Key benchmark indices regained strength and were hovering near their record high in mid-afternoon trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently up 165.72 points or 0.58% at 28,500.35. European stocks edged higher before a survey on German business confidence for November month. Asian stocks rose after a surprise cut in lending and deposit rates announced by China's central bank after trading hours in Asia on Friday, 21 November 2014. Foreign portfolio investors (FPIs) bought shares worth a net Rs 122.50 crore during the previous trading session on Friday, 21 November 2014, as per provisional data.
Parliamentary Affairs Minster M.Venkaiah Naidu yesterday, 23 November 2014, said that there is the need for early passing of Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector by the Rajya Sabha. He also said that introduction of Goods and Service Tax (GST) is being discussed over a long time and the government would like to introduce a bill in this regard during Winter Session of Parliament. The month-long winter session of parliament began today, 24 November 2014.
Realty stocks gained. IT stocks rose. Infosys hit record high after the company set 3 December 2014 record date for a liberal 1:1 bonus issue.
Earlier, the Sensex and the 50-unit CNX Nifty, both, struck record high in early trade as Asian stocks rose as China's unexpected interest-rate cut stoked optimism in the global economy.
In overseas markets, European stocks edged higher before a survey on German business confidence for November month. Asian stocks rose after a surprise cut in lending and deposit rates announced by China's central bank after trading hours in Asia on Friday, 21 November 2014. In the US on Friday, 21 November 2014, the S&P 500 and Dow Jones Industrial Average, both, attained record closing high after a surprise dose of liquidity measures launched by China's central bank and after dovish comments from European Central Bank President Mario Draghi.
In the foreign exchange market, the rupee edged lower against the dollar.
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Brent crude oil futures edged higher ahead of a possible output reduction by producer group OPEC this week.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from November 2014 series to December 2014 series. The November 2014 derivatives contracts expire on Thursday, 27 November 2014.
At 14:20 IST, the S&P BSE Sensex was up 165.72 points or 0.58% at 28,500.35. The index jumped 180.35 points at the day's high of 28,514.98, in early trade, a record high for the index. The index gained 59.85 points at the day's low of 28,394.48 in mid-morning trade.
The CNX Nifty was up 46.75 points or 0.55% at 8,524.10. The index hit a high of 8,529 in intraday trade, a record high for the index. The index hit a low of 8,490.80 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,508 shares declined and 1,375 shares rose. A total of 124 shares were unchanged.
The BSE Mid-Cap index was up 33.79 points or 0.33% at 10,229.58. The BSE Small-Cap index was up 29.96 points or 0.26% at 11,355.80. Both theses indices underperformed the Sensex.
Sun Pharmaceutical Industries rose 0.27%. The company said during market hours that High Court of Gujarat at Ahmedabad, at its hearing held on 14 November 2014, has sanctioned the Scheme of Arrangement in the nature of Merger of Ranbaxy Laboratories with Sun Pharmaceutical Industries pursuant to its oral order uploaded on the web site of High Court of Gujarat on 21 November 2014. Further the company has informed that the said Scheme of Arrangement will be effective on receipt of the order / approval from High Court of Punjab and Haryana Competition Commission of India, Foreign Investment Promotion Board and other approvals as may be required and on filing of a copy of the order of High Courts with the respective Registrars of Companies.
In April 2014, Sun Pharma acquired Ranbaxy in $ 4 billion landmark transaction.
Ranbaxy Laboratories gained 1.65%. The company after market hours on Friday, 21 November 2014 in a clarification with regard to news item titled "Ranbaxy fails to block rivals in generic fight" said that as the company has earlier informed to the stock exchanges that the company has filed a complaint against the USFDA in D.C. Federal Court and has also asked the Court for a temporary restraining order to prevent any further action by FDA until Ranbaxy's case is decided. The Court has not granted Temporary Restraining Order to block FDA approval for other ANDAs for generic version of Nexium and Valganciclovir. However, the Court ordered the parties to the suit to agree up on a schedule for filing additional legal briefs addressing Ranbaxy's request for a preliminary injunction by Friday, 21 November 2014, Ranbaxy Laboratories said in a statement.
Realty stocks gained. Unitech (up 1.56%), Oberoi Realty (up 1.96 %), Sobha (up 0.19%), Parsvnath Developers (up 0.54%), Housing Development & Infrastructure (H D I L) (up 0.43%) and DLF (up 3.99%) gained.
