Key benchmark indices edged lower, snapping two-day winning streak. The barometer index, the S&P BSE Sensex, was provisionally down 71.28 points or 0.34%, up about 20 points from the day's low and off close to 125 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Metal and mining stocks edged lower. Shares of Sesa Sterlite dropped on reports Central Bureau of Investigation (CBI) has started a probe into possible irregularities in its stake buy in Hindustan Zinc. Most banking stocks edged lower.
The Sensex edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices alternately swung between positive and negative zone in morning trade. Intraday volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. The Sensex regained positive terrain in early afternoon trade. After moving in a narrow range near the flat line in early afternoon trade, the key benchmark edged lower and hit fresh intraday low in afternoon trade. A bout of volatility was witnessed as key benchmark indices trimmed losses after hitting fresh intraday low in mid-afternoon trade.
The market may remain volatile on Thursday, 26 December 2013, as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series. The near month December 2013 derivatives contracts expire on Thursday, 26 December 2013. The stock market remains closed tomorrow, 25 December 2013, on account of Christmas.
As per provisional figures, the S&P BSE Sensex was down 71.28 points or 0.34% to 21,029.75. The index fell 90.38 points at the day's low of 21,010.65 in late trade, its lowest level since 20 December 2013. The index rose 55.89 points at the day's high of 21,156.92 in early trade.
The total turnover on BSE amounted to Rs 2036 crore, lower than Rs 2044.15 crore on Monday, 23 December 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,445 shares gained and 1,033 shares fell. A total of 158 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks declined and rest of them rose. Tata Power Company (down 2.98%), Wipro (down 2.06%) and Sun Pharmaceutical Industries (down 1.76%) declined.
Power Grid Corporation of India lost 1.1%. The company said during market hours that the board of directors of the company at its meeting held on 9 December 2013 has approved the investment approval for 'Eastern Region Strengthening Scheme-X (ERSS-X)' at an estimated cost of Rs 143.94 crore, with commissioning schedule of 24 months from the date of investment approval.
Grasim Industries rose 0.95%. The company said at the fag end of trading session that the operations of the company's chemical plant at Vilayat in Gujarat have resumed. The company has also commenced the operations of the downstream Epoxy Plant at Vilayat. The full capacity at both these plants will be achieved in a phased manner, Grasim said. The company had announced on 7 October 2013 that operations of the company's chemical plant were suspended due to unexpected floods affecting the plant/power supply.
Metal and mining stocks edged lower. Hindalco Industries (down 1.21%), JSW Steel (down 0.3%), SAIL (down 0.63%), NMDC (down 0.61%), National Aluminum Company (down 1.04%), Jindal Steel & Power (down 1.44%), Bhushan Steel (down 0.08%) and Tata Steel (down 1.35%) declined. Hindustan Copper rose 1.59%.
Shares of Sesa Sterlite fell 2.46% on reports Central Bureau of Investigation (CBI) has started a probe into possible irregularities in its stake buy in Hindustan Zinc. Shares of Hindustan Zinc dropped 2.37%. A Sterlite unit bought a 26% stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92% while the government has a 29.54% stake in Hindustan Zinc.
London-listed Vedanta Resources Plc, owner of Sesa Sterlite, said in October it won the backing of its shareholders to offer up to $3.48 billion to buy the Indian government's minority stakes in Hindustan Zinc and Bharat Aluminium Co.
Most bank stocks edged lower. AXIS Bank dropped 0.64%. HDFC Bank shed 1.07%.
ICICI Bank gained 0.11%. ICICI Bank on 21 December 2013 said it has cut its home loan rates for new customers by 15 basis points or 0.15 percentage points, as a part of a special scheme. It will be valid till 31 January 2014. Under the scheme, the bank will offer home loans up to Rs. 75 lakh at an interest rate of 10.25%, while loans above Rs. 75 lakh will be charged 10.50%.
State Bank of India (SBI) dropped 0.01%. SBI on 19 December 2013 slashed home loan rates by up to 35 basis points for new borrowers and has unveiled a further discount of 5 basis points for women customers. Loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15% against the existing rate of 10.50%. For women borrowers, the rate of interest after an additional concession of 0.05% would be 10.10% for home loans of up to Rs 75 lakh. With regard to loans of above Rs 75 lakh, the new rate would be 10.30%. For women borrowers it is 10.25%.
In foreign exchange market, rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 61.8775, compared with its close of 61.9525/9625 on Monday, 23 December 2013.
Petroleum Minister Veerappa Moily, who took charge as the Environment and Forest Minister, today, 24 December 2013, said that Congress Vice President Rahul Gandhi is the party's Prime Ministerial candidate for 2014 Lok Sabha elections. Moily took charge as the Environment and Forest Minister after Jayanthi Natarajan resigned last week to help with the party's preparations for the coming 2014 Lok Sabha elections.
European stocks edged higher on Tuesday, 24 December 2013, amid shortened trading hours for Christmas Eve and before reports on US durable-goods orders and new house sales later in the global day today, 24 December 2013. Key benchmark indices in France and UK rose 0.26% to 0.46%. Germany's stock market was closed for Christmas holidays.
Most Asian stocks edged higher on Tuesday, 24 December 2013, after data showed the US economic recovery gaining momentum. US economy is the world's biggest economy. Key benchmark indices in China, Hong Kong, Japan, Indonesia, Singapore and South Korea rose by 0.12% to 1.13%. Taiwan's Taiwan Weighted fell 0.07%.
China's central bank conducted the first reverse-repurchase agreements in three weeks, helping to ease the tightest financing conditions since a record cash crunch in June.
In Japan, the Cabinet Office released its December economic report today, 24 December 2013. The report dropped a reference to the word deflation for the first time since October 2009, saying "prices are holding firm."
Indonesia announced on Tuesday it will allow increased levels of foreign investment in the country's power plants, advertising, and pharmaceutical industries as part of government efforts to boost the slowing economy. Under the new policy, the government increased the maximum foreign investment in pharmaceutical companies to 85% from 75%, and in advertising agencies to 51% from 49%. Indonesia also allowed foreign investment of up to 100% from 95% for power plant projects carried out as a public-private partnership. Under the partnership terms, a foreign investor now can own an entire power-plant during a concession period, after which some equity transfers to the government.
Trading in US index futures indicated that the Dow could advance 12 points at the opening bell on Tuesday, 24 December 2013. US stocks on Monday jumped to new records after strong economic data gave new momentum to last week's rally. US household purchases, which account for almost 70 percent of the economy, rose 0.5% after a 0.4% gain in October that was larger than previously estimated, the Commerce Department reported in Washington. A separate report showed consumer confidence increased in December. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 82.5 from 75.1 a month earlier.
The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.
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