Key benchmark indices trimmed gains after hitting an intraday high in mid-afternoon trade. The barometer index, the S&P BSE and the 50-unit CNX Nifty, both, scaled fresh record high. The Sensex was currently up 204.77 points or 0.76% at 27,231.47. The market breadth indicating the overall health of the market was strong with over two gainers for every loser. The BSE Mid-Cap index rose 1.15%. The BSE Small-Cap index gained close to 2%. Both these indices outperformed the Sensex. FMCG stocks were in demand on renewed buying. Index heavyweight and cigarette major ITC edged higher. Tyre stocks rallied on optimism the recent steep slide in rubber prices could boost profitability of tyre makers. Indian stocks rose today, 8 September 2014, as lower crude oil prices boosted sentiment. The market sentiment was also boosted by provisional data showing that foreign funds were net buyers of Indian during the previous trading session.
Earlier, key indices trimmed gains after extending gains to scale record high following a firm start.
At 14:15 IST, the S&P BSE Sensex was up 204.77 points or 0.76% at 27,231.47. The index gained 235.55 points at the day's high of 27,262.25 in mid-afternoon trade, a record high for the barometer index. The index rose 117.86 points at the day's low of 27,144.56 in early trade.
The CNX Nifty was up 64.50 points or 0.8% at 8,151.35. The index hit a high of 8,156.70 in intraday trade, a record high for the index. The index hit a low of 8,126.15 in intraday trade.
The market breadth indicating the overall health of the market was strong with over two gainers for every loser. On BSE, 1,999 shares gained and 903 shares fell. A total of 90 shares were unchanged.
The BSE Mid-Cap index rose 111.35 points or 1.15% to 9,780.11. The BSE Small-Cap index rose 210.18 points or 1.98% to 10,837.25. Both these indices outperformed the Sensex.
Among the 30-share Sensex pack, 26 stocks gained and rest of them declined.
Hindalco Industries (up 2.62%), ONGC (up 2.31%) and Bajaj Auto (up 1.42%) edged higher from the Sensex pack.
FMCG stocks were in demand on renewed buying. Britannia Industries (up 0.66%), Colgate-Palmolive (India) (up 1.99%), Dabur India (up 0.29%), Godrej Consumer Products (up 4.43%), Hindustan Unilever (up 1.29%), Marico (up 3.52%), Nestle India (up 1.14%) and Tata Global Beverages (up 2%) gained.
Index heavyweight and cigarette major ITC rose 0.66% to Rs 352.60. The stock hit high of Rs 355 and low of Rs 351 so far during the day.
Tyre stocks rallied on optimism the recent steep slide in rubber prices could boost profitability of tyre makers. Rubber is key raw material in tyre making.
Apollo Tyres (up 9.43%), Balkrishana Industries (up 3.49%), CEAT (up 20%), Goodyear India (up 10.5%), JK Tyre & Industries (up 18.51%), MRF (up 9.23%) and TVS Srichakra (up 5%) gained.
Venus Remedies jumped 9% after the company said that its wholly owned subsidiary entered into a distribution-cum-outlicensing agreement with Mylan for marketing its generic meropenem, in 3 European countries. The announcement was made during market hours today, 8 September 2014.
Under this non-exclusive marketing agreement, Venus will manufacture the drug at its Baddi facility, which recently got a renewed European Union Good Manufacturing Practices (GMP) certification, while the batch release and logistics will be handled by its Germany facility Venus Pharma GmbH. This joint venture will further help Venus Pharma GmbH and its collaborators in maintaining their market position to figure among the top five players with around 30% share in meropenem markets in countries like Germany, France and UK.
IRB Infrastructure Developers rose 1.94%. During trading hours today, 8 September 2014, IRB Infrastructure Developers said the company has received the Letter of Award for the MSRDC's project of Operation & Maintenance of Yashwantrao Chavan Expressway and Mumbai Pune section of NH-4 along with execution of additional works on Mumbai Pune section of NH-4, on DBFOT basis with toll rights in the state of Maharashtra.
