Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 9.07 points or 0.04%, off 79.02 points from the day's high and up 39.70 points from the day's low. The market breadth, indicating the overall health of the market was strong. The BSE Small-Cap index rose more than 1%, outperforming the Sensex.
Index heavyweight Reliance Industries (RIL) rose in volatile trade after Chairman Mukesh Ambani said at the company's annual shareholders' meeting today, 18 June 2014, that that RIL plans to invest more than Rs 1.8 lakh crore over three years across its businesses, as per reports. IT stocks edged lower. Telecom stocks were in demand after Minister of Communications & Information Technology Ravi Shankar Prasad on Tuesday, 17 June 2014, said that his ministry has given in-principle approval for a nation-wide Mobile Network Portability (MNP) and its implementation would begin after the Telecom Regulatory Authority of India (TRAI) submits its recommendations.
At 12:15 IST, the S&P BSE Sensex was up 9.07 points or 0.04% to 25,530.26. The index gained 88.09 points at the day's high of 25,609.28 in mid-morning trade, its highest level since 13 June 2014. The index fell 30.63 points at the day's low of 25,490.56 in early trade.
The CNX Nifty was up 10.25 points or 0.13% to 7,641.95. The index hit a high of 7,663 in intraday trade, its highest level since 13 June 2014. The index hit a low of 7,620.25 in intraday trade.
The market breadth, indicating the overall health of the market was strong. On BSE, 1,702 shares gained and 1,057 shares fell. A total of 117 shares were unchanged.
The BSE Mid-Cap index was up 61.96 points or 0.68% at 9,163.43. The BSE Small-Cap index rose 105.22 points or 1.06% at 10,006.78. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2065 crore by 12:15 IST, compared with Rs 1603 crore by 11:15 IST.
Among the 30-share Sensex pack, 18 stocks gained and rest of them declined.
Cipla (up 3.62%), Hindalco Industries (up 2.03%) and GAIL (India) (up 1.85%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries (RIL) rose in volatile trade after Chairman Mukesh Ambani said at the company's annual shareholders' meeting today, 18 June 2014, that that RIL plans to invest more than Rs 1.8 lakh crore over three years across its businesses, as per reports. The stock was up 0.19% at Rs 1,091.95. The stock hit high of Rs 1,101.95 and low of Rs 1,085.10 so far during the day. Ambani also said that RIL intends to start its fourth-generation (4G) telecommunications services next year, news reports said.
IT stocks edged lower. Tata Consultancy Services (TCS) (down 1.9%), Wipro (down 0.94%), HCL Technologies (down 0.83%), Tech Mahindra (down 0.26%) and Infosys (down 0.19%) declined.
Telecom stocks were in demand after Minister of Communications & Information Technology Ravi Shankar Prasad on Tuesday, 17 June 2014, said that his ministry has given in-principle approval for a nation-wide Mobile Network Portability (MNP) and its implementation would begin after the Telecom Regulatory Authority of India (TRAI) submits its recommendations. Reliance Communications (up 1.75%), Idea Cellular up 1.74%) and Bharti Airtel (up 1.21%) gained. Tata Teleservices (Maharashtra) shed 2.65%.
Prasad also said that he was in the process of working out a transparent arrangement for spectrum related issues keeping in view the twin objectives of consumer welfare and the country's growth in the field of mobile telephony.
MTNL jumped 6.76% after Prasad on Tuesday said he would be playing a pro-active role in monitoring the functioning of MTNL and BSNL with an intension of revival of the two telecom companies. He said that improvement of performance of BSNL and MTNL was a key area of concern for his ministry and his objective was to improve the services of these organizations for better consumer satisfaction.
Volatility struck bourses in early trade as the key benchmark indices alternately moved between positive and negative zone. Key benchmark indices moved in a narrow range in positive zone in morning trade. Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. The barometer index, the S&P BSE Sensex, briefly turned negative only to regain positive zone later. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade.
In the foreign exchange market, the rupee edged lower against the dollar after overnight gains in Brent crude prices. The partially convertible rupee was hovering at 60.11, compared with its close of 60.03/04 on Tuesday, 17 June 2014. India imports majority of its crude oil requirements.
Brent crude futures for August delivery were off 14 cents at $113.31 a barrel. The contract had risen 51 cents to settle at $113.45 yesterday, 17 June 2014, the highest close since 9 September 2013, on continuing militant violence in Iraq.
In a bid to put a lid on increase in prices of essential food items of daily consumption, the government on Tuesday, 17 June 2014, unveiled some anti-inflationary measures. Keeping in mind the increasing trend in the price of onions, the government has imposed a minimum export price (MEP) of $300 per metric ton on the export of onions, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement. This is expected to have a salutary impact on the availability of onions in the domestic market, the government said. The Centre said that the Delhi state government will be asked to consider delisting fruits and vegetables from the purview of the Agricultural Produce Market Committee (APMC) Act and would also be asked to procure additional supplies of onions for distribution through the government's own retail outlets.
Keeping in mind the increase in the retail price of rice, the Centre has decided to release more supplies of rice to state governments through the Food Corporation of India for Public Distribution System. The Centre also reviewed the steady increase in the retail price of milk and took a decision to consider withholding export incentives on milk currently in force.
Asian stocks rose on Wednesday, 18 June 2014, as investors await the Federal Reserve monetary policy decision scheduled to be released later in the global day today, 18 June 2014. Key benchmark indices in Hong Kong, Singapore, Taiwan and Japan were up 0.15% to 0.99%. Key benchmark indices in China, Indonesia and South Korea were off 0.28% to 0.6%.
Trading in US index futures indicated that the Dow could rise 6 points at the opening bell on Wednesday, 18 June 2014. US stocks ended Tuesday, 17 June 2014 slightly higher, with the main benchmarks gaining for the third consecutive day. However, gains were muted as headlines of violence in Iraq did not abate.
A two-day meeting of the Federal Open Market Committee on US monetary policy concludes today, 18 June 2014. The FOMC after a monetary policy review on 30 April 2014 reduced its monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve. The Fed also said at that time that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends.
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