Amid a divergent trend among various index constituents, key benchmark indices eked out small gains. The 50-unit CNX Nifty hit record high on intraday basis as well as on closing basis. The barometer index, the S&P BSE Sensex, rose 6.10 points or 0.02% to settle at 27,874.73. The market breadth indicating the overall health of the market was negative. The Central Board of Direct Taxes (CBDT) on Friday, 7 November 2014, issued instructions to its field offices regarding its constant endeavour towards a non-adversarial tax regime. Foreign portfolio investors (FPIs) bought shares worth a massive Rs 2581.78 crore from the secondary equity markets during the previous trading session on Friday, 7 November 2014.
In the first cabinet expansion exercise of the Narendra Modi government, 21 ministers were inducted into the council of ministers yesterday, 9 November 2014. Four ministers were allotted cabinet rank, whereas three took charge as Ministers of State (independent charge). The remaining 14 took oath as MoS. Among cabinet ministers, former Goa Chief Minister Manohar Parikkar was allotted Defense portfolio. Suresh Prabhu was handed over with Railways which was earlier held by D. V. Sadananda Gowda who has now been allocated the portfolio of Law & Justice. Jagat Prakash Nadda was made minister of Health & Family Welfare. Chaudhary Birender Singh was allotted Rural Development, Panchayati Raj, Drinking Water and Sanitation.
FMCG stocks edged higher on renewed buying. Bank stocks declined. L&T declined after Q2 results. Coal India shrugged off weak Q2 earnings. ITC rose after change of guard at the health ministry. Among private sector bank stocks, Axis Bank reversed direction after scaling a record high. ING Vysya Bank scaled record high. Aviation scrips rallied. Essar Oil declined after Q2 results. Rural Electrification Corporation dropped in volatile trade after strong Q2 earnings. Shares of companies whose fortunes are linked to orders from Indian Railways rose after Prime Minister Narendra Modi appointed Suresh Prabhu as new Union Railway Minister in a Cabinet expansion and reshuffle announced yesterday, 9 November 2014.
Metal and mining stocks edged lower. Sun Pharmaceutical Industries scaled record high after its overseas subsidiary Taro Pharmaceutical Industries reported strong Q2 September 2014 earnings.
Earlier, high volatility was witnessed as the Sensex and the Nifty reversed direction after both these indices struck record high in early trade. The Sensex fell below the psychological 28,000 level soon after regaining that level in early trade.
In overseas markets, European stocks reversed initial losses as investors weighed better-than-expected corporate results. Mainland Chinese stocks led gains in Asian stocks after Chinese regulators said the exchange link between Hong Kong and Shanghai will debut on 17 November 2014. US stocks eked out marginal gains amid thin volumes on Friday, 7 November 2014, with the S&P 500 and Dow Jones Industrial Average, both, attaining record closing high.
In the foreign exchange market, the rupee edged higher against the dollar as demand for the dollar weakened after data showed US employers added fewer jobs than economists estimated last month.
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Brent crude futures rose as Chinese export data signaled foreign demand may help sustain the economy in the world's second-biggest oil consumer.
The S&P BSE Sensex rose 6.10 points or 0.02% to settle at 27,874.73, its highest closing level since 5 November 2014. The index jumped 159.33 points at the day's high of 28,027.96 in early trade, a lifetime high for the index. The index lost 103.88 points at the day's low of 27,764.75 in afternoon trade.
The CNX Nifty rose 7.25 points or 0.09% to settle at 8,344.25, a record closing high for the index. The index hit a high of 8,383.05 in intraday trade, a lifetime high for the index. The index hit a low of 8,304.45 in intraday trade.
The BSE Mid-Cap index gained 13.58 points or 0.14% to settle at 10,013.27. The BSE Small-Cap index advanced 17.64 points or 0.16% to settle at 11,134.81. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,510 shares fell and 1,504 shares advanced. A total of 111 shares were unchanged.
The total turnover on BSE amounted to Rs 3851 crore, lower than Rs 3948.54 crore on Friday, 7 November 2014.
The S&P BSE FMCG index (up 2.81%), the S&P BSE Consumer Durables index (up 1%), the S&P BSE Power index (up 0.84%), the S&P BSE Healthcare index (up 0.47%) outperformed the Sensex.
