A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex was up 70.95 points or 0.28% at 25,107. The 50-unit Nifty 50 index was currently up 19 points or 0.25% at 7,631.50. The Sensex rose 139.77 points or 0.55% at the day's high of 25,175.82 at the onset of the trading session. The barometer index fell 1.91 points at the day's low of 25,034.14 in mid-morning trade. The Nifty rose 39 points or 0.51% at the day's high of 7,651.50 at the onset of the trading session. The index fell 2.50 points or 0.03% at the day's low of 7,610 in mid-morning trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,421 shares rose and 893 shares declined. A total of 153 shares were unchanged. The BSE Mid-Cap index was currently up 0.16%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.48%, outperforming the Sensex.
In overseas stock markets, Asian stocks edged lower after a decline in US stocks overnight. US stocks edged lower in a choppy trading session yesterday, 9 December 2015, as weak oil prices continued to feed global growth worries.
Index heavyweight and housing finance major HDFC rose 1.85% at Rs 1,176. The stock hit a high of Rs 1,178 and a low of Rs 1,154.60 so far during the day.
Another index heavyweight Reliance Industries (RIL) rose 2.47% at Rs 938.60. The stock hit a high of Rs 939 and a low of Rs 920.25 so far during the day.
IT stocks declined. Tech Mahindra (down 0.27%) and HCL Technologies (down 0.08%) declined. Oracle Financial Services Software (up 2.11%) gained.
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Infosys rose 0.56% at Rs 1,035.15 after the company announced that it has made an investment of $4 million in CloudEndure, a startup that provides cloud migration and cloud-based disaster recovery (DR) software. The announcement was made after market hours yesterday, 9 December 2015.
TCS was off 0.2% at Rs 2,360.95. The stock hit a high of Rs 2,384 and a low of Rs 2,353.50 so far during the day. TCS announced a new partnership with Vanderbilt University Medical Center (VUMC) to drive innovation in the healthcare and life sciences fields. This important collaboration will lay foundation for TCS' COIN Emerging Technology network to connect with Vanderbilt University's Center for Technology Transfer and Commercialization (CTTC) start-up community, TCS said.
VUMC is a comprehensive healthcare facility dedicated to patient care, research, and biomedical education.
Wipro fell 0.34% at Rs 563.25. The stock hit a high of Rs 569.80 and a low of Rs 562.80 so far during the day. The company announced that Wipro Digital, its digital business unit, has opened a new office in London to offer enhanced digital transformation services at close proximity to its UK and European customers. Wipro Digital also intends to continue its hiring in the UK to support business growth and expand its range of offerings. The company made the announcement after market hours yesterday, 9 December 2015.
Capital goods stocks witnessed mixed trend. Praj Industries (up 1.78%), Crompton Greaves (up 1.74%), L&T (up 1.07%), Beml (up 0.8%) and Suzlon Energy (up 0.72%) gained. Siemens (down 1.61%), Bharat Heavy Electricals (down 1.15%), Thermax (down 0.73%), Bharat Electronics (down 0.66%) and ABB India (down 0.15%) declined.
Havells India surged 8.07% at Rs 305.40 after the company announced that its wholly owned subsidiary, Havells Holdings Limited, Isle of Man proposes to enter into definitive agreement with Shanghai Feilo Acoustics Co (Feilo) to divest 80% stake in Havells Sylvania Malta BV. Havells Holding Limited, Isle of Man will continue to hold the remaining 20% stake with exit options in next 3-5 years. Havells India also proposes to divest 80% stake in its wholly-owned subsidiary, Havells Exim Limited, Hong Kong. The combined equity value for 100% stake for both these companies is 186 million euros or about Rs 1340 crore as against Havells' cumulative investment value of Rs 980 crore.
Sale of shares with respect to 80% of the stake held in both the entities i.e. Havells Sylvania Malta and Havells Exim shall be completed on or before end of February 2016. Remainder sale of stake of 20% in case of Havells Sylvania Malta shall be disposed off during a period of 5 years, with a put call option enforceable at the behest of either party. Remainder sale of stake of 20% in case of Havells Exim shall be completed within 9 months from the closing which is likely to be on or before end of February 2016.
Bank of Baroda (BoB) was off 1% at Rs 158.85. The stock hit a high of Rs 162 and a low of Rs 158.10 so far during the day. BoB said that it has received an intimation from Indian Banks' Association (IBA) dated 9 December 2015 that All India Bank Officers' Confederation (AIBOC) has agreed to call off the proposed strike on 11 December 2015, with immediate effect. The announcement was made during market hours today, 10 December 2015.
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