Volatility continued on the bourses as the key benchmark indices reversed intraday gain in mid-morning trade. The barometer index, the S&P BSE Sensex, was hovering near the psychological 25,000 level after alternately rising above and below that level in intraday trade. The Sensex was down 30.07 points or 0.12%, off 101.48 points from the day's high and up 78.35 points from the day's low. Realty stocks edged higher on renewed buying. The market breadth indicating the overall health of the market was negative.
At 11:15 IST, the S&P BSE Sensex was down 30.07 points or 0.12% to 24,994.28. The index gained 71.41 points at the day's high of 25,095.76 at the onset of the trading session. The index fell 108.42 points at the day's low of 24,915.93 in early trade, its lowest level since 23 June 2014.
The CNX Nifty was down 6.70 points or 0.09% to 7,452.90. The index hit a high of 7,471.65 in intraday trade. The index hit a low of 7,426.45 in intraday trade, its lowest level since 5 June 2014.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,239 shares declined and 974 shares rose. A total of 95 shares were unchanged.
The BSE Mid-Cap index was up 15.68 points or 0.18% at 8,890.92. The BSE Small-Cap index was off 10.27 points or 0.11% at 9,677.84. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 948 crore by 11:15 IST compared to Rs 645 crore by 10:15 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Hindalco Industries (up 3.88%), Tata Power Company (up 1.82%) and Axis Bank (up 1.36%) edged higher from the Sensex pack.
Infosys (down 2.92%), Sesa Sterlite (down 2.23%) and Bharti Airtel (down 2.07%) edged lower from the Sensex pack.
Realty stocks edged higher on renewed buying. Parsvnath Developers (up 2.65%), Unitech (up 2.39%), Housing Development & Infrastructure (HDIL) (up 2.23%), DLF (up 1.1%) and Oberoi Realty (up 0.56%) edged higher.
Indiabulls Real Estate rose 3.02% to Rs 81.90 on bargain hunting after the stock fell 20.38% in the preceding nine trading sessions to Rs 79.50 on 11 July 2014, from a recent high of Rs 99.85 on 30 June 2014.
While presenting the Union Budget 2014-15 on 10 July 2014, the Finance Minster Arun Jaitley said that the government will provide tax incentives for Real Estate Investment Trusts (REIT). The government hiked the deduction limit on interest on housing loan in respect of self occupied house property from Rs 1.5 lakh to Rs 2 lakh in Union Budget 2014-15.
Unichem Laboratories lost 3.53% after net profit declined 16.34% to Rs 30.19 crore on 9.57% growth in total income from operations to Rs 291 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced on Saturday, 12 July 2014.
IFCI rose 2.58%, with the stock recovering on bargain hunting after Friday's steep 8.02% slide.
Key benchmark indices reversed direction after a higher opening triggered by gains in Asian stocks. The Sensex hit its lowest level in three weeks. The barometer index fell below the psychological 25,000 level. The 50-unit CNX Nifty hit its lowest level in 5-1/2 weeks. Key benchmark indices reversed intraday fall to regain positive zone in morning trade. The Sensex regained the psychological 25,000 level. Volatility continued on the bourses as the key benchmark indices reversed intraday gain in mid-morning trade. The Sensex was hovering near the psychological 25,000 level after alternately rising above and below that level in intraday trade.
Revenue Secretary Shaktikanta Das was quoted by the media as saying on Saturday, 12 July 2014, that the government would shortly take a view on whether tax law General Anti-Avoidance Rules (GAAR) should be implemented from the scheduled date of April 2015. Reports that the government has reiterated that General Anti Avoidance Rules (GAAR) will be applicable from 1 April 2015 spooked the market on Friday, 11 July 2014 -- a day after the presentation of the Union Budget 2014-15 on 10 July 2014. GAAR is a tool to curb tax avoidance. There was an expectation that the new government will postpone the implementation of GAAR to a future date. The Sensex lost 1.37% on Friday, 11 July 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.98, compared with its close of 59.93/94 on Friday, 11 July 2014.
On the macro front, the government is scheduled to announce the data of inflation based on the wholesale price index (WPI) and consumer price index (CPI), both, for the month of June 2014 today, 14 July 2014.
Industrial output grew at its strongest pace in 19 months at 4.7% in May 2014, higher than 3.4% growth in April 2014, data released by the government after market hours on Friday, 11 July 2014, showed.
Asian markets edged higher on Monday, 14 July 2014, as euro zone banking jitters faded. Key benchmark indices in South Korea, China, Taiwan, Hong Kong and Japan were up 0.4% to 0.96%. Key benchmark indices in Indonesia and Singapore were off 0.13% to 0.14%.
The Bank of Japan concludes a two-day monetary policy meeting tomorrow, 15 July 2014.
Singapore's economy unexpectedly contracted in the second quarter as a tight labor supply and company moves to shift production overseas hurt manufacturing. Gross domestic product fell an annualized 0.8% in the three months through June from the previous quarter, when it expanded a revised 1.6%, the trade ministry said in a statement today, 14 July 2014.
Trading in US index futures indicated that the Dow could rise 21 points at the opening bell on Monday, 14 July 2014. US stocks rose on Friday, 11 July 2014 as a rally in Amazon.com Inc. and EBay Inc. led an intraday rebound from declines spurred by concern over financial stress in Europe.
European markets rose on Friday, 11 July 2014 as investors decided that losses associated with the founding family of Banco Espirito Santo were unlikely to disrupt Portugal's financial system or revive broader worries about the bloc's weaker economies.
Powered by Capital Market - Live News
