Key benchmark indices edged lower in early trade tracking weakness in Asian bourses and overnight steep losses in US markets. The barometer index, the S&P BSE Sensex was currently off 72.19 points or 0.26% at 27,758.91. The market breadth indicating the overall health of the market was positive.
Jindal Steel & Power edged higher after the company said it has commissioned the Billet Caster plant as part of the 6 MTPA integrated steel project at Angul, Odisha. Aurobindo Pharma advanced after the company said its board resolved for issuance of equity shares upto $350 million through a qualified institutions placement. Maruti Suzuki India dropped amid volatility.
Foreign portfolio investors bought shares worth a net Rs 5.39 crore yesterday, 10 December 2014, as per provisional data.
Asian bourses were lower today, 11 December 2014, after Wall Street finished sharply lower overnight on the back of further oil price declines, while a worse-than-expected machinery orders report from Japan accelerated the market's slide.
At 9:21 IST, the S&P BSE Sensex was down 72.19 points or 0.26% at 27,758.91. The index lost 102.42 points at the day's low of 27,728.68 in early trade. The index lost 34.76 points at the day's high of 27,796.34 in opening trade.
The CNX Nifty was down 9.30 points or 0.11% at 8,346.35. The index hit a low of 8,330.95 in intraday trade. The index hit a high of 8,346.40 in intraday trade.
The BSE Mid-Cap index was up 6.39 points or 0.06% at 10,307.74. The BSE Small-Cap index was up 14.35 points or 0.13% at 11,326.89. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was positive. On BSE, 663 shares gained and 563 shares fell. A total of 38 shares were unchanged.
Maruti Suzuki India fell 0.27% at Rs 3,312.05. The stock hit a high of Rs 3,326.25 and a low of Rs 3,310.85. The company after market hours yesterday, 10 December 2014 in a clarification with regard to news item titled "Maruti bags army order for 4,000 Gypsys, its largest yet", said that the company has received an order for supply of 4,141 Gypsy vehicles from the Indian Army in the ordinary course of business. Maruti said that the company sells about 12 lakh vehicles per annum with a turnover close to Rs 45000 crore. Keeping in view such a large scale of operations of the company, this particular order is approximately 0.34% of the total number of vehicles sold by the company in a year. Over the last 30 years or so, the company, from time to time, has been supplying Gypsy to the Indian Army and other para security forces, Maruti said. Hence, this event is neither unprecedented nor material enough to have a bearing on the operations/performance of the company, Maruti Suzuki India said.
Jindal Steel & Power (JSPL) rose 0.1% at Rs 149. The company after market hours yesterday, 10 December 2014 said it has commissioned the Billet Caster plant as part of the 6 MTPA integrated steel project at Angul, Odisha.
Speaking on the occasion, Mr. Ravi Uppal, MD & Group CEO, JSPL said, We have commissioned India's largest capacity Billet Caster plant in Angul, within a record time of one year, setting yet another benchmark in the country. This would enhance our regional product portfolio since we will now be able to produce long products in addition to the flat products already being produced in the Angul plant.
Aurobindo Pharma rose 0.28% at Rs 1,127.50. The company after market hours yesterday, 10 December 2014 said that its board of directors resolved subject to the approval of the shareholders of the company and of other applicable laws, regulations etc., issuance of equity shares through a qualified institutions placement (QIP) to qualified institutional buyers (QIB) provided that the aggregate amount to be raised by issue of Securities shall not exceed a sum of $350 million or rupee equivalent thereof.
The government plans to introduce the Coal Mines (Special Provisions) Bill, 2014 to replace the Coal Mines (Special Provisions) Ordinance, 2014 in Lok Sabha this week. The government is also likely to introduce the constitutional amendment bill for the goods & services tax during the ongoing winter session of parliament. The government also plans to bring the MMDR Amendment Bill, 2014 during the ongoing session of parliament.
The government also intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the ongoing winter session of parliament.
