Bulls are calling the shots on the bourses. Key benchmark indices extended initial gains with the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hitting fresh record high. The BSE Sensex was currently up 175.34 points or 0.63% at 28,085.40. The market breadth indicating the overall health of the market was strong.
Global crude oil prices edged lower. Fall in crude oil prices augur well for India as the country imports 80% of its oil requirement. Data after trading hours today, 12 November 2014, is likely to show consumer price inflation falling further in October 2014 and growth in industrial production remaining muted in September 2014. Meanwhile, the empowered committee of state finance ministers on goods & services tax at its meeting held yesterday, 11 November 2014, reportedly agreed on the 'place of supply' rules that form the backbone of proposed GST.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 458.04 crore yesterday, 11 November 2014, as per provisional data.
Bank stocks advanced as data after trading hours today, 12 November 2014, is likely to show consumer price inflation falling further in October 2014, and data later this week is likely to show wholesale price inflation falling further last month which could provide room for the Reserve Bank of India (RBI) to cut interest rates. Eicher Motors advanced ahead of Q3 September 2014 results. Max India rose ahead of Q2 September 2014 earnings. Oracle Financial Services Software dropped amid volatility ahead of Q2 September 2014 results.
Initial gains took the Sensex to record high above the psychological 28,000 level.
In overseas markets, Asian markets were mixed. US stocks eked out miniscule gains yesterday, 11 November 2014 with the Dow Jones Industrial Average and the S&P 500, both, attaining record closing high in light volume as consumer discretionary shares gained.
In the foreign exchange market, the rupee was currently unchanged against the dollar.
Brent crude futures fell amid signs that OPEC members are reluctant to reduce supply even as prices slump.
At 10:15 IST, the S&P BSE Sensex was up 175.34 points or 0.63% at 28,085.40. The index jumped 182.43 points at the day's high of 28,092.49 in morning trade, a record high for the index. The index rose 48.58 points at the day's low of 27,958.64 in opening trade.
The CNX Nifty was up 40.85 points or 0.49% at 8,403.50. The index hit a high of 8,403.60 in intraday trade, a record high for the index. The index hit a low of 8,377.95 in intraday trade.
The BSE Mid-Cap index was up 73.30 points or 0.73% at 10,158.95, outperforming the Sensex. The BSE Small-Cap index was up 70.31 points or 0.63% at 11,232.26, matching the Sensex's rise in percentage terms.
The market breadth indicating the overall health of the market was strong. On BSE, 1,342 shares gained and 758 shares fell. A total of 70 shares were unchanged.
Bank stocks advanced as data after trading hours today, 12 November 2014, is likely to show consumer price inflation falling further in October 2014, and data later this week is likely to show wholesale price inflation falling further last month which could provide room for the Reserve Bank of India (RBI) to cut interest rates. Yes Bank (up 1.41%), ICICI Bank (up 1.18%), State Bank of India (up 0.82%), HDFC Bank (up 0.49%), Axis Bank (up 1.22%), IndusInd Bank (up 0.4%), Punjab National Bank (0.31%), Canara Bank (up 0.23%), and Kotak Mahindra Bank (up 0.14%) gained. Bank of Baroda (down 0.24%) and Bank of India (down 0.26%) declined.
Eicher Motors rose 0.83% at Rs 13,100 ahead of its Q3 September 2014 earnings today, 12 November 2014.
Max India rose 2.85% at Rs 432.45 ahead of its Q2 September 2014 results today, 12 November 2014.
Oracle Financial Services Software lost 0.22% at Rs 3,326.75. The stock was volatile. The stock hit a high of Rs 3,344 and a low of Rs 3,315 in intraday trade. The company announces Q2 September 2014 results today, 12 November 2014.
In the foreign exchange market, the rupee was currently unchanged against the dollar. The partially convertible rupee was hovering at 61.555, matching its close during the previous trading session.
Brent crude futures fell amid signs that OPEC members are reluctant to reduce supply even as prices slump. Brent for December delivery was off 50 cents at $81.17 a barrel. The contract had fallen 67 cents a barrel to settle at $81.67 a barrel during the previous trading session on Tuesday, 11 November 2014, the lowest price since October 2010. Brent for January 2015 delivery was off 49 cents at $81.90 a barrel.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit. The fall 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. A slump in Brent crude since the end of June contributed to consumer-price index slowing to 6.46% in September 2014, the least since 2012.
Data this week is likely to show growth in industrial production remaining muted in September 2014 and inflation falling further in October 2014.
Industrial production is seen rising a muted 0.4% in September 2014, matching the growth in August 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil industrial production data for September 2014 at 17:30 IST today, 12 November 2014.
The rate of inflation based on the combined consumer price indices (CPI) for urban and rural India is seen easing further to 5.7% in October 2014, from 6.46% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will release consumer price inflation data for October 2014 at 17:30 IST today, 12 November 2014.
The rate of inflation based on wholesale price index (WPI) is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI inflation data for October 2014 at 12:00 noon on Friday, 14 November 2014.
Asian markets were mixed today, 12 November 2014. Key indices in South Korea, Hong Kong, and Indonesia were up 0.02% to 1.75%. Key indices in China, Singapore, and Taiwan were off 0.12% to 1.16%.
Japanese stocks surged for the second day in a row amid speculation the nation will delay raising its sales tax again. The Nikkei 225 Average was up 1.24%. Newspaper reports yesterday, 11 November 2014, suggested that Japan's Prime Minister Shinzo Abe is considering postponing a second increase in sales-tax next year and preparing to call snap elections next month. Abe told reporters yesterday, 11 November 2014, at the Asia-Pacific Economic Cooperation forum in Beijing that he hadn't made a decision on dissolving parliament.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell today 12 November 2014. US stocks eked out miniscule gains yesterday, 11 November 2014 with the Dow Jones Industrial Average and S&P 500 hitting record closing high in light volume as consumer discretionary shares gained. The National Federation of Independent Business said its small-business optimism index rose 0.8 point to 96.1 in October, a two-month high.
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