Intraday volatility continued as key benchmark indices extended losses in mid-afternoon trade. The broad market depicted weakness. The market breadth indicating the overall health of the market was weak. The barometer index, the S&P BSE Sensex, was currently off 118.15 points or 0.4% at 29,452.89.
Capital goods stocks edged lower. Adani Ports and Special Economic Zone dropped after declaring Q3 results.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 953.50 crore yesterday, 27 January 2015, as per provisional data.
Earlier, the Sensex and the 50-unit CNX Nifty had, both, surged to record high in early afternoon trade.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade.
Brent crude oil futures dropped after an industry report showing a larger-than-expected rise in weekly US crude inventories bolstered speculation that a global glut will persist.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month January 2015 series to February 2015 series. The near month January 2015 derivatives contracts expire tomorrow, 29 January 2015.
In overseas markets, European stocks edged higher as profit from Electrolux AB and Nordea Bank AB exceeded estimates. Asian stocks were mixed. US stocks edged lower yesterday, 27 January 2015, following a surprise drop in durable-goods orders and disappointing earnings from Microsoft Corp. and Caterpillar Inc.
At 14:37 IST, the S&P BSE Sensex was down 114.49 points or 0.39% at 29,456.55. The index fell 125.28 points at the day's low of 29,445.76 in mid-afternoon trade. The index jumped 215.28 points at the day's high of 29,786.32 in afternoon trade, a lifetime high for the index.
The CNX Nifty was off 19.90 points or 0.22% at 8,890.60. The index hit a low of 8,880.25 in intraday trade. The index hit a high of 8,985.05 in intraday trade, a lifetime high for the index.
The market breadth indicating the overall health of the market was weak. On BSE, 1,754 shares declined and 988 shares rose. A total of 118 shares were unchanged.
The BSE Mid-Cap index was off 6.75 points or 0.06% at 10,773.72. The fall in the index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was off 84 points or 0.74% at 11,340.48. The fall in the index was higher than Sensex's decline in percentage terms.
Capital goods stocks edged lower. Bharat Heavy Electricals (Bhel) (down 2.13%), BEML (down 1.62%), Bharat Electronics (down 0.09%), Crompton Greaves (down 1.58%), L&T (down 2.21%), Siemens (down 0.69%) declined. ABB India (up 1.27%) and Thermax (up 4.62%) gained.
Adani Ports and Special Economic Zone fell 1.36% to Rs 339.95 after reporting Q3 results. The stock hit a high of Rs 350.30 and a low of Rs 335.15 so far in intraday trade.
On a consolidated basis, Adani Ports and Special Economic Zone's (APSEZ) net profit rose 13.67% to Rs 512.08 crore on 37.63% increase in total income to Rs 1701.13 crore in Q3 December 2014 over Q3 December 2013. The results include the results of The Dhamra Port Company which APSEZ acquired with effect from 23 June 2014.
Consolidated cargo handled by the company rose 33% to 39 million metric tonne ( MMT) in Q3 December 2014 over Q3 December 2013. Adani ports at Mundra handled 29 MMT cargo in Q3 December 2014 thereby continuing its leadership as the single largest commercial port in India, the company said.
Sudipta Bhattacharya, Chief Executive Officer of APSEZ said that the management is further enhancing its focus on sales and operational excellence to maintain growth momentum.
Jaiprakash Power Ventures fell 1.43%. Jaiprakash Power Ventures during market hours today, 28 January 2015, said that the company may not be able to fulfil its repayment obligations to holders of a convertible bond, which are due on 13 February 2015. The obligations relate to a $200 million foreign currency convertible bond listed in Singapore. The bond was issued in February 2010.
Jaiprakash Power Ventures said that it would like to engage in discussions with bondholders regarding the repayment schedule and invited them for negotiations on 2 February 2015 in Hong Kong. The company is confident of its ability to pay all amounts due under the convertible bond on or before 31 March 2016, Jaiprakash Power Ventures said. The company said that while conditions surrounding the recovery of Indian infrastructure and power sector have improved, recovery still remains a work in progress. The power sector has been severely impacted on account of various reasons beyond the control of the company, which adversely affected the company's operations leading to below-expectation performance of top line and bottom line, the company said.
GMR Infrastructure rose 0.99%. GMR Infrastructure during market hours today, 28 January 2015, after the company said its subsidiary Delhi International Airport has successfully raised $288.75 million in the international bond market. The proceeds from the Notes will be used to refinance one of the current outstanding external commercial borrowing (ECB).
GHCL surged 4.72% after net profit jumped 55.2% to Rs 41.88 crore on 6.4% growth in net sales to Rs 580.02 crore in Q3 December 2014 over Q3 December 2013. The Q3 result was announced after market hours yesterday, 27 January 2015.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 61.375, compared with its close of 61.41 during the previous trading session.
Brent crude oil futures dropped after an industry report showing a larger-than-expected rise in weekly US crude inventories bolstered speculation that a global glut will persist. Brent for March settlement was off 55 cents at $49.05 a barrel. The contract had gained $1.44 a barrel or 2.99% to settle at $49.60 a barrel during the previous trading session.
Finance Minister Arun Jaitley yesterday, 27 January 2015, said that there is huge curiosity and interest in India especially among domestic and foreign investors. The Finance Minister said that in order to make best use of this opportunity, India has to address two major concerns i.e. quick decision making & stability in policy matters and reforms in tax structure and administration. The Finance Minister made these comments in his speech at the Investiture Ceremony to honour the officers of Central Board of Excise and Customs (CBEC) for their excellent performance and International Customs Day function organised by CBEC. Jaitley said that that the government's revenue collection which was affected due to low manufacturing in the last 2-3 years is turning around and that the government hopes to meet its fiscal targets. Speaking on the occasion, Minister of State for Finance Jayant Sinha said that there is need for more transparency in tax administration and need to build data base for authentic and valid information.
European stocks rose today, 28 January 2015 as a batch of positive corporate results helped boost sentiment. Key benchmark indices in UK, France and Germany were up 0.25% to 0.49%.
Asian stocks were mixed today, 28 January 2015. Key benchmark indices in China, Singapore, Taiwan and Indonesia were off 0.09% to 1.41%. Key benchmark indices in Hong Kong, Japan, and South Korea were up 0.15% to 0.47%.
Trading in US index futures indicated that the Dow could rise 24 points at the opening bell today, 28 January 2015. US stock markets fell heavily yesterday, 27 January 2015 following a string of disappointing financial results from big bellwether companies, including Procter & Gamble, Caterpillar, Microsoft and Pfizer.
In economic data, US durable goods, which economists treat as a proxy for business investment, dropped 3.4% in December 2014 following a 2.1% fall in November 2014.
A two-day meeting of the Federal Open Market Committee (FOMC) concludes today, 28 January 2015. In its last meet in December 2014, FOMC had based on its assessment, judged that it can be patient in beginning to normalize the stance of monetary policy.
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