Key benchmark indices sink in red to hit fresh intraday low in mid-afternoon trade as European stocks edged lower in opening trade. The barometer index, the S&P BSE Sensex, hit its lowest level in 2-1/2 weeks. The barometer index, the S&P BSE Sensex, was down 11.37 points or 0.06%, off 135.88 points from the day's high and up 10.53 points from the day's low. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee edged lower against the dollar as investors bet improving US economic data may usher in a reduction in monetary stimulus for the US economy from the US Federal Reserve.
HDFC Bank extended intraday fall after the Reserve Bank of India (RBI) on Monday, 16 December 2013, banned further purchases of the bank's shares by foreign institutional investors (FIIs) after foreign share holding in the bank crossed the overall limit of 49% of the bank's paid-up capital.
Mortgage lender HDFC reversed initial gain in volatile trade. FMCG stocks were in demand on renewed buying. Index heavyweight and cigarette major ITC rose in volatile trade. Shares of organised retailers gained. Jet Airways (India) gained on bargain hunting after the stock tumbled 12.61% in the preceding four trading sessions. Karur Vysya Bank rose after a block deal.
Key benchmark indices edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed initial gains in morning trade. Key benchmark indices hovered in positive zone in mid-morning trade. Key benchmark indices trimmed gains and hit fresh intraday low in early afternoon trade. A bout of volatility was witnessed as key benchmark indices recovered from lower level after giving away a lion's part of intraday gains in afternoon trade. Key benchmark indices sink in red to hit fresh intraday low as European stocks edged lower in opening trade. The barometer index, the S&P BSE Sensex, hit its lowest level in 2-1/2 weeks.
Foreign institutional investors (FIIs) bought shares worth a net Rs 159.55 crore on Monday, 16 December 2013, as per provisional data from the stock exchanges.
At 14:18 IST, the S&P BSE Sensex was down 11.37 points or 0.06% to 20,648.15. The index jumped 124.51 points at the day's high of 20,784.03 in early trade, its highest level since 13 December 2013. The index fell 21.90 points at the day's low of 20,637.62 in mid-afternoon trade, its lowest level since 29 November 2013.
The CNX Nifty was down 5.75 points or 0.09% to 6,148.95. The index hit a high of 6,190.55 in intraday trade, its highest level since 13 December 2013. The index hit a low of 6,146.20 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,178 shares gained and 1,115 shares fell. A total of 169 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined. Coal India (down 2.79%), NTPC (down 1.27%) and Bajaj Auto (down 1.19%) declined.
Bharti Airtel (up 4.52%), Cipla (up 2.52%) and TCS (up 1.87%) gained.
Private sector bank HDFC Bank dropped after the Reserve Bank of India (RBI) on Monday, 16 December 2013, banned further purchases of the bank's shares by foreign institutional investors (FIIs) after foreign share holding in the bank crossed the overall limit of 49% of the bank's paid-up capital. The stock was off 3.46% at Rs 659, with the stock extending intraday fall in volatile trade. The scrip hit high of Rs 675.05 and low of Rs 655.55 so far during the day.
Karur Vysya Bank rose 0.32% to Rs 333 after a block deal of 4.5 lakh shares was executed in the counter on BSE at Rs 332.50 per share at 9:58 IST on BSE today, 17 December 2013. The block deal saw 0.41% of Karur Vysya Bank's equity changing hands.
Mortgage lender HDFC fell 1.45% to Rs 786.90, with the stock reversing initial gain in volatile trade. The stock hit a high of Rs 804 and low of Rs 785 so far during the day.
FMCG stocks were in demand on renewed buying. Britannia Industries (up 0.58%), Colgate-Palmolive (India) (up 0.16%), Dabur India (up 0.42%), Godrej Consumer Products (up 0.9%), Marico (up 0.09%), Nestle India (up 2.93%) and Tata Global Beverages (up 1.29%) gained.
Index heavyweight and cigarette major ITC rose 0.59% to Rs 314.85. The stock hit a high of Rs 315.70 and low of Rs 312.40 so far during the day.
India's largest FMCG company by sales Hindustan Unilever shed 0.15% to Rs 557.
Shares of organised retailers gained. Trent (up 7.32%), Future Retail (up 0.46%) and Shopper's Stop (up 0.59%) rose.
Jet Airways (India) jumped 2.56% to Rs 268.40 on bargain hunting after the stock tumbled 12.61% in the preceding four trading sessions to Rs 261.70 on 16 December 2013 from a recent high of Rs 299.45 on 10 December 2013.
Wockhardt (up 12.9%), Financial Technologies (India) (up 10.93%), Torrent Power (up 5.4%), Indian Hotels (up 5.15%) and Cummins India (up 4.85%) were among the top gainers from the BSE's 'A' group.
The Central Board of Direct Taxes (CBDT) has extended the time limit for payment of the December installment of Advance Tax by two days from 15 December 2013 to 17 December 2013. This was done in view of the fact that 15 December 2013 was a Sunday.
In the foreign exchange market, the rupee edged lower against the dollar as investors bet improving US economic data may usher in a reduction in monetary stimulus for the US economy from the US Federal Reserve. The partially convertible rupee was hovering at 61.925, compared with its close of 61.73/74 on Monday, 16 December 2013.
The Reserve Bank of India (RBI) is widely expected to increase in main lending rate viz. the repo rate by 25 basis points to 8% from current 7.75% after a mid-quarter monetary policy review tomorrow, 18 December 2013, to rein in inflation after recent data showed that both consumer prices and wholesale prices accelerated last month.
European stock markets fell on Tuesday, retreating after the biggest rally in more than two months, as investors waited for the Federal Reserve decision due on Wednesday. Key benchmark indices in UK, Germany and France were down by 0.25% to 0.92%.
Euro-area manufacturing reached a 31-month high in December, led by Germany, a survey from London-based Markit Economics showed on Monday, 16 December 2013.
Asian stocks edged higher on Tuesday, 17 December 2013, after reports on Monday, 16 December 2013, showed manufacturing growth accelerated in Europe and the US. Key benchmark indices in Taiwan, Singapore, Japan, Indonesia and South Korea rose by 0.23% to 1.31%. Key benchmark indices in China and Hong Kong shed 0.2% to 0.45%.
The Bank of Japan (BoJ), which buys more than 7 trillion yen ($67.6 billion) of Japanese Government Bonds (JGBs) every month in its bid to stoke inflation, holds a two-day monetary policy meeting on 19 and 20 December 2013.
Trading in US index futures indicated a flat opening of US stocks later in the global day today, 17 December 2013. US stocks surged on Monday as a flurry of economic data indicated solid improvements in business activity across the country. The Empire State Manufacturing Index rebounded in December after a slump in November. Markit's US Purchasing Managers' Manufacturing index rose further into expansion at 54.4. Industrial production jumped 1.1% in November, its biggest one-month gain in a year, and surpassed its pre-recession peak, versus a 0.1% fall the month before.
The Federal Open Market Committee's (FOMC) two-day policy meeting on interest rates in the United States begins today, 17 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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