Amid speculation that US interest rates will rise sooner than estimated, key benchmark indices languished in red in mid-morning trade. But, the broad market depicted strength. The barometer index, the S&P BSE Sensex was down 137.65 points or 0.5% at 27,127.67. The market breadth indicating the overall health of the market was strong. Shares of cigarette makers fell on reports that the government is considering a proposal to ban the sale of loose cigarettes. Shares of shipbuilding firms rose on reports the government is considering a financial assistance scheme to revive the debt-laden and struggling shipbuilding industry. Godrej Consumer Products dropped on profit booking after recent rally.
After an initial decline triggered by weakness in Asian stocks, key benchmark have languished in red throughout the trading session so far.
In overseas markets, Asian stocks edged lower on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session.
At 11:15 IST, the S&P BSE Sensex was down 137.65 points or 0.5% at 27,127.67. The index lost 157.90 points at the day's low of 27,107.42 in early trade, its lowest level since 5 September 2014. The index fell 13.88 points at the day's high of 27,251.44 in early trade.
The CNX Nifty was down 42.60 points or 0.52% at 8,110.35. The index hit a low of 8,105.75 in intraday trade, its lowest level since 5 September 2014. The index hit a high of 8,135.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,561 shares gained and 904 shares fell. A total of 94 shares were unchanged.
The BSE Mid-Cap index was up 31 points or 0.31% at 9,874.37. The BSE Small-Cap index was up 69.68 points or 0.64% at 10,955.66. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1226 crore by 11:15 IST, compared to a turnover of Rs 759 crore by 10:15 IST.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
Tata Power Company (up 1.81%), Sesa Sterlite (up 1.21%) and Bharti Airtel (up 0.97%) edged higher from the Sensex pack.
Shares of cigarette makers fell on reports that the government is considering a proposal to ban the sale of loose cigarettes. Godfrey Philips India (down 4.83%), VST Industries (down 1.8%) and ITC (down 1.22%) edged lower.
A ban on sale of loose cigarettes will hit cigarette makers hard as 70% of retail sales of cigarettes take place in this form, according to reports. A ban on sale of loose cigarettes is among measures proposed by an expert panel set up by the health ministry, according to reports. Other suggestions include raising the age limit for consumption and increasing the fine for smoking in public spaces to Rs 20,000 from Rs 200, apart from making this a cognizable offence.
Godrej Consumer Products lost 3.04% to Rs 1,072, with the stock sliding on profit booking after recent rally. Shares of Godrej Consumer Products had rallied 8.87% in two trading sessions to settle at Rs 1,105.65 on Tuesday, 9 September 2014, from a recent low of Rs 1,015.50 on 5 September 2014.
Stocks related to shipping industry gained on reports the government is considering a financial assistance scheme to revive the debt-laden and struggling shipbuilding industry. Pipavav Defence and Offshore Engineering Company (up 5%), Bharati Shipyard (up 9.9%) and ABG Shipyard (up 16.05%) gained.
Reportedly the government is mulling various options which include lower bank interest rates, infrastructure status to shipyards, a separate fund and also special subsidy to shipbuilders who source raw material and parts locally.
Shares of shipping companies also rose. Great Eastern Shipping Company (up 1.2%), Shipping Corporation of India (up 7.37%), Mercator (up 7.44%), Varun Shipping Company (up 12.16%) and Essar Shipping (up 4.39%) gained.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 9 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 479.40 crore on that day.
Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session. Brent for October settlement was up 26 cents at $99.42 a barrel. The contract fell $1.04 a barrel to settle at $99.16 a barrel yesterday, 9 September 2014, as ample supplies weighed. The price had slumped to $99.03 in intraday trade, the lowest intraday price since 1 May 2013.
In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. The partially convertible rupee was hovering at 60.8025, compared with its close of 60.60 on Tuesday, 9 September 2014.
Meanwhile, as per reports, Finance Minister Arun Jaitley will miss a meeting of finance ministers from the Group of 20 nations in Australia next week as he is still in hospital undergoing treatment. Jaitley was admitted to a hospital in Delhi on 1 September 2014 for treatment to manage a diabetic condition.
Asian stocks edged lower today, 10 September 2014, on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia, China and Singapore were off 0.05% to 1.76%. South Korean stock market will reopen tomorrow, 11 September 2014, after a three-day break for the Harvest Moon festival.
China's money-supply growth in August eased to the slowest pace in five months. M2, the government's broadest measure, rose 12.8% in August from a year earlier, lower than 13.5% rise in July
Trading in US index futures indicated that the Dow could fall 28 points at the opening bell today, 10 September 2014. US stocks fell on Tuesday, 9 September 2014, as Apple shares declined and as bond yields hit their highest in a month on concerns the Federal Reserve could raise interest rates sooner than some investors had expected. Data released by the US Labor Department on Tuesday showed employers hired 4.9 million workers in July, the highest level since December 2007. Employers reported 4.7 million job openings in July, which is near the highest level in 13 years, the data showed.
