After a range bound movement in afternoon trade, key benchmark indices extended gains in afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 207.13 points or 0.73% at 28,562.75. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 1.12%, outperforming the Sensex. Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations.
Indian stocks edged higher today, 11 February 2015, as investors bet that Prime Minister Narendra Modi will accelerate policy measures to boost economic growth after the Bharatiya Janata Party (BJP) was trounced in assembly election in Delhi. The Aam Aadmi Party won 67 of 70 seats in assembly election in Delhi. The BJP won a mere 3 seats. The counting of votes for assembly election in Delhi was completed in a single day yesterday, 10 February 2015, after single-day polling on 7 February 2015.
Banking and FMCG stocks edged higher. Index heavyweight HDFC advanced. Godrej Industries edged higher after good Q3 December 2014 earnings.
Foreign portfolio investors sold shares worth a net Rs 1261.19 crore yesterday, 10 February 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 851.32 crore yesterday, 10 February 2015, as per provisional data.
In overseas markets, Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations. US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher in volatile trade ahead of the release of the US weekly oil inventory data from the US Energy Information Administration later in the global day.
At 13:15 IST, the S&P BSE Sensex was up 207.13 points or 0.73% at 28,562.75. The index jumped 254.85 points at the day's high of 28,610.47 in afternoon trade. The index gained 68.77 points at the day's low of 28,424.39 in mid-morning trade.
The CNX Nifty was up 68.40 points or 0.8% at 8,633.95. The index hit a high of 8,646.30 in intraday trade, its highest level since 6 February 2015. The index hit a low of 8,593.65 in intraday trade.
The BSE Mid-Cap index was up 96.38 points or 0.93% at 10,478.14. The BSE Small-Cap index was up 121.57 points or 1.12% at 11,020.58. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,537 shares rose and 1,020 shares fell. A total of 98 shares were unchanged.
Index heavyweight HDFC rose 1.63% at Rs 1,265.05.
Bank stocks advanced. ICICI Bank (up 2.01%), IndusInd Bank (up 1.88%), Federal Bank (up 1.57%), Axis Bank (up 1.83%), Bank of India (up 1.29%), Punjab National Bank (up 1.02%), Bank of Baroda (up 1.24%), Yes Bank (up 1.18%), Kotak Mahindra Bank (up 0.83%), Canara Bank (up 0.39%), and HDFC Bank (up 0.4%) edged higher. State Bank of India (down 0.54%) edged lower.
Oriental Bank of Commerce (OBC) rose 1% at Rs 236.50 after the company after market hours yesterday, 10 February 2015, said that the bank has issued 9.48% unsecured non-convertible fully paid-up Basel III compliant perpetual debt Instruments of Rs 10 lakh each for cash at par aggregating Rs 500 crore.
Shares of FMCG firms advanced. Godrej Consumer Products (up 3.33%), Nestle India (up 1.35%), Emami (up 1.05%), Dabur India (up 0.94%), Colgate-Palmolive (India) (up 1.15%), and Marico (up 0.81%) edged higher. Britannia Industries (down 0.89%) edged lower.
Hindustan Unilever (HUL) rose 1.19% at Rs 900. With respect to news article titled "HUL gets nod to exit Karnataka SEZ", Hindustan Unilever clarified during market hours that HUL had in September 2014 entered into an MOU for transfer of its shareholding in its wholly owned subsidiary Brooke Bond Real Estates (BBREPL) to Brigade Properties which is a subsidiary of Brigade Enterprises, Bangalore subject to obtaining requisite approval from SEZ authorities. HUL said it has not yet completed the transfer of shares in favour of Brigade Properties. BBREPL holds property at Bangalore which was proposed to be developed as SEZ, HUL said. BBREPL holds a letter of approval for operating an IT/ITES/Electronic Hardware SEZ in Bangalore. Brigade Properties intends to develop the SEZ of BBREPL.
Godrej Industries rose 0.13% at Rs 308.90. The stock hit a high of Rs 315.15 and a low of Rs 304.50 so far during the day. Godrej Industries' consolidated net profit rose 39% to Rs 91 crore on 17% growth in total income including other income and exceptional items to Rs 2374 crore in Q3 December 2014 over Q3 December 2013. The result was announced during market hours today, 11 February 2015.
Godrej Industries' consolidated PBDIT (profit before interest, taxation, and depreciation) including other income and exceptional items rose 28% to Rs 183 crore in Q3 December 2014 over Q3 December 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.1575, compared with its close of 62.20 during the previous trading session.
Brent crude oil futures edged higher in volatile trade ahead of the release of the US weekly oil inventory data from the US Energy Information Administration later in the global day. Brent for March settlement which expires tomorrow, 12 February 2015, was up 41 cents at $56.84 a barrel. The contract had lost $1.91 a barrel or 3.27% to settle at $56.43 a barrel during the previous trading session. Brent for April settlement was up 41 cents at $57.90 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 tomorrow, 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 tomorrow, 12 February 2015. All these projections related to CPI, WPI and industrial production growth 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 edged higher today, 11 February 2015, after a firmer finish of US stocks yesterday, 10 February 2015. Key indices in China, Singapore, Taiwan, Indonesia, and South Korea were up 0.23% to 0.73%. Hong Kong's Hang Seng fell 0.84%. Japanese market is closed today for a holiday.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell today, 11 February 2015. US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
In Europe, Greece's new Syriza-led coalition government today, 11 February 2015, won a parliamentary vote of confidence, following a three-day debate in which the government presented the outlines of its program after national elections two weeks ago. The vote is considered a procedural step to endorse the government, and the outcome was expected. Although the government holds a secure majority in parliament and has been buoyed by popular support at home, its biggest challenge comes from abroad, where its European creditors remain deeply skeptical of its plans to reverse Greece's reform and austerity program. Greece is scrambling to reach a deal with creditors before it runs out of cash, effectively daring Germany and its other European partners to let it fail and stumble out of the euro. Greece's current bailout plan expires on 28 February 2015.
German Finance Minister Wolfgang Schaeuble yesterday, 10 February 2015, said there were no plans to discuss a new accord with Greece at eurozone finance ministers' emergency meeting to be held in Brussels on Wednesday, 11 February 2015. The emergency meeting is for discussing Greece's debt situation.
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