Minister of State for Finance, Jayant Sinha yesterday, 10 December 2014, said India needs to develop alternative model of economic growth based on mix of policies including market driven entrepreneurship innovations, scope for larger private investment and free market economy in democratic polity among others. He was delivering the Inaugural Address after inaugurating the two day Delhi Economic Conclave 2014. The theme of the two day Conclave is Structural Reforms and Growth in India. Stressing on the non-inflationary, inclusive and sustainable growth, Sinha said that structural reforms shall keep taking place at gradual intervals as being done by the present government so that as overall net result, these gradual reforms lead to transformation of India into an economy with a sustainable growth of 7-8% and inflation in the range of 4-6%. Delivering the Key Note Address on this occasion, Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, Singapore said that India does not have time on its side and will have to race against competitive countries, intelligent machines among others. He said that India has very highly talented people including scientists, IT experts, academicians, entrepreneurs, but there is a gap at the middle and lower level in comparison with other competitive countries like China.
Piyush Goyal, Minister of State (IC), Power, Coal and NRE, said that there is need for change of mind set of policy makers, policy implementers, stakeholders including private entrepreneurs among others to achieve the goal of high and sustainable growth. He said that the present government is focusing on bringing transparency and honesty in allocation of natural resources including coal blocks, iron ore and other minerals as well in time to come. Goyal specifically mentioned about e-auction of coal blocks which will bring more transparency, competitiveness and efficiency in the system.
Minister of State (IC), Power, Coal and NRE Piyush Goyal yesterday, 10 December 2014, said that there will be no increase in power tariff post e-auction of coal mines and the focus will be outcome oriented. Goyal said that new Electricity Amendment Bill would be introduced soon in the parliament. Goyal was speaking as the lead speaker in the First Plenary Session on 'Infrastructure and Growth' at the two-day Delhi Economic Conclave 2014.
The Ministry of Consumer Affairs, Food & Public Distribution yesterday, 10 December 2014, said that the Centre has asked state government to expedite implementation of National Food Security Act. They have been urged to complete all the preparatory work by March next year so that the Act can be roll-out all over the country in April 2015, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement. Addressing the Conference of State Food Secretaries, Minister of Consumer Affairs, Food & Public Distribution Ram Vilas Paswan said that the time-limit of one year provided in the National Food Security Act for identification of eligible households had to be extended twice as several state governments were unable to do so in the prescribed time limit.
On the domestic macro front, inflation is seen easing further in November 2014 and growth in industrial production is seen improving a bit in October 2014. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen easing further to 4.4% in November 2014, from 5.52% in October 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will release the data on CPI inflation for November 2014 after trading hours tomorrow, 12 December 2014.
The annual rate of inflation based on the wholesale price index (WPI) is seen easing further to 1.2% in November 2014, from 1.77% in October 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will release the inflation data based on wholesale price index (WPI) for November 2014 at 12.15 noon on 15 December 2014.
Growth in industrial production is seen inching up to 2.7% in October 2014, from 2.5% in September 2014, as per the median estimate of a poll of economist carried out by Capital Market. The government will unveil industrial production data for October 2014 after trading hours on tomorrow, 12 December 2014. Industrial production growth improved to 2.5% in September 2014, from 0.5% in August 2014.
Asian bourses were lower today, 11 December 2014, after Wall Street finished sharply lower overnight on the back of further oil price declines, while a worse-than-expected machinery orders report from Japan accelerated the market's slide. Key indices in China, Hong Kong, Japan, Singapore, Indonesia, and South Korea were off 0.22% to 1.26%. In Taiwan, the Taiwan Weighted index was up 0.06%.
Japan's core machinery orders, a leading indicator of capital spending, snapped a four-month rising streak in October, data released yesterday, 10 December 2014 showed. Core machinery orders fell 6.4% on month, On year-on-year, machinery orders fell 4.9% in October.
US stocks closed sharply lower yesterday, 10 December 2014, furthering the week's losses, as the price of crude fell to a new five-year low and the Organization of Petroleum Exporting Countries cut its demand outlook for next year.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 16-17 December 2014. The policy meeting will be keenly watched for any hints on the timing of interest rate increases in the world's biggest economy.
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