A divergent trend was witnessed between the two key benchmark indices in morning trade. While the barometer index, the S&P BSE Sensex, was trading slightly lower for the day, the 50-unit CNX Nifty was a tad higher. The Sensex was currently off 27.14 points or 0.1% at 28,506.83. The market breadth indicating the overall health of the market was strong.
Auto stocks gained across the board. Bata India fell on weak Q3 results. Container Corporation of India rose on good Q3 results.
Foreign portfolio investors sold shares worth a net Rs 371.27 crore yesterday, 11 February 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 147.49 crore yesterday, 11 February 2015.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost a week at the onset of the trading session.
In overseas markets, Asian stocks wee mixed amid conflicting headlines on progress over ongoing Greek debt negotiations. US stocks were flat at close yesterday, 11 February 2015, after seeing high intraday volatility as investors eyed negotiations between Greece and its international creditors.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged higher after sliding in the previous trading session.
At 10:17 IST, the S&P BSE Sensex was down 27.14 points or 0.1% at 28,506.83. The index jumped 151.91 points at the day's high of 28,685.88 in early trade, its highest level since 6 February 2015. The index fell 49.76 points at the day's low of 28,484.21 in morning trade.
The CNX Nifty was up 6.35 points or 0.07% at 8,633.75. The index hit a high of 8,681.40 in intraday trade, its highest level since 6 February 2015. The index hit a low of 8,622.95 in intraday trade.
The BSE Mid-Cap index was up 81.37 points or 0.77% at 10,624.48. The BSE Small-Cap index was up 92.92 points or 0.84% at 11,152.31. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,237 shares rose and 680 shares fell. A total of 84 shares were unchanged.
Auto stocks gained across the board. Mahindra & Mahindra (M&M) (up 1.31%), Ashok Leyland (up 1.94%), Tata Motors (up 0.46%), Maruti Suzuki India (up 1.77%), Eicher Motors (up 1.37%), Hero MotoCorp (up 2.02%), Bajaj Auto (up 0.28%) and TVS Motor Company (up 0.75%) gained.
Container Corporation of India rose 1.82% after net profit rose 20.6% to Rs 301.08 crore on 15.7% rise in total income to Rs 1537.01 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 11 February 2015.
Bata India fell 1.66% after net profit fell 33.76% to Rs 34.94 crore on 3.1% decline in total income to Rs 544.72 crore in Q4 December 2014 over Q4 December 2013. The result was announced after market hours yesterday, 11 February 2015.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.375, compared with its close of 62.26 during the previous trading session.
Brent crude oil futures edged higher after sliding in previous session. Brent for March settlement which expires today, 12 February 2015, was up 22 cents at $54.88 a barrel. The contract had lost $1.77 a barrel or 3.13% to settle at $54.66 a barrel during the previous trading session. Brent for April settlement was up 48 cents at $56.40 a barrel.
Meanwhile, macroeconomic data to be released by the government in the coming days is likely to show deceleration in industrial production growth in December 2014 and acceleration in inflation in January 2015. The rate of inflation based on the consumer price index (CPI) is seen accelerating to 5.5% in January 2015 from 5% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil CPI data for January 2015 at 17:30 IST today, 12 February 2015.
The rate of inflation based on the wholesale price index (WPI) is seen accelerating to 0.4% in January 2015 from 0.1% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI data for January 2015 at 12.10 noon on 16 February 2015.
Growth in industrial production is seen decelerating to 1.5% in December 2014 from 3.8% expansion in November 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will industrial production data for December 2014 at 17:30 IST today, 12 February 2015. All these projections for CPI, WPI and industrial production are based on the old series data with 2004-05 as base year. It may be recalled that the Ministry of Statistics & Programme Implementation revised the way it measures GDP on 30 January 2015. It brought forward the base year used in national economy calculations by seven years to 2011-12 from 2004-05. It also switched from using production costs to market prices. Changes in the base year are made every five years.
Asian stocks were mixed today, 12 February 2015. Key indices in China, Singapore, Indonesia, and South Korea were down 0.15% to 0.72%. Key indices in Taiwan, Hong Kong and Japan rose 0.03% to 1.95%.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell today, 12 February 2015. US stocks ended with small losses yesterday, 11 February 2015, as investors eyed negotiations between Greece and its international creditors.
In Europe, as per reports an agreement in principle was in place between Greece and other euro zone governments. Market participants awaited a European Council meeting later today, 12 February 2015, to gauge whether in fact the debt negotiations were moving forward.
As per another report, Greece's new leftist government and its international creditors failed to agree on a way forward on the country's unpopular bailout and will try again next week. In seven hours of crisis talks in Brussels that ended after midnight, euro zone finance ministers were unable to agree even a joint statement on the next procedural steps.
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