Key benchmark indices edged higher in early trade as the market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session. The barometer index, the S&P BSE Sensex was currently up 55.63 points or 0.21% at 27,141.56. The market breadth indicating the overall health of the market was strong. Tech Mahindra rose after the company announced that it has signed an agreement with Bombardier Aerospace. Infosys gained after the company said that it has been selected by BP to provide IT services. Wipro gained after the announced that it has won a five year contract with Philip Morris International Inc. BPCL fell after turning ex-dividend. European Central Bank unexpectedly cutting interest rates and embarking on a trillion-euro asset-buying program on Thursday, 4 September 2014, raised hopes of a gush of liquidity inflow into most Asian and emerging markets.
At 9:24 IST, the S&P BSE Sensex was up 55.63 points or 0.21% at 27,141.56. The index gained 76.05 points at the day's high of 27,161.98 in early trade. The index rose 30.38 points at the day's low of 27,116.31 in early trade.
The CNX Nifty was up 20.05 points or 0.25% at 8,116. The index hit a high of 8,118.35 in intraday trade. The index hit a low of 8,099.90 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,057 shares gained and 377 shares fell. A total of 44 shares were unchanged.
The BSE Mid-Cap index was up 64.78 points or 0.67% at 9,679.85. The BSE Small-Cap index was up 74.09 points or 0.71% at 10,569.45. Both these indices outperformed the Sensex.
Tata Power rose 0.11% after the company said after market hours on Thursday, 4 September 2014, that in its pronouncement on 4 September 2014, the Appellate Tribunal for Electricity has stayed Maharashtra Electricity Regulatory Commission's order which had No restrictions for consumers of all categories to make a choice of switching to Tata Power distribution services in Mumbai. The choice of multiple distributors in Mumbai was to facilitate consumers to get the benefit of competitive services available through different service providers. The detailed order is awaited. The company look forward to continue to serve Mumbaikars with choice of reliable and superior customer services, it said.
BPCL fell 1.34% as the stock turned ex-dividend today, 5 September 2014, for dividend of Rs 17 per share for the year ended 31 March 2014 (FY 2014).
Wipro gained 0.94% after the company said before market hours that it has won a five year contract with Philip Morris International Inc. (PMI). As a part of five-year agreement, the company will provide a full suite of IT infrastructure Management services to PMI.
Infosys gained 1.86% after the company said after market hours on Thursday, 4 September 2014, that it has been selected by BP to provide IT services, in particular application support and development to BP. The agreement is effective 1 September 2014.
Tech Mahindra rose 1.48% after the company announced after market hours on Thursday, 4 September 2014, that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
Tech Mahindra and Bombardier have signed a mutual agreement that will lead Tech Mahindra to work with Bombardier globally. Tech Mahindra plans to invest significantly in infrastructure and talent in the Montrl region. Tech Mahindra aims to grow its Canada team to 1,200 people in the next five years.
The company has recently announced its plans to create jobs in Canada and aims to develop an eco-system to grow local economy. The company is present in the region since 2005 and has been servicing key clients across North America.
The market sentiment was boosted by provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session. Foreign portfolio investors (FPIs) bought shares worth a net Rs 1697.74 crore on Thursday, 4 September 2014, as per provisional data from the stock exchanges.
Most Asian stocks fell today, 5 September 2014 led by fall in mineral stocks. Key indices in Hong Kong, South Korea, Taiwan, and Singapore fell 0.31% to 0.56%. Key indices in Japan, China, and Indonesia were up 0.17% to 0.3%.
US stocks sttled lower on Thursday, 4 September 2014, with the S&P 500 index declining third day in a row.
On Thursday, a gauge of the US nonmanufacturing sector unexpectedly saw its highest monthly reading in August since the revised survey's inception in January 2008.
The US non-farm payroll data for August is due later in the global day today, 5 September 2014.
In Europe, the European central Bank (ECB) unexpectedly lowered all its interest rates to all-time low on Thursday, 4 September 2014. ECB President Mario Draghi announced two new programs under which the institution will buy asset-backed securities and covered bonds issued by eurozone banks. In a news conference, Draghi said the aim was to expand the bank's balance sheet back to the heights reached in early 2012, which equates to a rise of around 50% or 1 trillion euros in new assets.
The Bank of England's Monetary Policy Committee at its meeting on Thursday, 4 September 2014, left its Bank Rate at 0.5%, where it has been since the depths of the financial crisis more than five years ago.
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