The barometer index, the S&P BSE Sensex hit fresh intraday high while the CNX Nifty was firm at higher level in afternoon trade, tracking strength in European market. The Sensex, was up 118.80 points or 0.60%, up 89 points from the day's low and off 13 points from the day's high. The market breadth, indicating the overall health of the market, was positive. MMTC, Andhra Pradesh Paper Mills, Indraprastha Gas, Jammu & Kashmir Bank and Clariant Chemicals (India) saw a surge in volumes on BSE today, 17 July 2013.
Key benchmark indices edged higher in early trade boosted by the government's decision on Tuesday, 16 July 2013, to relax overseas-investment rules for a number of sectors. The market retained positive zone in morning trade. A bout of volatility was witnessed as key benchmark indices pared gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices pared gains in early afternoon trade. Key benchmark indices hit fresh intraday high in afternoon trade, tracking strength in European market.
Foreign institutional investors (FIIs) sold shares worth a net Rs 357.40 crore on Tuesday, 16 July 2013, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex was up 118.80 points or 0.60% to 19,919.86. The index jumped 131.52 points at the day's high of 19,982.75 in afternoon trade, its highest level since 15 July 2013. The index rose 29.96 points at the day's low of 19,881.19 in mid-morning trade.
The CNX Nifty was up 29.40 points or 0.49% to 5,984.65. The index hit a high of 5,989.80 in intraday trade, its highest level since 15 July 2013. The index hit a low of 5,962.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,020 shares gained and 998 shares fell. A total of 125 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. ITC (up 2.37%), Wipro (up 2.04%), NTPC (up 1.89%), Tata Power (up 1.79%), Dr Reddy's Laboratories (up 1.71%), TCS (up 1.57%), Bhel (up 1.40%) and HDFC (up 1.23%), edged higher from the Sensex pack.
Tata Steel (down 1.97%), Sterlite Industries (down 1.87%), M&M (down 1.85%), Coal India (down 1.63%), Tata Motors (down 1.61%), ICICI Bank (down 1.57%), HDFC Bank (down 0.98%) and State Bank of India (down 0.95%), edged lower from the Sensex pack.
MMTC clocked volume of 65.85 lakh shares, a 197.94-times surge over two-week average daily volume of 33,000 shares. The stock tumbled 4.66% to Rs 53.25.
Andhra Pradesh Paper Mills notched up volume of 2.27 lakh shares, a 10.23-fold surge over two-week average daily volume of 22,000 shares. The stock rose 3.22% to Rs 293.45.
Indraprastha Gas saw volume of 2.62 lakh shares, a 4.40-fold surge over two-week average daily volume of 60,000 shares. The stock jumped 5.38% to Rs 307.30.
Jammu & Kashmir Bank clocked volume of 51,000 shares, a 3.65-fold surge over two-week average daily volume of 14,000 shares. The stock rose 1.53% to Rs 1,260.75.
Clariant Chemicals (India) saw volume of 1.26 lakh shares, a 3.32-fold rise over two-week average daily volume of 38,000 shares. The stock galloped 5.66% to Rs 497.20.
European stocks were trading higher in early trade on Wednesday. Key benchmark indices in UK, France and Germany were up by 0.09% to 0.40%.
Asian shares were mostly higher on Wednesday, 17 July 2013, ahead of two-day congressional testimony from Federal Reserve Chairman Ben Bernanke which begins today, 17 July 2013. Key benchmark indices in China, Taiwan and Singapore were down 0.01% to 1.01%. Key benchmark indices in Japan, Hong Kong, South Korea and Indonesia were up 0.11% to 1.13%.
The latest data showed that foreign-direct-investment flows into China jumped more than 20% in June 2013.
Meanwhile, the Xinhua news service, the official press agency of the People's Republic of China, reported that profit at Chinese state-owned companies outside the financial sector rose 7% in the first half of the year, accelerating from a 6.5% increase in the first five months of 2013.
Trading in US index futures indicated a flat opening of US stocks on Wednesday, 17 July 2013. US stocks fell on Tuesday, 16 July 29013, with Coca-Cola Co. and Goldman Sachs Group Inc. losing ground after their quarterly results, and as investors considered Kansas City Fed President Esther George's comment that the Federal Reserve should pare its bond purchases sooner rather than later.
Federal Reserve Chairman Ben Bernanke kicks off his two-day testimony on monetary policy in Washington today, 17 July 2013. In comments last week, Bernanke had eased concerns that the Fed would quickly unwind its monetary stimulus.
The minutes of the Fed's June meeting released on 10 July 2013 showed that while several members judged that a reduction in asset purchases would likely soon be warranted, many want to see further improvement in the labor market before reducing the central bank's $85 billion-a-month quantitative easing program. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to keep interest rates low and stimulate economic growth. At a press conference following the June 18-19 meeting, Bernanke said the central bank could start reducing its $85 billion in monthly bond purchases later this year if the economy continues to improve in line with its forecasts.
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