The Federal Reserve is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.Source:http://www.business-standard.com/
After an initial decline triggered by weakness in Asian stocks, key benchmark have languished in red throughout the trading session so far.
In overseas markets, Asian stocks edged lower on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session.
At 11:15 IST, the S&P BSE Sensex was down 137.65 points or 0.5% at 27,127.67. The index lost 157.90 points at the day's low of 27,107.42 in early trade, its lowest level since 5 September 2014. The index fell 13.88 points at the day's high of 27,251.44 in early trade.
The CNX Nifty was down 42.60 points or 0.52% at 8,110.35. The index hit a low of 8,105.75 in intraday trade, its lowest level since 5 September 2014. The index hit a high of 8,135.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,561 shares gained and 904 shares fell. A total of 94 shares were unchanged.
The BSE Mid-Cap index was up 31 points or 0.31% at 9,874.37. The BSE Small-Cap index was up 69.68 points or 0.64% at 10,955.66. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1226 crore by 11:15 IST, compared to a turnover of Rs 759 crore by 10:15 IST.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
Tata Power Company (up 1.81%), Sesa Sterlite (up 1.21%) and Bharti Airtel (up 0.97%) edged higher from the Sensex pack.
Shares of cigarette makers fell on reports that the government is considering a proposal to ban the sale of loose cigarettes. Godfrey Philips India (down 4.83%), VST Industries (down 1.8%) and ITC (down 1.22%) edged lower.
A ban on sale of loose cigarettes will hit cigarette makers hard as 70% of retail sales of cigarettes take place in this form, according to reports. A ban on sale of loose cigarettes is among measures proposed by an expert panel set up by the health ministry, according to reports. Other suggestions include raising the age limit for consumption and increasing the fine for smoking in public spaces to Rs 20,000 from Rs 200, apart from making this a cognizable offence.
Godrej Consumer Products lost 3.04% to Rs 1,072, with the stock sliding on profit booking after recent rally. Shares of Godrej Consumer Products had rallied 8.87% in two trading sessions to settle at Rs 1,105.65 on Tuesday, 9 September 2014, from a recent low of Rs 1,015.50 on 5 September 2014.
Stocks related to shipping industry gained on reports the government is considering a financial assistance scheme to revive the debt-laden and struggling shipbuilding industry. Pipavav Defence and Offshore Engineering Company (up 5%), Bharati Shipyard (up 9.9%) and ABG Shipyard (up 16.05%) gained.
Reportedly the government is mulling various options which include lower bank interest rates, infrastructure status to shipyards, a separate fund and also special subsidy to shipbuilders who source raw material and parts locally.
Shares of shipping companies also rose. Great Eastern Shipping Company (up 1.2%), Shipping Corporation of India (up 7.37%), Mercator (up 7.44%), Varun Shipping Company (up 12.16%) and Essar Shipping (up 4.39%) gained.
Meanwhile, the provisional data released by the stock exchanges after trading hours yesterday, 9 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 479.40 crore on that day.
Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session. Brent for October settlement was up 26 cents at $99.42 a barrel. The contract fell $1.04 a barrel to settle at $99.16 a barrel yesterday, 9 September 2014, as ample supplies weighed. The price had slumped to $99.03 in intraday trade, the lowest intraday price since 1 May 2013.
In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. The partially convertible rupee was hovering at 60.8025, compared with its close of 60.60 on Tuesday, 9 September 2014.
Meanwhile, as per reports, Finance Minister Arun Jaitley will miss a meeting of finance ministers from the Group of 20 nations in Australia next week as he is still in hospital undergoing treatment. Jaitley was admitted to a hospital in Delhi on 1 September 2014 for treatment to manage a diabetic condition.
Asian stocks edged lower today, 10 September 2014, on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. Key benchmark indices in Taiwan, Hong Kong, Japan, Indonesia, China and Singapore were off 0.05% to 1.76%. South Korean stock market will reopen tomorrow, 11 September 2014, after a three-day break for the Harvest Moon festival.
China's money-supply growth in August eased to the slowest pace in five months. M2, the government's broadest measure, rose 12.8% in August from a year earlier, lower than 13.5% rise in July
Trading in US index futures indicated that the Dow could fall 28 points at the opening bell today, 10 September 2014. US stocks fell on Tuesday, 9 September 2014, as Apple shares declined and as bond yields hit their highest in a month on concerns the Federal Reserve could raise interest rates sooner than some investors had expected. Data released by the US Labor Department on Tuesday showed employers hired 4.9 million workers in July, the highest level since December 2007. Employers reported 4.7 million job openings in July, which is near the highest level in 13 years, the data showed.
The Federal Reserve is likely to raise short-term interest rates next year from their current near-zero levels, where they have been since December 2008.Source:http://www.business-standard.com/
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