Market is seen opening higher in the early trade tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell.
In overseas markets, Asian shares rallied today, 13 January 2016, after Chinese data trade data beat expectations, offering a rare shaft of light for the global economy. China reported that its exports rose 2.3% in yuan-denominated terms in December, from a year earlier while imports dipped 4%. US stocks ended higher yesterday, 12 January 2016, led by gains in technology and health care stocks.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 540.99 crore on yesterday, 12 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 141.25 crore on yesterday, 12 January 2016, as per provisional data.
Among economic news, India's Index of Industrial Production (IIP) declined 3.2% in November 2015 over a year ago, driven by high base effect with the output rising 5.2% in November 2014. Also, with the festive season holidays for the month led to lesser number of working days in November this year compared with November last year. The government disclosed the data after market hours yesterday, 12 January 2016.
The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 (new base 2012=100), while recording rise for fifth straight month. the CPI inflation had stood at 5.41% in November 2015. The corresponding provisional inflation rate for rural area was 6.32% and urban area 4.73% in December 2015 as against 5.95% and 4.71% in November 2015. The core CPI inflation rose to 4.5% in December 2015 from 4.2% in November 2015. The cumulative CPI inflation eased to 4.2% in April-December 2015 compared with 6% in April-December 2014. The government disclosed the data after market hours yesterday, 12 January 2016.
Among corporate news, TCS' consolidated net profit fell 0.03% to Rs 6083 crore on 0.73% growth in revenue to Rs 27364 crore in Q3 December 2015 over Q2 September 2015. TCS has declared a third interim dividend of Rs. 5.50 per share. The result was announced after market hours yesterday, 12 January 2016. Commenting on the Q3 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said that all its industry segments have exhibited growth in a traditionally weak quarter additionally accentuated by the impact of the Chennai floods. The company's international business has grown smartly in CC terms with North America and Europe leading the way among major markets and Latin America among growth markets.
Tata Power Company announced after market hours yesterday, 12 January 2016, that the company has successfully issued and allotted 5,000 unsecured, non-cumulative, redeemable, taxable, listed, rated Non-Convertible Debentures (NCDs) of the face value of Rs 10 lakh each aggregating Rs 500 crore on a private placement basis. These NCDs carry a floating interest rate linked to base rate of State Bank of India and have been rated CARE AA by CAR. These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum addressed specifically to certain eligible investors and which is not intended to be an advertisement, invitation, offer, sale or solicitation of an offer to the public at large for investing in the NCDs.
State Bank of India (SBI) announced before trading hours today, 13 January 2016, that a meeting of the committee of directors, duly authorized by the board, is scheduled to be held on 15 January 2016 for extending the period of approval for raising equity capital by way of follow on public offer (FPO)/qualified institutional placement (QIP)/rights issue/employee stock option scheme (ESOS)/employee stock purchase scheme (ESPS)/ global depository receipt (GDR)/American depositary receipt (ADR) or any other mode as may be decided.
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HDFC said that as at 31 December 2015, the total amount invested by mutual funds in non convertible debentures and commercial paper issued by HDFC is 3.9% of the total debt asset under management. The single issue limit stipulated by the Securities Exchange Board of India (Sebi) for mutual funds is 10% of the net asset value of the scheme. The company replied after market hours yesterday, 12 January 2016, with regards to press release issued by Sebi on 11 January 2016, post its board meeting on investments by mutual funds in Housing Finance Companies (HFCs).
Canara Bank announced before market hours today, 13 January 2016, that the board of the bank in its meeting held on 12 January 2016 permitted the bank to move to 4 tier system ie., Head Office, Circle Offices, Regional Offices & Branches from the existing system of 3 tier system ie., Head office, Circle Offices and Branches in the next financial year ending 31 March 2017 (FY 2017) in a phased manner in order to enhance the connect between the branches and controlling offices, strengthen the control mechanism and to improve business & profitability by improving the operational efficiency.
Data showing stepping up of selling of Indian stocks by foreign portfolio investors (FPIs) hit sentiment adversely as Indian stocks fell for the second day in a row yesterday, 12 January 2016. The barometer index, the S&P BSE Sensex, fell 143.01 points or 0.58% to settle at 24,682.03. The losses for the 50-unit Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty fell 53.55 points or 0.71% to settle at 7,510.30. Stocks from banking, telecom and oil sector led losses for the two key benchmark indices which traded in negative zone for most part of the trading session. The Sensex hit its lowest closing level in more than 19 months. The Nifty hit its lowest level in almost 18 months.
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