After swinging between positive and negative zone alternately in intraday trade, key indices provisionally settled almost unchanged for the day. The barometer index, the S&P BSE Sensex, was provisionally down 6.85 points or 0.03% at 27,105.36. The market breadth indicating the overall health of the market once again turned negative from positive in late trade. European and Asian stocks gained as Scotland voted to reject independence from the UK. Brent crude oil futures dropped which augur well for India as the country imports majority of its crude oil requirements. Meanwhile, on the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014, announced that China will invest $20 billion in India over the next 5 years. The two Asian countries also agreed that specific measures to enhance market access for Indian companies in China will be expedited in agricultural and pharmaceutical products and for export of services.
IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Tech Mahindra gained after the company announced that it will work together with Bosch Software Innovations to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. HCL Technologies rose after the company informed the stock exchanges about an announcement by North Carolina state government of HCL Technologies expanding its presence in Wake County in United States. Infosys rose after the company announced a global partnership with Huawei and expansion of its partnership with Hitachi Data Systems and Microsoft Corp. Realty stocks edged lower.
In overseas markets, European stocks rose as Scotland voted to reject independence from the UK. Asian stocks rose as data overnight showed fewer Americans filed for jobless claims and as Scotland voted to reject independence from the UK. In the US, the S&P 500 and Dow Jones Industrial Average closed at record levels yesterday, 18 September 2014, as investors welcomed the Federal Reserve's commitment to low interest rates long after the ending of monetary stimulus.
Scotland has chosen to stay in the United Kingdom, spurning independence in a historic referendum that had worried allies and investors, results showed today, 19 September 2014. 55.3% of Scottish voters supported the "no" campaign against 44.7% who backed independence.
Benchmark indices alternately swung between positive and negative zone in intraday trade. Key indices had risen to their highest level in more than a week in mid-morning trade after early results showed that Scotland voting against breaking from the United Kingdom.
In the foreign exchange market, the rupee was a tad higher against the dollar.
Brent crude oil prices edged lower, extending previous day's losses, as a strong dollar offset oil supply worries.
As per provisional figures, the S&P BSE Sensex was down 6.85 points or 0.03% at 27,105.36. The index jumped 134.96 points at the day's high of 27,247.17 in mid-morning trade, its highest level since 10 September 2014. The index fell 64.53 points at the day's low of 27,047.68 in late trade.
The CNX Nifty was almost unchanged at 8114.40, as per provisional figures. The index hit a high of 8,160.90 in intraday trade, its highest level since 9 September 2014. The index hit a low of 8,105.35 in intraday trade.
The total turnover on BSE amounted to Rs 5,152 crore, higher than Rs 3535.21 crore on Thursday, 18 September 2014.
The market breadth indicating the overall health of the market once again turned negative from positive in late trade. On BSE, 1,613 shares fell and 1,439 shares rose. A total of 103 shares were unchanged. Earlier, the market breadth alternately swung between positive and negative zone.
The BSE Mid-Cap index was up 4.04 points or 0.04% at 9,865.26. The BSE Small-Cap index was up 70.02 points or 0.63% at 11,191.18. Both these indices outperformed the Sensex.
IT stocks rose on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Wipro gained 0.87%.
TCS rose 2.36%. Global credit rating agency Moody's Investors Service has affirmed TCS' local currency issuer rating at A3/Stable.
HCL Technologies gained 1.67% after the company informed the stock exchanges about an announcement by North Carolina state government of HCL Technologies expanding its presence in Wake County in United States. The company plans to expand its existing center and create an additional 1,237 jobs in Cary by the end of 2018. As part of its strategy to accelerate innovation and further enhance satisfaction for its clients, HCL sees Cary as a strategic talent hub in the Americas and will invest approximately $9 million in expanding the center.
Tech Mahindra gained 1.61% after the company after market hours on Thursday, 18 September 2014 announced that it will work together with Bosch Software Innovations to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises.
