Amid a mixed trend in various constituents of the index, key benchmark indices registered modest gains. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit record high on intraday basis as well as closing basis. The Sensex settled above the psychological 28,000 level for the first time in its history. The Sensex gained 98.84 points or 0.35% to settle at 28,008.90. The market breadth indicating the overall health of the market was positive. Asian stocks were in green. European stocks dropped.
Prime Minister Narendra Modi today, 12 November 2014, said that a new era of economic development, industrialization and trade has begun in India.
Global crude oil prices edged lower. Fall in crude oil prices augur well for India as the country imports 80% of its oil requirement. Data after trading hours today, 12 November 2014, is likely to show consumer price inflation falling further in October 2014 and growth in industrial production remaining muted in September 2014.
Meanwhile, the empowered committee of state finance ministers on goods & services tax (GST) at its meeting held yesterday, 11 November 2014, reportedly agreed on the 'place of supply' rules that form the backbone of proposed GST. Foreign portfolio investors (FPIs) bought shares worth a net Rs 454.52 crore from the secondary equity market yesterday, 11 November 2014. On the political front, the Devendra Fadnavis-led BJP government today, 12 November 2014, won the trust vote in Maharashtra assembly.
Shares of private sector banks rose. PSU bank stocks were mixed. Shares of non-banking financial companies extended Tuesday's gains triggered by the Reserve Bank of India's announcement of revised regulatory framework for Non-banking Finance Companies (NBFCs), with Shriram Transport Finance Corporation hitting record high. Auto stocks rose on hopes further fuel price cut may trigger pick-up in demand after reports PSU OMCs are likely to reduce price of petrol and diesel by about Rs 1 per litre each in mid-November 2014. Tyre stocks advanced on renewed buying.
Bharat Heavy Electricals edged higher. Aditya Birla Nuvo hit 52-week high after strong Q2 September 2014 earnings. Adani Enterprises dropped amid volatility after reporting Q2 results.
Earlier, the Sensex and the Nifty had, both, hit record high in mid-morning trade after extending initial gains.
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In overseas markets, bank stocks led European stocks lower after US, Swiss, and British regulators ordered five banks to pay about $3.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year. Asian stocks edged higher after Wall Street edged up to its fifth straight record close yesterday, 11 November 2014. US stocks eked out miniscule gains yesterday, 11 November 2014, with the Dow Jones Industrial Average and the S&P 500, both, attaining record closing high in light volume as consumer discretionary shares gained.
In the foreign exchange market, the rupee edged higher against the dollar as key equity benchmark indices in India hit record high.
Brent crude futures fell amid signs that OPEC members are reluctant to reduce supply even as prices slump.
The S&P BSE Sensex gained 98.84 points or 0.35% to settle at 28,008.90, a record closing high for the index. The index jumped 216.42 points at the day's high of 28,126.48 in mid-morning trade, a lifetime high for the index. The index rose 48.58 points at the day's low of 27,958.64 in opening trade.
The CNX Nifty gained 20.65 points or 0.25% to settle at 8,383.30, a record closing high for the index. The index hit a high of 8,415.05 in intraday trade, a lifetime high for the index. The index hit a low of 8,370.50 in intraday trade.
The BSE Mid-Cap index rose 47.62 points or 0.47% to settle at 10,133.27, outperforming the Sensex. The BSE Small-Cap index rose 22.40 points or 0.2% to settle at 11,184.35, underperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,524 shares gained and 1,520 shares declined. A total of 103 shares were unchanged.
The total turnover on BSE amounted to Rs 3634 crore, higher than Rs 3285 crore yesterday, 11 November 2014.
The S&P BSE Auto index (up 1.18%), the S&P BSE Bankex (up 1.12%), the S&P BSE FMCG index (up 0.96%) and the S&P BSE Consumer Durables index (up 0.55%) outperformed the Sensex.
The S&P BSE Teck index (down 0.08%), the S&P BSE IT index (down 0.11%), the S&P BSE Realty index (down 0.15%), the S&P BSE Healthcare index (down 0.47%). the S&P BSE Oil & Gas index (down 0.53%), the S&P BSE Capital Goods index (down 0.53%), the S&P BSE Metal index (down 0.9%) and the S&P BSE Power index (down 1.37%) underperformed the Sensex.
