Volatility ruled the roost as key benchmark indices recovered from lower level soon after trimming intraday gains in mid-morning trade. The market breadth indicating the overall health of the market turned negative from positive. The BSE Mid-Cap and Small-Cap indices, both, slipped into the red from green. The barometer index, the S&P BSE Sensex, was currently up 57.46 points or 0.20% at 28,842.13.
Among bank stocks, HDFC Bank hit a record high. SpiceJet slumped on reports that its lessors want the company to return 15 Boeings aircrafts, adding to the woes of the troubled carrier. Sugar stocks were in demand. Most cement shares were trading lower.
Earlier, the Sensex and the 50-unit CNX Nifty, had, both surged to record high in morning trade as these key benchmark indices extended initial gains.
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 on optimism demand for local assets will increase as plunging oil prices improve India's economic outlook.
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 11:15 IST, the S&P BSE Sensex was up 57.46 points or 0.20% at 28,842.13. 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 7.90 points at the day's low of 28,792.57 in mid-morning trade.
The CNX Nifty was up 9.70 points or 0.11% at 8,705.30. The index hit a high of 8,741.85 in intraday trade, a lifetime high for the index. The index hit a low of 8,689.60 in intraday trade so far.
The BSE Mid-Cap index was off 39.01 points or 0.36% at 10,688.80. The BSE Small-Cap index was off 38.88 points or 0.34% at 11,407.39. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,396 shares declined and 1,086 shares advanced. A total of 93 shares were unchanged.
HDFC Bank was up 0.3% to Rs 1,025.25. The stock hit a high of Rs 1,031 so far during the day, which is also a record high for the counter. The scrip hit a low of Rs 1,022.80 so far during the day.
Sugar stocks were in demand. KCP Sugar and Industries Corporation (up 3%), Shree Renuka Sugars (up 2.86%), Sakthi Sugars (up 2.40%), Bajaj Hindusthan (up 2.37%), Balrampur Chini Mills (up 2.19%), Dhampur Sugar Mills (up 2.08%), Triveni Engineering & Industries (up 2.07%) and EID Parry (India) (up 1.79%), edged higher. DCM Shriram Industries was off 0.94%.
Cement shares were trading lower. Jaiprakash Associates (down 4.11%), India Cements (down 2.95%), HeidelbergCement India (down 1.96%), Saurashtra Cement (down 1.42%), Ambuja Cements (down 1.19%), JK Lakshmi Cement (down 1.1%), UltraTech Cement (down 0.89%), Prism Cement (down 0.49%), ACC (down 0.38%) and Mangalam Cement (down 0.28%) edged lower.
Grasim Industries was off 0.5%. Grasim owns major stake in UltraTech Cement.
Shree Cement (up 0.02%), J K Cements (up 0.34%), Dalmia Cement (Bharat) (up 1.37%) and The Ramco Cement (up 3.66%), edged higher.
Crompton Greaves rose 0.73% after the company bagged $26 million contract from Indonesia for supplying power equipment. The company announced the order win after market hours yesterday, 20 January 2015.
SpiceJet slumped 7.17%. According to reports, lessors of aircraft want SpiceJet to return 15 Boeings aircrafts, adding to the woes of the troubled carrier. The lessors have asked the Directorate General of Civil Aviation to deregister the aircraft that they want to repossess, reports added.
SpiceJet last week said that its board of directors at a meeting held on 15 January 2015, inter-alia, considered the proposal of the principal shareholder and promoter, Kalanithi Maran and KAL Airways to transfer the ownership, management and control of the company to Ajay Singh pursuant to a scheme of reconstruction and revival for the takeover of ownership, management and control of the company to be filed before the Ministry of Civil Aviation, Government of India.
In the foreign exchange market, the rupee edged higher against the dollar on optimism demand for local assets will increase as plunging oil prices improve India's economic outlook. The partially convertible rupee was hovering at 61.605, 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 44 cents at $48.43 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 0.20% to 3.46%. Key benchmark indices in South Korea and Japan were off 0.12% to 0.83%.
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 rise 4 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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