Volatility struck bourses in opening trade as the key benchmark indices reversed initial gains. The barometer index, the S&P BSE Sensex, fell below the psychological 29,000 level in early trade. The Sensex was currently down 61.21 points or 0.21% at 28,946.78. The market breadth indicating the overall health of the market was negative. Asian stocks were mixed today, 26 February 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 516.06 crore yesterday, 25 February 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 19.70 crore yesterday, 25 February 2015, as per provisional data.
The market may remain volatile today, 26 February 2015, as traders roll over positions in the futures & options (F&O) segment from the near month February 2015 series to March 2015 series. The near month February 2015 derivatives contracts expire today, 26 February 2015. The key event to watch out for today, 26 February 2015 is the Railway Budget 2015-16.
At 9:25 IST, the S&P BSE Sensex was down 61.21 points or 0.21% at 28,946.78. The index gained 61.14 points at the day's high of 29,069.13 at onset of the day's trading session. The index fell 73.68 points at the day's low of 28,934.31 in early trade.
The CNX Nifty was down 18.60 points or 0.21% at 8,748.65. The index hit a high of 8,786.05 in intraday trade. The index hit a low of 8,742 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 629 shares declined and 582 shares gained. A total of 45 shares were unchanged.
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The BSE Mid-Cap index was off 16.71 points or 0.16% at 10,684.40. The BSE Small-Cap index was off 1.08 points or 0.01% at 11,253.74. The fall in these two indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 456 crore by 09:25 IST.
Among the 30-share Sensex pack, 21 stocks declined and rest of them gained.
Tata Power Company (down 1.75%), Axis Bank (down 1.4%) and Infosys (down 1.06%) edged lower from the Sensex pack.
Bharti Airtel rose 1.37%. Bharti Infratel dropped 3.16%. Bharti Airtel before market hours today, 26 February 2015 said that the company has decided to sell up to 5.5 crore equity shares (with an upsize option of up to 1.75 crore additional equity shares) of its subsidiary company Bharti Infratel today, 26 February 2015 through stock exchanges. The transaction is subject to market conditions. The company will provide further updates, as necessary, upon consummation of the transaction, Bharti Airtel said.
NTPC rose 0.41%. NTPC after market hours yesterday, 26 February 2015 said that its board has accorded the investment approval for the Khargone Super Thermal Power Project (2x660 megawatts) in Madhya Pradesh at an appraised current estimated cost of Rs 9870.51 crore, subject to Environment Clearance of Ministry of Environment and Forests.
Further, the board has also accorded approval to the proposal for NTPC's commitment to Government of India for setting up 10000 megawatts of renewable energy projects during the next five years, NTPC said in a statement.
Also, the Union Cabinet yesterday, 25 February 2015 gave its approval for the implementation of the scheme for setting up of 15,000 megawatt (MW) of Grid-connected Solar PV Power projects under the National Solar Mission through NTPC/ NTPC Vidyut Vyapar Nigam (NVVN) in three tranches namely, 3000 MW under tranche-1 under mechanism of bundling with unallocated coal based thermal power and fixed levellised tariffs, 5,000 MW under tranche-II with some support from government to be decided after getting some experience while implementing tranche-1 and balance 7,000 MW under tranche-III without any financial support from the government.
Yes Bank rose 0.16%. Yes Bank said after market hours yesterday, 25 February 2015, it has successfully issued India's first ever Green Infrastructure Bonds raising an amount of Rs 1000 crore. The issue launched on 16 February 2015 for Rs 500 crore plus green shoe option witnessed strong demand from leading investors including insurance companies, pension & provident funds, foreign portfolio investors, new pension schemes and mutual funds, resulting in a total subscription of Rs 1000 crore and was closed on 24 February 2015. The bonds are for a tenor of 10 years.
The amount raised will be used to finance Green Infrastructure Projects in Renewable Energy including Solar Power, Wind Power, Biomass, and Small Hydel Projects.
