index hit a high of 7,654.55 in intraday trade, its highest level since 13 June 2014. The index hit a low of 7,620.25 in intraday trade.
The market breadth, indicating the overall health of the market was strong, with more than two gainers for each loser on BSE. 1,501 shares gained and 683 shares fell. A total of 85 shares were unchanged.
The BSE Mid-Cap index was up 68.54 points or 0.75% to 9,170.01. The BSE Small-Cap index rose 81.15 points or 0.82% to 9,982.71. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 981 crore by 10:15 IST, compared with Rs 372 crore by 09:30 IST.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Sesa Sterlite (up 1.8%), GAIL (India) (up 1.69%) and Hindalco Industries (up 1.66%) edged higher from the Sensex pack.
Shares of power generation firms edged higher on renewed buying. JSW Energy (up 2%), Tata Power Company (up 1.46%), Adani Power (up 1.41%), NTPC (up 1.13%), Reliance Power (up 0.71%), Reliance Infrastructure (up 0.39%) and CESC (up 0.29%) gained. GVK Power & Infrastructure fell 0.28%.
Among power finance companies, REC (up 3.43%) and Power Finance Corporation (up 2.63%) gained.
Cipla jumped 5.51% to Rs 435.60. Cipla during trading hours on Tuesday, 17 June 2014, said that its wholly owned subsidiary -- Cipla (Mauritius) -- has signed a definitive agreement with parent Cipla's existing Sri Lankan distributor for acquisition of 60% stake in a new company which will market Cipla's products in Sri Lanka. The consideration payable for the transaction is $14 million, Cipla said. The proposed acquisition is subject to regulatory approvals.
Volatility struck bourses in early trade as the key benchmark indices alternately moved between positive and negative zone. Key benchmark indices moved in a narrow range in positive zone in morning trade.
In the foreign exchange market, the rupee edged lower against the dollar after overnight gains in Brent crude prices. The partially convertible rupee was hovering at 60.1650, compared with its close of 60.03/04 on Tuesday, 17 June 2014. India imports majority of its crude oil requirements.
Brent crude futures for August delivery were off 37 cents at $113.08 a barrel. The contract had risen 51 cents to settle at $113.45 yesterday, 17 June 2014, the highest close since 9 September 2013, on continuing militant violence in Iraq.
In a bid to put a lid on increase in prices of essential food items of daily consumption, the government on Tuesday, 17 June 2014, unveiled some anti-inflationary measures. Keeping in mind the increasing trend in the price of onions, the government has imposed a minimum export price (MEP) of $300 per metric ton on the export of onions, th Ministry of Consumer Affairs, Food & Public Distribution said in a statement. This is expected to have a salutary impact on the availability of onions in the domestic market, the government said. The Centre said that the Delhi state government will be asked to consider delisting fruits and vegetables from the purview of the Agricultural Produce Market Committee (APMC) Act and would also be asked to procure additional supplies of onions for distribution through the government's own retail outlets.
Keeping in mind the increase in the retail price of rice, the Centre has decided to release more supplies of rice to state governments through the Food Corporation of India for Public Distribution System. The Centre also reviewed the steady increase in the retail price of milk and took a decision to consider withholding export incentives on milk currently in force.
Asian stocks slipped on Wednesday, 18 June 2014, as investors await the Federal Reserve monetary policy decision scheduled to be released later in the global day today, 18 June 2014. Key benchmark indices in China, Singapore, Hong Kong, Indonesia and South Korea were off 0.05% to 0.64%. Key benchmark indices in Taiwan and Japan were up 0.16% to 0.76%.
Trading in US index futures indicated that the Dow could rise 6 points at the opening bell on Wednesday, 18 June 2014. US stocks ended Tuesday, 17 June 2014 slightly higher, with the main benchmarks gaining for the third consecutive day. However, gains were muted as headlines of violence in Iraq did not abate.
A two-day meeting of the Federal Open Market Committee on US monetary policy concludes today, 18 June 2014. The FOMC after a monetary policy review on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve. The Fed also said at that time that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends.
Powered by Capital Market - Live News
