A range bound movement was witnessed as key benchmark indices retained positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was currently up 193.98 points or 0.69% at 28,315.87. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 1.03%, outperforming the Sensex. Chinese stocks tumbled, with a wide sell-off sweeping across the financial sector as investors turned jittery over the latest move by securities regulators to clean up the margin-trading business.
India's Prime Minister Narendra Modi on Friday, 16 January 2015, called for making India a $20 trillion economy from a $2 trillion economy today.
Shares of capital goods companies were in demand. Sun Pharmaceutical Industries rose after bulk deal on BSE. JSW Steel rose after clarification. Oberoi Realty rose after strong Q3 results. Symphony jumped after strong Q2 results.
Earlier, the Sensex hit 6-week high and the 50-unit CNX Nifty hit its highest level in more than six weeks as these two key benchmark indices extended initial gains in mid-morning trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1099.93 crore on Friday, 16 January 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude futures edged lower after sharp rally in previous session.
In overseas markets, Asian stocks edged higher after a rebound in the US stocks at the end of last week. US stocks ended higher on Friday, 16 January 2015, on signs the US economy was on track for solid growth with consumer sentiment hitting an 11-year high.
At 11:18 IST, the S&P BSE Sensex was up 193.98 points or 0.69% at 28,315.87. The index rose 212.17 points at the day's high of 28,334.06 in mid-morning trade, its highest level since 8 December 2014. The index rose 106.30 points at the day's low of 28,228.19 in morning trade.
The CNX Nifty was up 51.50 points or 0.60% at 8,565.30. The index hit a high of 8,570.95 in intraday trade, its highest level since 5 December 2014. The index hit a low of 8,538.85 in intraday trade.
The BSE Mid-Cap index was up 93.78 points or 0.88% at 10,726.89. The BSE Small-Cap index was up 115.98 points or 1.03% at 11,425.91. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,617 shares advanced and 875 shares declined. A total of 86 shares were unchanged.
Shares of capital goods companies were in demand. Suzlon Energy (up 8.01%), Carborundum Universal (up 3.32%), Thermax (up 3.22%), BEML (up 2.15%), Havells India (up 2.1%), ABB (up 1.51%), Crompton Greaves (up 1.3%), ALSTOM T&D India (up 1.1%), Siemens (up 1.07%), Larsen & Toubro (up 0.92%) and Bharat Heavy Electricals (up 0.15%) edged higher.
Sun Pharmaceutical Industries rose 1.15% after 0.07% equity changed hands in a bulk deal on BSE today, 19 January 2015. A bulk deal of 15.59 lakh shares was executed on the Sun Pharmaceutical Industries counter at Rs 859.70 per share at 09:34 IST on BSE today, 19 January 2015.
JSW Steel rose 0.25%. With respect to news titled, "JSW Steel Looks to Buy Sical Logistics Ore Terminal," JSW Steel clarified that it is not engaged in any port operations and it is not involved in any discussion to buy iron ore terminal as reported in the media. The clarification was issued during trading hours today, 19 January 2015.
Oberoi Realty rose 3.46% after consolidated net profit rose 16.4% to Rs 79.23 crore on 18.09% growth in revenue to Rs 219.60 crore in Q3 December 2014 over Q3 December 2013. The Q3 result was announced after market hours on Friday, 16 January 2015.
Symphony surged 7.67% after net profit jumped 45.3% to Rs 36.02 crore on 31.4% growth in net sales to Rs 151.41 crore in Q2 December 2014 over Q2 December 2013. The Q2 result hit the market on Saturday, 17 January 2015.
Symphony on Saturday, 17 January 2015 said that its Mexican subsidiary Impco S. de R. L. de C. V., Mexico is exploring the possibility of having lean manufacturing operations. This will happen over a period of time in phases, Symphony said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.7275, compared with its close of 61.87 during the previous trading session.
Brent crude futures edged lower after sharp rally in previous session. Brent for March settlement was down 26 cents at $49.91 a barrel.
Crude-oil futures rallied Friday, 16 January 2015, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries. Brent crude gained $1.90 a barrel, or 3.93%, to $50.17 a barrel during the previous trading session on Friday, 16 January 2015.
Asian stocks were mostly higher. Key benchmark indices in Japan, Singapore, South Korea and Taiwan were up by 0.19% to 0.74%. Key benchmark indices in Indonesia and Hong Kong were off by 0.01% to 1.25%.
In mainland China, the Shanghai Composite index was off 6.54%. Brokerage shares slumped after China's securities regulator last week banned three brokerages from opening new margin trading accounts, putting a temporary halt on what has proved a major engine of the market's super-bull rally.
On Friday, 16 January 2015, US stocks ended higher on signs the US economy was on track for solid growth with consumer sentiment hitting an 11-year high. US gasoline prices fell again in December, leading consumer prices to post their biggest decline in six years, while a gauge of underlying inflation was flat. The data could make the Federal Reserve cautious about raising interest rates.
In Europe, uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country on 25 January 2015. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
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