Key benchmark indices trimmed gains and hit fresh intraday low in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 62.91 points or 0.3%, off 61.60 points from the day's high and up 0.33 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.
ICICI Bank extended Monday's gains. Bharti Airtel gained on reports the company is close to selling its operations in Sri Lanka to UAE-based telecom company Etisalat. Hindalco Industries rose on bargain hunting after recent slide.
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.
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 12:14 IST, the S&P BSE Sensex was up 62.91 points or 0.3% to 20,722.43. 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 rose 62.58 points at the day's low of 20,722.10 in early afternoon trade.
The CNX Nifty was up 17.70 points or 0.29% to 6,172.40. 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 6,171.35 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,159 shares gained and 917 shares fell. A total of 159 shares were unchanged.
The total turnover on BSE amounted to Rs 1076 crore by 12:20 IST, compared with Rs 864 crore by 11:20 IST.
Among the 30-share Sensex pack, 24 stocks gained and rest of them declined.
Bank stocks were mixed. ICICI Bank rose 1.14% at Rs 1,109.95. The stock was volatile. The scrip hit high of Rs 1,121.85 and low of Rs 1,108.25 so far during the day.
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 2.62% at Rs 664.75. The scrip hit high of Rs 675.05 and low of Rs 662.60 so far during the day.
State Bank of India shed 0.16% to Rs 1,730. The scrip hit high of Rs 1,753.70 and low of Rs 1,715.30 so far during the day.
Hindalco Industries rose 1.59% to Rs 118.50, with the stock recovering on bargain hunting after recent slide. Shares of Hindalco Industries had declined 6.71% in four trading sessions to settle at Rs 116.65 on Monday, 16 December 2013 from a recent high of Rs 125.05 on 10 December 2013.
Bharti Airtel surged 4.46% to Rs 328, with the stock extending intraday gain. As per reports, Bharti Airtel is close to selling its operations in Sri Lanka to UAE-based telecom company Etisalat. Bharti Airtel and Etisalat have been negotiating for over five months now and have agreed on the broad characteristics of the deal.
Bharti Airtel had announced the launch of its Sri Lanka operations in 2009 but the company has not been able to make inroads in terms of market share, with just under two million users.
Bharti Airtel Lanka, a subsidiary of Bharti Airtel, commenced commercial operations of services in Sri Lanka on 12 January 2009, as the fifth entrant in a highly saturated market, and was the fastest operator to reach 1 million customers in Sri Lanka. As one of Sri Lanka's largest foreign investors, Airtel has invested over $300 million in Sri Lanka and has achieved island-wide coverage in under two years which has enabled it to emerge as Sri Lanka's fastest expanding network.
JSW Steel rose 1.55%. HeidelbergCement India rose 0.13%. Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of HeidelbergCement India's cement grinding facility at Raigad, Maharashtra, by JSW Steel. It may be recalled that JSW Steel had executed a business transfer agreement in October this year for the acquisition of HeidelbergCement India's cement grinding facility at Raigad, Maharashtra, as a going concern on slump sale basis.
IRB Infrastructure Developers rose 2.77% after the company said it has emerged as a preferred bidder for a road project in Maharashtra. The announcement was made during trading hours today, 17 December 2013.
IRB Infrastructure Developers said it has emerged as a preferred bidder for the project of four laning of Solapur to Yedeshi section of national highway (NH) -211 in Maharashtra to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase - IV. Concession period is 29 years. Construction period for the project is 910 days. IRB said it has sought Rs 189 crore as viability gap funding from National Highway Authority of India (NHAI).
Speciality Restaurants rose 1.51% to Rs 124.55 after Saif India IV FII Holdings bought 15 lakh shares of the company through a bulk deal on Monday, 16 December 2013.
On Monday, 16 December 2013, Saif India IV FII Holdings bought 15 lakh shares of Speciality Restaurants at Rs 124.99 per share from GLIX Securities on the National Stock Exchange (NSE).
As on 30 September 2013, Saif III Mauritius Company held 49.97 lakh shares, or 10.64% stake, while GLIX Securities held 17.32 lakh shares, or 3.69% stake, in Speciality Restaurants.
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 61.955, 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.
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, Hong Kong, Singapore, Japan, Indonesia and South Korea rose by 0.23% to 1.21%. China's Shanghai Composite fell 0.44%.
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 that the Dow could advance 14 points at the opening bell 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.
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.
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