Key benchmark indices displayed divergent trend in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 12.55 points or 0.05% at 25,162.90. The Nifty 50 index was down 3.75 points or 0.05% at 7,646.30. The Sensex was trading above the psychologically important 25,000 mark.
The market breadth indicating the overall health of the market was positive. On BSE, 692 shares rose and 281 shares fell. A total of 65 shares were unchanged. The BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.23%. Both these indices outperformed the Sensex.
In overseas markets, Asian stocks were trading higher as recently volatile crude oil prices showed some stability, though gains were limited by caution ahead of a widely anticipated US interest rate increase by the Federal Reserve. US stocks ended yesterday's, 14 December 2015, volatile session with modest gains, lifted by a rebound in crude-oil prices.
Investors will closely watch the decision of US Federal Reserve's (Fed) two-day monetary policy meeting scheduled today, 15 December and tomorrow, 16 December 2015. The Fed is widely expected to raise the federal funds rate by 25 basis points. With markets having already priced in a 25 basis points rate hike in mid-December, the focus has shifted to the likely pace and quantum of rate hikes once this first move is done.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 157.07 crore yesterday, 14 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 386.47 crore yesterday, 14 December 2015, as per provisional data.
On the economic front, data released by the government after trading hours yesterday, 14 December 2015, showed that inflation based on the consumer price index (CPI) spiked to 5.41% in November 2015. This was higher than the CPI inflation of 5% in October 2015 and 3.27% in November 2014.
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Jet Airways (India) rose 1.31% after the company announced the launch of daily non-stop services between India and Amsterdam, its new European gateway which is ideally located for convenient onward connections. With effect from 27 March 2016, Jet Airways will operate two daily non-stop flights to Amsterdam Airport Schiphol, one each from its home hubs in Mumbai and New Delhi. Jet Airways will also operate a daily flight from Toronto to Amsterdam. Schedules of all three flights have been planned to allow quick and convenient connections between India and Toronto over Amsterdam, Jet Airways (India) said in a statement. These flights will be available for sale across all booking channels from 15 December 2015. Jet Airways will deploy its modern Airbus A330-300 aircraft with 34 seats in Premiere and 259 seats in Economy class on these routes. The announcement was made after market hours yesterday, 14 December 2015.
National Buildings Construction Corporation (NBCC) rose 2.46% after the company announced that the Ministry of Water Resources, River Development & Ganga Rejuvenation, Government of India has awarded the work to NBCC to carry out work on condition assessment & feasibility study and entry level activities under National Mission for Clean Ganga (NMCG) for all towns and cities of Bihar on the bank of river Ganga. The announcement was made after market hours yesterday, 14 December 2015.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.96% after the company announced that as part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc. (Nostrum) for the divestment of the Bryan (Ohio) unit in the US. The announcement was made after market hours yesterday, 14 December 2015. As part of the agreement, Sun Pharma's subsidiary has divested this unit as a going concern along with the employees and related products to Nostrum. The financial impact of this development on Sun Pharma is negligible, the company said in a statement.
Tech Mahindra was down 0.50%. Mahindra & Mahindra (M&M) was down 0.14%. Tech Mahindra and Mahindra & Mahindra (M&M) have jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The announcement was made after market hours yesterday, 14 December 2015. Pininfarina S.p.A. is an independent Italian car design company, founded and run by the Pininfarina family since 1930. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot. This will mean an opportunity for Tech Mahindra to influence product conceptualization and design & styling through Europe's best-in-class design house.
NHPC was down 1.33%. The company announced that Parbati-III power station (4X130 MW) in Himachal Pradesh will be completely shutdown with effect from 15 December 2015 to 15 February 2016 to carry out repair of pressure shaft, sealing of surge shaft gate & MIV seals and annual maintenance of units. The announcement was made after market hours yesterday, 14 December 2015.
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