A range bound movement was witnessed as key benchmark indices regained positive zone in morning trade. The barometer index, the S&P BSE Sensex, was currently below the psychological 28,000 level, having alternately moved above and below that level in intraday trade so far. The BSE Sensex was currently up 49.87 points or 0.18% at 27,990.51. The market breadth indicating the overall health of the market was strong. Data due at about 12:00 noon today, 14 November 2014, is expected to show a further easing of inflation based on wholesale price index (WPI).
Foreign portfolio investors bought shares worth a net Rs 690.61 crore yesterday, 13 November 2014, as per provisional data.
Auto stocks were mostly higher. Tata Motors advanced ahead of Q2 earnings. United Spirits advanced after Q2 results. Steel Authority of India shrugged off weak Q2 earning. HPCL gained after strong Q2 outcome.
In overseas markets, Asian stocks dropped on concerns of slowdown in China's economic growth. US stocks eked out small gains yesterday, 13 November 2014.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude futures edged higher after a sharp slide during the previous trading session.
At 10:15 IST, the S&P BSE Sensex was up 49.87 points or 0.18% at 27,990.51. The index gained 80.31 points at the day's high of 28,020.95 in early trade. The index lost 27.74 points at the day's low of 27,912.90 in early trade.
The CNX Nifty was up 13.95 points or 0.17% at 8,371.80. The index hit a high of 8,381.75 in intraday trade. The index hit a low of 8,346.80 in intraday trade.
The BSE Mid-Cap index was up 65.59 points or 0.65% at 10,167.76. The BSE Small-Cap index was up 72.09 points or 0.65% at 11,231.63. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,353 shares gained and 859 shares fell. A total of 78 shares were unchanged.
Auto stocks were mostly higher. Tata Motors rose 1.2% at Rs 532.55 ahead of Q2 September 2014 results today, 14 November 2014.
Tata Motors after market hours yesterday, 13 November 2014 said that the Group global wholesales in October 2014, including Jaguar Land Rover, totaled 82,026 units. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in October 2014 were 32,049 units. Global wholesales of all passenger vehicles in October 2014 were 49,977 units. Global wholesales of Tata Motors' passenger vehicles in October 2014 were 11,790 units. Global wholesales for Jaguar Land Rover for the month were 38,38,187 units.
Shares of Maruti Suzuki India were up 0.25% at Rs 3,340.
Mahindra & Mahindra lost 0.66% at Rs 1,246.90.
Two-wheeler stocks edged higher. Bajaj Auto (up 1.61%) and Hero MotoCorp (up 0.05%) gained. TVS Motor Company (down 0.59%) declined.
United Spirits (USL) rose 0.91% at Rs 2,723. The stock hit a high of Rs 2,759.65 and a low of Rs 2,706. USL reported a net loss of Rs 27.83 crore in Q2 September 2014 compared with net profit of Rs 94.27 crore in Q2 September 2013. Total income from operations (net) rose 8.3% to Rs 2178.58 crore in Q2 September 2014 over Q2 September 2013. The result was announced before market hours today, 14 November 2014.
USL said that traditionally the second quarter of the fiscal year is a lean quarter and this year was no different. Sales of the Prestige and Above category of brands grew 19% in volume terms to clock 9.2 million cases in Q2 September 2014 over Q2 September 2013. A continuing emphasis on driving value rather than volume has led the company to realign the route to market structure in some states, USL said.
Steel Authority of India rose 1.62% at Rs 81.60. The company's net profit declined 44.97% to Rs 649.49 crore on 1.3% growth in total income to Rs 11840.64 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 13 November 2014.
Hindustan Petroleum Corporation (HPCL) rose 2.73% at Rs 556.60. The company reported 166.59% surge in net profit to Rs 850.21 crore on 0.35% fall in total income to Rs 51964 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 13 November 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.61, compared with its closing of 61.57 during the previous trading session.
Brent crude futures edged higher after a sharp slide during the previous trading session. Brent for January settlement was up 54 cents at $78.03 a barrel. The contract had lost $3.63 a barrel to settle at $77.49 a barrel yesterday, 13 November 2014.
The government yesterday, 13 November 2014, announced increase in excise duty on petrol and diesel by Rs 1.50 per litre each. The hike in excise duty on the two transportation fuels will help boost government's revenue. The government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices recently would reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit. India imports 80% of its crude oil requirement. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent.
The government is set to announce data on inflation based on wholesale price index (WPI) for October 2014 at 12:00 noon today, 14 November 2014. The rate of inflation based on wholesale price index is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014, data released by the government on 12 November 2014, showed. The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016.
Asian stocks dropped today, 14 November 2014, on concerns of slowdown in China's economic growth. Key indices China, Japan, Taiwan, South Korea and Indonesia were off 0.09% to 0.91%. Key indices in Hong Kong and Singapore were up 0.07% to 0.16%.
China's industrial output growth in October unexpectedly dropped, reflecting the continued headwinds faced by the Chinese economy, official data showed yesterday 13 November 2014.
Trading in US index futures indicated that the Dow could gain 7 points at the opening bell today 14 November 2014. US stocks eked out small gains yesterday, 13 November 2014. The Dow Jones Industrial Average gyrated between gains and losses, but ended the session at a fresh record high -- recording its 25th record closing high this year.
In US, more workers quit their jobs in September as hires reached their highest level in nearly seven years, the Labor Department said yesterday, 13 November 2014. Hires increased to a seasonally adjusted 5 million, a level last seen in December 2007. Quits rose to a seasonally adjusted 2.8 million in September from 2.5 million in the previous month, data showed.
Federal Reserve Chair Janet Yellen yesterday, 13 November 2014, said that the growing globalization of financial markets requires the Federal Reserve to understand how economic developments in other nations may affect the US economy. Yellen said the Fed needs better insights into things such as global capital flows to achieve its domestic objectives of maximum employment and price stability. Yellen's remarks came at the start of a two-day conference sponsored by the Fed, the European Central Bank and the Federal Reserve Bank of New York.
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