Key benchmark indices drifted lower in early trade. The barometer index, the S&P BSE Sensex was currently down 11.20 points or 0.04% at 28,446.90. The market breadth indicating the overall health of the market was positive. BSE Mid-Cap and Small-Cap indices edged higher, outperforming the Sensex.
Steel Authority of India edged higher after the company's offer for sale (OFS) for government's 5% stake-sale was fully subscribed. ICICI Bank edged higher after the bank said that its board approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Liability Company. Thermax jumped after securing a repeat order.
Asian stocks were mostly lower today, 8 December 2014 after disappointing data from Japan and China.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 109.45 crore on Friday, 5 December 2014, as per provisional data.
As at 9:24 IST, the S&P BSE Sensex was down 11.20 points or 0.04% at 28,446.90. The index lost 77.17 points at the day's low of 28,380.93 in early trade. The index gained 8.74 points at the day's high of 28,466.84 in early trade.
The CNX Nifty was down 6.45 points or 0.08% at 8,531.85. The index hit a high of 8,543.40 in intraday trade. The index hit a low of 8,514.50 in intraday trade.
The BSE Mid-Cap index was up 25.25 points or 0.24% at 10,523.54. The BSE Small-Cap index was up 36.12 points or 0.31% at 11,510.81. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was positive. On BSE, 794 shares gained and 446 shares fell. A total of 66 shares were unchanged.
Steel Authority of India (Sail) rose 0.12% at Rs 82.90. The finance ministry after trading hours on Friday, 5 December 2014, said that the offer for sale (OFS) for divestment of 5% of Government of India equity in Sail was successfully concluded on that day. The issue was oversubscribed more than two times. In addition, retail investors were given 10% allocation and this category was also hugely oversubscribed more than 2.5 times, a record for any retail participation in any OFS, the finance ministry said. The divestment of 5% stake in Sail will fetch about Rs 1715 crore for the government. With this divestment, the Government of India's stake in Sail would come down to 75% and the company has become compliant to the public shareholding norms of 25% for listed companies, the finance ministry said in a statement.
State Bank of India (SBI) rose 0.11% at Rs 318. The bank after market hours on Friday, 5 December 2014 said it has decided to issue bond under reverse enquiry up to $300 million for 3 year/5 year/10 year at T+140 bps, T+160 bps, T+185 bps respectively, through issuance of senior unsecured fixed rate notes. According, the bank has finalized the pricing of $100 million 10 year senior unsecured fixed rate note at a fixed pricing of T+175 with a fixed yield of 4.045. The bonds will carry an interest rate of 3.95% per annum, that will be paid semi-annually.
ICICI Bank rose 0.46% at Rs 361.10. The bank after market hours on Friday, 5 December 2014, said that the board of directors has approved a proposal for the sale of ICICI Bank's shareholding in ICICI Bank Eurasia Limited Liability Company (IBEL), a non-material wholly-owned banking subsidiary in Russia, to Sovcombank, an unrelated third party Russian bank. At 30 September 2014, IBEL had total assets of RUB 4.5 billion and paid-up equity capital of RUB 1.6 billion. IBEL's profit after tax in the six months ended 30 September 2014 was RUB 28 million. IBEL accounted for less than 0.1% of ICICI Bank's consolidated total assets at that date and consolidated profit after tax for the period.
Thermax jumped 4.89% at Rs 1,116.20. The company after market hours on Friday, 5 December 2014. Said it has won a repeat order from a leading African industrial major. The new order worth Rs 351 crore is also for supplying a captive power project for one of the conglomerate's cement plants. The scope of work includes system design, manufacture, supply and supervision of erection and commissiong of the plant. As a back-to-back repeat order, it further strengthens Thermax's credentials to provide lump sum turnkey solutions for African customers, the company said in a statement.
Prime Minister Narendra Modi yesterday, 7 December 2014, said it is impossible for the nation to develop unless states develop. In his opening remarks at the consultation meeting with Chief Ministers of state governments on replacing the Planning Commission, Modi said that state governments should have a key role in the new body to replace the Planning Commission. He also said there should be an effective mechanism to address inter-state disputes. The Prime Minister also recalled his own speech on Independence Day, and said that the Planning Commission should be replaced by an organization which can think creatively, strengthen the federal structure, and energize states.
The 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.
Among macro-economic data, the government will unveil industrial production data for October 2014 on Friday, 12 December 2014. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014.
The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for November 2014 on Friday, 12 December 2014. CPI for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014.
The government will release the inflation data based on wholesale price index (WPI) for November 2014 on Monday, 15 December 2014. WPI eased to 1.77% in October from 2.38% in September 2014.
Asian stocks were mostly lower today, 8 December 2014 after disappointing data from Japan and China. Key benchmark indices in Taiwan, Singapore, South Korea, and Indonesia were off 0.01% to 0.6%. Key indices in Japan, China, and Hong Kong were up 0.08% to 1.42%.
Japan's revised third-quarter gross domestic product (GDP) showed the economy shrank more than initially estimated, with growth contracting an annualized 1.9%.
Chinese trade data painted a gloomy picture for the world's second-largest economy with both exports and imports slowing sharply in November. Exports rose just 4.7% on year, compared to October's 11.6% rise. Still, China maintained its trend of trade surpluses with a reading of $54.5 billion, data showed today, 8 December 2014.
US stocks rose on Friday, 5 December 2014, lifting the Dow and S&P 500 to record high as investors embraced a stronger-than-forecast November payrolls report as backing the view the economy can handle rate hikes by the Federal Reserve in 2015.
The Labor Department reported on Friday, 5 December 2014 that employers added 321,000 jobs in November, a much stronger number than economists had predicted and the tenth consecutive month of net job gains above 200,000.
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