Shortly after hitting fresh intraday low in afternoon trade, key benchmark indices trimmed losses in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 104.20 points or 0.38% at 27,215.65. The market breadth indicating the overall health of the market was positive. ABB India edged higher in volatile trade after the company's overseas parent firm ABB today, 9 September 2014, announced up to $4 billion share buyback program. Ashok Leyland jumped after the company said it has bagged orders worth nearly Rs 1500 crore for supply of buses under JNNURM-II scheme. Shares of some companies rose after the NSE said it will include these stocks in its futures & options (F&O) segment from Wednesday, 10 September 2014.
Among pharma stocks, Indoco Remedies and JB Chemicals & Pharmaceuticals scaled record high. Gati hit 52-week high. Jain Irrigation Systems gained on bargain hunting.
Key indices have hovered in red for almost throughout the trading session so far. Earlier, key indices had briefly reversed small losses registered in early trade.
European stocks reversed initial losses amid concern US interest rates may rise faster than investors anticipated. Asian stocks rose, with Japanese shares gaining on a weak yen. Brent crude oil futures fell, extending previous day's decline.
At 14:20 IST, the S&P BSE Sensex was down 104.20 points or 0.38% at 27,215.65. The index fell 142.76 points at the day's low of 27,177.09 in afternoon trade. The index rose 8.42 points at the day's high of 27,328.27 in early trade.
The CNX Nifty was down 35.80 points or 0.44% at 8,138.10. The index hit a low of 8,126.50 in intraday trade. The index hit a high of 8,174.55 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,540 shares gained and 1,338 shares fell. A total of 100 shares were unchanged.
The BSE Mid-Cap index was up 44.31 points or 0.45% at 9,837.98. The BSE Small-Cap index was up 19.60 points or 0.18% at 10,871.43. Both these indices outperformed the Sensex.
ABB India edged higher in volatile trade after the company's overseas parent firm ABB today, 9 September 2014, announced up to $4 billion share buyback program. The stock was up 3.5% at Rs 1,150.50, off sharply from its 52-week high of Rs 1,225.55 hit in intraday trade. ABB India's overseas parent firm ABB today, 9 September 2014, announced up to $4 billion share buyback program. The parent firm said that the company intends to allocate approximately three-quarters of the buyback program to a reduction of share capital and the remainder to support its employee share programs globally with a total of more than 22,000 participants.
The parent firm also today, 9 September 2014, presented its next level strategy and financial targets for the period 2015-2020, aimed at accelerating sustainable value creation. The world's biggest maker of power grids said it expects to grow operational earnings per share by 10% to 15% on a compound annual basis between 2015 and 2020. It aims to boost comparable sales by 4% to 7%, the company said.
Ashok Leyland gained 5.31% to Rs 40.65 after hitting a 52-week high of Rs 41.30 in intraday trade. The company during trading hours today, 9 September 2014 said has bagged orders worth nearly Rs 1500 crore for supply of buses under JNNURM-II scheme. Ashok Leyland said it has received orders for around 4000 buses from state transport undertakings (STUs). A total of 22 STUs across the country including Calcutta State Transport Corporation (CSTC), Bangalore Metropolitan Transport Corporation (BMTC), Andhra Pradesh State Road Transport Corporation (APSRTC), Jaipur City Transport Services (JCTSL), and Pune Mahanagar Parivahan Mahamandal (PMPML) have placed large orders on the company.
The supply of these buses has started and many of them are already carrying passengers, the company said in a statement.
Shares of some companies rose after the NSE said it will include these stocks in its futures & options (F&O) segment from Wednesday, 10 September 2014. TVS Motor Company (up 2.96%), Motherson Sumi Systems (up 2.52%), Eicher Motors (up 0.74%), SKS Microfinance (up 0.92%) and MindTree (up 0.73%) edged higher.
Typically, stocks about to enter the F&O segment gain ground due to expectations of improved liquidity and absence of circuit filters in the F&O segment.
