Intraday volatility continued as key benchmark indices trimmed gains in afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 145.07 points or 0.51% at 28,372.46. The market breadth indicating the overall health of the market was positive. Meanwhile, according to the advance estimates of National Income, 2014-15 released by Ministry of Statistics & Programme Implementation after trading hours yesterday, 9 February 2015, India's Gross Domestic Product (GDP) growth is likely to accelerate to 7.4% in 2014-15, from 6.9% growth in 2013-14 and 5.1% growth in 2012-13.
Bank stocks advanced. HDFC Bank advanced after the bank said it has allotted 1.87 crore equity shares to eligible qualified institutional buyers aggregating to Rs 2000 crore through qualified institutional placement. ABB India jumps after strong Q4 December 2014 earnings.
On the political front, election trends showed that the Aam Aadmi Party (AAP) was heading for a landslide victory in Delhi assembly elections and that the party will be able to form the next government in the state. As per the status available so far, AAP won 29 seas and the party was leading in 38 seats. The Bharatiya Janata Party (BJP) won 2 seats and was leading in 1 seat. The counting of votes of Delhi assembly elections is underway, with final results expected later in the day today, 10 February 2015. A party needs 36 seats to form government in the 70-member Delhi assembly. The vote share for the AAP was 54.2%, far ahead of BJP's 32.2%.
AAP leader Arvind Kejriwal, an anti-corruption activist turned politician, is set to become Delhi's chief minister for the second time.
Meanwhile, Prime Minister Narendra Modi yesterday, 9 February 2015, said that the NITI Aayog should focus on quick resolution of inter-departmental and Centre-State issues to speed up the pace of implementation of infrastructure projects in the country.
Foreign portfolio investors sold shares worth a net Rs 660.30 crore yesterday, 9 February 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 469.55 crore yesterday, 9 February 2015, as per provisional data.
Earlier, the Sensex and the 50-unit CNX Nifty, both, bounced after hitting 3-1/2-week low at the onset of the trading session.
Also Read
In overseas markets, Asian stocks were mixed. US stocks fell yesterday, 9 February 2015, dragged down by a sell-off in European markets, as investors were unnerved by the deepening standoff between Greece and its creditors.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower after the International Energy Agency (IEA) said the United States will remain the world's top source of oil supply growth until to 2020.
At 13:15 IST, the S&P BSE Sensex was up 145.07 points or 0.51% at 28,372.46. The index jumped 406.33 points at the day's high of 28,633.72 in mid-morning trade, its highest level since 6 February 2015. The index fell 182.90 points at the day's low of 28,044.49 in early trade, its lowest level since 16 January 2015.
The CNX Nifty was up 46.65 points or 0.55% at 8,573. The index hit a high of 8,646.25 in intraday trade, its highest level since 6 February 2015. The index hit a low of 8,470.50 in intraday trade, its lowest level since 16 January 2015.
The BSE Mid-Cap index was up 66.74 points or 0.65% at 10,409.01. The BSE Small-Cap index was up 72.76 points or 0.67% at 10,984.30. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,489 shares rose and 995 shares fell. A total of 102 shares were unchanged.
Bank stocks advanced. Bank of Baroda (up 3.26%), Yes Bank (up 2.8%), Bank of India (up 2.75%), Punjab National Bank (up 2.28%), ICICI Bank (up 2.73%), State Bank of India (up 2.73%), IndusInd Bank (up 2.33%), Canara Bank (up 1.25%), Kotak Mahindra Bank (up 1.14%) and Axis Bank (up 0.23%) edged higher.
HDFC Bank rose 0.91% at Rs 1,049.75. HDFC Bank during market hours today, 10 February 2015 said that the share allotment committee of the bank, at its meeting held today, 10 February 2015, approved allotment of 1.87 crore equity shares to eligible qualified institutional buyers (QIBs) at the issue price of Rs 1,067 per share aggregating to Rs 2000 crore pursuant to the QIP. The committee also approved allotment of 6.6 crore equity shares underlying the ADRs (1 ADR representing 3 underlying equity shares) to JP Morgan Chase Bank NA as depository pursuant to the ADR offering.
ABB India surged 4.52% at Rs 1,325. ABB India's net profit jumped 42.37% to Rs 84 crore on 1.54% growth in revenue to Rs 2238 crore in Q4 December 2014 over Q4 December 2013. The result was announced during market hours today, 10 February 2015.
ABB India attributed the increase in profits during the quarter to strong execution, enhanced productivity and cost take out programs.
ABB India's order intake rose 49.27% to Rs 2487 crore in Q4 December 2014 over Q4 December 2013.
