Key benchmark indices moved in narrow range in positive zone in morning trade. The barometer index, the S&P BSE Sensex, was hovering above the psychological 26,000 mark after hitting two week high in early trade. The Sensex was up 93.86 points or 0.36% at 26,012.81. The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. The market breadth indicating the overall health of the market was positive. Sun Pharmaceutical Industries scaled record high, with the stock extending Wednesday's gain triggered by the company's good Q1 results. Hero MotoCorp extended initial slide. Shares of public sector oil marketing companies (PSU OMCs) slipped after reports quoted oil minister Dharmendra Pradhan on Wednesday, 13 August 2014, as saying that petrol price will be cut by Rs 1.89-2.38 per litre from 15 August 2014. Indian Oil Corporation dropped as the stock turned ex-dividend today, 14 August 2014.
After a relatively stead start, key benchmark indices had surged in early trade as weaker-than-expected US retail sales data reinforced speculation that the Federal Reserve won't rush to raise rates.
At 10:15 IST, the S&P BSE Sensex was up 93.86 points or 0.36% to 26,012.81. The index jumped 152.57 points at the day's high of 26,071.52 in early trade, its highest level since 31 July 2014. The index rose 26.40 points at the day's low of 25,945.35 in early trade.
The CNX Nifty was up 26.70 points or 0.34% to 7,766.25. The index hit a high of 7,781 in intraday trade, its highest level since 31 July 2014. The index hit a low of 7,739.10 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 978 shares gained and 911 shares fell. A total of 60 shares were unchanged.
The BSE Mid-Cap index was up 11.84 points or 0.13% at 8,912.59. The BSE Small-Cap index was up 4.95 points or 0.05% at 9,716.26. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 616 crore by 10:15 IST, compared to Rs 202 crore by 09:20 IST.
HDFC Bank (up 1.7%), Hindalco Industries (up 1.67%) and TCS (up 1.21%) edged higher from the Sensex pack.
Sun Pharmaceutical Industries rose 1.19% to Rs 809.95 after scaling a record high of Rs 815.10 in intraday trade. the stock extending Wednesday's gain triggered by the company's good Q1 results. On a consolidated basis, Sun Pharmaceutical Industries' adjusted net profit rose 12% to Rs 1391 crore on 13% growth in net sales/income from operations to 3927 crore in Q1 June 2014 compared with net loss of Rs 1276 crore in Q1 June 2013. With regard to the acquisition of Ranbaxy Laboratories, Sun Pharma said that till date clearances have been obtained from the stock exchanges in India and from anti-competition authorities in all applicable markets excluding India and the US.
Ranbaxy Laboratories rose 1.96%.
Hero MotoCorp lost 3.27% to Rs 2,496, with the stock extending initial slide. The stock hit high of Rs 2,581 and low of Rs 2,490 so far during the day.
Shares of public sector oil marketing companies (PSU OMCs) slipped after reports quoted oil minister Dharmendra Pradhan on Wednesday, 13 August 2014 as saying that petrol price will be cut by Rs 1.89-2.38 per litre from 15 August 2014. HPCL fell 0.86%. BPCL rose 0.21%.
Indian Oil Corporation lost 2.93% as the stock turned ex-dividend today, 14 August 2014, for dividend of Rs 8.70 per share for the year ended 31 March 2014 (FY 2014).
PSU OMCs suffer under-recovery on domestic sales of diesel, kerosene and LPG at government controlled prices. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals. The government has already freed pricing of petrol.
The market sentiment was boosted by data showing that foreign portfolio investors (FPIs) were net buyers of Indian stocks on Wednesday, 13 August 2014. FPIs bought shares worth a net Rs 718.27 crore on Wednesday, 13 August 2014, as per provisional data from the stock exchanges.
The stock market remains closed tomorrow, 15 August 2014, on account of Independence Day.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.065, compared with its close of 61.225 on Wednesday, 13 August 2014.
The government will announce data on inflation based on the wholesale price index (WPI) for July 2014 at about 12:00 IST today, 14 August 2014. WPI inflation had eased to 5.43% in June 2014 from 6.01% in May 2014.
Asian stocks edged higher today, 14 August 2014, as a slowdown in the US retail sales fueled bets the US Federal Reserve won't raise interest rates earlier than expected. Key benchmark indices in Taiwan, Japan, Singapore, Indonesia and South Korea were up 0.03% to 0.72%. Key benchmark indices in China and Hong Kong were off 0.05% to 0.08%.
After holding its policy unchanged for more than a year, the Bank of Korea cut its benchmark interest rate today, 14 August 2014, by a quarter point to 2.25%, the lowest since late 2010.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 14 August 2014. US stocks rose on Wednesday, 13 August 2014, as a slowdown in retail sales boosted speculation the Federal Reserve won't be forced to raise rates sooner than anticipated.
Sales at US retailers were unchanged in July, the weakest result in six months, as sales fell at auto dealers, but rose at gas stations and food and beverage stores, according to government data released on Wednesday, 13 August 2014. Separately, business inventories rose in June by more than expected.
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