A range bound movement was witnessed as key benchmark indices hovered in negative zone in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently off 100.97 points or 0.36% at 27,945.69. The market breadth indicating the overall health of the market was negative. Asian stocks and US equity index futures dropped after the latest Japanese data showed a surprise economic contraction in the world's third-largest economy in Q3 September 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 645.90 crore on Friday, 14 November 2014, as per provisional data.
Bharat Heavy Electricals (Bhel) rose in volatile trade after the company said it has successfully commissioned the second module of a gas-based Combined Cycle Power Plant (CCPP) of ONGC Thermal Power Corporation (OTPC) in Tripura. BEML dropped after the company reported weak Q2 September 2014 results. Cement stocks declined. Adani Enterprises rose on reports the company has signed a memorandum of understanding for a loan of up to $1 billion from State Bank of India (SBI) for a mine, rail and port project in Queensland, Australia which it aims to build by end-2017. The stock was up 1.46%. SBI hit 52-week high, with the stock extending Friday's gains triggered by the bank's strong Q2 September 2014 results.
The Sensex was currently trading below the psychological 28,000 mark. Earlier, the Sensex alternately swung above and below the psychological 28,000 level after initial slide. The barometer index had settled above the psychological 28,000 level during the previous trading session on Friday, 14 November 2014.
In overseas markets, Japanese stocks led decline in Asian stocks after the latest data showed that Japan's GDP unexpectedly shrank in the third quarter.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude futures edged lower following news Japan, the world's fourth-biggest crude importer, had slipped into recession and after comments from the West's energy watchdog that a return to high oil prices was unlikely soon.
At 12:15 IST, the S&P BSE Sensex was down 100.97 points or 0.36% at 27,945.69. The index lost 125.32 points at the day's low of 27,921.34 in early afternoon trade. The index rose 5.61 points at the day's high of 28,052.27 at onset of the trading session.
The CNX Nifty was down 31.75 points or 0.38% at 8,358.15. The index hit a low of 8,349.10 in intraday trade. The index hit a high of 8,382.60 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,384 shares declined and 1,330 shares gained. A total of 82 shares were unchanged.
The BSE Mid-Cap index was up 46.66 points or 0.46% at 10,201.47. The BSE Small-Cap index was up 72.09 points or 0.64% at 11,289.48. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1533 crore by 12:15 IST, compared with Rs 1196 crore by 11:15 IST.
Capital goods stocks were mixed. ABB India (up 1.25%), Bharat Electronics (up 1.46%), Crompton Greaves (up 0.79%) and Thermax (up 2.13%) gained. L&T (down 1.1%), Punj Lloyd (down 4.81%) and Siemens (down 0.78%) declined.
Bharat Heavy Electricals (Bhel) rose 0.2% to Rs 246.70. The stock was volatile. The stock hit high of Rs 248.10 and low of Rs 240.50 so far during the day. Bhel during market hours today, 14 November 2014, said that the company has successfully commissioned the second module of the 2x363.3 megawatt (MW) gas-based Combined Cycle Power Plant (CCPP) of ONGC Thermal Power Corporation (OTPC) in Tripura.
BEML dropped 3.52%. BEML reported net loss of Rs 55.14 crore in Q2 September 2014, higher than net loss of Rs 38.88 crore in Q2 September 2013. Total income fell 39.48% to Rs 458.78 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
Adani Enterprises rose on reports the company has signed a memorandum of understanding for a loan of up to $1 billion from State Bank of India (SBI) for a mine, rail and port project in Queensland, Australia which it aims to build by end-2017. The stock was up 1.46%.
State Bank of India (SBI) edged higher with the stock extending Friday's gains triggered by the bank's strong Q2 September 2014 results. The stock was up 3.77% at Rs 2,893.65. The stock hit 52-week high of Rs 2,897 in intraday trade. SBI's net profit jumped 30.54% to Rs 3100.41 crore on 12.46% increase in total income to Rs 41833.36 crore in Q2 September 2014 over Q2 September 2013. The bank announced the results during trading hours on Friday 14 November 2014.
Cement stocks declined. Ambuja Cements (down 1.31%), ACC (down 1.1%), UltraTech Cement (down 1.73%) edged lower. Shree Cement rose 0.48%.