The company's net profit rose 27.93% to Rs 229 crore on 0.14% growth in revenue to Rs 7733 crore in the year ended 31 December 2014 (FY 2014) over the year ended 31 December 2013 (FY 2013). ABB India's order intake rose 17.73% to Rs 7908 crore in FY 2014 over FY 2013.
Procter & Gamble Hygiene and Health Care jumped 11.66% at Rs 6,978.90. The stock hit a high of Rs 7,290 so far during the day, which is a record high for the counter. The stock hit a low of Rs 6,281 so far during the day.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.9775, compared with its close of 62.175 during the previous trading session.
Brent crude oil futures edged lower after the International Energy Agency (IEA) said the United States will remain the world's top source of oil supply growth until to 2020, defying expectations of a more dramatic slowdown in shale output growth. Brent for March settlement was off 56 cents at $57.78 a barrel. The contract had advanced 54 cents or 0.93% to settle at $58.34 a barrel during the previous trading session.
On macro front, according to the advance estimates of National Income, 2014-15 released by Ministry of Statistics & Programme Implementation after trading hours yesterday, 9 February 2015, India's Gross Domestic Product (GDP) growth is likely to accelerate to 7.4% in 2014-15, from 6.9% growth in 2013-14 and 5.1% growth in 2012-13. The advance estimate for 2014-15 is based on a new method of calculating GDP, which the Ministry of Statistics & Programme Implementation unveiled on 30 January 2015. The Ministry of Statistics & Programme Implementation also released GDP growth for Q3 December 2014. It said the economy expanded 7.5% in Q3 December 2014, which was lower than a revised 8.2% growth in Q2 September 2014. The revised GDP growth figure for Q1 June 2014 stands at 6.5%.
The Ministry of Statistics & Programme Implementation revised the way it measures GDP on 30 January 2015. It brought forward the base year used in national economy calculations by seven years to 2011-12 from 2004-05. It also switched from using production costs to market prices. Changes in the base year are made every five years.
Meanwhile, Prime Minister Narendra Modi yesterday, 9 February 2015, said that the NITI Aayog should focus on quick resolution of inter-departmental and Centre-State issues to speed up the pace of implementation of infrastructure projects in the country. He was chairing a high-level meeting on infrastructure. The Prime Minister has directed the concerned ministries to work in a mission mode towards achieving electrification of the remaining 20,000 unelectrified villages, in a clearly defined time-frame, the Prime Minister's Office (PMO) said in a statement. Modi has said that innovative solutions should be explored for ensuring total rural electrification, including solar energy, power connectivity through nearby railway infrastructure, and off-grid solutions. The Prime Minister was informed that issues regarding coal supply to existing power plants have been resolved and not even a single power plant today faces a shortage of coal. The Prime Minister called for a fundamental change in the approach towards redevelopment of Railway stations and development of areas contiguous to railway corridors that run through major cities in the country. He directed all concerned departments of the government to work towards creating a holistic framework and environment that will be conducive for investment.
Finance Minister Arun Jaitley yesterday, 9 February 2015, said that the overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction. Jaitley said that current account deficit will be under control and he will try to keep fiscal deficit also within the prescribed limit. The Finance Minister said that the growth rate would be better than the last year as per the old system. The Finance Minster was making the opening remarks at the First Meeting of the Parliamentary Consultative Committee attached to his Ministry to discuss 'Suggestions for the Budget'. Jaitley's comments came before the release of the latest economic data from the Ministry of Statistics & Programme Implementation.
Regarding bringing back the black money stashed abroad, the Finance Minister said that India will soon become part of international consortium where the focus would be on automatic transfer of information which would in turn help the government in getting easy access to such foreign accounts of Indian residents.
Asian stocks were mixed today, 10 February 2015. Key indices in Taiwan, Japan, Indonesia, and South Korea were off 0.3% to 0.57%. Key indices in China, Hong Kong and Singapore were up 0.23% to 1.49%.
China's consumer inflation slipped to a five-year low in January, which will likely give the central bank more scope for further policy easing. China's consumer-price index rose 0.8% in January from a year earlier, slower than a 1.5% year-over-year rise in December, data from the National Bureau of Statistics showed today, 10 February 2015.
Trading in US index futures indicated that the Dow could gain 40 points at the opening bell today, 10 February 2015. US stocks fell yesterday, 9 February 2015, dragged down by a sell-off in European markets, as investors were unnerved by the deepening standoff between Greece and its creditors.
In Europe, the probability of Greece leaving the euro zone has risen several notches as Greece has taken an increasingly hard line over its government debt. Prime Minister Alexis Tsipras on Sunday, 8 February 2015, ruled out extending Greece's bailout deal and said some of the reforms imposed by lenders would be reversed. European Commission President Jean-Claude Juncker raised tensions further yesterday, 9 February 2015, by saying Greeks should not expect the euro zone to accept their latest terms.
Powered by Capital Market - Live News