A bout of initial volatility was witnessed as the key benchmark indices reversed initial losses. The 50-unit CNX Nifty regained the psychological 6,000 mark after falling below that level at the onset of the trading session. The barometer index, the S&P BSE Sensex, and the Nifty, both, hit their highest level in nearly three weeks. The Sensex was up 72.51 points or 0.36%, up 108.51 points from the day's low and off 1.16 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Metal stocks rose in early trade. Tata Steel extended Wednesday's gains triggered by the company's announcement of increase in production and sales deliveries of steel in Q2 September 2013. Reliance Infrastructure rose after the company's board of directors approved raising of long term resources up to Rs 2500 crore for refinancing and extending maturities of higher cost rupee debt and/or other approved end uses.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.20, weaker than its close of 61.93/94 on Wednesday, 9 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 326.58 crore on Wednesday, 9 October 2013, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was up 72.51 points or 0.36% to 20,321.77. The index gained 73.67 points at the day's high of 20,322.93 in early trade, its highest level since 20 September 2013. The index fell 36 points at the day's low of 20,213.26 in early trade.
The 50-unit CNX Nifty was up 13.70 points or 0.23% to 6,021.15. The index hit a high of 6,021.40 in intraday trade, its highest level since 20 September 2013. The index hit a low of 5,998.75 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 659 shares gained and 315 shares fell. A total of 35 shares were unchanged.
The total turnover on BSE amounted to Rs 187 crore by 09:30 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. GAIL (India) (down 0.45%), ICICI Bank (down 0.6%) and Reliance Industries (down 0.38%) edged lower from the Sensex pack.
Wipro (up 1.5%), Hero MotoCorp (up 1.14%) and L&T (up 1.17%) edged higher from the Sensex pack.
Metal stocks edged higher in early trade. Jindal Steel & Power advanced 2.17%. Sesa Sterlite rose 1.57%.
Tata Steel extended Wednesday's gains triggered by the company's announcement of increase in production and sales deliveries of steel in Q2 September 2013. The stock was up 1.35%. The company's hot metal production rose 19% to 2.46 million tonnes in Q2 September 2013 over Q2 September 2012. Crude steel production rose 19% to 2.29 million tonnes in Q2 September 2013 over Q2 September 2012. Saleable steel production rose 18% to 2.2 million tones in Q2 September 2013 over Q2 September 2012. Deliveries rose 18% to 2.03 million tonnes in Q2 September 2013 over Q2 September 2012. The company announced the data during trading hours on Wednesday, 9 October 2013.
Reliance Infrastructure rose 1.13%. The board of directors of Reliance Infrastructure at its meeting held Wednesday, 9 October 2013, approved raising of long term resources including through external commercial borrowings (ECBs), foreign currency convertible bonds, and rupee term loans/NCDs, up to Rs 2500 crore, for refinancing and extending maturities of higher cost rupee debt and/or other approved end uses.
Asian markets were trading mixed on Thursday, 10 October 2013. Key benchmark indices in Singapore, Japan and Indonesia rose by 0.39% to 0.81%. Key benchmark indices in China, Hong Kong and South Korea fell by 0.14% to 0.9%. Taiwan's markets were closed for a holiday.
Chinese trade and inflation data to be released over the weekend and early next week will provide investors a chance to see whether the economic recovery seen in recent months has carried on to September.
Japanese core machinery orders rose 5.4% in August from the previous month, the government said Thursday, on a recovery in capital spending by businesses and increased demand ahead of a planned sales-tax hike. That came after a 0.03% decline in July, and was the first rise in three months.
US stocks ended mostly higher on Wednesday, 9 October 2013, with signs of progress in ending deadlock in Washington after news that US President Barack Obama would meet House Democrats on Wednesday and House Republicans on Thursday. Investors' focus remains on the ongoing fiscal impasse in the US amid worries that Washington could pass the deadline to raise the debt ceiling -- a move that could lead to a default.
US markets offered little reaction to the Federal Reserve's release of minutes from its September meeting, at which the Fed unexpectedly refrained from tapering its $85 billion in monthly asset purchases. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes of their last meeting, which took place before the US government partial shutdown started.
Meanwhile, US President Barack Obama on Wednesday, 8 October 2013, nominated Janet Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the shutdown continues. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Brazil's central bank on Wednesday raised the country's baseline lending rate once more by half a point, as expected. But the central bank disappointed some investors by giving no sign that it will slow the pace of rate hikes going forward. In a unanimous vote, the monetary policy committee, or Copom, raised the Selic rate to 9.5%.
The OPEC is slated to release its monthly oil report later today, 10 October 2013.
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