The S&P BSE IT index (down 0.06%), the S&P BSE Teck index (down 0.09%), the S&P BSE Metal index (down 0.1%), the S&P BSE Realty index (down 0.13%), the S&P BSE Auto index (down 0.34%), the S&P BSE Bankex (down 0.53%), the S&P BSE Capital Goods index (down 1.01%) and the S&P BSE Oil & Gas index (down 1.29%) underperformed the Sensex.
Shares of cigarette major ITC jumped 4.03% at Rs 370 after change of guard at the health ministry. Dr Harsh Vardhan was replaced by senior Bharatiya Janata Party (BJP) leader Jagat Prakash Nadda as the union health minister in a Cabinet expansion and reshuffle announced yesterday, 9 November 2014. Dr Harsh Vardhan was shifted to the more low-key Science and Technology and Earth Sciences Ministry. The health department would now also be overlooked by an additional minister Sripad Yasso Naik. He will independently be responsible for Ayush (ayurveda, yoga and naturopathy, unani, siddhi and homeopathy) department.
FMCG stocks gained on renewed buying. Colgate-Palmolive (India) (up 5.59%), Marico (up 2.23%), Godrej Consumer Products (up 1.91%) and Hindustan Unilever (up 1.28%) gained. Dabur India (down 0.02%) and Nestle India (down 1%) declined.
Bank stocks edged lower. Canara Bank (down 2.79%), Punjab National Bank (down 1.79%), Axis Bank (down 1.89%), Kotak Mahindra Bank (down 1.21%), ICICI Bank (down 1.07%), IndusInd Bank (down 0.48%), Yes Bank (down 0.07%), Bank of India (down 0.1%), and State Bank of India (down 0.26%) declined. Bank of Baroda (up 2.32%) and HDFC Bank (up 0.9) gained.
Axis Bank fell 1.78% to Rs 460.50. The stock reversed direction after scaling a record high of Rs 475 in intraday trade.
ING Vysya Bank surged 6.22% to Rs 722.60 after scaling a record high of Rs 745 in intraday trade.
Central Bank of India rose 1.39% at Rs 72.80. The stock hit a high of Rs 74.75 and a low of Rs 71.75. The bank reported a net profit of Rs 102.91 crore in Q2 September 2014 compared with net loss of Rs 1508.74 crore in Q2 September 2013. Total income rose 12.58% to Rs 7021.10 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced on Saturday, 8 November 2014.
The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 6.14% as on 30 September 2014 as against 6.15% as on 30 June 2014 and 6.47% as on 30 September 2013. The ratio of net NPAs to net advances stood at 3.38% as on 30 September 2014 as against 3.62% as on 30 June 2014 and 3.77% as on 30 September 2013.
Coal India rose 1.32% at Rs 349.25. The company's consolidated net profit declined 28.17% to Rs 2192.38 crore on 0.6% growth in total income to Rs 17700.12 crore in Q2 September 2014 over Q2 September 2013. The result was announced on Saturday, 8 November 2014.
L&T shed 1.98% at Rs 1,620. The company's consolidated profit after tax rose 7% to Rs 862 crore on 10.4% growth in gross revenue to Rs 21331 crore in Q2 September 2014 over Q2 September 2013. The result hit the market after trading hours on Friday, 7 November 2014.
L&T's consolidated order intake rose 17% to Rs 39797 crore in Q2 September 2014 over Q2 September 2013. The international order inflow during the quarter at Rs 6756 crore constituted 17% of the total order inflow. Major orders during the quarter were secured by the infrastructure, power and hydrocarbon segments. L&T's consolidated order book stood at Rs 2.14 lakh crore as on 30 September 2014, higher by 14% on a year-on-year basis. International order book constituted 27% of the total order book.
With regard to future business outlook, L&T said that while continuing to pursue international business on selective basis, the company with its capabilities spanning across several core sectors, is poised to grow its domestic order book and maintain its leadership position as the opportunities emerge.
Engineers India fell 12.59% after net profit declined 47.44% to Rs 58.79 crore on 16.02% fall in net sales to Rs 390.64 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 7 November 2014.
NTPC rose 1.14% at Rs 146.15. The company's Chairman & Managing Director Dr Arup Roy Choudhury on Friday, 7 November 2014, said that the company currently has 42 units under construction totalling 23,854 megawatts (MW) capacity. He was speaking at NTPC's first International Technical Summit titled 'Global Energy Technology Summit' GETS 2014 in New Delhi. A.K.Jha, Director Technical NTPC mentioned that in house engineering capability has been the key differentiator for NTPC in the industry. The entire engineering for all 42 units under construction at 21 different locations all over the country in thermal, hydro and renewables is being done in house, he said.
