Key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 13.22 points or 0.05%, up close to 43 points from the day's low and off close to 134 points from the day's high. The market breadth indicating the overall health of the market was positive.
Indian Hotels Company fell for the second straight day. IT stocks rose across the board after US-based consulting and outsourcing services provider Accenture on Thursday, 26 June 2014, reported good Q3 May 2014 earnings. TCS and Tech Mahindra hit record high. GAIL (India) edged lower on reports more than a dozen people were killed today, 27 June 2014, after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh.
At 13:20 IST, the S&P BSE Sensex was up 13.22 points or 0.05% to 25,075.89. The index jumped 146.94 points at the day's high of 25,209.61 in early trade. The index shed 29.73 points at the day's low of 25,032.94 in early afternoon trade.
The CNX Nifty was up 3.55 points, or 0.05% at 7,496.75. The index hit a high of 7,538.75 in intraday trade. The index hit a low of 7,482.30 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,442 shares gained and 1,311 shares fell. A total of 109 shares were unchanged.
The BSE Mid-Cap index was down 3.86 points or 0.04% at 9,176.98, underperforming the Sensex. The BSE Small-Cap index was up 12.53 points or 0.13% at 9993.91, outperforming the Sensex.
GAIL (India) dropped on reports more than a dozen people were killed today, 27 June 2014, after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh. The stock was off 1.53% at Rs 452.70. The stock hit high of Rs 461.05 and low of Rs 451.25 so far during the day. The victims were local residents and a fire at the scene had been brought under control, reports said.
Shares of Lanco Infratech dropped 0.60% to Rs 11.54 on concerns of gas supply for a power plant. As per reports, a power plant of Lanco Infratech procures gas through the affected GAIL (India) pipeline.
ONGC rose 0.23% to Rs 412.05. The stock hit high of Rs 418.80 and low of Rs 410.50 so far during the day. As per reports, ONGC has shut two gas fields in Andhra Pradesh after a blast at a gas pipeline operated by GAIL (India) in Andhra Pradesh killed more than a dozen people.
Indian Hotels Company fell 3.39% to Rs 104.10, with the stock extending Thursday's 3.02% fall.
The company early this week said that the rights issue committee of the company has finalised the terms and conditions of the compulsory convertible debenture (CCDs) to be issued on rights basis and has decided on issue price of Rs 55 per CCD. The face value of each CCD has been fixed at Rs 55. The committee has also decided on the entitlement ratio of 9 CCDs for every 40 equity shares of the company, IHCL said. The stock had jumped 5.16% to Rs 111.10 on Wednesday, 25 June 2014.
As per the conversion ratio, each CCD of Rs 55 will be automatically and compulsorily converted into one equity share of Rs 1 each at a premium of Rs 54 after 18 months from the allotment of the CCDs. The company said no interest shall be paid on the CCDs.
IT stocks rose across the board after US-based consulting and outsourcing services provider Accenture on Thursday, 26 June 2014, reported good Q3 May 2014 earnings. CMC (up 6.29%), Hexaware Technologies (up 4.41%), HCL Technologies (up 2.88%), Oracle Financial Services Software (up 2.65%), Wipro (up 1.53%), Infosys (up 0.65%) and MphasiS (up 0.02%) edged higher.
TCS was up 3.78% at Rs 2,396.70. The stock hit record high of Rs 2,397 in intraday today.
Tech Mahindra up 2.78% at Rs 2,099.40. The stock hit record high of Rs 2,101.95 in intraday today.
Accenture reported strong financial results for the third quarter of fiscal 2014, ended 31 May 2014, with net revenues of $7.74 billion, an increase of 7% in both US dollars and local currency over the same period last year, above the company's guided range of $7.40 billion to $7.65 billion.
Diluted EPS for the third quarter of fiscal 2014 increased 11 percent from adjusted EPS for the third quarter last year.
Accenture expects net revenues for the fourth quarter of fiscal 2014 to be in the range of $7.45 billion to $7.70 billion. This range assumes a foreign-exchange impact of positive 1.5% compared with the fourth quarter of fiscal 2013.
Accenture now expects new bookings for the full fiscal year to be in the upper end of its previously guided range of $33 billion to $36 billion.
Key benchmark indices edged higher amid initial volatility as crude oil prices dropped on Thursday, 26 June 2014. Intraday volatility continued as key benchmark indices pared gains after extending initial gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade. A bout of volatility was witnessed as key benchmark indices reversed gains and hit fresh intraday low in early afternoon trade. Key benchmark indices alternately swung between positive and negative zone near the flat line in afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar as crude dropped. The partially convertible rupee was hovering at 60.1275, compared with its close of 60.14/15 on Thursday, 26 June 2014.
Oil prices fell as militant violence in Iraq has not yet affected oil production from the country. Brent crude oil futures for August delivery were down 23 cents at $112.98 a barrel. The contract lost 79 cents to settle at $113.21 on Thursday, 26 June 2014, its lowest settlement since 16 June 2014.
As crude prices dropped, concerns arising from the impact of high crude oil prices on India's macroeconomic situation eased. India imports about 80% of its crude oil requirements.
Meanwhile, rain shortfall shrank in the third week since the onset of its monsoon, recovering a little after a poor start. Rains were 31% below average in the week to June 25, improving from 45% below average in the second week of the monsoon. India's farm sector accounts for 14% of its nearly $2 trillion economy.
The Reserve Bank of India on Thursday, 26 June 2014, said in its Financial Stability Report (FSR) June 2014 that the return to political stability has provided impetus to the domestic economic outlook and the capital markets reflect the expectations on policy measures to address the adverse growth-inflation dynamics and saving-investment balance as also efficient implementation of policies and programmes. Further progress on fiscal consolidation, a predictable tax and policy regime, and low and stable inflation rates will be the key anchors in promoting India's macroeconomic as well as financial stability, RBI Governor Raghuram Rajan said in his foreword to the FSR.
European stocks were trading higher in early trade on Friday, 27 June 2014. Key benchmark indices in Germany, France and UK were up 0.04% to 0.15%.
Asian stocks edged lower on Friday, 27 June 2014, after a Federal Reserve official said the US may raise interest rates by March. Key benchmark indices in China, Japan, Indonesia, Singapore, Hong Kong, South Korea and Taiwan fell by 0.03% to 1.39%.
Trading in US index futures indicated that the Dow could fall 28 points at the opening bell on Friday, 27 June 2014. US stocks slipped for the third time in four days on Thursday, 26 June 2014, after James Bullard, president of the Federal Reserve Bank of St. Louis, suggested that higher interest rates may happen sooner than people thought. Economic data showing that consumer spending rose less than forecast also led to losses in US stocks. Bullard, speaking in an interview to a business channel, predicted the central bank's first interest-rate rise will happen in the first quarter of next year.
Consumer spending, which accounts for about 70% of the economy, climbed 0.2% in May after being little changed in April, US Commerce Department figures showed.
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