Key benchmark indices extended gains and hit fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, hit 6-week high. The 50-unit CNX Nifty hit its highest level in more than six weeks. The Sensex was currently up 179.74 points or 0.64% at 28,301.63. The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser. The BSE Small-Cap index was up 1.04%, outperforming the Sensex.
Shares of public sector oil marketing companies (PSU OMCs) declined after they reduced petrol and diesel and after governtment raised excise duty on petrol and diesel by Rs 2 per litre each on Friday, 16 January 2015. HCL Technologies gained on bonus issue plan.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1099.93 crore on Friday, 16 January 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude futures edged lower after sharp rally in previous session.
Among global markets, Asian stocks were mostly higher. China's stock market, however, plummeted as brokerages' shares tanked. On Friday, 16 January 2015, US stocks ended higher on signs the US economy was on track for solid growth with consumer sentiment hitting an 11-year high.
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At 10:15 IST, the S&P BSE Sensex was up 179.74 points or 0.64% at 28,301.63. The index rose 183.38 points at the day's high of 28,305.27 in morning trade, its highest level since 8 December 2014. The index rose 106.30 points at the day's low of 28,228.19 in morning trade.
The CNX Nifty was up 46.60 points or 0.55% at 8,560.40. The index hit a high of 8,562.50 in intraday trade, its highest level since 5 December 2014. The index hit a low of 8,538.85 in intraday trade.
The BSE Mid-Cap index was up 97.15 points or 0.91% at 10,730.26. The BSE Small-Cap index was up 117.95 points or 1.04% at 11,427.88. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,493 shares advanced and 562 shares declined. A total of 45 shares were unchanged.
Shares of public sector oil marketing companies (PSU OMCs) fell after the prices of petrol and diesel were decreased with effect from midnight of 16 January 2015. HPCL (down 2.25%), BPCL (down 1%) and IOC (down 0.73%), edged lower. The government has already freed pricing of petrol and diesel. PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Indian Oil Corporation (IOC) said that the petrol price was cut down by Rs 2.42 a litre at Rs 58.91 a litre at Delhi (including state levies) with corresponding decrease in other states while diesel price has come down by Rs 2.25 a litre at Rs 48.26 a litre at Delhi (including state levies) with corresponding decrease in other states.
Since the last revision, the international prices of both petrol and diesel have continued to be on a downtrend, however the rupee-dollar exchange rate has depreciated. The combined impact of both these factors warrant a decrease in Retail Selling Prices of both petrol and diesel, IOC said in a statement.
Meanwhile, the government on Friday, 16 January 2015 announced the hike in excise duty on petrol and diesel by Rs 2 per litre. A Finance Ministry notification on Friday, 16 January 2015 said that excise duty on unbranded petrol is being hiked to Rs 8.95 per litre and that on unbranded diesel to Rs 7.96 per litre.
Auto stocks were mostly higher. Eicher Motors (up 0.69%), Maruti Suzuki India (up 0.64%), Tata Motors (up 0.41%) and Mahindra & Mahindra (up 0.10%), edged higher.
Two-wheeler makers were trading lower. Bajaj Auto (down 0.62%) and Hero MotoCorp (down 0.18%), edged lower.
HCL Technologies rose 2.59% after the company scheduled a board meeting to consider bonus issue. The announcement was made before market hours today, 19 January 2015.
HCL Technologies said that the company's board of directors will consider issue of bonus shares along with Q2 December 2014 results in its board meeting to be held between 28 January 2015 to 30 January 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.66, compared with its close of 61.87 during the previous trading session.
Brent crude futures edged lower after sharp rally in previous session. Brent for March settlement was down 43 cents at $49.74 a barrel.
Crude-oil futures rallied Friday, 16 January 2015, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries. Brent crude gained $1.90 a barrel, or 3.93%, to $50.17 a barrel during the previous trading session on Friday, 16 January 2015.
Asian stocks were mostly higher. Key benchmark indices in Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.16% to 0.94%. Key benchmark index in Hong Kong was off 1.14%.
China's stock market plummeted 6.30%, erasing all year-to-date gains as brokerages' shares tanked. Brokerage shares slumped after China's securities regulator last week banned three brokerages from opening new margin trading accounts, putting a temporary halt on what has proved a major engine of the market's super-bull rally.
On Friday, 16 January 2015, US stocks ended higher on signs the US economy was on track for solid growth with consumer sentiment hitting an 11-year high. US gasoline prices fell again in December, leading consumer prices to post their biggest decline in six years, while a gauge of underlying inflation was flat. The data could make the Federal Reserve cautious about raising interest rates.
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