Steel stocks edged lower. JSW Steel (down 1.87%), Steel Authority of India (Sail) (down 2.06%), Jindal Steel & Power (down 1.61%) and Bhushan Steel (down 1.41%) edged lower.
Steel and Mines Minister Narendra Singh Tomar reportedly said today, 12 November 2014, that the government is considering raising import duty on steel due to surging shipments from China and a decision may be taken in the next two to three days.
Tata Steel lost 2.57% to Rs 467.35. The stock hit a high of Rs 483 and a low of Rs 466.55. Tata Steel's consolidated net profit rose 36.82% to Rs 1254.33 crore on 2.03% fall in total income to Rs 36098.63 crore in Q2 September 2014 over Q2 September 2013. The bottom line was boosted by profit of Rs 1146.86 crore on sale of land at Borivali in Mumbai. The result was announced after market hours today, 12 November 2014.
National Aluminium Company shed 0.43% ahead of its Q2 September 2014 results today, 12 November 2014.
Capital goods stocks edged higher. Siemens (up 1.09%), Bharat Electronics (up 0.91%), Thermax (up 1.27%) gained. L&T (down 1.1%), BEML (down 2.05%), Crompton Greaves (down 2.2%) and ABB (down 1.43%) declined.
Bharat Heavy Electricals (Bhel) rose 0.9% after the company after market hours yesterday, 11 November 2014, said that the company has achieved yet another landmark in its After-Market-Service business by successfully renovating and modernizing (R&M) Unit-2 (110 megawatt) at Muzaftarpur Thermal Power Station (TPS) Plant of Kanti Bijlee Utpadan Nigam in Bihar.
Bank stocks were mixed. Yes Bank (up 3.52%), Axis Bank (up 3.11%), Kotak Mahindra Bank (up 1.79%), ICICI Bank (up 1.36%), IndusInd Bank (up 1.03%), Bank of Baroda (up 0.82%), and HDFC Bank (up 0.42%) gained. State Bank of India (down 0.11%) and Punjab National Bank (down 0.29%) declined.
Shares of non-banking financial companies extended Tuesday's gains triggered by the Reserve Bank of India's announcement of revised regulatory framework for Non-banking Finance Companies (NBFCs), with Shriram Transport Finance Corporation hitting record high. IDFC (up 0.97%), Reliance Capital (up 0.43%), LIC Housing Finance (up 4.44%), Mahindra & Mahindra Financial Services (up 7.73%), Bajaj Finserv (up 0.42%) and Bajaj Finance (up 3.47%) edged higher.
The RBI early this week announced a revised regulatory framework for Non-banking Finance Companies (NBFCs) with a view to streamlining the regulations for the sector. Explaining the rationale behind the revised framework for NBFCs, the RBI stated that a lighter regulatory framework has been placed on NBFCs other than for those with large asset sizes and deposit accepting. For NBFCs with large asset sizes, and for all deposit accepting NBFCs, regulations have been harmonised across NBFCs, and to some extent, with banks. The intent is to create a level playing field that does not unduly favour or disfavour any institution. The RBI further stated that in limited areas where harmonisation has resulted in strengthening the regulations, generally adequate time has been given to manage the transition.
L&T Finance Holdings (LTFH) rose 2.15% to Rs 73.65, with the stock extending yesterday's 3% rally. Shares of LTFH had jumped 3% to settle at Rs 72.10 yesterday, 11 November 2014, after the company during market hours yesterday, 11 November 2014 issued a clarification with regard to a news report published on 11 November 2014 that the company has approached the Reserve Bank of India for seeking prior approval to merge or acquire ING Vysya Bank. LTFH, as a policy, does not comment on speculative news appearing in the media, the company said. As a part of its normal course of business, the company keeps evaluating opportunities on both organic and inorganic basis. The investors/stock exchanges would be informed as and when definitive developments take place, LTFH said.
Shares of ING Vysya Bank were up 2.81% at Rs 727.45.
Shriram Transport Finance Corporation gained 2.51% to Rs 1,041 after scaling a record high of Rs 1,052 in intraday trade.
Auto stocks rose on hopes further fuel price cut may trigger pick-up in demand after reports PSU OMCs are likely to reduce price of petrol and diesel by about Rs 1 per litre each in mid-November 2014. Tata Motors (up 1.62%) and Maruti Suzuki India (up 0.74%) gained.
Shares of two-wheeler makers rose. Hero MotoCorp (up 1.5%), Bajaj Auto (up 2.1%) and TVS Motor Company (up 0.87%) gained.
