Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex, was up 75.33 points or 0.37%, up close to 60 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
ACC fell ahead of its Q4 December 2013 results today, 6 February 2014. Ambuja Cements was flat ahead of its Q4 December 2013 results today, 6 February 2014. Bank of Baroda rose ahead of its Q3 results today, 6 February 2014. Power Grid Corporation of India declined 1.19% on weak Q3 results.
At 9:34 IST, the S&P BSE Sensex was up 75.33 points or 0.37% to 20,327.81. The index rose 78.29 points at the day's high of 20,339.32 in early trade. The index rose 17.72 points at the day's low of 20,278.75 in early trade.
The CNX Nifty was up 20.45 points or 0.34% to 6,042.85. The index hit a high of 6,043.15 in intraday trade. The index hit a low of 6,026.95 in intraday trade.
The BSE Mid-Cap index was up 36.67 points or 0.58% at 6,347.33. The BSE Small-Cap index was up 31.21 points or 0.49% at 6,336.63. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 630 shares rose and 210 shares fell. A total of 40 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest fell. Sun Pharmaceutical Industries (up 1.5%), Tata Power Company (up 1.17%) and Tata Steel (up 1.07%) edged higher from the Sensex pack.
ACC fell 1.1% ahead of its Q4 December 2013 results today, 6 February 2014.
Ambuja Cements was flat ahead of its Q4 December 2013 results today, 6 February 2014.
Bank of Baroda rose 0.84% ahead of its Q3 results today, 6 February 2014.
State Bank of India (SBI) rose 0.72% to Rs 1532. Shares allotted by the state-run bank to institutional investors under the recently concluded qualified institutional placement (QIP) will be admitted for trading on the bourses tomorrow, 7 February 2014. SBI had raised Rs 8031.64 crore from issue of 5.13 crore equity shares to institutional investors at a price of Rs 1,565 per share.
GAIL (India) gained 0.21% ahead of a meeting of the board of directors of the company today, 6 February 2014, to consider proposal of interim dividend for the year ending 31 March 2014. The company has fixed 11 February 2014 as record date for interim dividend if announced by the board.
Power Grid Corporation of India declined 1.19% on weak Q3 results. The company's net profit fell 7.7% to Rs 1042.04 crore on 8.85% rise in total income to Rs 3799.31 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Wednesday, 5 February 2014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.425, higher than its close of 61.57/58 on Wednesday, 5 February 2014.
Finance Minister P Chidambaram will present the Vote-on-Account or interim budget on 17 February 2014. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014.
The Reserve Bank of India next undertakes monetary policy review on 1 April 2014. Sighting elevated consumer price inflation, the Reserve Bank of India raised its key lending rates by 25 basis points after Third Quarter Review of Monetary Policy for 2013-14 on 28 January 2014.
Asian shares rose on Thursday as investors weighed data showing service-industries growth in the world's biggest economy against a private jobs report that missed estimates. Key benchmark indices in Indonesia, Japan, South Korea, Hong Kong, Singapore and Taiwan rose 0.27% to 0.89%
Stock markets in mainland China remain closed until tomorrow, 7 February 2014 for the Lunar New Year holiday.
US stocks dipped on Wednesday as technical support offset the latest batch of mixed data, which failed to lift sentiment after a string of soft economic indicators earlier in the week.
Growth picked up in the US services sector in January, with steady strength in private-sector hiring, suggesting the winter weather that socked the country over the last several weeks had a limited effect on the economy. Companies in the US boosted payrolls by 175,000 in January, according to ADP Research Institute before the government's monthly jobs data tomorrow, 7 February 2014. Payrolls rose 74,000 in December.
The next major event on the horizon is the labor report out of the US, with nonfarm payrolls due tomorrow, 7 February 2014.
In the latest comments from the Federal Reserve, Philadelphia Federal Reserve Bank President Charles Plosser, a hawkish policymaker, said the central bank should wind down its bond purchases faster than planned and end the stimulus program before mid-year.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. The Fed also signaled that it is likely to keep reducing bond purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market.
In Europe, the European Central Bank (ECB) undertakes monthly monetary policy review today, 6 February 2014, amid speculation the ECB will reinforce its commitment to lower rates. The ECB will probably hold the benchmark interest rate at a record-low 0.25% at its policy meeting tomorrow, 6 February 2014, as it faces slowing inflation. After the Jan. 9 policy meeting, ECB President Mario Draghi said the central bank "strongly emphasizes" that it will maintain accommodative measures for as long as necessary.
The Bank of England's (BoE) Monetary Policy Committee (MPC) undertakes monthly monetary policy review today, 6 February 2014, with markets waiting to see if Governor Mark Carney will alter guidance on lifting its record-low interest rate. The MPC is widely expected to keep the BoE's main interest rate at a record-low level of 0.5%. It is widely predicted also to maintain quantitative easing at 375 billion ($613 billion, 454 billion euros), opting against following the US Federal Reserve in tapering stimulus.
Britain's 12-month inflation slowed to 2% in December, recent official data showed, touching the lowest level for more than four years. The BoE's main task is to use monetary policy as a tool to keep annual inflation close to a government-set target of 2%, to preserve the value of money.
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