But, Infosys fell 0.13% to Rs 3,695. The stock was volatile. The stock hit high of Rs 3,769.35 and low of Rs 3,681.10. Infosys today, 19 September 2014, announced a global partnership with Huawei, a leading global information and communication technology (ICT) solution provider. Through this partnership, the companies will jointly offer enterprise customers cloud, big data and communication solutions, along with other enterprise-oriented services which will combine Huawei's cloud infrastructure and global IT service expertise from Infosys. Infosys and Huawei will also further strengthen their existing partnership in the Huawei Business Process and Information Technology space.
Seperately, Infosys today, 19 September 2014, announced the expansion of its partnership with Hitachi Data Systems (HDS) to bring next-generation infrastructure and data center transformation solutions to enterprises. The new solutions will help improve operational efficiencies and facilitate smooth transition of their IT infrastructure to new cloud-based environments, Infosys said. Infosys will also establish a center of excellence to co-create pay-per-use solutions with HDS, the company said.
Seperately, Infosys also today, 19 September 2014, announced the expansion of its decade-long partnership with Microsoft Corp. to help enterprises transform their business and tap opportunities in a cloud-first, mobile-first world. Infosys will now expand its capabilities for analytics and other service offerings on Microsoft technologies.
Bharat Heavy Electricals (Bhel) dropped 0.92%. Mr. B. Prasada Rao, Chairman & Managing Director of Bhel while adressing to the shareholders at the 50th Annual General Meeting of the company today, 19 September 2014, said that as the economy is expected to move at pre recession levels in near term, the capital expenditure cycle could kick off in a big way in next few quarters. This will improve business environment and the company will benefit from emerging opportunities.
Mr Rao said given the current business environment, particularly in the power sector, Bhel is focusing on increasing its value contribution in a shrinking market. At the end of the year ended 31 March 2014, the total orders in hand for execution in year ending 31 March 2015 and beyond stood at Rs 101566 crore.
Realty stocks edged lower. DLF (down 2.28%), Housing Development & Infrastructure (HDIL) (down 1.71%), D B Realty (down 1.76%), and Unitech (down 4.05%) declined. Sobha rose 0.52%.
In the foreign exchange market, the rupee was a tad higher against the dollar. The partially convertible rupee was hovering at 60.8375, compared with its close of 60.85 during the previous trading session.
Brent crude oil prices edged lower, extending previous day's losses, as a strong dollar offset oil supply worries. Brent for November settlement was off 5 cents at $97.61 a barrel. The contract had fallen $1.27 a barrel or 1.28% to settle at $97.70 a barrel on Thursday, 18 September 2014.
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.
Meanwhile, on the second day of Chinese President Xi Jinping's three-day visit to India, China and India on Thursday, 18 September 2014, announced that China will invest $20 billion in India over the next 5 years. Under a five year Trade and Economic Development Plan, China has also agreed to improve the trade balance between the two countries which is heavily skewed in China's favour. The two Asian countries agreed that specific measures to enhance market access for Indian companies in China will be expedited in agricultural and pharmaceutical products and for export of services. China will set up two industrial parks in India -- one in Gujarat and one in Maharashtra. India and China also agreed on specific steps to enhance cooperation in upgrading India's railways sector.
European stocks edged higher today, 19 September 2014, as Scotland voted to reject independence from the UK. Key benchmark indices in UK, France and Germany were up 0.5% to 0.79%.
Asian stocks rose today, 19 September 2014, as data showed fewer Americans filed for jobless claims. Key benchmark indices in China, Singapore, Hong Kong, Indonesia, Taiwan, Japan and South Korea rose by 0.04% to 1.58%.
Trading in US index futures indicated that the Dow could gain 73 points at the opening bell on Friday, 19 September 2014. US stocks rose on Thursday, 18 September 2014, a day after the US Federal Reserve kept intact its pledge to keep interest rates low, providing a backstop for investors that helped lift both the Dow Jones Industrial Average and the S&P 500 index to record highs.
US housing starts and permits fell in August, but upward revisions to the prior month's data indicated gradual improvement in the housing market.
Separately, American jobless claims fell by 36,000 to 280,000 in the period ended 13 September 2014, the Labor Department said yesterday. Those already collecting unemployment benefits fell to a more than seven-year low.
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