Daily Round-Up of 10 March, 2014
The markets continued with its record breaking spree for yet another day. For the records, the BSE benchmark index, the Sensex, scaled mount 22-K for the first time ever in history. The Sensex registered an intra-day high of 22,024, and eventually ended with a marginal gain of 15 points at 21,935. The banking and capital goods shares continued to be the prime drivers of the rally backed by strong FII (foreign institutional) flows.
Among the Sensex 30 stocks – Maruti zoomed nearly 4 per cent to Rs 1,800. Mahindra & Mahindra also jumped above the Rs 1,000-mark, and gained 3.4 per cent. Larsen & Toubro, HDFC Bank, SBI and Bajaj Auto were the other major gainers. On the other hand, TCS slumped 3.7 per cent to Rs 2,144. Tata Motors, Sun Pharma, Gail India and Coal India were the other prominent losers. Weakness in IT shares was very evident on the back of fresh strength in the Indian Rupee versus the US dollar. The Indian currency today ended at 60.84, up 24 paise versus the US dollar.
Meanwhile, the commodity markets were witnessing a recovery of sort in mid-evening trades. Gold and Silver, which, logged significantly losses in early deals, were seen off the day’s lows as of 1800 hrs. MCX Silver May futures were down Rs 150 or so as against losses of nearly Rs 600 in early trade. Gold futures were down around Rs 85. Meanwhile, Crude Oil Copper, Zinc and Lead were some of the other major losers in the commodity space. Whereas, food & edibles like Cardamom, Mentha Oil were the major gainers followed by Cotton and Natural Gas.
In the elections 2014 round-up, Narendra Modi and Rahul Gandhi continued with their rallies to woo voters for the upcoming elections. Kejriwal released the 4th list of AAP candidates, which included a former Tehelka journalist.
In other news, the Andhra Pradesh High Court issued notice to Reliance Industries, the AP government, Central government and CBI on the KG-basin issue. The matter is slated for hearing on 2 April, 2014.