Mahindra & Mahindra (M&M) declined 0.77% at Rs 1,251. The stock was volatile. The stock hit a high of Rs 1,275 and a low of Rs 1,247.75. M&M at the fag end of trading hours yesterday, 11 November 2014, announced that it has increased prices of its passenger and commercial vehicles by an average of 1%. The increase is in the range of Rs 2,300 to Rs 11,500 (ex-showroom) depending on the model and has been effective this month, the company said. The price hike has been necessitated to partly offset the impact of rising input costs, M&M said.
M&M also announced increase in prices of its tractors effective from this month. The increase is in the range of Rs 6,000 to Rs 10,000 depending on the model. The price hike has been necessitated owing to increase in commodity prices and conversion costs, M&M said.
Eicher Motors rose 1.4% at Rs 13,175. The stock hit a record high of Rs 13,280 in intraday trade. The company unveils Q3 September 2014 results today, 12 November 2014.
Power generation stocks were mostly lower. Tata Power Company (down 2.68%), NTPC (down 2.09%), NHPC (down 0.95%), Adani Power (down 0.64%), and Jaiprakash Power Ventures (down 2.89%) edged lower. JSW Energy (up 0.19%), CESC (up 3.21%) rose.
Power and Coal Minister Piyush Goyal reportedly said today, 12 November 2014, that it was possible to stop imports of thermal coal into the country in two to three years. Goyal said at a conference that coal production will nearly double to 1 billion tonnes by 2019.
Reliance Power declined 1.65%. The company's consolidated net profit rose 1.02% to Rs 253.07 crore on 29.35% rise in total income to Rs 1884.18 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours today, 12 November 2014.
Reliance Infrastructure fell 1.45% at Rs 634. The stock was volatile. The stock hit a high of Rs 648.30 and a low of Rs 633.05. The company announces Q2 September 2014 results today, 12 November 2014.
Power Grid Corporation of India lost 2.88%. The company reported 3.06% fall in net profit to Rs 1201.27 crore on 4.99% growth in total income to Rs 4309.26 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 11 November 2014.
Coal India (CIL) rose 0.1% at Rs 346. The stock was volatile. The stock hit a high of Rs 348.40 and a low of Rs 344.10. The company during market hours today, 12 November 2014, in a clarification with regard to news item titled "CIL ratifies Rs 11000 crore thermal power project" said that Mahanadi Basin Power, a wholly owned subsidiary of Mahanadi Coalfields which is wholly owned subsidiary of Coal India is proposing to set up 2x800 megawatts (MW) coal based Super-critical Thermal Power Plant (STPP), at Hemgir (Sundargarh, Odisha) at a capital investment of Rs 11363.18 crore. The project report of proposed thermal power project was presented in CIL board meeting held on 8 November 2014. The minutes of the board meeting is under preparation and will be finalized shortly, the company said. Coal India proposed to intimate stock exchanges about the decision of Board under Clause 36 of the Listing Agreement immediately after the approval of minutes, it added.
Aditya Birla Nuvo (ABNL) surged 5.79% at Rs 1,824. The stock hit a 52-week high of Rs 1,827. The company's consolidated net profit surged 55.79% to Rs 452.05 crore on 2.07% decline in total income to Rs 6565.40 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 12 November 2014.
Adani Enterprises lost 1.52% at Rs 478.05. The stock hit a high of Rs 491.50 and a low of Rs 471.85. The company reported a consolidated net profit of Rs 210.29 crore in Q2 September 2014 compared with net loss of Rs 416.95 crore in Q2 September 2013. Total income rose 1.83% to Rs 14265.72 crore in Q2 September 2014 over Q2 September 2013. The result was announced during trading hours today, 12 November 2014.
Aurobindo Pharma surged 3.25% to Rs 1,061.50. The stock hit a record high of Rs 1,074 in intraday trade. The company during market hours today, 12 November 2014, said that its 100% subsidiary, Aurobindo Pharma USA Inc. (Aurobindo USA) emerged as the highest bidder for acquisition of nutritional supplement maker, Natrol Inc. and other affiliate entities (Natrol), under a process to be finally approved by the United States Bankruptcy Court for the District of Delaware. Under the auction process, Aurobindo USA emerged as the highest and best bidder with a bid of $132.5 million to acquire the assets of Natrol with an agreement to take on certain liabilities, Aurobindo Pharma said in a statement.
