Key benchmark indices pared gains after hitting fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, hit its highest level in more than five years and the 50-unit CNX Nifty hit its highest level in almost three years. The market breadth, indicating the overall health of the market, once again turned positive from negative. The Sensex was up 48.60 points or 0.23%, up about 91 points from the day's low and off close to 28 points from the day's high.
State Bank of India (SBI) rose after the bank announced reduction in interest rates on bulk deposits (Rs 1 crore and above) across maturities. Bank of India surged after strong Q2 earnings. Cadila Healthcare rose after the pharmaceutical firm reported a sharp increase in net profit in Q2 September 2013.
A bout of initial volatility was witnessed as key benchmark indices alternately swung between positive and negative zone. The Sensex regained the psychological 21,000 mark, after falling below that level in initial trade. Intraday volatility continued as key benchmark alternately moved between positive and negative zone in morning trade. The Sensex trimmed gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. Key benchmark indices pared gains after hitting fresh intraday high in afternoon trade. The Sensex hit its highest level in more than five years and the 50-unit CNX Nifty hit its highest level in almost three years.
The market may remain volatile during the remaining part of the trading session as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contracts expire today, 31 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1016.77 crore on Wednesday, 30 October 2013, as per provisional data from the stock exchanges.
At 13:16 IST, the S&P BSE Sensex was up 48.60 points or 0.23% to 21,082.57. The index jumped 77.02 points at the day's high of 21,110.99 in afternoon trade, its highest level since 10 January 2008. The index fell 41.99 points at the day's low of 20,991.98 in early trade.
The CNX Nifty was up 13.95 points or 0.22% at 6,265.65. The index hit a high of 6,273.60 in intraday trade, its highest level since 11 November 2010. The index hit a low of 6,235.90 in intraday trade
The market breadth, indicating the overall health of the market, once again turned positive from negative. On BSE, 1,092 shares rose and 1,073 shares fell. A total of 172 shares were unchanged. The breadth had turned negative from positive in early afternoon trade.
Among the 30-share Sensex pack, 15 stocks rose and rest of them fell. Sesa Sterlite (up 1.92%), Wipro (up 1.87%), Bharti Airtel (up 1.45%), Tata Motors (up 1.21%), Reliance Industries (up 1.08%), Coal India (up 1.05%), Tata Steel (up 0.83%) and Bhel (up 0.75%), edged higher from the Sensex pack.
ONGC (down 1.28%), M&M (down 1.18%), Dr Reddy's Laboratories (down 1.16%), Cipla (down 0.87%), NTPC (down 0.82%), Hindustan Unilever (down 0.81%), Sun Pharmaceutical Industries (down 0.67%) and GAIL (India) (down 0.65%), edged lower from the Sensex pack.
State Bank of India (SBI) rose 1.23% to Rs 1742. The bank announced during trading hours today, 31 October 2013, that it has decided to revise its interest rates on bulk (Rs 1 crore and above) and retail term deposits (below Rs 1 crore) with effect from Friday, 1 November 2013. The bank has revised interest rate downwards on bulk deposits of all tenors. Interest rate on bulk term deposits for the period 1 year to less than 2 years has been reduced to 8.25% from 8.75%.
The bank has decided to increase interest rate on retail term deposits of maturity period of 180 days to 210 days to 7% from 6.8%.
SBI announced after market hours on Wednesday, 30 October 2013, that its central board has approved raising upto Rs 2000 crore through preferential allotment of equity shares in favour of the Government of India.
Bank of India surged 13.23% to Rs 196 after net profit surged 105.98% to Rs 621.77 crore on 16.18% increase in total income to Rs 10339.55 crore in Q2 September 2013 over Q2 September 2012. Net interest income rose 15.07% to Rs 2527 crore and non-interest income rose 23.04% to Rs 1100 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours.
Cadila Healthcare rose 2.28% to Rs 675.30 after consolidated net profit surged 93.75% to Rs 183.37 crore on 13.18% increase in total income to Rs 1759.02 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours.
In the foreign exchange market, the rupee edged lower against the dollar, hurt by broad gains in the dollar. The partially convertible rupee was hovering at 61.355, compared with its close of 61.235/245 on Wednesday, 30 October 2013. The dollar rose against a basket of six major currencies after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast.
Asian stocks fell on Thursday, 31 October 2013, after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, Singapore, and South Korea shed 0.18% to 1.71%.
The Bank of Japan stuck with its campaign of unprecedented monetary easing as Prime Minister Shinzo Abe seeks to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda's board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year, in a decision released in Tokyo today.
Trading in US index futures indicated that the Dow could fall 37 points at the opening bell on Thursday, 31 October 2013. US stocks fell on Wednesday, 30 October 2013, as investors assessed a Federal Reserve statement that largely matched forecasts, but also had some Fed watchers saying a policy change could come sooner than expected.
The Federal Reserve decided to press on with $85 billion in monthly bond purchases, saying it needs to see more evidence that the economy will continue to improve. "The recovery in the housing sector slowed somewhat in recent months," the Federal Open Market Committee (FDTR) said Wednesday at the end of a two-day meeting in Washington. "Fiscal policy is restraining economic growth. Taking into account the extent of federal fiscal retrenchment over the past year, the committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy," the committee said. The Fed repeated that it will "await more evidence that progress will be sustained before adjusting the pace of its purchases." The Fed's purchases will remain divided between $40 billion a month of mortgage bonds and $45 billion in Treasury securities.
US private-sector employers hired the fewest workers in six months in October while tepid domestic demand kept inflation benign last month, suggesting the economy was still in need of stimulus from the Federal Reserve. Employers in the private sector added 130,000 new jobs to their payrolls this month, the ADP National Employment Report showed on Wednesday. That was the lowest reading since April.
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