The estimated cost of the project is approximately Rs 1687 crore, including Rs 1000 crore as upfront premium payable to MSRDC in 4 annual installments as prescribed in the bid, commencing from 31 March 2015.
The toll collection for the Project will commence from 10 August 2019 resulting into an effective tolling period of 4 years 3 months 22 days only.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 310.51 crore on Friday, 5 September 2014, as per provisional data from the stock exchanges.
Brent crude oil futures edged lower today, 8 September 2014. Brent for October settlement was down 67 cents at $100.15 a barrel. The contract fell $1.01, or 1%, at $100.82 a barrel on Friday, 5 September 2014, after downbeat US jobs data fuelled demand concerns and a ceasefire in Ukraine cooled geopolitical tensions.
Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In the foreign exchange market, the rupee edged higher against the dollar on increased selling of the American unit by exporters and banks amid sustained foreign fund inflows. The partially convertible rupee was hovering at 60.255, compared with its close of 60.4050 on Friday, 5 September 2014.
India and Australia signed a civil nuclear deal on Friday, 5 September 2014, providing a boost to India's energy sector. Prime Minister Narendra Modi and visiting Australian Prime Minister Tony Abbott signed the agreement in New Delhi on cooperation in the peaceful uses of nuclear energy. The two leaders also agreed to work towards the long-term, sustainable and reliable supply of Australian resources based on India's energy needs, including increasing sales of conventional fuels such as coal and natural gas to India.
European stocks declined today, 8 September 2014, on profit booking after recent rally. Key benchmark indices in Germany, France and UK fell 0.01% to 0.4%.
Data published today, 8 September 2014 showed that Germany's exports increased by 4.7% in July in adjusted terms, following June's 0.9% increase. Imports fell 1.8% in July, after June's robust 4.5% rise.
Asian stocks were trading mixed today, 8 September 2014. Key benchmark indices in Hong Kong and Singapore were off 0.16% to 0.2%. Key benchmark indices in Japan and Indonesia rose 0.23% to 0.85%. Markets in China, South Korea and Taiwan are closed for a holiday.
According to a government report today, 8 September 2014, China's exports rose 9.4% in August from a year earlier, down from a 14.5% rise in July. Imports slid 2.4% in August from a year earlier, after a 1.6% drop in July. China's trade surplus with the rest of the world widened to a record of $49.8 billion in August, from $47.3 billion in July.
Japan's economy shrank an annualised 7.1% in April-June from the previous quarter, revised down from a preliminary 6.8% contraction due to weaker-than-expected capital spending, the Cabinet Office said today, 8 September 2014 in Tokyo.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell on Monday, 8 September 2014. US stocks rose modestly on Friday, 5 September 2014, with the S&P 500 attaining fresh record closing high as a softer-than-expected US jobs report for August 2014 triggered speculation that the Federal Reserve will maintain a cautious approach toward any interest-rate increases. The S&P 500 rose 10.06, or 0.5%, to settle at 2,007.71, its 33rd record close of the year. The Dow Jones Industrial Average gained 67.78, or 0.4%, to settle at 17,137.36, just shy of its July 16 record. The Nasdaq Composite Index added 20.61, or 0.5%, to 4,582.90.
Data released by the US Labor Department on Friday, 5 September 2014, showed that the US economy added 142,000 new jobs in August 2014, the smallest gain since December 2013 and well below expectations of increase of more than 200,000. The jobless rate declined to 6.1% in August, from 6.2% in July.
Investors expect the Fed to wind down its bond-buying program before the end of this year and raise interest rates in mid 2015 as the economy continues to improve at a steady pace. The Fed has kept its benchmark interest rate near zero since December 2008.
The European Union (EU) reportedly said on Friday, 5 September 2014 it had agreed on a tough new package of economic sanctions against Russia, despite a ceasefire between government forces and pro-Kremlin rebels in Ukraine. The sanctions tighten existing measures imposed in July, targeting more individuals with travel bans and asset freezes, as well as tightening access to capital markets for Russian oil and defence companies. The new EU sanctions will be formally approved on Monday, 8 September 2014 although the full details of the people and organisations targeted will not be released for another day.
Powered by Capital Market - Live News