Oracle Financial Services Software lost 3.42% at Rs 3,220. The stock was volatile. The stock hit a high of Rs 3,344 and a low of Rs 3,315 in intraday trade. The company announces Q2 September 2014 results today, 12 November 2014.
Hexaware Technologies shed 1.05% at Rs 212.40 as the stock turned ex-dividend today, 12 November 2014, for interim dividend of Rs 2.35 per share for the year ending 31 December 2014.
Tyre stocks advanced on renewed buying. Natural rubber prices in the local market are reportedly hovering near five-year low. This will help boost profit margins for tyre makers. Natural rubber is the main raw material in the manufacture of tyres.
Shares of Apollo Tyres rose 2.86% at Rs 239.55. The stock hit a record high of Rs 242.50 in intraday trade.
Shares of CEAT spurted 6.23% at Rs 987. The stock hit a record high of Rs 1,009 in intraday trade.
Shares of MRF fell 1.03% at Rs 32,300. The stock reversed direction after scaling a record high of Rs 33,378 in intraday trade.
Shares of JK Tyre & Industries spurted 3.1% at Rs 523. The stock hit a record high of Rs 538 in intraday trade.
Shares of TVS Srichakra jumped 10.29% at Rs 1,518.35. The stock hit a record high of Rs 1,574 in intraday trade.
Shares of Goodyear India shed 0.31% at Rs 630.
Manjushree Technopack rose by maximum permissible limit of 20% to Rs 440.25 after the company said its board approved the proposal of delisting the company's shares from BSE and NSE. The announcement was made before trading hours today, 12 November 2014.
HMT jumped 5.61% after the company reported net loss of Rs 24.68 crore in Q2 September 2014, lower than net loss of Rs 40.12 crore in Q2 September 2013. Total income from operations (net) rose 62.73% to Rs 17.51 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 11 November 2014.
Minda Industries galloped 12.15% after the company said its net profit jumped 399.6% to Rs 25.58 crore on 32.5% rise in total income to Rs 368.83 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced after market hours on Tuesday, 11 November 2014.
Uflex rose 8.78% after consolidated net profit rose 42.25% to Rs 65.11 crore on 9.17% rise in net sales to Rs 1610.20 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Tuesday, 11 November 2014.
Bayer CropScience jumped 9.72% after the company said its net profit rose 51.15% to Rs 176.10 crore on 17.65% rise in total income to Rs 1268.70 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced after market hours on Tuesday, 11 November 2014.
Key benchmark indices gained for the third day in a row today, 12 November 2014. The Sensex has risen 140.27 points or 0.5% in three trading days from its recent low of 27,868.63 on 7 November 2014. The Sensex has risen 143.07 points or 0.51% in this month so far (till 12 November 2014. The Sensex has gained 6,838.22 points or 32.3% in calendar year 2014 so far (till 12 November 2014). From a 52-week low of 19,963.12 on 4 February 2014, the Sensex has risen 8,045.22 points or 40.3%.
In the foreign exchange market, the rupee edged higher against the dollar as key equity benchmark indices in India hit record high. The partially convertible rupee was hovering at 61.495, compared with its closing of 61.555 during the previous trading session.
Brent crude futures fell amid signs that OPEC members are reluctant to reduce supply even as prices slump. Brent for December delivery was off 50 cents at $81.17 a barrel. The contract dropped 67 cents yesterday, 11 November 2014, after first touching $80.46 a barrel, its lowest since September 2010. The contract had settled at $81.67 a barrel yesterday, 11 November 2014, the lowest closing price since October 2010. Brent for January 2015 delivery was off 14 cents at $82.25 a barrel.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit. The fall 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. A slump in Brent crude since the end of June contributed to consumer-price index slowing to 6.46% in September 2014, the least since 2012.
Data after trading hours today, 12 November 2014, is likely to show consumer price inflation falling further in October 2014 and data later this week is likely to show wholesale price inflation falling further last month.
The rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen easing further to 5.7% in October 2014, from 6.46% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release consumer price inflation data for October 2014 at 17:30 IST today, 12 November 2014.
The rate of inflation based on wholesale price index (WPI) is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI inflation data for October 2014 at 12:00 noon on Friday, 14 November 2014.
