A bout of volatility was seen in early trade as the key benchmark indices extended gains after opening on a positive note. The 50-unit CNX Nifty regained strength after briefly turning negative. The barometer index, the S&P BSE Sensex was currently up 58.90 points or 0.21% at 28,621.72. The market breadth indicating the overall health of the market was strong with more than two gainers for every loser.
Reliance Industries (RIL) rose after the company before market hours today, 5 December 2014 said that the company and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU). Steel Authority of India (Sail) slipped after the company market hours yesterday, 4 December 2014, set floor price for the offer for sale (OFS) of the government's 5% stake in the firm.
Asian stocks were trading mixed today, 5 December 2014 ahead of the monthly nonfarm payrolls report for November to be declared later in the global day today, 5 December 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 474 crore yesterday, 4 December 2014, as per provisional data.
At 9:22 IST, the S&P BSE Sensex was up 58.90 points or 0.21% at 28,621.72. The index gained 88.93 points at the day's high of 28,651.75 in early trade. The index rose 5.02 points at the day's low of 28,567.84 in early trade.
The CNX Nifty was up 13.95 points or 0.16% at 8,578.35. The index hit a high of 8,588.35 in intraday trade. The index hit a low of 8,560.30 in intraday trade.
The market breadth indicating the overall health of the market was strong with more than two gainers for every loser. On BSE, 795 shares gained and 335 shares fell. A total of 43 shares were unchanged.
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The BSE Mid-Cap index was up 41.80 points or 0.4% at 10,567.62. The BSE Small-Cap index was up 60.98 points or 0.53% at 11,532.23. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 235 crore by 09:30 IST.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined.
Reliance Industries (RIL) rose 0.62%. RIL before market hours today, 5 December 2014 said that the company and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU).
As per the MOU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in International Markets.
RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production.
The MOU envisages sharing of RlL's pioneering expertise in deepwater development & best practices in East Coast of India and RlL's experience in shale gas in United States. RIL will also provide technical support and share experience with PEMEX for refining value maximisation and other technical optimization strategies.
RIL and PEMEX will also collaborate to exchange experiences on environmental and social responsibility front. RlL's cooperation with PEMEX is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms. The company hopes to leverage its organizational capabilities and expertise to create long term value for Exploration and Production Business and for RIL on the whole.
Axis Bank shed 0.15%. Axis Bank announced after market hours yesterday, 4 December 2014, that it has closed its senior unsecured redeemable non-convertible debenture issue of amount Rs 5705 crore and priced at 8.85% per annum payable annually maturing on 5 December 2024. The NCD's are rated AAA by CRISIL and ICRA. The NCDs shall be allotted to eligible investors on 5 December 2024. The NCDs are issued in Indian rupees at a fixed coupon and the proceeds shall be utilized for enhancing long term resources for funding infrastructure and affordable housing.
NTPC rose 0.11%. The Minister of State for Power, Coal & New and Renewable Energy (Independent Charge) Piyush Goyal yesterday, 4 December 2014, said in a written reply to a question in the Lok Sabha that NTPC proposes to increase its existing power generation capacity three fold by 2032. The present power generation capacity of NTPC (including JVs and its subsidiaries) is 43,128 megawatts (MW). Goyal said that as per its long-term corporate plan, NTPC plans to have an installed capacity of 1.28 lakh MW by 2032. Over 9% of this capacity is expected to be based on renewable energy sources. In order to achieve its long-term plans, NTPC has signed power purchase agreements (PPAs) with state distribution utilities for over 1.03 lakh MW capacity and has also been allocated a 4,000 MW project under AP Reorganization Act, 2013. Out of this, 43,128 MW (including JVs and its subsidiaries) has been commissioned and 23,854 MW is under construction, Goyal said.
NMDC rose 0.86%. NMDC after market hours yesterday, 4 December 2014, announced a reduction in price of lump ore by Rs 200 a tonne to Rs 4,200 a tonne for the current month. The state-run iron ore miner reduced prices of fines by Rs 100 per tonne to Rs 3,060 per tonne. Production rose 10.03% to 19.08 million tonnes for the period April-November 2014, over the corresponding previous year period. Sales rose 7.69% to 19.88 million tonnes for the period April-November 2014, over the corresponding previous year period.
Steel Authority of India (Sail) slipped 1% to Rs 84.50. Sail after market hours yesterday, 4 December 2014, said that the floor Price of the offer for sale (OFS) of the government's 5% stake in the firm has been fixed at Rs 83 per share. The floor price set for the OFS is at a discount of 2.75% to the closing price of Rs 85.35 on Thursday, 4 December 2014. The government on 3 December 2014 announced an offer for sale (OFS) of upto 20.65 crore equity shares or 5% stake in Sail through a sale on the separate window provided by the BSE and NSE today, 5 December 2014. As much as 10% of the offered shares have been reserved for retail investors, who can buy shares worth up to Rs 2 lakh in the share sale. Retail investors will be allocated shares at a discount of 5% to the bid price entered by them.
The Indian government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the winter session of parliament which began on 24 November 2014. The government is also likely to introduce the constitutional amendment bill for the goods & services tax in the winter session of parliament.
Asian stocks were trading mixed today, 5 December 2014 ahead of the monthly nonfarm payrolls report for November to be declared later in the global day today, 5 December 2014. Key benchmark indices in China, Singapore, Hong Kong and Indonesia rose by 0.02% to 0.75%. Key benchmark indices in Japan, South Korea and Taiwan were off by 0.03% to 0.63%.
US stocks fell from record levels, yesterday, 4 December 2014, after the European Central Bank President Mario Draghi brushed off pressure for more immediate monetary policy action but said the issue would be addressed early next year.
In economic news, US jobless claims in the week ended Nov. 29 fell by 17,000 to 297,000, the Labor Department said yesterday, 4 December 2014.
US government's monthly nonfarm payrolls report for November will be out later in the global day today, 5 December 2014.
European Central Bank President Mario Draghi said yesterday, 4 December 2014 the region's central bank will reassess stimulus next quarter. Draghi's comments damped speculation the central bank was poised to start a program of sovereign-debt purchases known as quantitative easing after policy makers kept interest rates unchanged.
"We discussed the possibility of doing QE" with buying government bonds "as one option," Mr. Draghi said after the ECB left its key interest rates unchanged at record lows at the bank's monthly meeting yesterday, 4 December 2014. But he added they needed more time to gauge the effects of policies that they had already implemented while assessing how falling oil prices might affect the region's already weak consumer prices.
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