JSW Steel jumped 3.52%. With respect to the news titled "JSW Steel Submits Final Bids for Italy's Lucchini" JSW Steel has stated that in line with its long term strategy to acquire finishing mills near to the market, the company has submitted a binding bid for takeover of Rolling Mills of the Piombini Plant of Lucchini in Italy subject to certain terms and conditions. The company is yet to get the response on this bid. Once the company is informed about the outcome of the Bid, the company will inform the exchanges about the same.
IT stocks rose. HCL Technologies (up 1.41%), TCS (up 0.88%) and Wipro (up 1.54%) rose. Tech Mahindra shed 0.72%.
Infosys rose 2.7% to Rs 4,261 after hitting record high of Rs 4,275 in intraday trade after the company set 3 December 2014 record date for a liberal 1:1 bonus issue. The announcement was made after market hours on Friday, 21 November 2014.
Tecpro Systems was locked at 5% lower circuit at Rs 15.65 on BSE after the company reported a net loss of Rs 173.36 crore in Q2 September 2014, higher than net loss of Rs 147.08 crore in Q2 September 2013. Tecpro Systems' net sales declined 70.4% to Rs 68.02 crore in Q2 September 2014 over Q2 September 2013.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.86, compared with its close of 61.785 during the previous trading session.
Brent crude oil futures edged higher ahead of a possible output reduction by producer group OPEC this week. Brent crude for January settlement was up 1 cent at $80.37 a barrel. The contract had jumped $1.03 a barrel to finish at $80.36 a barrel during the previous trading session on Friday, 21 November 2014.
Oil ministers from the OPEC are scheduled to meet in Vienna on Thursday, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
A news agency on Saturday, 22 November 2014, quoted Finance minister Arun Jaitley as saying that he does not favour burdening the salaried and middle class with more taxes and that he would go after the evaders in widening the net. Jaitley also said he was against reducing the exemptions to widen the tax net. The finance minister's comments indicate that the government is unlikely to withdraw tax concessions on home loans and savings such as public provident fund deposits, moves that were being contemplated by the UPA regime.
Parliamentary Affairs Minster M.Venkaiah Naidu yesterday, 23 November 2014, said that there is the need for early passing of Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector by the Rajya Sabha. He also said that introduction of Goods and Service Tax (GST) is being discussed over a long time and the government would like to introduce a bill in this regard during Winter Session of Parliament. The month-long winter session of parliament began today, 24 November 2014.
Naidu gave details of the 37 bills that the government likes to move for introduction and taking up pending bills for consideration and passing during the winter session of parliament. Several political partied assured that they will extend cooperation in enabling smooth functioning of the Parliament during the winter session, the Ministry of Parliamentary Affairs said.
The government will announce data on gross domestic product (GDP) for Q2 September 2014 at 17:30 IST on Friday 28 November 2014. India's GDP grew 5.7% in Q1 June 2014 over the corresponding period of the previous year.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
The White House on Friday, 21 November 2014, said that at the invitation of India's Prime Minister Narendra Modi, US President Barack Obama will travel to India in January 2015 to participate in the Indian Republic Day celebration in New Delhi as the Chief Guest. This visit will mark the first time a US president will have the honor of attending Republic Day, which commemorates the adoption of India's constitution. The US President will meet Modi and Indian officials to strengthen and expand the US-India strategic partnership, the White House said.
European stocks edged higher today, 24 November 2014, before a survey on German business confidence for November month. Key benchmark indices in France and Germany rose 0.02% to 0.24%. UK's FTSE 100 fell 0.02%.
The European Central Bank (ECB) on Friday, 21 November 2014, began buying asset-backed securities, thereby expanding its quantitative easing regimen. The asset-based-securities purchases represent the second leg of the ECB's quest to catalyze growth by expanding its balance sheet. In September, the central bank began buying covered corporate bonds, which are guaranteed against a company's assets.
Asian stocks rose today, 24 November 2014, after a surprise cut in lending and deposit rates announced by China's central bank after trading hours in Asia on Friday, 21 November 2014. Key benchmark indices in China, Hong Kong, Indonesia, South Korea, and Taiwan were up 0.34% to 1.95%. Singapore's Straits Times fell 0.12%. Japanese markets are closed for a holiday.
China cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy. The one-year lending rate was reduced by 0.4 percentage point to 5.6%, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75%, the People's Bank of China said on 21 November 2014.
In Japan, the minutes of Bank of Japan's monetary policy meeting will be released today, 24 November 2014.
Trading in US index futures indicated that the Dow could rise 15 point at opening bell today, 24 November 2014. The S&P 500 and Dow Jones Industrial Average, both, attained record closing high on Friday, 21 November 2014, after a surprise dose of liquidity measures launched by China's central bank and after dovish comments from European Central Bank President Mario Draghi.
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