Industrial production is seen rising a muted 0.4% in September 2014, matching the growth in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil industrial production data for September 2014 at 17:30 IST today, 12 November 2014.
Meanwhile, the empowered committee of state finance ministers on goods & services tax (GST) at its meeting held yesterday, 11 November 2014, reportedly agreed on the 'place of supply' rules that form the backbone of proposed GST. The place of supply rules decide where goods or services will be taxed, fixing a crucial element of the levy that has gained in importance because of the surge in ecommerce and electronic delivery of services. However, both the Centre and the states continue to differ on the threshold limit beyond which GST will be levied. As per reports, the states have stuck to their stand that the revenue threshold limit beyond which GST will be levied should be Rs 10 lakh for general category states and Rs 5 lakh for special category states and north-eastern states, despite the central government asking states to review its earlier decision on this limit and increase it upwards to Rs 25 lakh.
The government is reportedly proposing to introduce the GST Constitutional Amendment Bill and push for its passage in the winter session of Parliament. GST is a major indirect tax reform. GST will subsume central indirect taxes such as excise duty and service tax at the central level and value added tax at the state level besides other local levies such as octroi and entry tax.
Prime Minister Narendra Modi today, 12 November 2014, said that a new era of economic development, industrialization and trade has begun in India. He was speaking at the India-ASEAN Summit in Myanmar.
Finance Minister Arun Jaitley today, 12 November 2014, said that the government is making efforts to raise the share of manufacturing sector from 15% to 25% of GDP. He was delivering inaugural address at the Services Conclave, 2014 in the national capital. Jaitley highlighted the importance of the services sector exports to compensate for the deficit in the merchandise exports. Earlier during the day, delivering the special address, the Minister of State (I/C) for Commerce and Industry Nirmala Sitharaman said that there was an immense untapped potential in the services sector that needs to be harnessed for increasing the share of India's export in the global services arena. She listed the sectors of entertainment, wellness, hospitality and professional services that could provide a suitable platform for services export from India. Sitharaman said that the two-day Services Conclave shall provide valuable inputs to Ministry of Commerce & Industry for further push to services exports.
On the political front, the Devendra Fadnavis-led BJP government today, 12 November 2014, won the trust vote in Maharashtra assembly. The confidence motion was passed by voice-vote. Shiv Sena's Eknath Shinde became the Leader of Opposition in the Maharashtra assembly. BJP legislator Haribhau Bagde was elected unopposed as Speaker of Maharashtra Assembly after Shiv Sena and Congress candidates withdrew their nominations.
European stocks edged lower today, 12 November 2014, after US, Swiss, and British regulators ordered five banks to pay about $3.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year. Key indices in Germany, UK, and France were off 0.18% to 0.67%.
Germany's wholesale price index fell to minus 0.6% in October, from 0.1% in the preceding month, official data released today, 12 November 2014 showed.
Asian stocks edged higher today, 12 November 2014, after Wall Street edged up to its fifth straight record close yesterday, 11 November 2014. Key indices in China, South Korea, Hong Kong, and Indonesia were up 0.22% to 1%. Key indices in Singapore and Taiwan were off 0.26% to 1.28%.
Japanese stocks rose for the second day in a row amid speculation the nation will delay raising its sales tax again. The Nikkei 225 Average was up 0.43%. Newspaper reports yesterday, 11 November 2014, suggested that Japan's Prime Minister Shinzo Abe is considering postponing a second increase in sales-tax next year and preparing to call snap elections next month. Abe told reporters yesterday, 11 November 2014, at the Asia-Pacific Economic Cooperation forum in Beijing that he hadn't made a decision on dissolving parliament.
Meanwhile, a trading program linking Hong Kong's stock market with Shanghai's will open on 17 November 2014.
Trading in US index futures indicated that the Dow could fall 27 points at the opening bell today 12 November 2014. US stocks eked out miniscule gains yesterday, 11 November 2014 with the Dow Jones Industrial Average and S&P 500 hitting record closing high in light volume as consumer discretionary shares gained. The National Federation of Independent Business said its small-business optimism index rose 0.8 point to 96.1 in October, a two-month high.
Repeating a familiar message, Philadelphia Fed President Charles Plosser today, 12 November 2014, said US interest rates should be raised "sooner rather than later." In a speech in London, Plosser said rising rates are not inconsistent with a continuing recovery. Plosser, one of the more hawkish members, has a vote on this year's Federal Open Market Committee.
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