Grasim Industries was off 0.71% at Rs 3,550. Grasim has exposure to the cement sector through its subsidiary UltraTech Cement.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.67, compared with its close of 61.725 during the previous trading session on Friday, 14 November 2014.
Brent crude futures edged lower following news Japan, the world's fourth-biggest crude importer, had slipped into recession and after comments from the West's energy watchdog that a return to high oil prices was unlikely soon. Brent for January settlement was off 41 cents at $79 a barrel. The contract had edged higher during the previous trading session on Friday, 14 November 2014, amid speculation that OPEC may cut its oil production, a move that would help stabilize plunging prices. Brent for January settlement had risen $1.92 a barrel to settle at $79.41 on Friday, 14 November 2014.
The International Energy Agency (IEA) said in its monthly report which was released on Friday, 14 November 2014, that the oil market had entered a new era with lower Chinese economic growth and booming US shale output, making a quick return to high prices unlikely. The IEA said prices could fall further in 2015 after dropping below $80 a barrel for the first time since 2010.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
Japanese stocks led decline in Asian stocks today, 17 November 2014, after the latest data showed that Japan's GDP unexpectedly shrank in the third quarter. Key benchmark indices in Singapore, Taiwan, Japan and South Korea were off 0.08% to 2.96%. In Indonesia, the Jakarta Composite index was up 0.21%.
Japan's real GDP shrank 1.6% on an annualized basis in July-September third quarter as firms cut inventories and held back on capital investment. The figure marked the second quarter of contraction, after the economy shrank 7.3% in the April-June second quarter after the national sales tax ticked up to 8% from 5% on 1 April 2014.
In mainland China, the Shanghai Composite index was up 0.22%. In Hong Kong, the Hang Seng was off 0.64%. A trading program linking Hong Kong's stock market with Shanghai began today, 17 November 2014. For the first time, the pilot program allows eligible mainland investors to trade stocks listed on the Stock Exchange of Hong Kong (SEHK) directly through the Shanghai Stock Exchange (SSE). At the same time, it allows Hong Kong and overseas investors to trade stocks listed on the SSE directly through the SEHK, also for the first time. China will waive capital gains tax for foreign investors buying mainland through the Connect, according to statement released by the Finance Ministry last week.
China's banks reported the biggest jump in bad loans last quarter since 2005. Nonperforming loans rose 72.5 billion yuan ($11.8 billion) from the previous quarter to 766.9 billion yuan, the China Banking Regulatory Commission said in a statement on Saturday, 15 November 2014. Soured credit accounted for 1.16% of lending, up from 1.08% three months earlier.
Trading in US index futures indicated that the Dow could fall 63 points at the opening bell today, 17 November 2014. US stocks ended Friday's uneven trading session fractionally higher. The main benchmarks switched between small gains and losses throughout the trading session, as investor reaction to upbeat economic data, namely retail sales and consumer confidence, was mostly muted.
Sales at US retailers rose in October, snapping back from the first decline in eight months as gasoline prices continued to plunge, data showed on Friday, 14 November 2014. The uptick in spending last month, especially when gasoline is stripped out, suggests households could be prepared to spend more during the holiday season than they have in years. The prices paid for imported goods fell in October, largely due to plunging global oil prices, the US Labor Department said Friday, 14 November 2014. The preliminary November reading on the University of Michigan/Thomson Reuters consumer-sentiment index rose to the highest level since July 2007.
Leaders from the G 20 group of nations agreed on Sunday, 16 November 2014, to boost flagging global growth, tackle climate change and crack down on tax avoidance but ties between the West and Russia plummeted to a new low over the crisis in Ukraine. Group of 20 leaders agreed to take measures that would boost their economies by a collective $2 trillion by 2018 as they battle patchy growth and the threat of a European recession. Citing risks from financial markets and geopolitical tensions, the leaders said the global economy is being held back by lackluster demand, according to their communiqufollowing a two-day summit that ended yesterday, 16 November 2014, in Brisbane. The group submitted almost 1,000 individual policy changes designed to lift growth and said they would hold each other to account to ensure they are implemented.
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