A range bound movement was witnessed as key benchmark indices languished in negative zone in morning trade. The barometer index, the S&P BSE Sensex, was currently off 105.33 points or 0.35% at 29,576.44. The market breadth indicating the overall health of the market was strong. BSE Small-Cap and Mid-Cap indices were, both, in green.
Coal India dropped as the divestment of up to 10% government stake in the state-run firm through the stock exchanges mechanism saw muted initial response. HCL Technologies scaled a record high after the company's board of directors at its meeting held today, 30 January 2015 recommended a liberal 1:1 bonus issue. Realty stocks edged higher on renewed buying.
Earlier, the Sensex and the 50-unit CNX Nifty, both, reversed direction after hitting record high at the onset of the trading session.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1723.77 crore yesterday, 29 January 2015, as per provisional data.
In overseas markets, Asian stocks were mixed. US stocks registered broad-based gains yesterday, 29 January 2015, amid a rebound in global crude oil prices.
At 10:18 IST, the S&P BSE Sensex was down 105.33 points or 0.35% at 29,576.44. The index jumped 162.39 points at the day's high of 29,844.16 at the onset of the trading session, a record high for the index. The index lost 130.27 points at the day's low of 29,551.50 in morning trade.
The CNX Nifty was down 26.75 points or 0.3% at 8,925.60. The index hit a high of 8,996.60 in intraday trade, a record high for the index. The index hit a low of 8,917.10 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,241 shares gained and 792 shares fell. A total of 76 shares were unchanged.
The BSE Mid-Cap index was up 53.66 points or 0.5% at 10,824.74. The BSE Small-Cap index was up 53.72 points or 0.47% at 11,432.47. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 906 crore by 10:15 IST compared with turnover of Rs 259 crore by 09:25 IST.
Coal India lost 3.03% to Rs 363.80. The stock was volatile. The stock hit high of Rs 364 and low of Rs 360.50 so far during the day. Bids were received for a total of 1.64 crore shares amonting to 5.2% of the base issue size for divestment of the government's 5% stake in the state-run coal major. The government has put on block 31.58 crore shares of Coal India, constituting 5% equity with an option to sell additional up to 31.58 crore shares through the stock exchanges mechanism. The floor price for the offer for sale (OFS) of Coal India's shares has been set at Rs 358 per share. The OFS commenced today, 30 January 2015 at 9:15 IST and will close at 15:30 IST.
The government has reserved 20% of the size of the sale for retail investors. Retail investors will be offered a discount of 5% to the bid price entered by them in accordance with the Sebi OFS circulars.
HCL Technologies jumped 9.79% to Rs 1,807 after scaling a record high of Rs 1,834 in intraday trade. On a consolidated basis and as per US GAAP standards, the company's net profit rose 2.3% to Rs 1915 crore on 6.3% growth in revenue to Rs 9283 crore in Q2 December 2014 over Q1 September 2014. HCL Technologies said that the company's board of directors at its meeting held on 30 January 2015 recommended a liberal 1:1 bonus issue. The board also declared interim dividend of Rs 8 per share for the year ending 30 June 2015. The announcement was made before market hours today, 30 January 2015.
HCL Technologies' EBIT (earnings before interest and taxation) rose 5.9% to Rs 2210 crore in Q2 December 2014 over Q1 September 2014. HCL Technologies' consolidated net profit rose 7% to $308 million on 4% growth in revenue to $1491 million in Q2 December 2014 over Q1 September 2014. Revenue in constant currency rose 6.2% in Q2 December 2014 over Q1 September 2014.
HCL Technologies said that it has witnessed broad based business growth across geographies, verticals and horizontals. The 6.2% quarter-on-quarter (QoQ) rise in revenue in constant currency in Q2 December 2014 is the highest in the last 16 quarters, HCL Technologies said in a statement.
Realty stocks edged higher on renewed buying. DLF (up 4.36%), Indiabulls Real Estate (up 6.68%), Housing Development and Infrastructure (up 10.74%), D B Realty (up 8%), Unitech (up 4.2%), Oberoi Realty (up 2.83%), Sobha (up 0.78%) and Parsvnath Developers (up 4.58%) gained. Godrej Properties shed 0.09%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.795, compared with its close of 61.875 during the previous trading session.
Brent crude oil futures edged lower. Brent for March settlement was off 12 cents at $49.01 a barrel. The contract had gained 66 cents a barrel or 1.36% to settle at $49.13 a barrel during the previous trading session.
The Reserve Bank of India (RBI) is widely expected to keep its main lending rate viz. the repo rate unchanged at 7.75% after a monetary policy review next week. The sixth bi-monthly monetary review from the RBI is scheduled on Tuesday, 3 February 2015. The central bank may focus on the details of the upcoming Union Budget 2015-16 which is scheduled on 28 February 2015, before taking a call on further monetary policy easing. The RBI surprised financial markets by announcing a cut in the repo rate by 25 basis points in an unscheduled monetary policy review on 15 January 2015, citing easing of inflationary pressures in the economy. The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India rose to 5% in December 2014 from 4.4% in November 2014. Over the long term, the RBI aims to restrict consumer price inflation to 4%, within a two-per-cent band.
Asian stocks were mixed today, 30 January 2015. Key benchmark indices in Singapore, Japan, South Korea and Indonesia rose by 0.11% to 0.65%. Key benchmark indices in Hong Kong, China and Taiwan fell by 0.11% to 0.97%.
Japan's industrial output rose a seasonally adjusted 1% in December from the previous month, government data showed today, 30 January 2015 signaling the economy may have started to recover slowly following last year's consumption tax hike. The rise in December came after a 0.5% fall in November.
Taiwan's economy expanded more slowly in the fourth quarter, as falling oil prices hurt petrochemical exports, though demand for electronics remained strong. Taiwan's gross domestic product rose 3.17% from a year earlier in the final quarter of 2014, the lowest rate in five quarters, and 1.17% from the previous quarter, an initial official reading showed today, 30 January 2015. The economy expanded 3.63% in the third quarter of 2014.
Trading in US index futures indicated that the Dow could fall 68 points at the opening bell today, 30 January 2015. US stocks closed higher yesterday, 29 January 2015 as an upturn in oil prices and a rally in Apple and Boeing shares helped offset some disappointing earnings and lingering questions over US monetary policy.
In economic news, the number of people who applied for US unemployment-insurance benefits plunged 43,000 to 265,000 in the week that ended Jan. 24, hitting the lowest tally in 14 years, according to Labor Department data released yesterday, 29 January 2015.
Separately, pending home sales cooled in December, which the National Association of Realtors attributed to fewer homes available for sale and a slight rise in prices. The pending home sales index fell 3.7% during December, though the year-on-year gain was 11.7%, the highest since June 2013.
The US Commerce Department releases its first estimate of fourth-quarter GDP today, 30 January 2015.
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