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Key indices pare some gains

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Capital Market
Last Updated : Dec 29 2014 | 1:45 PM IST

Key benchmark indices pared some gains in a range-bound afternoon trade. The barometer index, the S&P BSE Sensex was currently up 193.35 points or 0.71% at 27,435.13. The market breadth indicating the overall health of the market was strong.

In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas.

Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 39.97 crore on Friday, 26 December 2014, as per provisional data.

In overseas markets, Asian stocks edged higher today, 29 December 2014 as the rally on Wall Street boosted risk appetite. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.

At 13:17 IST, the S&P BSE Sensex was up 193.35 points or 0.71% at 27,435.13. The index gained 265.47 points at the day's high of 27,507.25 in early trade, its highest level since 24 December 2014. The index rose 24.71 points at the day's low of 27,266.49 in early trade.

The CNX Nifty was up 55.25 points or 0.67% at 8,255.95. The index hit a high of 8,279.15 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,214.70 in intraday trade.

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The market breadth indicating the overall health of the market was strong. On BSE, 1,640 shares gained and 1,026 shares fell. A total of 112 shares were unchanged.

The BSE Mid-Cap index was up 90.54 points or 0.90% at 10,206.39, outperforming the Sensex. The BSE Small-Cap index was up 74.95 points or 0.69% at 10969.84, underperforming the Sensex.

Among the 30 Sensex shares, 28 rose and the remaining shares fell. Sesa Sterlite (up 4.29%), Hindalco Industries (up 3.22%), Tata Steel (up 2.4%), Coal India (up 2.14%), Tata Motors (up 2.09%), ONGC (up 1.34%), Bharat Heavy Electricals (up 1.33%), GAIL (India) (up 1.18%), Hero MotoCorp (up 1.12%) and Tata Power (up 1.11%), edged higher from the Sensex pack.

Axis Bank (down 0.39%) and Mahindra & Mahindra (down 0.07%), edged lower from the Sensex pack.

Jindal Stainless surged 6.39% ahead of a board meeting today, 29 December 2014, to consider a scheme on asset monetization and business reorganization plan of the company.

Aban Offshore surged 12.56% after rating agency CARE revised credit rating of bank facilities of Aban Offshore by 3 notches to BB- from D. CARE in its release dated 26 December 2014 noted that the revision in the ratings assigned to the bank facilities of Aban offshore takes into account improvement in capital structure consequent to mobilisation of fresh equity during FY 2014 (refers to the period April 1 to March 31) and first half of FY 2015, improvement in the financial performance during FY 2014 and first half of FY 2015 and completion of refinancing of debt at the group level. CARE said that the ratings continue to be constrained by relatively high leverage at the consolidated level, high debt in relation to cash accruals, high utilization of working capital limits, non-deployment of few of its rigs and inherent risks in the offshore drilling industry. The ratings continued to factor in the strong competitive position of Aban Offshore in the industry, experience of promoters and management, CARE added.

Going forward, timely deployment of rigs going off the contract, optimum deployment of its fleet, changes in day rates, effective cash flow management notwithstanding improvement in liquidity position in the recent past would be key rating sensitivities, CARE said.

Spice Mobility hit 20% upper circuit at Rs 26.40 after company said that a meeting of the board of directors of the company will be held on 2 January 2015 to consider the proposal of voluntary delisting of shares from NSE and BSE. The company made announcement before market hours today, 29 December 2014.

In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas. The partially convertible rupee was hovering at 63.6750, compared with its close of 63.57 on Friday, 26 December 2014.

Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member. Brent for February settlement was up 39 cents at $59.84 a barrel. The contract had declined 79 cents or 1.33% to settle at $59.45 a barrel on Friday, 26 December 2014.

Asian stocks edged higher today, 29 December 2014, as the rally on Wall Street boosted risk appetite. Key benchmark indices in Singapore, China, Taiwan, Hong Kong, Japan, Indonesia rose by 0.12% to 1.76%. Key benchmark indices in Japan and South Korea fell 0.5% to 1.04%.

According to reports, China has cut its target for the growth of external trade to 6% for 2015, compared with a 7.5% target this year. That is considerably slower than the official growth rate of the entire economy, which expanded 7.4% from a year earlier in the first three quarters, reports added.

As per reports, China's central bank, the People's Bank of China will allow banks to make more loans from their deposit bases in a further step toward liberalisation of the financial sector. China will also expand a trial programme next year to allow the creation of purely private banks and ease the entry of private capital into the banking sector, the China Banking Regulatory Commission reportedly said in a statement.

Japan's Cabinet approved 3.5 trillion yen ($29 billion) in fresh stimulus on Saturday, 27 December 2014 for the ailing economy, pledging to get growth back on track and restore the country's precarious public finances.

Trading in US index futures indicated that the Dow could rise 13 points at the opening bell today, 29 December 2014. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.

Meanwhile, members of Greece's parliament will cast their ballots at noon in Athens with PM Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state. Failure to elect Dimas will lead to a general election in late January or early February, a few weeks before the nation's 240 billion euros ($292 billion) bailout expires.

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First Published: Dec 29 2014 | 1:14 PM IST

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