A bout of volatility was witnessed as key benchmark indices slipped into the red once again after moving into positive zone from negative zone for a brief period early afternoon trade. The barometer index, the S&P BSE Sensex, was down 22.41 points or 0.09%, off about 65 points from the day's high and up about 50 points from the day's low. Gains in crude oil prices weighed on key benchmark indices. The market breadth indicating the overall health of the market was positive.
Steel stocks gained as measure of manufacturing in China climbed to an 18-month high in July. Shares of other metal and mining companies also gained. Hindalco Industries hit 52-week high. Bank of Baroda extended Wednesday's gains triggered by the Reserve Bank of India lifting curb on purchases of the shares of the bank by foreign investors.
At 12:20 IST, the S&P BSE Sensex was down 22.41 points or 0.09% to 26,124.92. The index fell 69.63 points at the day's low of 26.077.70 in early trade. The index rose 43.48 points at the day's high of 26,190.81 at the onset of the trading session, a record high for the index.
The CNX Nifty was down 9.20 points or 0.12% to 7,786.55. The index hit a low of 7,771.65 in intraday trade. The index hit a high of 7,807.20 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,300 shares rose and 1,160 shares fell. A total of 109 shares were unchanged.
The BSE Mid-Cap index was up 5.96 points or 0.06% at 9,317.68. The BSE Small-Cap index was up 43.20 points or 0.41% at 10,246.48. Both these indices outperformed the Sensex.
Steel stocks gained as measure of manufacturing in China climbed to an 18-month high in July. Bhushan Steel (up 0.22%), Tata Steel (up 2.69%), Steel Authority of India (Sail) (up 4.1%), JSW Steel (up 2.31%) and Jindal Steel & Power (up 1.8%) gained.
Shares of aluminum makers Hindalco Industries and National Aluminum Company edged higher tracking gains in aluminum prices on the London Metal Exchange. National Aluminum Company was up 1.43%.
Hindalco Industries gained 1.56% to Rs 198.05 after hitting a 52-week high of Rs 198.40 in intraday trade.
On the London Metal Exchange (LME), aluminum for three-month delivery fell 0.47% to $2,011 a tonne on Wednesday, 23 July 2014. The price has risen 6.65% from a recent closing low of $1,885.50 on 10 July 2014.
The price has risen 5.06% so far in July 2014 (till 23 July 2014). It has risen 9.03% so far in calendar year 2014 (till 23 July 2014).
Among other metal and mining stocks, Hindustan Zinc (up 0.3%), NMDC (up 0.2%), and Sesa Sterlite (up 1.84%) gained.
China is the world's largest consumer of steel, copper and aluminum.
Bank of Baroda rose 2.35%, with the stock extending Wednesday's gains triggered by the Reserve Bank of India lifting curb on purchases of the shares of the bank by foreign investors. The Reserve Bank of India (RBI) on Tuesday, 22 July 2014, notified that the aggregate share holdings by foreign institutional investors (FIIs)/ registered foreign portfolio investors (FPIs)/non resident indian (NRI)/persons of Indian origin (PIO) under portfolio investment scheme in Bank of Baroda have gone below the prescribed threshold caution limit.
As on 30 June 2014, FIIs held 16.95% stake in Bank of Baroda.
Bharti Infratel fell 3.34% after the stock turned ex-dividend today, 24 July 2014, for a total dividend of Rs 8.90 per share.
L&T Finance Holdings (LTFH) dropped 0.97%. The company's consolidated net profit rose 97.25% to Rs 285.87 crore on 24.56% growth in total income to Rs 1468.54 crore in Q1 June 2014 over Q1 June 2013. The Q1 result was announced after market hours on Wednesday, 23 July 2014.
L&T Finance Holdings (LTFH)'s consolidated profit after tax (excluding exceptional items) rose 15% to Rs 167 crore in Q1 June 2014 over Q1 June 2013. There was an exceptional income of approximately Rs 119 crore (net of tax) during the quarter from the sale of shares in City Union Bank.
A bout of volatility was witnessed as key benchmark indices slipped into the red after opening higher. The Sensex hit record high at the onset of the trading session. Key benchmark indices cut losses in morning trade. Key benchmark indices hovered in negative terrain in mid-morning trade. A bout of volatility was witnessed as key benchmark indices slipped into the red once again after moving into positive zone from negative zone for a brief period early afternoon trade.
Gains in crude oil prices weighed on key benchmark indices. India imports almost 80% of its crude oil requirements. Crude rose as geopolitical tensions in the Middle East persisted. Brent crude futures for September delivery were down 1 cent at $108.02 a barrel on the London-based ICE Futures Europe exchange. The contract rose 70 cents to settle at $108.03 a barrel on Wednesday, 23 July 2014.
In Libya, fighting between rival factions continues for control of Libyan capital's airport.
Meanwhile, violence continues in the Gaza Strip. As per reports, more than 700 Palestinians have been killed so far as fighting continues between Israel and Palestinian militants in Gaza Strip.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.0225, compared with its close of 60.105 on Wednesday, 23 July 2014.
Asian stocks rose for a fourth day today, 24 July 2014, after a Chinese manufacturing gauge rose to its strongest reading in 18 months. Key benchmark indices in Hong Kong, China, Singapore, Taiwan and Indonesia were up by 0.19% to 1.15%. Key benchmark indices in Japan and South Korea fell by 0.08% to 0.79%.
A Chinese manufacturing gauge rose to an 18-month high in July, adding to signs that the government will meet its 2014 economic-growth target of about 7.5 percent. A preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics was at 52, compared with a final reading of 50.7 in June. Numbers above 50 indicate expansion.
South Korea unveiled 11.7 trillion won ($11.4 billion) in government initiatives to shore up Asia's fourth-largest economy after growth slumped to the weakest pace in more than a year in the second quarter.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 24 July 2014. US stocks were largely higher on Wednesday, 23 July 2014, with the S&P 500 index hitting another record high after bullish results from tech giants Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check.
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