Banking, realty stocks gain ahead of RBI policy
Jan 28, 2014
Source : Business Standard

 

MUMBAI: Key benchmark indices trimmed gains after hitting intraday high in morning trade. The barometer index, the S&P BSE Sensex, was up 39.94 points or 0.19%, off 29.12 points from the day's high and up 33.17 points from the day's low. The market breadth, indicating the overall health of the market, was strong.

Banking and realty stocks gained ahead of the Reserve Bank of India (RBI) Third Quarter Review of Monetary Policy for 2013-14 today, 28 January 2014.

Key benchmark indices edged higher in early trade on firm Asian stocks. Key benchmark indices trimmed gains after hitting intraday high in morning trade.

Foreign institutional investors (FIIs) sold shares worth a net Rs 1334.21 crore on Monday, 27 January 2014, as per provisional data from the stock exchanges.

The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month January 2014 series to February 2014 series. The January 2014 F&O contracts expire on Thursday, 30 January 2014.

Asian stocks rose on Tuesday, 28 January 2014, before the Federal Reserve meets to discuss a further reduction in stimulus.

At 10:23 IST, the S&P BSE Sensex was up 39.94 points or 0.19% to 20,747.39. The index gained 69.06 points at the day's high of 20,776.51 in morning trade. The index rose 6.77 points at the day's low of 20,714.22 in early trade.

The 50-unit CNX Nifty was up 14.55 points or 0.24% to 6,150.40. The index hit a high of 6,157.65 in intraday trade. The index hit a low of 6,130.90 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,066 shares gained and 643 shares fell. A total of 103 shares were unchanged.

The total turnover on BSE amounted to Rs 958 crore by 10:25 IST, compared with Rs 760 crore by 09:30 IST.

Among the 30-share Sensex pack, 21 stocks gained and rest of them declined.

NTPC rose 0.39% ahead of its Q3 results today, 28 January 2014. Meanwhile, NTPC during market hours today, 28 January 2014, said that the company has entered into a term loan facility with the Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) for $350 million to finance the supplies and services from Japan as well as India for the Kudgi Super Thermal Power Project Stage-I (3x800 MW). The facility has a door to door maturity of about 15 years.

NTPC has also entered into a fixed interest rate facility with the Japan Bank for International Cooperation (JBIC) and Sumitomo Mistui Banking Corporation (SMBC) for 8,021 million Japanese yen to finance the renovation and modernization of gas turbines at its Auraiya Gas Power Station. The facility has a door to door maturity of over 12 years.

Bank stocks gained ahead of the Reserve Bank of India (RBI) Third Quarter Review of Monetary Policy for 2013-14 today, 28 January 2014.

Among private bank stocks, ICICI Bank (up 1.18%), AXIS Bank (up 1.3%), HDFC Bank (up 0.19%) and Kotak Mahindra Bank (up 1.37%) gained.

IndusInd Bank rose 0.61%. The private sector bank before market hours today, 28 January 2014, said the Reserve Bank of India (RBI) has approved the re-appointment of Mr. Romesh Sobti as Managing Director and CEO of IndusInd Bank for a period of one year from 1 February 2014 to 31 January 2015. IndusInd Bank said that the board of directors intends to represent to RBI for approval of the term of three years, viz.1 February 2014 to 31 January 2017, as earlier approved by the board of directors.

Among PSU bank stocks, State Bank of India (up 1.4%), Union Bank of India (up 2.53%), Bank of India (up 2.09%), Bank of Baroda (up 2.71%), Punjab National Bank (up 2.23%) and Canara Bank (up 2.85%) edged higher.

Corporation Bank fell 1% on turning ex-dividend today, 28 January 2014, for the interim dividend of Rs 4.50 per share for the year ending 31 March 2014.

Vijaya Bank declined 0.11% on turning ex-dividend today, 28 January 2014, for the interim dividend of Re 1 per share for the year ending 31 March 2014.

Realty stocks rose ahead of the Reserve Bank of India (RBI) Third Quarter Review of Monetary Policy for 2013-14 today, 28 January 2014. Purchases of both residential and commercial property are largely driven by finance.

DLF (up 2.14%), Indiabulls Real Estate (up 1.76%), HDIL (up 3.58%), Unitech (up 0.81%), Godrej Properties (up 0.83%), Oberoi Realty (up 3.36%) gained.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.97, compared with its close of 63.10/11 on Monday, 27 January 2014.

Indian government bond prices rose as the Reserve Bank of India is most likely to maintain its main lending rate viz. the repo rate unchanged after a monetary policy review today, 28 January 2014, on the back of recent moderation in inflation and weak industrial production data. The yield on 10-year benchmark federal paper, 8.83% GS 2023, was hovering at 8.6901%, lower than its close of 8.7651% on Monday, 27 January 2014. Bond yield and bond prices move in opposite direction. Bond supply will return after a two-week break with the RBI announcing Rs 14000-crore debt sale for Friday, 31 January 2014. US Treasuries prices fell on Monday, 27 January 2014, on profit-taking from last week's safe-haven gains and as traders shrugged off weaker-than-expected data on new US home sales.

The Reserve Bank of India announces Third Quarter Review of Monetary Policy for 2013-14 at 11:00 IST today, 28 January 2014. The RBI kept its main lending rate viz. the repo rate unchanged after its last policy review in December and said at that time that it expected inflation to ease in the following months.

Asian stocks rose on Tuesday, 28 January 2014, before the Federal Reserve meets to discuss a further reduction in stimulus. Key benchmark indices in Taiwan, Hong Kong, Indonesia, Singapore, South Korea, China and Japan rose by 0.08% to 0.52%. In Taiwan, the Taiwan Weighed index fell 1.58%.

Profit at China's industrial companies increased 6 percent in December from a year earlier, after rising 9.7 percent in the previous month, the National Bureau of Statistics said today, 28 January 2014.

Thailand's manufacturing production decreased 6.2 percent in December from a year earlier, according to a report today, 28 January 2014.

US stocks edged lower in a volatile session on Monday, 27 January 2014 as worries over emerging-markets currencies unsettled investors. Stocks began the day on a higher note following upbeat results from Caterpillar, but fell after home sales data showed a larger drop in December than anticipated.

Sales of new single-family homes fell in December, but the whole of 2013 saw the highest sales level in five years, the US government reported Monday, 27 January 2014. Sales of new single-family homes dropped 7% in December due to harsh winter weather. The median price of new homes ticked up in December and for 2013, the median price hit $265,800, up 8.4% from the prior year, the strongest annual growth since 2005.

A two-day monetary policy meeting of the Federal Open Market Committee (FOMC) begins today, 28 January 2014. Federal Reserve officials have been scrutinizing US economic data to determine the timing and pace of reductions to asset purchases. The central bank decided at its December gathering to begin cutting its monthly bond buying by $10 billion to $75 billion.

In Turkey, the country's central bank on Monday, 27 January 2014, said it will "take the necessary policy measures for price stability" at a meeting on Tuesday, 28 January 2014. The announcement came after the currency's decline.

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