Castrol India shed 0.62%. Castrol India's net profit rose 4.60% to Rs 132 crore on 4% increase in total income to Rs 870.10 crore in Q4 December 2014 over Q4 December 2013. Net profit fell 6.70% to Rs 474.50 crore on 5.43% increase in total income to Rs 3440.40 crore in the year ended December 2014 over the year ended December 2013. The result was announced after market hours yesterday, 25 February 2015.
Glenmark Pharmaceuticals rose 0.42%. Glenmark Generics Inc., USA (GGI), a subsidiary of Glenmark Generics (GGL), today announced the US market approval by and introduction of Trandolapril and Verapamil Hydrochloride (HCI) extended-release tablets, the generic equivalent of AbbVie, Inc's Tarka.
Meanwhile, the stock exchanges have decided to keep the stock market open on Saturday, 28 February 2015, just like any other normal trading session when the Finance Minister Arun Jaitley presents the first full-fledged Budget of the Narendra Modi government. Trading will start at 9:15 IST and conclude at 15:30 IST. Jaitley will begin his speech at 11:00 IST in Lok Sabha on 28 February 2015 as he tables the Union Budget 2015-16 in the parliament.
The speech of the Railway minister today, 26 February 2015 will be closely watched for clues on the tone and thrust of the Union Budget on Saturday, 28 February 2015. This will be the first full railway budget of the Narendra Modi government and hopes are already running high that the document will contain innovative and out-of-the-box plans to turnaround railways and modernise the network and its supporting infrastructure. The Economic Survey will be tabled in parliament tomorrow, 27 February 2015.
The key event for the financial markets is Union Budget for 2015-16. Finance Minister Arun Jaitley will present Union Budget 2015-16 in Parliament on Saturday, 28 February 2015. Analysts will scrutinize measures in the Budget for financing infrastructure projects as well as the government's own capital expenditure on infrastructure for the year ahead. This is the first full fledged Budget of the Narendra Modi government and analysts will look for a roadmap for economic growth for the next few years.
Changes in rates of dividend distribution tax, capital gains tax on sale of shares, Securities Transaction Tax (STT) and Minimum Alternate Tax (MAT), if any, will be closely watched. The dividend distribution tax is currently at 15%. The minimum alternate tax is currently at 18.5% of book profits. Short term capital gains tax on sale of shares is currently at 15% while there is zero long capital gains tax on sale of shares held for a period of more than one year.
Analysts are awaiting further progress on the Goods and Services Tax (GST) during the ongoing Budget session of Parliament after the Constitution Amendment Bill for the introduction of GST was tabled in the Lok Sabha during the winter session of parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Asian stocks were mixed today, 26 February 2015. Key benchmark indices in Singapore, Taiwan, Indonesia and South Korea fell by 0.09% to 0.74%. Key benchmark indices in China, Japan and Hong Kong rose 0.31% to 1.39%.
US stocks saw mixed trend yesterday, 25 February 2015 as declines in Hewlett-Packard Co. and Apple Inc. offset gains among retailers amid corporate earnings.
Federal Reserve Chairwoman Janet Yellen repeated in her second day of testimony to US lawmakers yesterday, 25 February 2015 that normalization of interest rates will begin when the Federal Open Market Committee is confident that inflation is on track to hit the central bank's inflation target of 2% growth.
In economic data, new homes in the US sold at a faster pace than forecast in January despite snow storms in the Northeast in the country, a sign of stabilization in the housing industry, data released yesterday, 25 February 2015 showed.
In Europe, Greece said yesterday, 25 February 2015 it will struggle to make debt repayments to the IMF and the European Central Bank this year as Germany's finance minister voiced open doubts about Athens' trustworthiness. Eurozone finance ministers on Tuesday, 24 February 2015, backed new reforms proposed by Greece in exchange for a four-month financial lifeline that will keep the country afloat and in the single currency for the time being. Several parliaments, including Germany's, must now approve the extension before the current bailout expires on Saturday, 28 February 2015.
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