 "Market edges higher; Apollo up 16%, Piramal up 5%")
Key indices edged higher after a postive start on back on global cues while investors await April-November fiscal deficit reading due later in the day.
The 30-share Sensex of the Bombay Stock Exchange (BSE) is up almost 71 points higher at around 21,211 as compared to its previous close while the 50-unit National Stock Exchange (NSE) NIfty index is at 6,313 levels, up 22 points.
Broader markets are upbeat today with BSE small-cap and mid-cap indices trading 0.5-0.6% higher.
Among other shares, Piramal Enterprises is trading higher by 5% at Rs 582 after the Foreign Investment Promotion Board (FIPB) approved Vodafone's proposal to buy out minority shareholders.
Among other shares, Piramal Enterprises is trading higher by 5% at Rs 582 after the Foreign Investment Promotion Board (FIPB) approved Vodafone's proposal to buy out minority shareholders.
The Ajay Piramal led-Piramal Enterprises hold 10.97% stake in the country’s second-largest telecom company by subscribers.
As a part of a proposal Vodafone Group Plc will pay Rs 8,900 crore to Piramal Enterprises for its stake, the PTI report suggests.
Also Read
Apollo Tyres has rallied nearly 16% to Rs 117 also hits record high on the NSE, after Cooper Tire & Rubber Company (CTB) has terminated the merger agreement with the company.
------------------------------------------------------------------------------------------------------
Markets opened higher on the last day of 2013 tracking mixed global cues. It is likely to stay rangebound as investors will keenly eye the April-November fiscal deficit reading due later in the day.
The 30-share Sensex of the Bombay Stock Exchange (BSE) is 22.02 points higher at 21,175.92 as compared to its previous close while the 50-unit National Stock Exchange (NSE) NIfty index is at 6,302.55, up 11.45 points.
Broader markets are upbeat today with BSE small-cap and mid-cap indices trading 0.1-0.2% higher.
Tata Motors, up 0.9%, GAIL and Bajaj Auto are trading 0.7% higher, Bharti Airtel and L&T up 0.4% are currently the top Sensex winners at this hour.
BSE Healthcare is the top gainer from the BSE sectoral indices, currently trading 0.5% higher, consumer durables, metals and oil & gas are trading 0.2% higher. Bankex, realty, IT, TECk and power are the laggards.
Stock markets are expected to continue their bull run this week amid robust overseas investments while global cues and quarterly earnings, starting next month, will dictate near-term trend on the bourses, say experts.
Overnight, US stocks closed mostly flat on Monday, with the Dow edging up to another record closing high and the S&P 500 index's advance stalling in response to light trading volume and weaker-than-forecast housing data. The benchmark S&P 500 had climbed 3.7 percent over the previous two weeks, the index's best fortnight since July.
The gains came after mounting signs that the economy was gaining strength, leading the Federal Reserve to announce that it will scale back its stimulus.
The S&P 500 has soared 29.1% this year and is on track for its best year since 1997, powered largely by the central bank's stimulus measures. The Dow has jumped 25.9% and the Nasdaq has surged 37.6% this year.
Asian stocks traded in a narrow range on the final day of the year in extremely light trade with markets in Japan, South Korea shut for holidays. China's Shanghai Composite was up 0.10% or 2.01 points at 2,099.53. The SGX Nifty is up 27 points at 6,360.
STOCKS TO WATCH
Trent Limited has surged 6.5% to Rs 1,340 in early morning deals on the BSE after the company said Foreign Investment Promotion Board (FIPB) approved UK-based Tesco Plc's proposal to invest $110 million to buy 50% stake in Tata Group’s Trent Hypermarket Ltd (THL).
Royal Dutch Shell Plc and India's Oil and Natural Gas Corp (ONGC) purchased the remaining 35 percent of a Brazilian offshore oil block from their partner, Brazil's state-run Petroleo Brasileiro SA. ONGC stock is trading marginally lower at Rs 289, down 0.09% on the BSE today.
GMR Infrastruture edged marginally higher currently trading at Rs 24.40, up 0.21% at the BSE after signing an agreement with Malaysian Airports Holding Berhad (MAHB) to divest its 40 per cent equity stake in the Istanbul Sabiha Gökçen (ISG) airport and in LGM Tourism, which operates services at the former, for €225 million (Rs 1,910 crore).
UB Group Chairman Vijay Mallya has purchased an additional 0.15% in UB Holdings Ltd, the principal holding company of the UB Group, for about Rs 26 lakh.
Adani Power is trading 0.5% lower at Rs 39.90 at the BSE after its Board approved the demerger of its transmission lines business to its wholly owned subsidiary company besides appointing Vinod Bhandawat as the chief financial officer of the generation company.