Key benchmark indices pared hovered in green in mid-afternoon trade. The S&P BSE Sensex was up 61.37 points or 0.32%, off 49.20 points from the day's high and up 87.58 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight Reliance Industries (RIL) rose in choppy trade. Another index heavyweight and cigarette maker ITC hovered in red. Shares of state-run upstream oil companies and PSU OMCs rose after oil minister M Veerappa Moily said in an interview with a business news channel that the government will consider a request from PSU OMCs to be allowed to raise diesel prices by more than the approved 50 paise per month.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. Capital goods pivotals edged lower. LIC Housing Finance advanced after reporting strong Q1 results.
Key benchmark indices edged higher amid initial volatility. The S&P BSE Sensex and the CNX Nifty, both, hit their highest level in almost two weeks. Volatility ruled the roost as key benchmark indices regained positive zone after reversing initial gains in mid-morning trade. Key benchmark indices retained positive zone in mid-morning trade. Key benchmark indices gave up most of the intraday gains after the latest data showed acceleration in inflation based on the wholesale price index in July 2013. A bout of volatility was witnessed as key benchmark indices once again pared gains after recovering from lower level in afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 227.08 crore on Tuesday, 13 August 2013, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 61.37 points or 0.32% to 19,291.21. The index jumped 110.57 points at the day's high of 19,340.41 in mid-afternoon trade, its highest level since 2 August 2013. The index fell 26.21 points at the day's low of 19,203.63 in morning trade.
The CNX Nifty was up 28.15 points or 0.49% to 5,727.45. The index hit a high of 5,735.85 in intraday trade, its highest level since 2 August 2013. The index hit a low of 5,690.20 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,285 shares gained and 1,065 shares fell. A total of 165 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks gained and rest of them declined.
Wipro (down 1.83%), Bharti Airtel (down 1.13%) and Jindal Steel & Power (down 0.93%) edged lower from the Sensex pack.
Index heavyweight and cigarette maker ITC dropped 0.72% to Rs 331.80. The stock hit a high of Rs 336.70 and low of Rs 329.45 so far during the day.
Index heavyweight Reliance Industries rose 1.2% to Rs 862.60 in choppy trade. The stock hit a high of Rs 866 and low of Rs 847.50 so far during the day.
Shares of state-run upstream oil companies and PSU OMCs rose after oil minister M Veerappa Moily said in an interview with a business news channel that the government will consider a request from PSU OMCs to be allowed to raise diesel prices by more than the approved 50 paise per month.
State-run oil exploration giant ONGC surged 4.35%, with the stock extending intraday gain. Oil India advanced 4.42%.
Shares of state-run gas transmission and distribution major GAIL (India) gained 3.21%, with the stock extending intraday gain.
On 17 January 2013, the government partially decontrolled diesel prices, giving authority to the marketing companies to raise diesel prices by a small margin from time to time. The government at that time also allowed PSU OMCs to sell diesel to bulk buyers at market rates.
Three state-run upstream oil firms -- Oil India, ONGC and GAIL (India) -- share part of the under-recoveries of PSU OMCs arising from the government-imposed price caps on three key fuels -- diesel, LPG for domestic use and kerosene sold through the public distribution system.
Among PSU OMCs, BPCL (up 3.32%) and Indian Oil Corporation (up 4.43%), edged higher.
HPCL fell 2.08%. The stock turned ex-dividend today, 14 August 2013, for dividend of Rs 8.50 per share for the year ended 31 March 2013 (FY 2013).
PSU OMCs suffer under recoveries on domestic sale of diesel, LPG and kerosene at controlled prices. The government had already freed pricing of petrol.
Capital goods pivotals edged lower. L&T (down 0.57%), and Bhel (down 2.56%) declined.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. The stock jumped 8.02% to Rs 314.50. The stock had gained 3.61% on Tuesday. JLR's sales jumped 21% to 31,611 units in July 2013 over July 2012. Sales of the Jaguar brand of vehicles jumped 65% to 6,157 units in July 2013 over July 2012. Land Rover sales rose 14% to 25,454 vehicles in July 2013 over July 2012.
LIC Housing Finance rose 2.36%. The company reported 36.33% rise in net profit to Rs 310.50 crore on 23.23% rise in total income to Rs 2177.93 crore in Q1 June 2013 over Q1 June 2012. The result was announced during market hours today, 14 August 2013.
The stock market remains closed tomorrow, 15 August 2013, on account of Independence Day.
Inflation based on the wholesale price index (WPI) accelerated to 5.79% in July 2013, from 4.86% in June 2013, data released by government today, 14 August 2013 showed. Fuel and power group mainly contributed to increase in inflation in July 2013.
The WPI inflation has moved past the central bank's comfort zone. The Reserve Bank of India has said it can tolerate inflation up to 5%, but that a faster pace of price increase hurts the economy's long-term growth prospects.
Meanwhile, the government revised downwards inflation for May 2013 to 4.58% from the 4.7% reported earlier.
Most European stocks rose on Wednesday, 14 August 2013, as gross domestic product in Germany and France expanded more than expected in the second quarter. Key benchmark indices in France and Germany were up 0.01% to 0.06%. UK's FTSE 100 fell 0.18%.
The latest data showed that Germany's gross domestic product swelled 0.7% in the second quarter from the preceding period. Germany's statistics office said growth in the second quarter was driven by domestic demand, as both private consumption and public spending increased from the first quarter.
The French economy jumped out of recession in the second quarter, aided by stronger domestic demand and a rebuilding of stocks, official statistics showed Wednesday. The euro zone's second-largest economy expanded 0.5% in the second quarter from the first quarter of this year, statistics bureau Insee said. The expansion in the second quarter follows two consecutive quarters of contraction--the common definition of a recession.
The minutes of the Bank of England's (BoE) most recent Monetary Policy Committee (MPC) meeting showed that eight of the nine MPC members voted in favor of providing forward guidance on policy last month, and the vote to keep the quantitative-easing policy unchanged was unanimous. The central bank said it would keep interest rates at historical lows until unemployment falls.
Asian stocks edged higher on Wednesday, 14 August 2013, following positive cues from Wall Street overnight. Key benchmark indices in China, Japan, Indonesia, Singapore and South Korea were up by 0.14% to 1.32%. Key benchmark indices in China and Taiwan were down by 0.29% to 0.44%.
Trading in Hong Kong was canceled because of a storm.
Trading in US index futures indicated that the Dow could fall 36 points at the opening bell on Wednesday, 14 August 2013. US stocks rose on Tuesday, 13 August 2013, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
A report released by the Commerce Department showed retail sales rose 0.2% in July after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
Powered by Capital Market - Live News
