Key benchmark indices edged higher at the onset of trading session. The Sensex was currently up 33.99 points or 0.12% at 28,066.84. The market breadth indicating the overall health of the market was positive. Asian stocks were mostly lower.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 19 November 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 71.80 crore on that day.
Shares of cement and metal companies and power generation were in action after the Ministry of Coal yesterday, 19 November 2014, placed in public domain the draft rules for auction/allocation of 204 coal blocks cancelled by the Supreme Court in September this year.
At 9:20 IST, the S&P BSE Sensex was up 33.99 points or 0.12% at 28,066.84. The index rose 85.68 points at the day's high of 28,118.53, at onset of the trading session. The index fell 15.87 points at the day's low of 28,016.98 at onset of the trading session.
The CNX Nifty was up 14.10 points or 0.17% at 8,396.40. The index hit a high of 8,410.10 in intraday trade. The index hit a low of 8,380.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 884 shares gained and 526 shares fell. A total of 42 shares were unchanged.
The BSE Mid-Cap index was up 43.91 points or 0.43% at 10,254.51. The BSE Small-Cap index was up 45.29 points or 0.40% at 11,413.84. Both these indices outperformed the Sensex.
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Among the 30-share Sensex pack, 18 shares rose and the remaining shares fell.
Shares of cement and metal companies and power generation were in action after the Ministry of Coal yesterday, 19 November 2014, placed in public domain the draft rules for auction/allocation of 204 coal blocks cancelled by the Supreme Court in September this year.
Among power generation stocks, NHPC (up 0.97%), JSW Energy (up 0.9%), CESC (up 0.65%), Tata Power (up 0.56%), GMR Infrastructures (up 0.49%), Reliance Power (up 0.27%) and Adani Power (up 0.22%), edged higher.
Among metal and mining shares, Bhushan Steel (up 1.35%), Hindustan Zinc (up 0.77%), Hindalco Industries (up 0.74%), Steel Authority of India (up 0.23%), JSW Steel (up 0.19%) and Jindal Steel & Power (up 0.03%), edged higher. Sesa Sterlite (down 0.54%) and Tata Steel (down 0.64%), edged lower.
Among cement shares, Dalmia Bharat (up 1.43%), Prism Cement (up 1.4%), J K Cements (up 0.86%), Saurashtra Cements (up 0.76%), JK Lakshmi Cements (up 0.71%), India Cements (up 0.37%), Mangalam Cement (up 0.36%) and UltraTech Cements (up 0.13%), edged higher.
Kakatiya Cement (down 2.73%), Birla Corporation (down 1.42%), Ambuja Cements (down 1.06%), HeidelbergCement India (down 0.51%), Jaiprakash Associates (down 0.45%), The Ramco Cement (down 0.31%) and ACC (down 0.24%), edged lower.
The draft rules provide the process of allocation through auction and allotment. The central government will issue an order to the Nominated Authority specifying which coal mines are to be auctioned and which are to be allotted to the government companies. The Nominated Authority will prepare a 'Mine Dossier' for each mine containing the particulars of geographical area, coal reserves, mine infrastructure, approvals, permits, etc. in relation to such mine.
Eligibility to bid for Schedule II & III coal mines shall be dependent on the status of preparedness of their end use plant viz. 80% of investment made in the EUP for Schedule II mines and 60% of investment made in the EUP for Schedule III mines. In case of allotment to government companies, the progress of development of coal blocks by the applicant in the past, financial and technical capabilities of the applicant, status of preparedness of end use plant, per-capita power availability in the state of the applicant, its current and future requirements etc. will be the factors for selecting the allottee. The Nominated Authority may also specify the maximum number of mines and/or coal reserves that may be allocated to one or more persons.
The draft rules for auction/allocation of coal blocks also provide the manner of determination of compensation, priority of disbursal of proceeds arising out of land and mine infrastructure, determination of claims and manner of disbursement.
A successful bidder or allottee may utilize coal mined from a particular coal mine in any of its other similar end use plants by giving a prior intimation to the Central Government in writing and the Central Government may impose such terms and conditions as may be found necessary.
The coal ministry has invited comments on the draft rules for auction/allocation of coal blocks from the public and stakeholders. The comments and suggestions can be sent by 9:00 IST on Monday 24 November 2014, the coal ministry said.
Larsen & Toubro (L&T) was up 0.47%. L&T after market hours yesterday, 19 November 2014 in a clarification with regard to news item titled "L&T, Sojits win India railway order worth 50 bn Yen" said that Sojitz Corporation has informed on 19 November 2014 in the media about the above order received by the consortium and the same has been confirmed by L&T.
Asian stocks mostly fell on Thursday as fresh data signalling a further loss of momentum in China's economy weighed on sentiment, while the yen slid to multi-year lows against the dollar and euro. Further declines in oil and other commodities such as iron ore and coal prices weighed on some bourses. Key benchmark indices in Hong Kong, Japan and Taiwan were up by 0.05% to 1.09%. Key benchmark indices in China, Indonesia, Singapore and South Korea were off 0.10% 0.86%.
The China flash HSBC/Markit manufacturing purchasing managers' index published on Thursday showed factory output contracted in the world's third-biggest economy for the first time in six months. The preliminary HSBC China Manufacturing Purchasing Managers Index fell to 50.0 in November, compared with a final reading of 50.4 in October, HSBC Holdings PLC said Thursday. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
US stocks edged lower on Wednesday, 19 November 2014, as minutes from the most recent Federal Reserve meeting gave investors few new clues as to when US interest rates may rise. The S&P 500 snapped a four-day run of gains and a two-day streak of record closing highs. Minutes of the US central bank's October 28-29 meeting, where policymakers decided to finally end their bond-buying stimulus, indicated a debate among policymakers over the outlook for inflation and the economy.
Following the release of the minutes, US short-term interest-rate futures traders were still betting on a first Fed rate hike by September next year. Tech names were among the biggest drags on the market, with the Nasdaq underperforming both the Dow and S&P 500.
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