A bout of volatility was witnessed as key benchmark indices trimmed gains soon after extending initial gains in morning trade. The barometer index, the S&P BSE Sensex, was currently trading below the psychological 28,000 level after piercing that level for the first time in its history. The S&P BSE Sensex was currently up 74.90 points or 0.27% at 27,935.28. The market breadth indicating the overall health of the market was strong. Global crude oil prices extended previous day's slide. Fall in crude oil prices augur well for India as the country imports 80% of its oil requirement.
Foreign portfolio investors bought shares worth a net Rs 1413.34 crore during the previous trading session on Monday, 3 November 2014, as per provisional data released by the stock exchanges. The stock market was closed yesterday, 4 November 2014, on account of Moharram.
Larsen & Toubro (L&T) rose after the company said its construction division won orders worth Rs 1576 crore across various business segments in October 2014. Shares of public sector oil marketing companies rose on fall in crude oil prices. Cairn India dropped as crude oil prices declined.
Earlier, the Sensex and the 50-unit CNX Nifty had extended initial gains and struck record high.
In overseas markets, Asian stocks declined after weak economic data from China.
In the foreign exchange market, the rupee edged higher against the dollar as key equity benchmark indices in India struck record high.
Brent crude dropped as weak economic data from top energy consumer China stoked worries about demand in a market that is already battling a deepening global supply glut.
At 10:15 IST, the S&P BSE Sensex was up 74.90 points or 0.27% at 27,935.28. The index jumped 146.22 points at the day's high of 28,006.60 in morning trade, a record high for the index. The index rose 27.89 points at the day's low of 27,888.27 in early trade.
The 50-unit CNX Nifty was up 15.70 points or 0.19% at 8,339.85. The index hit a high of 8,363.95 in intraday trade, a record high for the index. The index hit a low of 8,326.10 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,342 shares gained and 707 shares fell. A total of 78 shares were unchanged.
The BSE Mid-Cap index was up 52.92 points or 0.53% at 9,994.32. The BSE Small-Cap index was up 72.35 points or 0.65% at 11,149.47. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 998 crore by 10:15 IST compared to Rs 302 crore by 09:30 IST.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined.
Sun Pharmaceutical Industries (up 1.57%), State Bank of India (up 1.24%) and Hindustan Unilever (up 1.12%) edged higher from the Sensex pack.
Larsen & Toubro (L&T) rose 0.21%. The company during market hours today, 5 November 2014, said that its construction division won orders worth Rs 1576 crore across various business segments in October 2014.
Shares of public sector oil marketing companies rose on fall in crude oil prices. BPCL (up 2.09%), Indian Oil Corporation (up 2.1%) and HPCL (up 2.03%) edged higher. Lower crude oil prices would reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Cairn India dropped 3.46% at Rs 280.65 as crude oil prices declined. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
The stock market remains closed tomorrow, 6 November 2014, on account of Gurunanak Jayanti.
In the foreign exchange market, the rupee edged higher against the dollar as key equity benchmark indices in India struck record high. The partially convertible rupee was hovering at 61.36, compared with its close of 61.405 on Monday, 3 November 2014. The currency market was shut yesterday, 4 November 2014, on account of Moharram..
Brent crude dropped as weak economic data from top energy consumer China stoked worries about demand in a market that is already battling a deepening global supply glut. Brent crude for December delivery was off 31 cents at $82.51 a barrel. The contract had fallen $1.96 a barrel to settle at $82.82 a barrel yesterday, 4 November 2014, its lowest close since 21 October 2010, after Saudi Arabia cut oil prices for the US, in a move meant to remain competitive amid booming oil production in the US. A bleak outlook for Europe after the European Commission downgraded its forecast for euro zone economic growth over the next few years also weighed on oil prices yesterday, 4 November 2014.
Asian stocks declined today, 5 November 2014, after weak economic data from China. Key benchmark indices in China, Taiwan, Hong Kong and Japan and were off 0.02% to 0.51%. Key benchmark indices in Singapore, South Korea and Indonesia were up 0.01% to 0.11%.
The HSBC China services purchasing managers index edged down to 52.9 in October from 53.5 in September, but most major components of the index remain solid, HSBC Holdings PLC said today, 5 November 2014. A reading above 50 indicates month-on-month expansion while a level below that points to contraction.
The US stock market finished Tuesday's choppy session mostly lower, as steep losses in energy companies' stocks weighed on the main benchmark. In economic news, US trade deficit jumped in September to the highest level since the late spring. The surprising spike in the trade deficit is likely to reduce third-quarter growth when the US government revises the report later this month.
St. Louis Fed President James Bullard yesterday, 4 November 2014, said that the US economy is on track to grow at a 3% annual rate over the next 14 months, which should allow the Federal Reserve to move ahead with plans to hike short-term interest rates.
In Europe, the European Commission yesterday, 4 November 2014, cut its forecast for growth domestic product for the 18-country eurozone region to 0.8% this year, from a previous forecast of 1.2%, in the spring. In 2015, the eurozone economy will likely grow 1.1%, also less than the 1.7% growth seen in the spring. In 2016, growth in the currency union will rise to 1.7%, the commission said.
The European Central Bank (ECB) and Bank of England (BoE) will make interest-rate decisions tomorrow, 6 November 2014.
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