TCS rose 0.06% at Rs 2,575. The stock hit a high of Rs 2,588 and a low of Rs 2,551. The company during market hours today, 10 November 2014, said it has successfully delivered Qantas with an upgrade to Oracle E-Business Suite Release 12 (R12) provisioned in a Software as a Service model altogether with Macquarie Telecom. The new cloud-based version of Oracle E-Business Suite will provide Qantas with key benefits including enhanced system functionality, reduced system management complexity and unification of vendors, TCS said in statement.
Metal and mining stocks edged lower. Jindal Steel & Power (down 4%), Hindalco Industries (down 2.27%), Steel Authority of India (down 0.48%), Hindustan Copper (down 0.9%), National Aluminium Company (down 2.25%) and Sesa Sterlite (down 0.24%) declined. JSW Steel (up 1.86%), NMDC (up 0.89%) and Tata Steel (up 0.19%) edged higher.
MMTC dropped 3.32%. The company reported a net loss of Rs 10.08 crore in Q2 September 2014, lower than net loss of Rs 10.40 crore in Q2 September 2013. Total income declined 66.08% to Rs 2547.76 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced after market hours on Friday, 7 November 2014.
Sun Pharmaceutical Industries rose 2.28% at Rs 912. The stock hit a record high of Rs 932 intraday trade. Taro Pharmaceutical Industries' net profit jumped 48.9% to $143.4 million on 22.2% growth in net sales to $250.8 million in Q2 September 2014 over Q2 September 2013. The result was announced yesterday, 9 November 2014. Taro Pharmaceutical Industries is a subsidiary of Sun Pharmaceutical Industries.
IPCA Laboratories lost 4.13%. The company's net profit fell 52.64% to Rs 61.30 crore on 7.36% decline in total income to Rs 789.31 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Shares of public sector oil marketing companies rose on renewed buying. BPCL (up 0.96%), Indian Oil Corporation (up 0.25%) and HPCL (up 0.82%) edged higher.
Essar Oil lost 1.66% at Rs 121.10. The company reported net profit of Rs 226 crore in Q2 September 2014, compared with net loss of Rs 71 crore in Q2 September 2013. Gross revenues fell 11.67% to Rs 24194 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 7 November 2014.
The dip in revenues is mainly due to lower crude oil price during Q2 September 2014. Current Price Gross Refining Margin (CP GRM) for Q2 September 2014 was $7.03/bbl, as compared to $6.93/bbl in Q2 September 2013.
Rural Electrification Corporation lost 0.23% at Rs 301.30. The stock hit a high of Rs 311.25 and a low of Rs 285.70. The company's net profit rose 35.11% to Rs 1500.75 crore on 19.93% increase in total income to Rs 5066.27 crore in Q2 September 2014 over Q2 September 2013.
Neyveli Lignite Corporation (NLC) lost 5.02%. The company's net profit rose 8.06% to Rs 259.35 crore on 1.42% growth in sales turnover to Rs 1402.49 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 7 November 2014. During the first half of FY 2015 NLC has generated 9,983.10 million units of power, achieving 100.04% of the set target, the company said in a statement.
CESC lost 3.08% at Rs 667.50 as shares allotted by the company to institutional investors under Qualified Institutional Placement (QIP) were admitted for trading on the bourses today, 10 November 2014. A total of 76.21 lakh shares will be admitted for trading. CESC had priced the issue of shares to institutional investors at Rs 644 per share.
Adani Power lost 3.25%. The company reported a consolidated net loss of Rs 798.71 crore in Q2 September 2014, lower than net loss of Rs 1071.91 crore in Q2 September 2013. Total income rose 34.26% to Rs 4173.12 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Shares of companies whose fortunes are linked to orders from Indian Railways rose after Prime Minister Narendra Modi appointed Suresh Prabhu as new Union Railway Minister in a Cabinet expansion and reshuffle announced yesterday, 9 November 2014. Investors anticipate more reforms in railways sector after the appointment of the new minister.
BEML (up 7.16%), Texmaco Rail and Engineering (up 8.98%), Kalindee Rail Nirman (Engineers) (up 8.1%), Kernex Microsystems (India) (up 4.96%), Nelco (up 7.04%), Bharat Heavy Electricals (up 0.28%), Titagarh Wagons (up 3.62%), Stone India (up 2.58%) and Container Corporation of India (up 0.18%) edged higher.
