Volatility ruled the roost as key benchmark indices alternately swung between positive and negative zone in morning trade. The barometer index, the S&P BSE Sensex, was currently up 16.01 points or 0.06% at 28,354.06. The market breadth indicating the overall health of the market was positive. Global crude oil prices tumbled yesterday, 25 November 2014. Fall in crude oil prices augur well for India as the country imports 80% of its oil requirement.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1168.94 crore yesterday, 25 November 2014, as per provisional data.
Tata Power Company rose after the company said that Central Electricity Regulatory Commission has passed the Tariff Order for the 1,050 megawatts (MW) power plant of Maithon Power (MPL) -- a joint venture of the company with Damodar Valley Corporation -- for the period from FY 2011 to FY 2014. Tata Coffee gained after the company's board of directors at its meeting held yesterday, 25 November 2014, approved a 10-for-1 stock split. Siemens rose on strong Q4 results.
Earlier, key indices had dropped amid initial volatility.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher after yesterday's sharp slide.
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In overseas markets, Asian stocks rose as materials and health-care shares advanced. US stocks ended marginally lower yesterday, 25 November 2014, snapping a three-day run on the S&P 500 and Dow Jones Industrial Average as a drop in consumer confidence offset faster economic expansion.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from November 2014 series to December 2014 series. The November 2014 derivatives contracts expire tomorrow, 27 November 2014.
At 10:17 IST, the S&P BSE Sensex was up 16.01 points or 0.06% at 28,354.06. The index rose 41.22 points at the day's high of 28,379.27, in morning trade. The index fell 61.25 points at the day's low of 28,276.80 in early trade.
The CNX Nifty was unchanged at 8,462.70. The index hit a high of 8,468.70 in intraday trade. The index hit a low of 8,439.45 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,159 shares gained and 799 shares fell. A total of 53 shares were unchanged.
The BSE Mid-Cap index was up 49.41 points or 0.49% at 10,106.82. The BSE Small-Cap index was up 74.65 points or 0.68% at 11,130.61. Both these indices outperformed the Sensex.
Tata Power Company was up 1.44%. The company said during market hours today, 26 November 2014, that Central Electricity Regulatory Commission has passed the Tariff Order for the 1,050 megawatts (MW) power plant of Maithon Power (MPL) for the period from FY 2011 to FY 2014. Tata Power holds 74% stake and Damodar Valley Corporation (DVC) 26% in MPL. The new tariff would be applicable from COD for each of the generating units. This will pave the way for meeting the targeted returns from the project, Tata Power said.
Separately, Tata Power Company said that the Appellate Tribunal for Electricity (APTEL) has dismissed the appeal filed by BEST against an order of Maharashtra Electricity Regulatory Commission (MERC) issuing Transmission License and Distribution License to Tata Power for 25 years with effect from 16 August 2014.
Siemens rose 0.63%. The company's net profit jumped 192.77% to Rs 436.78 crore on 0.67% decline in total income to Rs 3250.29 crore in Q4 September 2014 over Q4 September 2013. The result was announced after market hours yesterday, 25 November 2014. Siemens' net profit rose 211% to Rs 603.18 crore on 5.45% decline in total income to Rs 10766.44 crore in the year ended September 2014 over the year ended September 2013.
For the financial year ended 30 September 2014 (FY 2014), Siemens registered new orders of Rs 10323.80 crore compared to Rs 10957.30 crore in the financial year ended 30 September 2013 (FY 2013). Sales stood at Rs 10448.30 crore in FY 2014, compared to Rs 111452 crore in FY 2013. Volumes registered a decline of 6% as infrastructure spending continued to be sluggish and high interest rates continued to impact fresh capital expenditure projects in the manufacturing sector.
Tata Coffee gained 3.69% after the company's board of directors at its meeting held yesterday, 25 November 2014, approved a 10-for-1 stock split. The announcement was made after market hours yesterday, 25 November 2014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.835, compared with its close of 61.87 during the previous trading session.
Brent crude oil futures edged higher after yesterday's sharp slide. Brent crude for January settlement was up 18 cents at $78.51 a barrel. The contract had fallen $1.35 a barrel to finish at $78.33 a barrel during the previous trading session.
Oil ministers from the OPEC are scheduled to meet in Vienna tomorrow, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015. OPEC, which pumps about 40% of the world's crude, has maintained its official quota at 30 million barrels a day since January 2012.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices over the past few months will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide 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.
The government will announce data on gross domestic product (GDP) for Q2 September 2014 at 17:30 IST on Friday, 28 November 2014. India's GDP grew 5.7% in Q1 June 2014 over the corresponding period of the previous year.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Asian stocks rose today, 26 November 2014, as materials and health-care shares advanced. Key benchmark indices in China, Japan, South Korea, Hong Kong and Taiwan were up 0.02% to 0.52%. Key benchmark indices in Singapore and Indonesia fell 0.1% to 0.24%.
Trading in US index futures indicated that the Dow could gain 27 points at the opening bell today, 26 November 2014. US stocks broke a three-session streak of record highs yesterday, 25 November 2014, as a renewed slide in oil prices dragged down energy shares.
Economic data was mixed. The Commerce Department reported the US economy grew at its fastest pace in more than a decade during the spring and summer. But readings on consumer confidence and central-Atlantic manufacturing missed forecasts. The US government upgraded its reading on third quarter gross domestic product to 3.9% from 3.5% reported last month. The Conference Board said that consumer confidence fell to 88.7 in November, and a measure of manufacturing activity in the central Atlantic region came in below market expectations.
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