Key benchmark indices further trimmed gains afternoon trade. The barometer index, the S&P BSE Sensex, was up 25.69 points or 0.10%, off about 49 points from the day's high and up about 87 points from the day's low. The market breadth indicating the overall health of the market was negative.
Tea stocks were in demand. United Spirits jumped on buzz Diageo is set to attain majority stake in United Spirits, added reports. IFCI jumped as the company proposes partial disinvestment of IFCI's stake in National Stock Exchange of India (NSE) and disinvestment of IFCI's entire stake in IFCI Financial Services.
At 13:15 IST, the S&P BSE Sensex was up 25.69 points or 0.10% to 25,227.49. The index gained 74.51 points at the day's high of 25,276.31 in early afternoon trade. The index fell 60.83 points at the day's low of 25,140.97 in mid-morning trade.
The CNX Nifty was up 6.65 points or 0.09% to 7,547.35. The index hit a high of 7,560.55 in intraday trade. The index hit a low of 7,520.10 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,366 shares declined and 1,341 shares gained. A total of 102 shares were unchanged.
The BSE Mid-Cap index was up 32.40 points or 0.36% at 9,029.75, outperforming the Sensex. The BSE Small-Cap index was up 9.47 points or 0.10% at 9,852.45, matching Sensex's gain.
Among the 30 Sensex shares, 20 rose and the remaining shares declined. Tata Steel (up 2.50%), Axis Bank (up 1.75%), ONGC (up 1.31%), Bajaj Auto (up 0.98%), NTPC (up 0.75%), Cipla (up 0.71%), Dr Reddy's Laboratories (up 0.71%), Reliance Industries (up 0.67%), Coal India (up 0.65%), Hindalco Industries (up 0.51%) and Sesa Sterlite (up 0.51%), edged higher from the Sensex pack.
Sun Pharmaceutical Industries (down 1.89%), Mahindra & Mahindra (down 0.79%), Tata Power (down 0.62%), Wipro (down 0.42%), Hindustan Unilever (down 0.37%), ITC (down 0.36%), Larsen & Toubro (down 0.23%) and Tata Motors (down 0.1%), edged lower from the Sensex pack.
Tea stocks were in demand. Assam Company (up 2.05%), Goodricke Group (up 1.48%), Tata Global Beverages (up 1.08%), Mcleod Russel (India) (up 0.73%), Warren Tea (up 0.42%), Jay Shree Tea & Industries (up 0.3%), Asian Tea & Exports (up 0.28%) and Harrisons Malayalam (up 0.16%), edged higher.
Alcohol beverage company United Spirits rose 3.41% to Rs 2,677.55. The stock hit a high of Rs 2,705.80 and a low of Rs 2,514.80. According to reports, Diageo's stake in United Spirits will rise to 55% from 28.8%. Diageo is set to attain majority stake in United Spirits, added reports.
Diageo made an open offer to public shareholders of United Spirits to acquire an additional 26% stake at Rs 3,030 per share. The offer opened on 6 June 2014 and ended on Thursday, 19 June 2014. This was Diageo's second attempt to gain majority control in India's number one alcoholic beverages firm.
IFCI jumped 6.95% to Rs 40.80 after the company announced during trading hours today that it proposes to engage the services of consultant to advise and manage the process of partial disinvestment of IFCI's stake in National Stock Exchange of India (NSE) and disinvestment of IFCI's entire stake in IFCI Financial Services. The company said it has invited bids for the same.
HPCL was up 0.54% to Rs 391.80 on reports HPCL-Mittal Energy, part owned by steel tycoon LN Mittal, has shut a vacuum gas oil unit on Friday, 20 June 2014, after a fire at its 180,000 barrels per day Bathinda refinery, its managing director Prabh Das told the media.
Only the fire-hit VGO unit has been shut, rest of the refinery is operating normally, he told the media, adding the unit will be restarted soon. The fire has been contained and there were no casualties, reports added.
Volatility struck bourses in early trade as the key benchmark indices reversed initial gains only to regain positive zone later. Volatility continued in morning trade as the key benchmark indices reversed intraday gain. Key benchmark indices regained positive zone after hitting intraday low in mid-morning trade. Volatility continued as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. Key benchmark indices further trimmed gains afternoon trade.
Increase in crude oil prices has sparked worries about India's macroeconomic situation as India imports majority of its crude oil requirements. Increase in crude oil prices has raised concerns of increase in fuel price inflation and increase in India's current account deficit and fiscal deficit.
Militant violence in Iraq which is a key oil exporter in the world, has sent crude prices higher over the past few days. Brent crude futures for August delivery were down 6 cents at $115 a barrel today, 20 June 2014. The contract gained 80 cents to settle at $115.06 a barrel yesterday, 19 June 2014, the highest close since 6 September 2013.
The United States on Thursday, 19 June 2014, said it will send military advisers to Iraq to support Iraqi security forces and create joint operation centers in Baghdad and northern Iraq. The United States is prepared to make targeted air strikes in Iraq, he said, maintaining that ground troops would not be returning to the country.
Closer home, India's Ministry of Petroleum & Natural Gas on Thursday, 19 June 2014, said that there is no disruption in supply of crude oil from Iraq to India so far. Crude supplies to India from Iraq come from the Basra oilfields which are situated well away from the conflict zone in the north-eastern part of Iraq and loading of crude oil shipments from the Basra oil terminal continues normally, the oil ministry said. Nonetheless, the PSU OMCs have been asked to prepare a contingency plan both for the short and medium term including diversification of their resources for import of crude oil in order to minimize the impact of any geo-political instability in the middle-east, the oil ministry said.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 420.51 crore on Thursday, 19 June 2014, as per provisional data from the stock exchanges.
In the foreign exchange market, the rupee edged lower against the dollar as crude rose on Thursday, 19 June 2014. The partially convertible rupee was hovering at 60.2350, compared with its close of 60.08/09 on Thursday, 19 June 2014.
The monsoon has covered half of the country four days behind the usual schedule. Meanwhile, all India seasonal rainfall from 1 to 18 June 2014 was 45% below long period average, the India Meteorological Department said on its website on Thursday, 19 June 2014. The weather office has forecast below average rainfall in 2014 due to fears of El Nino, a weather event marked by the warming of sea surface temperatures in the Pacific Ocean that can lead to droughts in the Asia Pacific region including India.
European market were trading higher in early trade today, 20 June 2014. Key benchmark indices in UK, France and Germany were up by 0.01% to 0.26%.
Most Asian stocks edged lower on Friday, 20 June 2014. Key benchmark indices in Japan, Indonesia, Singapore, Taiwan and South Korea fell by 0.08% to 1.20%. Key benchmark indices in China and Hong Kong rose 0.15% to 0.18%.
Trading in US index futures indicated that the Dow could fall 8 points at the opening bell on Friday, 20 June 2014. Most US stocks ended with modest gains on Thursday, 19 June 2014. With miniscule gains, the S&P 500 finished at a record level for the 21st time this year.
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