Former Shiv Sena leader Suresh Prabhu, who resigned from the party to join BJP, has replaced Sadananda Gowda as the railway minister in the expansion-cum-reshuffle of the Narendra Modi government announced yesterday, 9 November 2014.
Tata Chemicals rose 1.18% at Rs 423.50. The company's consolidated net profit jumped 91.17% to Rs 257.01 crore on 10.48% growth in total income to Rs 4846.87 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Motherson Sumi Systems lost 4.25% after consolidated net profit fell 25.20% to Rs 104.44 crore on 10.67% increase in total income to Rs 8021.54 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Adani Ports and Special Economic Zone fell 0.8%. The company's consolidated net profit increased 67.77% to Rs 573.52 crore on 32.54% increase in total income to Rs 1865.21 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Aviation stocks surged. Jet Airways (India) jumped 6.84% after reporting turnaround Q2 results. The company reported a net profit of Rs 70 crore in Q2 September 2014, compared with net loss of Rs 891 crore in Q2 September 2013. Revenue rose 16% to Rs 4772 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 7 November 2014.
SpiceJet jumped 5.63%.
Shree Cement rose 3.4% to Rs 9,240, with the stock shrugging off weak Q1 result. The stock hit a high of Rs 9,292 in intraday which is a record high for the stock. The stock hit low of Rs 8,811.10 in intraday trade. The company's net profit declined 36.81% to Rs 108.81 crore on 23.8% rise in total income to Rs 1636.13 crore in Q1 September 2014 over Q1 September 2013. The Q1 result was announced during market hours today, 10 November 2014.
Bharat Forge jumped 6.35% after the company's profit after tax jumped 81% to Rs 174.50 crore on 34.7% growth in total revenue to Rs 1138.30 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 10 November 2014.
Amara Raja Batteries advanced 4.51% to Rs 693.55 after scaling a record high of Rs 706.10 in intraday trade.
Greaves Cotton jumped 6.16% to Rs 151.55 after scaling a record high of Rs 155.80 in intraday trade.
Page Industries galloped 5.86% to Rs 9,761.10 after scaling a record high of Rs 10,390 in intraday trade. Page Industries' net profit rose 21.92% to Rs 49.90 crore on 38.23% rise in total income to Rs 403.20 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced during market hours today, 10 November 2014.
The Sensex has 8.90 risen points or 0.03% in November 2014 (so far till 10 November 2014. The Sensex has gained 6,704.05 points or 31.66% in calendar year 2014 so far (till 10 November 2014). From a 52-week low of 19,963.12 on 4 February 2014, the Sensex has risen 7,911.61 points or 39.63%.
In the foreign exchange market, the rupee edged higher against the dollar as demand for the dollar weakened after data showed US employers added fewer jobs than economists estimated last month. The partially convertible rupee was hovering at 61.49, compared with its close of 61.635 during the previous trading session on Friday, 7 November 2014.
Brent crude futures rose as Chinese export data signaled foreign demand may help sustain the economy in the world's second-biggest oil consumer. Brent for December delivery was up $1.32 a barrel at $84.71 a barrel. The contract had risen 53 cents to settle at $83.39 a barrel during the previous trading session on Friday, 7 November 2014. Brent for January 2015 delivery was up $1.23 a barrel at $85.17 a barrel.
The Indian government will unveil industrial production data for September 2014 on Wednesday, 12 November 2014. Growth of industrial output remained subdued at 0.4% in August 2014 same as 0.4% (revised) increase in July 2014.
The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for October 2014 on Wednesday, 12 November 2014. CPI for urban and rural India eased to 6.46% in September 2014, from 7.73% in August 2014.
The government will release the inflation data based on wholesale price index (WPI) for October 2014 on Friday, 14 November 2014. WPI eased to 2.38% in September 2014, from 3.74% in August 2014.
The Central Board of Direct Taxes (CBDT) on Friday, 7 November 2014, issued instructions to its field offices regarding its constant endeavour towards a non-adversarial tax regime. Though less than 1% of returns filed are selected for scrutiny, this area of work has often drawn adversarial comments. Supervisory officers have been directed to play a more pro-active role in monitoring and guiding assessments towards ensuring that high-pitched assessments without proper basis are not made and that lengthy questionnaires or summons without due application of mind are avoided, the Ministry of Finance said in a statement. They have been directed to ensure Inspections and Reviews in accordance with guidelines issued to enable capacity building within the Department and accountability of the officers, the finance ministry said. Senior officers have been directed to ensure that appeals are filed only on the merits thereof and not merely on the tax effect involved, the finance ministry said.
