Key benchmark indices pared gains in a range bound afternoon trade. The barometer index, the S&P BSE Sensex was currently up 42.61 points or 0.16% at 27,446.15. The market breadth indicating the overall health of the market was positive.
Earlier during the day, key benchmark indices reversed initial decline to hit intraday high in volatile early trade. The 50-unit CNX Nifty index hit one week high in morning trade.
In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 277.92 crore yesterday, 30 December 2014, as per provisional data.
In overseas markets, Asian stocks were mostly higher today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
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At 13:19 IST, the S&P BSE Sensex was up 42.61 points or 0.16% at 27,446.15. The index gained 98.87 points at the day's high of 27,502.41 in morning trade, its highest level since 29 December 2014. The index fell 57.54 points at the day's low of 27,346 in early trade.
The CNX Nifty was up 17.55 points or 0.21% at 8,265.80. The index hit a high of 8,280.05 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,243.75 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,537 shares gained and 1,101 shares fell. A total of 113 shares were unchanged.
The BSE Mid-Cap index was up 84.26 points or 0.82% at 10,342.90. The BSE Small-Cap index was up 81.55 points or 0.74% at 11,052.65. Both these indices outperformed the Sensex.
Among the 30 Sensex shares, 22 rose and the remaining shares declined. Bharat Heavy Electricals (up 2.63%), Dr. Reddy's Laboratories (up 1.92%), Hindalco Industries (up 1.09%), Sesa Sterlite (up 0.97%), NTPC (up 0.95%), Hero MotoCorp (up 0.92%), Axis Bank (up 0.87%), Bharti Airtel (up 0.82%) and Tata Power (up 0.74%), edged higher from the Sensex pack.
Mahindra & Mahindra (down 1.8%), Bajaj Auto (down 0.51%), HDFC (down 0.47%), Maruti Suzuki India (down 0.46%), HDFC Bank (down 0.45%), Coal India (down 0.33%), TCS (down 0.05%) and Larsen & Toubro (down 0.03%), edged lower from the Sensex pack.
Subex rose 5.21% after the company allotted 24.59 lakh shares pursuant to the conversion of $1 million out of company's $12.77 million 5.7% secured convertible bonds due 2017 on 30 December 2014. Post the conversion, foreign currency convertible bonds (FCCBs) aggregating to $84.85 million are outstanding under the said bonds. The company made announcement after trading hours yesterday, 30 December 2014.
Bank of Baroda rose 0.38% after the bank said it has decided to revise interest rates on term deposits of below Rs 1 crore and Rs 1 crore & above with effect from 1 January 2015. The announcement was made during market hours today, 31 December 2014.
Bank of Baroda said it will reduce interest rate on term deposits of below Rs 1 crore in the maturity bucket of 1 year and upto 3 years to 8.75% from earlier 8.9% with effect from 1 January 2015. Also, interest rate on maturity bucket of above 5 years and upto 8 years was revised downwards to 8.5% from earlier 8.75%.
Further, the bank revised downwards interest rate on bulk deposit of Rs 1 crore to Rs 10 crore in the maturity bucket of 271 days & above and less than 1 year to 8.25% from earlier 8.5% with effect from 1 January 2015. Also, interest rate on maturity bucket of above 1 year and upto 3 years was revised downwards to 8.5% from earlier 8.75%.
The bank also revised downwards interest rate on bulk deposit above Rs 10 crore and upto Rs 25 crore in the maturity bucket of 91 to 180 days to 7.25% from earlier 8% with effect from 1 January 2015. The interest rate on maturity bucket 181 to 270 days was revised downwards to 7.75% from earlier 8%. The interest rate on maturity bucket of 271 to less than 1 year was revised downwards to 8.25% from earlier 8.5%. The interest rate on maturity bucket of 1 year and upto 4 years was revised downwards to 8.5% from earlier 8.75%.
In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters. The partially convertible rupee was hovering at 63.305, compared with its close of 63.38 yesterday, 30 December 2014.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. Brent for February settlement was down 77 cents at $57.13 a barrel. The contract had risen marginally by 2 cents or 0.03% to settle at $57.90 a barrel on yesterday, 30 December 2014.
Asian stocks were mostly higher today, 31 December 2014. Key benchmark indices in Taiwan, Hong Kong and China rose by 0.42% to 2.18%. Singapore's Straits Times index fell 0.03%.
Stock markets in South Korea are shut today, 31 December 2014. Japanese markets will remain closed from today, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today, 31 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion. The official manufacturing PMI, a competing index published by China's National Bureau of Statistics, is due tomorrow, 1 January 2015.
Trading in US index futures indicated that the Dow could rise 36 points at the opening bell today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
A report yesterday, 30 December 2014 showed consumer confidence increased less than estimated this month. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91 a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.
Most global markets will remain closed tomorrow, 1 January 2015, for New Year holiday.
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