Indoco Remedies surged 8.16% to Rs 313.50 after scaling a record high of Rs 321.20 in intraday trade.
JB Chemicals & Pharmaceuticals jumped 9.06% to Rs 245 after scaling a record high of Rs 257.45 in intraday trade.
Gati advanced 4.7% to Rs 182.75 after hitting a 52-week high of Rs 184.70 in intraday trade.
Jain Irrigation Systems rose 4.77% to Rs 93.35 on bargain hunting after the stock fell 7.38% in the preceding four trading sessions to Rs 89.10 on 8 September 2014, from a recent high of Rs 96.20 on 2 September 2014.
Key benchmark indices had surged to fresh record high yesterday, 8 September 2014, following a decline in Brent crude prices. Provisional data released by the stock exchanges after trading hours yesterday, 8 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 1162.98 crore on that day.
Brent crude oil futures edged lower, extending previous day's decline amid concerns of ample global supply and slower-than-expected growth in the world's top oil consumers. Brent for October settlement was off 50 cents at $99.70 a barrel. The contract fell 62 cents to settle at $100.20 a barrel yesterday, 8 September 2014. It had slumped to $99.36 in intraday trade yesterday, the lowest since 1 May 2013, before rebounding into three-digit territory.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. However, the weakness in rupee against the dollar will limit the benefit of lower crude oil prices for India
Iraq's parliament yesterday, 8 September 2014, approved a new government headed by Prime Minister Haider al-Abadi in a move to save Iraq from collapse.
The European Union yesterday, 8 September 2014, adopted new sanctions against Russia over the Ukraine crisis, but enforcement will be delayed while an assessment is being done on whether a ceasefire in Ukraine is holding. The measures will target the ability of Russia's top oil producers to raise capital in Europe, according to reports.
In the foreign exchange market, the rupee edged lower against the dollar on a broad strength in dollar in global currency markets. The partially convertible rupee was hovering at 60.6175, compared with its close of 60.295 on Monday, 8 September 2014.
Meanwhile, as per a statement issued by White House on Monday, 8 September 2014, India's Prime Minister Narendra Modi will meet US President Barack Obama at the White House on 29-30 September 2014. The two leaders will discuss a range of issues of mutual interest in order to expand and deepen the US-India strategic partnership. They will discuss ways to accelerate economic growth, bolster security cooperation, and collaborate in activities that bring long-term benefits to both countries and the world.
European stocks reversed initial losses today, 9 September 2014, amid concern US interest rates may rise faster than investors anticipated. Key benchmark indices in Germany, France and UK were off 0.05% to 0.24%.
The French trade deficit fell less-than-expected in July, industry data showed today, 9 September 2014. In a report, Ministry of Finance said that French trade deficit was at 5.5 billion euros, from 5.6 billion euros in the prior month whose figure was revised from 5.4 billion euros.
Asian stocks were trading higher today, 9 September 2014, with Japanese shares gaining on a weak yen. Key benchmark indices in Singapore, Japan and Taiwan were up 0.28% to 0.29%. Indonesia's Jakarta Composite fell 0.78%. China's Shanghai Composite was flat. Stock markets in Hong Kong and South Korea are closed for a holiday.
Trading in US index futures indicated that the Dow could fall 16 points at the opening bell on Tuesday, 9 September 2014. Most US stocks fell on Monday, 8 September 2014, as declining oil prices sent shares of energy companies lower.
A research report released yesterday, 8 September 2014, by the Federal Reserve Bank of San Francisco, fueled expectations for an earlier rate hike by the US Federal Reserve. Ahead of next week's FOMC policy meeting, which will be scrutinized for clues on the timing of the decision to raise interest rates, the report said that evidence based on surveys, market expectations, and models shows that the public seems to expect a more accommodative policy than do the Federal Open Market Committee (FOMC) participants.
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