Key benchmark indices held firm in mid-morning trade. The barometer index, the S&P BSE Sensex was currently up 69.27 points or 0.25% at 27,472.81. The market breadth indicating the overall health of the market was strong. Power generation stocks were in demand on renewed buying. Shares of power finance companies also gained.
Earlier during the day, key benchmark indices reversed initial decline to hit intraday high in volatile early trade. The 50-unit CNX Nifty index hit one week high in morning trade.
In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 277.92 crore yesterday, 30 December 2014, as per provisional data.
In overseas markets, Asian stocks were mostly higher today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
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At 11:20 IST, the S&P BSE Sensex was up 69.27 points or 0.25% at 27,472.81. The index gained 98.87 points at the day's high of 27,502.41 in morning trade, its highest level since 29 December 2014. The index fell 57.54 points at the day's low of 27,346 in early trade.
The CNX Nifty was up 25.10 points or 0.3% at 8,273.35. The index hit a high of 8,280.05 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,243.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,467 shares gained and 922 shares fell. A total of 129 shares were unchanged.
The BSE Mid-Cap index was up 74.65 points or 0.73% at 10,333.29. The BSE Small-Cap index was up 69.75 points or 0.64% at 11,040.85. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 955 crore by 11:20 IST compared to Rs 664 crore by 10:20 IST.
Among the 30-share Sensex pack, 23 stocks gained and rest of them declined.
Bharat Heavy Electricals (Bhel) (up 1.7%), Dr Reddy's Laboratories (up 1.55%) and Hindalco Industries (up 1.06%) edged higher from the Sensex pack.
Power generation stocks were in demand on renewed buying. Reliance Infrastructure (up 0.81%), Tata Power Company (up 0.98%), CESC (up 0.78%), Reliance Power (up 0.09%), NHPC (up 0.53%), Jaiprakash Power Ventures (up 0.84%) and JSW Energy (up 1.03%) edged higher. Adani Power fell 0.56%.
NTPC rose 1.09%. With respect to news article titled NTPC scraps Rs 2000 cr Barh deal with Russia's TPE, NTPC clarified after market hours yesterday, 30 December 2014, that in the commercial interest of the company, board of directors of the company in its meeting held on 23 December 2014, had decided to terminate the contract of TECHNOPROMEXPORT (TPE), Russia for Main Plant Package, Part -A (Steam Generator and Auxiliaries) for Barh, Stage-I. Accordingly, a Notice of Default has been served on TPE on 24 December 2014. The decision has been taken to facilitate completion of work.
Among power finance companies, shares of REC (up 0.72%) and Power Finance Corporation (up 0.19%) gained.
Aban Offshore fell 1.44% to Rs 499.65, with the stock sliding on profit booking after recent rally triggered by the ratings upgrade from CARE. Shares of Aban Offshore had rallied 21.32% in three trading sessions to settle at Rs 506.95 on 30 December 2014, from a recent low of Rs 417.85 on 26 December 2014 after rating agency CARE in its release dated 26 December 2014, revised credit rating of bank facilities of Aban Offshore by 3 notches to BB- from D.
Atul Auto jumped 5.52% to Rs 670.50 after Goldman Sachs bought a total of 4.05 lakh shares of the company in bulk deals on BSE yesterday, 30 December 2014. Goldman Sachs Asset Mgmt A/C Goldman Sachs Emerging Mkt Eq Fund bought 1.54 lakh shares of Atul Auto at Rs 616.40 per share yesterday, 30 December 2014. Goldman Sachs India Fund bought 2.5 lakh shares of the company at Rs 616.40 per share. Anita Nirajbhai Chandra sold 3 lakh shares of Atul Auto at Rs 610.26 per share.
Bajaj Corp rose 2.31% after the company said its board approved a proposal to hike the foreign portfolio investors (FPIs) investment cap to 49% stake in the paid-up equity capital of the company. The announcement was made after market hours yesterday, 30 December 2014.
In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters. The partially convertible rupee was hovering at 63.305, compared with its close of 63.38 yesterday, 30 December 2014.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. Brent for February settlement was down 77 cents at $57.13 a barrel. The contract had risen marginally by 2 cents or 0.03% to settle at $57.90 a barrel on yesterday, 30 December 2014.
Asian stocks were mostly higher today, 31 December 2014. Key benchmark indices in Taiwan, Hong Kong and China rose by 0.15% to 1.51%. Singapore's Straits Times index fell 0.02%.
Stock markets in South Korea are shut today, 31 December 2014. Japanese markets will remain closed from today, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today, 31 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion. The official manufacturing PMI, a competing index published by China's National Bureau of Statistics, is due tomorrow, 1 January 2015.
Trading in US index futures indicated that the Dow could rise 24 points at the opening bell today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
A report yesterday, 30 December 2014 showed consumer confidence increased less than estimated this month. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91 a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.
Most global markets will remain closed tomorrow, 1 January 2015, for New Year holiday.
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