European stocks reversed initial losses today, 10 November 2014, as investors weighed better-than-expected corporate results. Key indices in Germany, UK, and France were up 0.29% to 0.53%.
Mainland Chinese stocks led gains in Asian stocks after Chinese regulators said the exchange link between Hong Kong and Shanghai will debut on 17 November 2014. Key benchmark indices in China, Hong Kong, Taiwan, Singapore and South Korea were up 0.44% to 2.3%. Key indices in Japan and Indonesia were off 0.44% to 0.59%.
China said today, 10 November 2014, that the exchange link between Hong Kong and Shanghai will debut on 17 November 2014. Bourses in the two cities will begin trading through the program, which allows a net 23.5 billion yuan ($3.8 billion) a day in cross-border purchases, on 17 November 2014, regulators said in a joint statement today, 10 November 2014.
China's consumer inflation held steady in October, allowing more room for monetary easing as growth momentum slips in the world's second-largest economy. The consumer-price index (CPI) matched September's nearly five-year low and remained well below the government's goal of keeping inflation below 3.5% this year. The CPI expanded 1.6% in October from a year earlier, unchanged from September, the National Bureau of Statistics said today, 10 November 2014. China's producer-price index, a gauge of factory-gate prices, dropped 2.2% in October from a year earlier, accelerating from a 1.8% year-over-year decline in September.
China's exports jumped 11.6% in October 2014 from a year earlier, according to Chinese customs data released on Saturday, 8 November 2014. China's imports rose 4.6% in October 2014.
China's President Xi Jinping told executives at the Asia-Pacific Economic Cooperation meeting yesterday, 9 November 2014, that China has the tools to address perceived risks to the Chinese economy. Economic data in the first nine months remained in a reasonable range, he said, adding that slower growth is a "new normal," and annual growth above 7% still puts China's economy among global leaders in speed and size. China needs to improve its social safety net and open its capital markets, the Chinese president said, adding that urbanization, agricultural modernization, better use of technology and new approaches to macroeconomic management will help relieve "growing pains" as the economy increasingly relies on consumption and reduces its reliance on exports.
Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe met for their first talks today, 10 November 2014, since they took power in the two neighboring nations. Abe and Xi met in Beijing on the sidelines of the Asia-Pacific Economic Cooperation forum, with the Chinese leader saying after the meeting that stable bilateral ties were in the interest of both China and Japan, according to reports. It was the first step for improving relations by returning to the starting point of mutually beneficial relations based on common strategic interests, Abe said according to reports. Tensions have run high between Japan and China recently, in part due to rising tensions from their territorial dispute over a strategic but uninhabited island group called Diaoyu in Chinese and Senkaku in Japanese.
Trading in US index futures indicated that the Dow could rise 28 points at the opening bell today 10 November 2014. US stocks eked out marginal gains amid thin volumes on Friday, 7 November 2014, but it was still enough to register fresh record highs for two of the three main benchmarks. The S&P 500 and Dow Jones Industrial Average closed at record highs for the third consecutive day. However, investors' reaction to the latest employment data, showing 214,000 new jobs were added last month was mostly muted. The Bureau of Labor Statistics report showed the US created 214,000 jobs in October, nudging the unemployment rate down a notch to 5.8%, as many companies added workers to gear up for the holiday season. The economy has now added 200,000 workers or more for nine straight months, a feat last accomplished in 1994.
Federal Reserve Chairwoman Janet Yellen and her colleagues continue to prepare the market for an increase in interest rates. In speeches in Paris on Friday, 7 November 2014, Yellen and New York Fed President William Dudley appeared to prepare the markets for the eventuality of rising rates. Dudley said rates likely will be hiked next year, as many market watchers anticipate.
The world's largest banks will have to hold 16-20% of their risk-weighted assets in equity and cancelable debt to shield taxpayers from big bills for bailing out failed banks during a crisis, according to a plan by global regulators published today, 10 November 2014. The plan, drawn up by the Basel-based Financial Stability Board, would force the biggest lenders to maintain a sizable capital cushion so that they could be wound down without causing global financial panic. Under the plan, the minimum so-called total loss absorption capacity, or TLAC, of the world's top 30 banks should be between 16-20% of their assets weighted according to risk. It should also be at least twice the Basel leverage requirementthe ratio of capital held by a bank against its total assets. If the leverage ratio is 3%, therefore, systemic banks would have to hold at least 6% of their total assets as capital.
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