Key benchmark indices alternately swung between positive and negative zone near the flat line in morning trade. The barometer index, the S&P BSE Sensex, was currently up 4.79 points or 0.02% at 28,390.98. The market breadth indicating the overall health of the market was positive. Global crude oil price hit four-year low. Fall in global crude oil prices augur well for India as the country imports about 80% of its crude oil requirement.
Realty stocks declined. Crompton Greaves slumped on huge volumes on BSE and NSE.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices over the past few months will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 181.46 crore yesterday, 26 November 2014, as per provisional data.
Earlier, key benchmark indices had edged higher amid initial volatility.
In the foreign exchange market, the rupee edged higher against the dollar.
More From This Section
Brent crude oil futures hit four-year low amid speculation that OPEC will refrain from cutting output when ministers meet in Vienna today, 27 November 2014.
In overseas markets, Asian stocks edged higher as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing US data. In the US yesterday, 26 November 2014, the S&P 500 and Dow Jones Industrial Average, both, attained record closing high after registering small gains as telecoms and technology shares rose.
Indian stocks may remain volatile today, 27 November 2014, as traders roll over positions in the futures & options (F&O) segment from November 2014 series to December 2014 series. The November 2014 derivatives contracts expire today, 27 November 2014.
At 10:17 IST, the S&P BSE Sensex was up 4.79 points or 0.02% at 28,390.98. The index rose 46.26 points at the day's high of 28,432.45, in morning trade. The index fell 33.83 points at the day's low of 28,352.36 in early trade.
The CNX Nifty was up 1.80 points or 0.02% at 8,477.55. The index hit a high of 8,489.25 in intraday trade. The index hit a low of 8,465.90 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,263 shares gained and 873 shares fell. A total of 91 shares were unchanged.
The BSE Mid-Cap index was up 45.20 points or 0.45% at 10,165.15. The BSE Small-Cap index was up 57.94 points or 0.52% at 11,238.18. Both these indcies outperformed the Sensex.
Realty stocks declined. Anant Raj (down 4.56%), Oberoi Realty (down 1.58%), Housing Development and Infrastructure (HDIL) (down 0.86%), D B Realty (down 0.85%), Unitech (down 1.32%), Godrej Properties (down 1%), and DLF (down 0.33%) edged lower.
Crompton Greaves slumped 4.65% to Rs 194.95 on huge volumes. On BSE, 60.98 lakh shares changed hands on the counter so far during the trading session, compared with average daily volume of 5.55 lakh shares in the past one quarter. On NSE, 6.73 crore shares changed hands so far. According to reports, Avantha Holdings, a part of Crompton Greaves' promoter group, has sold 4.2 crore shares in the secondary equity market today, 27 November 2014.
Rane Holdings rose 2.62% after the company said it has enhanced its equity shareholding to 45.24% in SasMos HET Technologies (SasMos), a Bangalore-based company engaged in the manufacture of interconnection system and wiring harness for defence and aerospace industry. During September 2011, Rane Holdings had acquired 26% in the equity share capital of SasMos. The current further acquisition of 19.24% in SasMos is from Lumipol International B. V., a Netherland based company. Rane Holdings said the company believes this to be a significant step towards enhancing its presence in the defence and aerospace sector.
Wanbury was locked at 5% lower circuit at Rs 45.40 on BSE after the company reported a net loss of Rs 261.48 crore in the quarter ended 30 September 2014, higher than net loss of Rs 2.59 crore in the quarter ended 30 September 2013. Wanbury's total income from operations rose 11.32% to Rs 123.03 crore the quarter ended 30 September 2014 over the quarter ended 30 September 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.85, compared with its close of 61.855 during the previous trading session.
Brent crude oil futures hit four-year low amid speculation that OPEC will refrain from cutting output when ministers meet in Vienna today, 27 November 2014. Brent for January settlement was off $1.2 a barrel at $76.55 a barrel. The contract hit a low $76.28 a barrel in intraday trade, its lowest level since September 2010. Brent for January settlement had fallen 58 cents a barrel to finish at $77.75 a barrel during the previous trading session.
Oil ministers from the OPEC are scheduled to meet in Vienna today, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015. OPEC, which pumps about 40% of the world's crude, has maintained its official quota at 30 million barrels a day since January 2012.
The Indian government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the winter session of parliament which began on 24 November 2014. The government is also likely to introduce the constitutional amendment bill for the goods & services tax in the winter session of parliament.
The government will announce data on gross domestic product (GDP) for Q2 September 2014 at 17:30 IST tomorrow, 28 November 2014. India's GDP grew 5.7% in Q1 June 2014 over the corresponding period of the previous year.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Asian stocks edged higher today, 27 November 2014, as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing US data overnight. Key benchmark indices in China, South Korea, Indonesia and Taiwan were up 0.16% to 0.58%. Key benchmark indices in Singapore, Hong Kong and Japan were off 0.08% to 0.63%.
Industrial profits in China fell the most in two years, underscoring the need for looser monetary conditions as the world's second-largest economy slows. Total profits of China's industrial enterprises fell 2.1% from a year earlier in October, the National Bureau of Statistics said today, 27 November 2014, in Beijing. That compares with September's 0.4% increase and is the biggest drop since August 2012, based on previously reported data.
In the US, the S&P 500 and Dow Jones Industrial Average ended slightly higher yesterday, 26 November 2014, scoring their 47th and 30th record closes this year, respectively. Trading on Wall Street was thin with many participants taking off early for the Thanksgiving holiday. Market reaction to mostly disappointing economic reports was muted, as much of the data were shrugged off as volatile and in some cases backward looking.
Durable goods orders, a measure of business spending plans, fell for a second straight month in October, consumer spending rose less than market expectations in October and new home sales also unexpectedly fell in October. A separate report from the Labor Department showed initial claims for state unemployment benefits rose above the 300,000 threshold last week for the first time since early September.
The US stock market is closed today, 27 November 2014, for Thanksgiving Day holiday. The market will reopen tomorrow, 28 November 2014, for a shortened session ending at 1 p.m.
Powered by Capital Market - Live News