After trimming intraday gains in afternoon trade, the key benchmark indices recovered from lower level in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 174.87 points or 0.62% at 28,530.49. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap index was up 1.16%. The BSE Small-Cap index was up 1.13%. Both theses indices outperformed the Sensex.
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.
Metal stocks gained. National Aluminium Company rose on good Q3 results. SRF slumped as the company's net profit remained flat in Q3 December 2014 when compared to a year ago period. M M Forgings rose after strong Q3 results. Radico Khaitan fell on weak Q3 results. NCC jumped after strong Q3 results.
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, European stocks edged lower as investors keep a wary eye on developments in the Greek debt crisis. Asian stocks edged higher, taking cues from overnight rally in US stocks. 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 14:17 IST, the S&P BSE Sensex was up 174.87 points or 0.62% at 28,530.49. The index jumped 263.29 points at the day's high of 28,618.91 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 65 points or 0.76% at 8,630.55. The index hit a high of 8,651.95 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 120.92 points or 1.16% at 10,502.68. The BSE Small-Cap index was up 123.16 points or 1.13% at 11,022.17. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,554 shares rose and 1,068 shares fell. A total of 106 shares were unchanged.
Metal stocks gained. JSW Steel (up 4.01%), Hindalco Industries (up 0.07%), Jindal Steel & Power (up 0.7%), Hindustan Zinc (up 2.92%), Bhushan Steel (up 4.21%), Tata Steel (up 1.05%), and Steel Authority of India (Sail) (up 3.01%) gained. Sesa Sterlite (down 0.31%), NMDC (down 0.57%), and Hindustan Copper (down 0.29%) declined.
National Aluminium Company's (Nalco) rose 0.91% after net profit surged 170.52% to Rs 354.47 crore on 16.6% growth in total income to Rs 2057.61 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.
SRF slumped 5.52% after net profit rose 0.78% to Rs 72.62 crore on 1.25% rise in net sales to Rs 870.22 crore in Q3 December 2014 over Q3 December 2013. The result was announced after trading hours yesterday, 10 February 2015.
M M Forgings rose 3.67% after net profit surged 85.1% to Rs 13.05 crore on 23.4% rise in total income to Rs 126.57 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.
Radico Khaitan fell 1.46% after net profit slipped 1.2% to Rs 21.27 crore on 5.3% rise in net sales to Rs 399.56 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.
NCC jumped 18.23% after consolidated net profit surged 438.32% to Rs 25.57 crore on 40.27% increase in total income to Rs 2669.65 crore in Q3 December 2014 over Q3 December 2013. The result was announced during trading hours today, 11 February 2015. NCC secured orders aggregating Rs 6465 crore in the first nine months and the order book stood at Rs 20755 crore as of 31 December 2014, the company said in a statement.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.17, 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 11 cents at $56.54 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 14 cents at $57.63 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.
European stocks edged lower today, 11 February 2015, as investors keep a wary eye on developments in the Greek debt crisis. Key indices in France and UK shed 0.03% to 0.59%. Germany's DAX rose 0.1%.
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.
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 0.15% to 0.73%. Hong Kong's Hang Seng fell 0.88%. Japanese market is closed today for a holiday.
Trading in US index futures indicated that the Dow could fall 11 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.
After the conclusion of a two-day meeting in Turkey, finance officials from the Group of 20 leading economies yesterday, 10 February 2015, vowed to use monetary and fiscal policy if needed to stem any risk of stagnation to global growth. The final G20 communique also pledged to put debt as a share of output on a sustainable path. The communique noted slow growth in the euro area and Japan and said some emerging market economies were slowing down. It said the European Central Bank's quantitative easing, which has raised German concern, would further support recovery in the euro area. A sharp decline in oil prices would also give some boost to global growth, it said.
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