Key benchmark indices were off the day's high in early afternoon trade. The market breadth, indicating the overall health of the market, was strong. All the thirteen sectoral indices on BSE were in the green. Gains in Asian stocks supported domestic bourses. The barometer index, the S&P BSE Sensex, was up 40.87 points or 0.19%, off close to 30 points from the day's high and up about 20 points from the day's low.
IT stocks rose after an upbeat report on US durable-goods orders. Shares of power generation and power distribution companies edged higher. Most telecom stocks edged higher.
The market edged higher in early trade on firm Asian stocks. Key benchmark indices retained positive zone in morning trade. The Sensex extended gains and hit fresh intraday high in mid-morning trade. Key benchmark indices were off the day's high in early afternoon trade
The market may remain volatile today, 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 today, 26 December 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 40.67 crore on Tuesday, 24 December 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 40.87 points or 0.19% to 21,073.58. The index rose 69.51 points at the day's high of 21,102.22 in mid-morning trade. The index gained 18.29 points at the day's low of 21,051 in opening trade.
The CNX Nifty was up 14.65 points or 0.23% to 6,283.05. The index hit a high of 6,291.20 in intraday trade. The index hit a low of 6,270.05 in intraday trade.
The BSE Mid-Cap index rose 0.8% and the BSE Small-Cap index gained 1.32%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,523 shares gained and 677 shares fell. A total of 136 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined. Sun Pharmaceutical Industries (up 1.21%), ONGC (up 2.28%) and GAIL (India) (up 0.83%) gained.
Most telecom stocks edged higher. Bharti Airtel (up 1.01%), Reliance Communications (up 0.3%), Tata Teleservices (Maharashtra) (up 1.53%), and MTNL (up 0.8%) gained. Idea Cellular shed 0.21%.
IT stocks rose after an upbeat report on US durable-goods orders. US is the biggest outsourcing market for the Indian IT firms. HCL Technologies (up 0.54%), Infosys (up 0.48%), TCS (up 0.045), Tech Mahindra (up 0.1%) and Wipro (up 0.3%) gained.
Shares of power generation and power distribution companies edged higher. GVK Power & Infrastructure (up 0.49%), Tata Power Company (up 1.57%), NTPC (up 1.16%), Adani Power (up 1.7%), Reliance Infrastructure (up 0.56%), Torrent Power (up 1%), JSW Energy (up 0.09%), and Reliance Power (up 1.26%) gained. Power Grid Corporation of India dropped 0.76%.
Dhanlaxmi Bank rose 2.25% to Rs 40.90 after the bank said it has allotted 1.75 crore equity shares at Rs 38.25 per share aggregating to Rs 67.22 crore to qualified institutional buyers through qualified institutional placement. The announcement was made during trading hours today, 26 December 2013.
In foreign exchange market, rupee edged lower against the dollar on broad-based gains in dollar. The partially convertible rupee was hovering at 61.98, compared with its close of 61.79/80 on Tuesday, 24 December 2013. Indian financial markets were closed on Wednesday, 25 December 2013, on account of Christmas.
Asian stocks edged higher on Thursday, 26 December 2013, led by Japanese stocks after the yen fell to a five-year low against the dollar. Key benchmark indices in Taiwan, Japan, and Singapore were up 0.21% to 1.03%. South Korea's Kospi dropped 0.11%. Stock markets in Hong Kong and Indonesia were shut for holidays.
In mainland China, the Shanghai Composite fell 1.19%, ending a three-day recovery as investors reacted negatively to a lack of additional cash injections from the central bank, used last week to calm a spike in interbank lending rates that has eroded investor confidence.
China's ruling Communist Party reportedly unveiled on Wednesday a five-year plan to fight pervasive graft, with particular attention on corruption that triggers protests or happens in the course of economic reforms.
China's economy this year is likely to expanded 7.6%, compared with the government's 7.5% target, a News Agency in China reportedly said, citing a report by the State Council.
The minutes of the Bank of Japan's Nov. 20-21 board meeting released on Wednesday, 25 December 2013, showed that not all members were convinced that the country's growth was on a long-term upward trend. One member said that the recent deceleration in real gross domestic product growth could signal a downward shift in the economy's trend.
The consumer confidence index in South Korea stayed at 107 in December, unchanged from November, the nation's central bank said in a statement today, 26 December 2013.
The US stock market was closed on Wednesday, 25 December 2013, for Christmas. US stocks ended higher on Tuesday, 24 December 2013, with the Dow Jones Industrial Average and the S&P 500 rising to record closes after an upbeat report on durable-goods orders. Investors welcomed Tuesday's durable-goods report showing that orders for big-ticket US items, such as aircraft and transportation equipment, rose 3.5% last month.
In a separate report, US home prices rose 8.2% in October from the same month last year, according to the Federal Housing Finance Agency. Prices rose 0.5% from September.
Rising mortgage rates did not affect the sales of new single-family homes much, according to US Commerce Department data released on Tuesday. Sales declined 2.1% in November to a seasonally adjusted annual rate of 464,000, down from a rate of 474,000 in October, which was the fastest pace since July 2008.
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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