A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in morning trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty trimmed gains after both these key benchmark inidces struck record high. The Sensex was currently up 98.39 points or 0.34% at 28,883.06. The market breadth indicating the overall health of the market was positive.
Shares of metal companies were mixed. Shares of most pharmaceutical companies declined.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1275.59 crore yesterday, 20 January 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Finance Minister Arun Jaitley yesterday, 20 January 2015, said that the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a game changer for the economy as it has provided the platform for direct benefits transfer (DBT) which, in turn, will help in plugging leakages in subsidies and thereby provide savings to the exchequer.
Brent crude futures edged higher amid signs that prices are receiving support around current levels.
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In overseas markets, Asian stocks rose as investors counted on the European Central Bank (ECB) to unveil a government-bond-buying program after a monetary policy review tomorrow, 22 January 2015, aimed at spurring Europe's ailing economy. US stocks eked out small gains after high intraday volatility yesterday, 20 January 2015.
At 10:15 IST, the S&P BSE Sensex was up 98.39 points or 0.34% at 28,883.06. The index jumped 173.43 points at the day's high of 28,958.10 in morning trade, a lifetime high for the index. The index rose 45.05 points at the day's low of 28,829.72 in early trade.
The CNX Nifty was up 20.85 points or 0.24% at 8,716.45. The index hit a high of 8,741.85 in intraday trade, a lifetime high for the index. The index hit a low of 8,697.60 in intraday trade so far.
The BSE Mid-Cap index was up 27.51 points or 0.26% at 10,755.32. The BSE Small-Cap index was up 26.95 points or 0.24% at 11,473.22. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,208 shares advanced and 951 shares declined. A total of 65 shares were unchanged.
Indian Oil Corporation (IOCL) was down 0.42%. As per media reports, the Cabinet Committee on Economic Affairs will today, 21 January 2015, reportedly discuss divestment of 10% stake in IOCL.
Shares of most pharmaceutical companies declined. Wockhardt (down 1.68%), Cipla (down 0.98%), Aurobindo Pharma (down 1.05%), Dr. Reddy's Laboratories (down 0.87%), Strides Arcolab (down 0.48%), Lupin (down 0.46%), Divi's Laboratories (down 0.21%), GlaxoSmithKline Pharmaceuticals (down 0.08%), Cadila Healthcare (down 0.05%) and Piramal Healthcare (down 0.08%), edged lower. IPCA Laboratories (up 1.16%), Sun Pharmaceutical Industries (up 0.63%), Glenmark Pharmaceuticals (up 0.52%) and Ranbaxy Laboratories (up 0.34%), edged higher.
Shares of mining and metal companies were mixed. NMDC (down 1.24%), Hindustan Zinc (down 1.18%), JSW Steel (down 0.93%), Hindalco Industries (down 0.48%), Tata Steel (down 0.35%) and Steel Authority of India (down 0.26%), edged lower. Bhushan Steel (up 0.57%), Hindustan Copper (up 0.28%) and Jindal Steel & Power (up 0.13%), edged higher.
Sesa Sterlite was down 2.16%. With reference to the news captioned "Corp Affair Ministry, I-T Department oppose Sesa Sterlite Merger", Sesa Sterlite after trading hours yesterday, 20 January 2015, said that a Special Leave Petition (SLP) challenging the Scheme of Amalgamation & Arrangement ('Scheme') under Sections 391-394 of the Companies Act, 1956, was heard on 19 January 2015 by the Supreme Court and the court has fixed the matter for final disposal on 28 April 2015. The scheme was implemented in August 2013 and the company is defending the matter in the Supreme Court. The SLC filed separately by the Commissioner of Income Tax (CIT), Goa and Ministry of Corporate Affairs have been clubbed together. The Ministry of Corporate Affairs had filed the SLP on the ground that the scheme is against public policy.
Excel Crop Care tumbled 4.46% after net profit fell 92.9% to Rs 0.98 crore on 18.9% decline in net sales to Rs 165.30 crore in Q3 December 2014 over Q3 December 2013. The Q3 result was announced after market hours yesterday, 20 January 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.59, compared with its close of 61.70 during the previous trading session.
Brent crude futures edged higher amid signs that prices are receiving support around current levels. Brent for March settlement was up 42 cents at $48.41 a barrel. The contract declined 85 cents, or 1.74%, to settle at $47.99 a barrel during the previous trading session.
Finance Minister Arun Jaitley yesterday, 20 January 2015, said that the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a game changer for the economy as it has provided the platform for direct benefits transfer (DBT) which, in turn, will help in plugging leakages in subsidies and thereby provide savings to the exchequer. As against the original target of opening bank accounts for 7.5 crore uncovered households in the country by 26 January 2015, banks have already opened 11.50 crore accounts as on date 17 January 2015 under PMJDY after conducting survey of 21.02 crore households in the country. Jaitley further said that so far 19 schemes out of 35 DBT schemes have been rolled-out across the country, including MGNREGS in 300 districts. The Finance Minister said that the state governments have also been requested to transfer cash/benefits directly in the bank accounts of beneficiaries thereby cutting layers in the delivery process.
Asian stocks edged higher today, 21 January 2015, as investors counted on the European Central Bank (ECB) to unveil a government-bond-buying program after a monetary policy review tomorrow, 22 January 2015, aimed at spurring Europe's ailing economy. Key benchmark indices in China, Hong Kong, Indonesia, Singapore and Taiwan were up 0.16% to 2.23%. Key benchmark indices in South Korea and Japan were off 0.17% to 0.75%.
At the end of a two-day monetary policy review, the Bank of Japan (BoJ) today, 21 January 2015, cut its near-term inflation outlook and left its key easing policy unchanged, citing brighter economic growth that could eventually help put prices back on a firm upward path. The BoJ sharply raised its view on growth adjusted for inflation, expecting gross domestic product to rise 2.1% in fiscal 2015 and 1.6% the following year. But it cut its forecast for the year ending in March to a 0.5% contraction from the previous 0.5% expansion.
Trading in US index futures indicated that the Dow could decline 20 points at the opening bell today, 21 January 2015. US stocks eked out small gains after high intraday volatility yesterday, 20 January 2015. In economic news, a gauge of confidence among home builders ticked down this month by one point to 57, staying close to the highest level since late 2005, according to National Association of Home Builders/Wells Fargo data. Readings above 50 signal that builders, generally, are optimistic about sales trends.
In Europe, the governing council of the European Central Bank (ECB) is scheduled to undertake monetary policy review tomorrow, 22 January 2015. The ECB may announce a large-scale bond-buying program tomorrow, 22 January 2015, aimed at spurring Europe's ailing economy.
Meanwhile, uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country on 25 January 2015. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
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