A bout of volatility was witnessed as the barometer index, the S&P BSE Sensex, pared gains after hitting fresh two-week high in afternoon trade. The Sensex was hovering above the psychological 26,000 mark after regained that psychological level in early trade. The Sensex was up 130.20 points or 0.5% at 26,049.15. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. The market breadth indicating the overall health of the market was currently positive, having moved alternately between positive in negative zone since mid-morning trade. Most realty stocks gained after the latest data showed inflation based on wholesale price index (WPI) eased in July. IT stocks were mixed.
Key benchmark indices have retained positive zone after in initial surge as weaker-than-expected US retail sales data reinforced speculation that the Federal Reserve won't rush to raise rates. The Fed has kept short-term US interest rates near zero since December 2008, bolstering demand for emerging-market assets as investors seek higher yield.
At 13:15 IST, the S&P BSE Sensex was up 130.20 points or 0.5% to 26,049.15. The index jumped 160.33 points at the day's high of 26,079.28 in afternoon trade, its highest level since 31 July 2014. The index rose 26.40 points at the day's low of 25,945.35 in early trade.
The CNX Nifty was up 31.30 points or 0.4% to 7,770.85. The index hit a high of 7,781 in intraday trade, its highest level since 31 July 2014. The index hit a low of 7,739.10 in intraday trade.
The market breadth indicating the overall health of the market was currently positive, having moved alternately between positive and negative zone since mid-morning trade. On BSE, 1,350 shares gained and 1,275 shares declined. A total of 105 shares were unchanged.
The BSE Mid-Cap index was up 69.59 points or 0.78% at 8,970.34. The BSE Small-Cap index was up 71.46 points or 0.74% at 9,782.77. Both these indices outperformed the Sensex.
Most realty stocks gained after the latest data showed inflation based on wholesale price index (WPI) eased in July. Purchases of both residential and commercial property are largely driven by finance. Housing Development and Infrastructure (up 0.05%), DLF (up 0.77%), Unitech (up 0.46%), Sobha Developers (up 2.24%) and Parsvnath Developers (up 0.2%) gained. D B Realty (down 2.74%) and Godrej Properties (down 0.29%) declined.
Most IT stocks gained. Infosys (up 0.27%), TCS (up 0.37%) and Tech Mahindra (up 0.53%) gained. HCL Technologies (down 1.29%) and Wipro (down 0.57%) declined.
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. FPIs bought shares worth a net Rs 718.27 crore on Wednesday, 13 August 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 15 August 2014, on account of Independence Day.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.055, compared with its close of 61.225 on Wednesday, 13 August 2014.
The annual rate of inflation based on monthly Wholesale Price Index (WPI) eased to 5.19% for July 2014, from 5.43% for June 2014, data released by government today, 14 August 2014 showed. Meanwhile, the government revised upwards WPI inflation for May 2014 at 6.18% from 6.01% reported earlier.
Data released by the government early this week had shown acceleration in headline consumer price inflation and easing of core consumer price inflation last month.
The government has reportedly sent a landmark bill to liberalise the insurance sector to a parliament committee today, 14 August 2014, after the opposition opposed the legislation in the upper house where it has a majority. Finance Minister Arun Jaitley reportedly said that a select committee will examine the bill to increase the cap on foreign participation in insurance joint ventures from 26% to 49% and submit its report in the winter session of parliament later this year. The hike in FDI in insurance sector was proposed by the Finance Minister in the Union Budget in July. It is one of the key measures announced by the government to liberalize the economy.
European stocks fell today, 14 August 2014, on weaker-than-estimated economic-growth figures from France and Germany. Key benchmark indices in France, Germany and UK were off 0.01% to 0.39%.
GDP in Germany, the currency bloc's largest economy, fell 0.2% from the first quarter, when it rose a revised 0.7%, the Federal Statistics Office in Wiesbaden said today. French GDP stagnated in the three months through June, the national statistics office Insee said today in a statement.
Asian stocks edged lower today, 14 August 2014, amid intraday volatility. Key benchmark indices in China, Hong Kong, Singapore, Taiwan and Indonesia were off 0.01% to 0.74%. Key benchmark indices in Japan and South Korea were up 0.04% to 0.66%.
After holding its policy unchanged for more than a year, the Bank of Korea cut its benchmark interest rate today, 14 August 2014, by a quarter point to 2.25%, the lowest since late 2010.
Trading in US index futures indicated that the Dow could fall 14 points at the opening bell on Thursday, 14 August 2014. US stocks rose on Wednesday, 13 August 2014, as a slowdown in retail sales boosted speculation the Federal Reserve won't be forced to raise rates sooner than anticipated.
Sales at US retailers were unchanged in July, the weakest result in six months, as sales fell at auto dealers, but rose at gas stations and food and beverage stores, according to government data released on Wednesday, 13 August 2014. Separately, business inventories rose in June by more than expected.
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