Key benchmark indices held firm and hit record high in morning trade as market sentiment was boosted after data showed current account deficit narrowed sharply in Q1 June 2014. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, scaled record high. The Sensex was currently up 49 points or 0.18% at 26,916.55. The market breadth indicating the overall health of the market was strong. The market sentiment was also boosted by provisional data showing that foreign funds were net buyers of Indian stocks during the previous trading session. Pharma stocks advanced. Bank stocks gained. Metal stocks were mixed.
At 10:16 IST, the S&P BSE Sensex was up 49 points or 0.18% at 26,916.55. The index gained 92.97 points at the day's high of 26,960.52 in intraday trade, a record high for the index. The index rose 18.67 points at the day's low of 26,886.22 in early trade.
The CNX Nifty was up 20.10 points or 0.25% at 8,047.80. The index hit a high of 8,062.25 in intraday trade, a record high for the index. The index hit a low of 8,036.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,412 shares gained and 741 shares fell. A total of 82 shares were unchanged.
The BSE Mid-Cap index was up 52.79 points or 0.56% at 9,497.38. The BSE Small-Cap index was up 87.13 points or 0.84% at 10,484.72. Both these indices outperformed the Sensex.
Metal stocks were mixed. Jindal Steel & Power (down 1.11%), JSW Steel (down 0.91%), Steel Authority of India (down 0.3%), and Sesa Sterlite (down 0.42%) declined. Hindalco Industries (up 0.6%), NMDC (up 0.97%), and Hindustan Zinc (up 0.24%) gained.
Tata Steel rose 0.13%. The company said after market hours on Monday, 1 September 2014, Jamshedpur Continuous Annealing and Processing Company (JCAPCPL) Continuous Annealing & Processing Line, a 6 lakh tonnes per annum facility for manufacturing 'Automotive Grade Continuous Annealed Products', was inaugurated on 1 September 2014 at Steelennium Hall inside Tata Steel 's Jamshedpur Works. JCAPCPL is a 51:49 joint venture of Tata Steel and Nippon Steel & Sumitomo Metal Corporation (NSSMC). The project has been set up at a capital investment of about Rs 2750 crore.
Bank stocks advanced. IndusInd Bank (up 1.44%), Yes Bank (up 1.63%), Axis Bank (up 1.23%), State Bank of India (up 0.32%), ICICI Bank (up 0.41%), Punjab National Bank (up 0.39%), Bank of India (up 0.24%), Federal Bank (up 0.16%), and HDFC Bank (up 0.17%) gained. Bank of Baroda (down 0.26%) and Kotak Mahindra Bank (down 1.04%) declined.
The Reserve Bank of India (RBI) has reviewed existing guidelines under Basel III framework with a view to facilitate Banks raising of non-equity regulatory capital instruments. Accordingly, certain specific eligibility criteria of such instruments have been amended to incentivize investors and to increase the investor base.
Pharma stocks gained. Cipla (up 6.85%), Biocon (up 2.9%), Ranbaxy Laboratories (up 2.13%), Sun Pharmaceutical Industries (up 1.83%), Glenmark Pharmaceuticals (up 1.91%), Cadila Healthcare (up 1.61%), Divis' Laboratories (up 0.71%), Dr Reddy's Laboratories (up 0.03%), and Lupin (up 0.2%) gained.
The market sentiment was also 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 554.14 crore on Monday, 1 September 2014, as per provisional data from the stock exchanges.
Brent for October settlement was down 41 cents at $102.78 a barrel, extending a two-month slide as OPEC's production was seen increasing and manufacturing gauges in Europe and China missed estimates.
Japanese Prime Minister Shinzo Abe yesterday, 1 September 2014, expressed his intention to realize 3.5 trillion yen of public and private investment and financing from Japan, including Overseas Development Assistance (ODA) to India in five years, to finance appropriate public and private projects of mutual interest including in the areas of next generation infrastructure, connectivity, transport systems, Smart Cities, rejuvenation of Ganga and other rivers, manufacturing, clean energy, skill development, water security, food processing and agro industry, agricultural cold chain, and rural development. This was stated in a joint statement issued yesterday, 1 September 2014, after a meeting between Prime Minister Narendra Modi and Abe. Modi is currently on a five-day visit to Japan. The Prime Ministers of the two countries have decided to set a target of doubling Japan's foreign direct investment and the number of Japanese companies in India within five years as an objective to be jointly achieved.
In macro economic data, the Eight Core Industries output has increased 2.7% in July 2014, showing moderation in growth from 7.3% increase in June 2014. However, the cumulative growth has remained steady at 4.1% in April-July 2014 over April-July 2013. The data was announced after market hours on Monday, 1 September 2014.
India's current account deficit (CAD) narrowed sharply to $7.8 billion or 1.7% of GDP in Q1 June 2014, from $21.8 billion or 4.8% of GDP in Q1 June 2013. The lower CAD was primarily on account of a contraction in the trade deficit contributed by a rise in exports and a decline in imports. On sequential basis, the CAD rose from $1.2 billion or 0.2% of GDP in Q4 March 2014.
The preliminary data on India's balance of payments (BoP) also showed that foreign direct investment (FDI) in India rose to $8.2 billion in Q1 June 2014, from $6.5 billion in Q1 June 2013. The data was announced after market hours on Monday, 1 September 2014.
Asian stocks were mixed today, 2 September 2014. Key benchmark indices in Singapore, Japan, Indonesia, and China were up 0.23% to 1.43%. Key benchmark indices in Hong Kong, Taiwan, and South Korea were off 0.51% to 1.01%.
Trading in US index futures indicated that the Dow could gain 15 points at the opening bell on Monday, 4 August 2014. US stock markets were closed on Monday, 1 September 2014 for Labor Day holiday.
According to reports, the Russian officials pressed Ukraine on Monday, 1 September 2014, to declare a cease-fire with separatists, but Ukrainians say they are locked in a war not just against the rebels but also against Russia on behalf of Europe. Ukraine and its Western allies have surmised that Russian forces are significantly aiding pro-Russian separatists.
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