A divergent trend was witnessed on the bourses in early trade as the barometer index, the S&P BSE Sensex swung alternately between gains and losses while the 50-unit CNX Nifty held in the negative terrain. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently down 8.41 points or 0.03% at 28,853.19. Realty, pharma and auto stocks gained.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 838.30 crore yesterday, 9 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 35.31 crore yesterday, 9 March 2015, as per provisional data.
In overseas markets, Asian stocks were mixed after data showed an acceleration in China's consumer inflation in February. US stocks closed higher yesterday, 9 March 2015, recovering from Friday's sharp decline as investors took a more positive outlook on the strong jobs report.
At 9:20 IST, the S&P BSE Sensex was up 8.41 points or 0.03% at 28,853.19. The index fell 53.20 points at the day's low of 28,791.58 in early trade. The index rose 104.33 points at the day's high of 28,949.11 in early trade.
The CNX Nifty was down 11.85 points or 0.14% at 8,744.90. The index hit a low of 8,734.75 in intraday trade. The index hit a high of 8,771.35 in intraday trade.
The BSE Mid-Cap index was up 50.82 points or 0.47% at 10,952.06. The BSE Small-Cap index was up 66.34 points or 0.58% at 11,418.28. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was strong. On BSE, 668 shares rose and 220 shares fell. A total of 31 shares were unchanged.
Reliance Infrastructure gained 0.63%. With respect to news article titled, "Reliance Infra's power distribution licences revoked in Odisha," Reliance Infrastructure clarified after market hours yesterday, 9 March 2015, that the company along with one of its subsidiaries holds only 200 shares each in the equity capital of 6.59 crore shares of North Eastern Electricity Supply Company of Odisha, 3.76 crore shares of Southern Electricity Supply Company of Odisha and 4.86 crore shares of Western Electricity Supply Company of Odisha. None of the other subsidiaries or associates of Reliance Infrastructure holds any shares in these companies. These discoms are board managed companies with their own key managerial personnel. In view of the above, there is no need for the company to make any disclosure in terms of Clause 36 of the Listing Agreement, the company added.
Infosys dropped 0.96%. The company announced before market hours that Infosys BPO has opened new centre in Puerto Rico in collaboration with the Commonwealth Administration and Puerto Rico Industrial Development Company (PRIDCO). The centre will host approximately 250 employees serving worldwide clients. It will leverage this new centre to initially deliver complex order to cash business processes for clients in the aviation sector. Infosys BPO is further expanding its footprint in the region to service clients in the federal/government sector, and the healthcare industry.
Meanwhile, proceedings in parliament during the ongoing Budget session of Parliament are being closely watched. The government seeks to have the Bills replacing the six Ordinances passed by both the Houses of Parliament before 20 March 2015 when the first part of the Budget session of parliament concludes. The Lok Sabha has already passed five Bills seeking to replace five Ordinances relating to Amending the Citizenship Act, introduction of e-rikshaws, allocation of coal mines through open bidding, increase in foreign investment ceiling in the insurance sector to 49% from 26% and allocation of non-coal mineral resources through auction. The Parliament is scheduled to be reconvened on 20 April 2015 for the second part of the Budget session while the six Ordinances will lapse on 5 April 2015 as per the provisions of the Constitution.
Two key pending Bills yet to be passed in Rajya Sabha relate to hiking foreign investment ceiling in the insurance sector and allocation of coal blocks through open bidding.
Government business in the Lok Sabha for the current week includes consideration and passing of the Right to Fair Compensation and Transparency in Land Acquisition. Eight hours have been allocated for discussion on the LARR (Amendment) Bill, 2015 in the Lok Sabha.
On the macro front, the government will unveil industrial production data for January 2015 on Thursday, 12 March 2015. The government will release the combined consumer price index (CPI) data (rural/urban) for February 2015 on the same day.
Asian stocks were mixed today, 10 March 2015, after data showed an acceleration in China's consumer inflation in February. Key indices in China, Hong Kong, South Korea, and Taiwan were off 0.11% to 0.54%. Key indices in Indonesia, Japan and Singapore rose 0.22% to 0.26%.
China's annual consumer inflation recovered in February, exceeding expectations, but producer prices continued to slide, underscoring deepening weakness in the economy and intensifying pressure on policymakers to find new ways to support growth. The consumer price index (CPI) rose 1.4% in February. The producer price index (PPI) declined 4.8% in February, the National Bureau of Statistics said today, 10 March 2015, extending factory deflation to nearly three years.
US stocks closed higher yesterday, 9 March 2015, recovering from Friday's sharp decline as investors took a more positive outlook on the strong jobs report.
In Europe, euro zone ministers warned Greece it had "no time to lose" and agreed technical talks between finance experts from Athens and its international creditors would start tomorrow, 11 March 2015, with the aim of unlocking further funding.
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