Volatility ruled the roost in early trade as the key benchmark indices regained positive zone after reversing initial gains triggered by the Prime Minister Narendra Modi-led Cabinet's approval yesterday, 29 December 2014 to Land Acquisition Act through the ordinance route for amendments. The S&P BSE Sensex was currently up 16.02 points or 0.06% at 27,411.75. The market breadth indicating the overall health of the market was positive.
Asian stocks were mostly lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 204.22 crore yesterday, 29 December 2014, as per provisional data.
At 9:30 IST, the S&P BSE Sensex was up 16.02 points or 0.06% at 27,411.75. The index gained 82.57 points at the day's high of 27,478.30 in early trade. The index fell 59.40 points at the day's low of 27,336.33 in early trade.
The CNX Nifty was up 1.95 points or 0.02% at 8,248.25. The index hit a high of 8,268.25 in intraday trade. The index hit a low of 8,230.30 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 864 shares gained and 536 shares fell. A total of 57 shares were unchanged.
The BSE Mid-Cap index was up 35.61 points or 0.35% at 10,239.25. The BSE Small-Cap index was up 39.06 points or 0.36% at 10,991.44. Both these indices outperformed the Sensex.
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The total turnover on BSE amounted to Rs 297 crore by 09:30 IST.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined.
L&T (up 0.95%), Bhel (up 0.63%) and Wipro (up 0.65%) edged higher from the Sensex pack.
Sesa Sterlite (down 1.18%), RIL (down 0.97%) and Hindalco Industries (down 0.83%) edged lower from the Sensex pack.
Hindustan Unilever (HUL) rose 0.33%. Housing Development Finance Corporation (HDFC) rose 0.08%. HUL announced after market hours yesterday, 29 December 2014, that the company and HDFC have signed an agreement for assignment of its leasehold rights of the land and building situated on Plot Nos. 165 and 166 of the Backbay Reclamation Estate, Fort Division, Mumbai.
The Union cabinet yesterday, 29 December 2014 used its executive powers to make it easier to acquire land in five key sectors including security and defence, infrastructure, power and affordable housing, even as it left the level of compensation unchanged. To be sure, these ordinances will have to be ratified once Parliament reconvenes for the budget session.
After the winter session of Parliament ended on 23 December 2014, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government has pressed ahead with reform initiatives, albeit through executive orders. Last week, the government pushed through two ordinances to allow foreign insurance firms to raise their stakes in local joint ventures to 49% from a maximum of 26% and allow commercial mining of coal.
The government yesterday, 29 December 2014 said that urgency of the land acquisition ordinance was because under Section 105 of the Act, 13 pieces of legislation including the Atomic Energy Act 1962, Railways Act 1989, National Highways Act 1956, and Metro Railways (Construction of Works) Act, 1978 needed clarity on which provisions of the Act applies to them. And their exclusion deadline ends on 1 January 2015.
Signalling the intent of the government to change the entire functioning of the government machinery, Modi said the government wanted to change the ABCD (Avoid, Bypass, Confuse, Delay) culture of government to one where there is responsibility, ownership, accountability and discipline in the activities of the government.
Asian stocks were mostly lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014. Key benchmark indices in China, Hong Kong, Japan, and South Korea fell by 0.4% to 0.91%. Key benchmark indices in Indonesia, Taiwan and Singapore rose 0.02% to 0.14%.
US stocks were little changed in thin trading yesterday, 29 December 2014 as the S&P 500 notched its latest record high, but gains were curbed when an early rally in energy prices lost momentum.
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