Volatility continued as the key benchmark indices trimmed losses in morning trade soon after extending losses in early trade. The market breadth indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex was currently down 56.83 points or 0.19% at 29,514.21.
Software stocks edged higher on renewed buying. Maruti Suzuki India edged higher, with the stock extending gains registered during the previous trading session triggered by the company's strong Q3 December 2014 results.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 953.50 crore yesterday, 27 January 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures dropped after an industry report showing a larger-than-expected rise in weekly US crude inventories bolstered speculation that a global glut will persist.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month January 2015 series to February 2015 series. The near month January 2015 derivatives contracts expire tomorrow, 29 January 2015.
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At 10:15 IST, the S&P BSE Sensex was down 56.83 points or 0.19% at 29,514.21. The index fell 95.81 points at the day's low of 29,475.23 in morning trade. The index rose 10.48 points at the day's high of 29,581.52 in early trade.
The CNX Nifty was down 5.75 points or 0.06% at 8,904.75. The index hit a high of 8,920.20 in intraday trade. The index hit a low of 8,889.10 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in morning trade. On BSE, 1,045 shares declined and 992 shares rose. A total of 68 shares were unchanged.
The BSE Mid-Cap index was up 70.67 points or 0.66% at 10,851.14. The BSE Small-Cap index was up 18.36 points or 0.16% at 11,442.84. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 902 crore by 10:15 IST compared to Rs 181 crore by 09:20 IST.
Bharti Airtel (down 1.86%) and GAIL (India) (down 0.88%) edged lower from the Sensex pack. Sun Pharmaceutical Industries (up 1.49%) and Hero MotoCorp (up 1.27%) edged higher from the Sensex pack.
Shares of Tata Motors dropped on equity dilution concerns. The stock was off 1.29%. Tata Motors after market hours yesterday, 27 January 2015, announced that the company's board of directors has decided to seek approval of the shareholders through a postal ballot for raising upto Rs 7500 crore through a rights issue of ordinary shares and 'A' ordinary shares having differential voting rights for meeting the company's growth plans as well as for reducing the debt. The quantum, pricing and timing of the issue will be decided at a later point in time, depending upon the market conditions post shareholders' and other approvals, Tata Motors said.
Maruti Suzuki India was up 1.7% to Rs 3,747.90. The stock hit record high of Rs 3,758 in intraday trade. The stock extended gains registered during the previous trading session triggered by the company's strong Q3 December 2014 results. Maruti Suzuki India's net profit rose 17.76% to Rs 802.16 crore on 15.38% rise in total income to Rs 12704.72 crore in Q3 December 2014 over Q3 December 2013. The result was announced during market hours yesterday, 27 January 2015.
Software stocks rose on renewed buying. Tata Consultancy Services (TCS) (up 1.19%), Infosys (up 0.63%), Wipro (up 0.36%), HCL Technologies (up 1.72%), Tech Mahindra (up 2.12%), Hexaware Technologies (up 1.14%) and MphasiS (up 1.38%) gained.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.48, compared with its close of 61.41 during the previous trading session.
Brent crude oil futures dropped after an industry report showing a larger-than-expected rise in weekly US crude inventories bolstered speculation that a global glut will persist. Brent for March settlement was off 59 cents at $49.01 a barrel. The contract had gained $1.44 a barrel or 2.99% to settle at $49.60 a barrel during the previous trading session.
Finance Minister Arun Jaitley yesterday, 27 January 2015, said that there is huge curiosity and interest in India especially among domestic and foreign investors. The Finance Minister said that in order to make best use of this opportunity, India has to address two major concerns i.e. quick decision making & stability in policy matters and reforms in tax structure and administration. The Finance Minister made these comments in his speech at the Investiture Ceremony to honour the officers of Central Board of Excise and Customs (CBEC) for their excellent performance and International Customs Day function organised by CBEC. Jaitley said that that the government's revenue collection which was affected due to low manufacturing in the last 2-3 years is turning around and that the government hopes to meet its fiscal targets. Speaking on the occasion, Minister of State for Finance Jayant Sinha said that there is need for more transparency in tax administration and need to build data base for authentic and valid information.
Asian stocks were mixed today, 28 January 2015. Key benchmark indices in Hong Kong, Japan, Singapore and South Korea rose by 0.01% to 0.33%. Key benchmark indices in Taiwan, Indonesia and China fell by 0.02% to 0.83%.
Trading in US index futures indicated that the Dow could rise 95 points at the opening bell today, 28 January 2015. US stock markets fell heavily yesterday, 27 January 2015 following a string of disappointing financial results from big bellwether companies, including Procter & Gamble, Caterpillar, Microsoft and Pfizer.
A two-day meeting of the Federal Open Market Committee (FOMC) concludes today, 28 January 2015. In its last meet in December 2014, FOMC had based on its assessment, judged that it can be patient in beginning to normalize the stance of monetary policy.
In economic data, US durable goods, which economists treat as a proxy for business investment, dropped 3.4% in December 2014 following a 2.1% fall in November 2014.
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