Key benchmark indices drifted lower and hit fresh intraday low in mid-morning trade after moving in a narrow range in morning trade. The barometer index, the S&P BSE Sensex, was currently down 64.33 points or 0.24% at 26,356.34. The market breadth indicating the overall health of the market was positive. PSU bank stocks declined. Telecom stocks were mixed after the Telecom Regulatory Authority of India on Tuesday, 19 August 2014, issued regulations prescribing access charges payable by International Long Distance Operator to the Access Service Provider.
Key indices had slipped into the red shortly after a higher opening triggered by overnight gains in US stocks and lower crude oil prices took the 50-unit CNX Nifty to record high.
At 11:16 IST, the S&P BSE Sensex was down 64.33 points or 0.24% at 26,356.34. The index fell 88.42 points at the day's low of 26,332.25 in mid-morning trade, its lowest level since 18 August 2014. The index rose 83.85 points at the day's high of 26,504.52 at the onset of the trading session.
The CNX Nifty was down 4.45 points or 0.24% at 7,878.75. The index hit a low of 7,872.05 in intraday trade, its lowest level since 18 August 2014. The index hit a high of 7,922.70 in intraday trade, lifetime high for the index.
The market breadth indicating the overall health of the market was positive. On BSE, 1,261 shares gained and 1,069 shares fell. A total of 95 shares were unchanged.
The BSE Mid-Cap index was up 4.03 points or 0.04% at 9,274.89. The BSE Small-Cap index was up 59.23 points or 0.58% at 10,228.03. Both these indices outperformed the Sensex.
PSU bank stocks declined. State Bank of India (SBI) (down 0.93%), Canara Bank (down 1.33%), Union Bank of India (down 1.26%), Bank of India (down 0.94%), Punjab National Bank (down 1.1%) Syndicate Bank (down 0.47%), Indian Overseas Bank (down 0.84%), Andhra Bank (down 0.67%), Oriental Bank of Commerce (down 3.01%), Dena Bank (down 3.16%) and Indian Bank (down 1.2%) declined.
Telecom stocks were mixed after the Telecom Regulatory Authority of India (TRAI) on Tuesday, 19 August 2014, issued regulations prescribing access charges payable by International Long Distance Operator (ILDO) to the Access Service Provider. Bharti Airtel (up 0.03%), Tata Teleservices (Maharashtra) (up 2.06%) and Reliance Communications (up 0.6%) gained. Idea Cellular (down 1.78%) and MTNL (down 0.16%) declined. Access charges to be paid by ILDO to Access Provider shall be 40 paisa per minute for wireless services and Rs 1.20 per minute for wireline services, TRAI said.
In the foreign exchange market, the rupee edged lower against the dollar as demand for dollars increased amid speculation signs of a pickup in the US economy will prompt the Federal Reserve to raise interest rates. The partially convertible rupee was hovering at 60.765, compared with its close of 60.685 on Tuesday, 19 August 2014.
India's macroeconomic worries have eased on falling crude oil prices. India imports about 80% of its crude oil requirement. Brent crude oil futures steadied near 14-month lows above $101 a barrel today, 20 August 2014, with ample supplies putting prices at risk of further losses as worries over geopolitical tensions ease. The October Brent crude contract was down 4 cents at $101.52 a barrel. The contract fell 4 cents a barrel to settle at $101.56 on Tuesday, 19 August 2014, after falling to $101.07, the lowest since June 2013.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 559.39 crore on Tuesday, 19 August 2014, as per provisional data from the stock exchanges.
Asian stocks rose today, 20 August 2014, after strong US housing data lifted US stocks on Tuesday, 19 August 2014. Key benchmark indices in Japan, Taiwan, Singapore, Hong Kong, and Indonesia were up 0.03% to 0.42%. Key benchmark indices in China and South Korea were off 0.18% to 0.3%.
Trading in US index futures indicated that the Dow could fall 6 points at the opening bell on Wednesday, 20 August 2014. US stocks ended higher for the second straight session on Tuesday, 19 August 2014, after a better-than-expected jump in July housing starts and upbeat earnings reports.
Housing starts posted their strongest rebound in eight months in July, topping expectations and adding another data point to suggest optimism is returning among homebuilders.
The minutes from the last Federal Open Market Committee meeting will be released today, 20 August 2014. Federal Reserve Chairwoman Janet Yellen will give a speech on Friday, 22 August 2014, at the annual Fed summit in Jackson Hole, Wyo.
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