A divergent trend was witnessed in early afternoon trade as the barometer index, the S&P BSE Sensex, was trading higher while the 50-unit CNX Nifty was trading a tad lower for the day. The market breadth indicating the overall health of the market turned negative from positive. The Sensex was currently up 51.43 points or 0.18% at 29,330.27.
Car major Maruti Suzuki India rose ahead of its Q3 December 2014 results today, 27 January 2015. Tata Motors and Ashok Leyland, both, scaled record high. Union Bank of India dropped after reporting weak Q3 results.
India and the US on Sunday, 25 January 2015, reached an understanding on resolving the logjam in implementing the historic 2006 India-US nuclear deal besides deciding to jointly produce military hardware including advanced unmanned aerial vehicles (UAVs) during talks between Prime Minister Narendra Modi and US President Barack Obama.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 2019.98 crore during the previous trading session on Friday, 23 January 2015, as per provisional data. The stock market was closed yesterday, 26 January 2015, for Republic Day holiday.
Earlier, the Sensex and the 50-unit CNX Nifty, had, both scaled record high at onset of the trading session.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower in volatile trade amid a global supply glut.
In overseas markets, Asian stocks edged higher today, 27 January 2015, amid optimism the actions of Greece's new government won't force the nation to leave the euro currency bloc. US stocks eked out small gains yesterday, 26 January 2016, as investors mostly shrugged off the Greek election results which brought the leftist Syriza party to power.
Indian stocks may remain volatile this week 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 contract expire on Thursday, 29 January 2015.
At 12:15 IST, the S&P BSE Sensex was up 51.43 points or 0.18% at 29,330.27. The index jumped 177.79 points at the day's high of 29,456.63 at onset of the day's trading session, a record high for the index. The index rose 7.25 points at the day's low of 29,286.09 in early afternoon trade.
The CNX Nifty was down 1.40 points or 0.02% at 8,834.20. The index hit a high of 8,878.20 in intraday trade, a lifetime high for the index. The index hit a low of 8,825.85 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,327 shares fell and 1,223 shares rose. A total of 110 shares were unchanged.
The BSE Mid-Cap index was up 61.28 points or 0.57% at 10,756.95. The BSE Small-Cap index was up 50.22 points or 0.44% at 11,416.31. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1903 crore by 12:15 IST, compared with turnover of Rs 1469 crore by 11:15 IST.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (down 3.22%), Bajaj Auto (down 1.03%) and Hero MotoCorp (down 0.87%) fell. TVS Motor Company (up 0.7%) and Eicher Motors (up 1.19%) rose.
Car major Maruti Suzuki India rose 1.59% to Rs 3,666. The company announces its Q3 December 2014 results today, 27 January 2015.
Tata Motors was up 1.92% at Rs 599.20. The stock hit a high of Rs 606.60 in intraday trade, which is record high for the counter. The stock hit a low of Rs 593.05 in intraday trade. Tata Motors last week announced the commercial launch of its much-awaited sporty hatchback Bolt.
Ashok Leyland rose 1.01% to Rs 64.90 after scaling a record high of Rs 65.40 in intraday trade.
Union Bank of India dropped 4.93%. The bank's net profit fell 13.33% to Rs 302.42 crore on 8.39% growth in total income to Rs 8921 crore in Q3 December 2014 over Q3 December 2013. The result was announced during market hours today, 27 January 2015.
Union Bank of India's ratio of net non-performing assets (NPAs) to net advances stood at 2.95% as on 31 December 2014, compared with 2.71% as on 30 September 2014 and 2.26% as on 31 December 2013. The bank's ratio of gross NPAs to gross advances stood at 5.08% as on 31 December 2014, compared with 4.69% as on 30 September 2014 and 3.85% as on 31 December 2013.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.30% as on 31 December 2014, compared with 10.30% as on 30 September 2014 and 10.12% as on 31 December 2013.
Provisions (other than tax) and contingencies rose 39.56% to Rs 851.92 crore in Q3 December 2014 over Q3 December 2013. The bank's provision coverage ratio as on 31 December 2014 stood at 57.25%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.46, compared with its close of 61.44 during the previous trading session on Friday, 23 January 2015. The foreign exchange market was closed yesterday, 26 January 2015, for Republic Day holiday.
Brent crude oil futures edged lower in volatile trade amid a global supply glut. Brent for March settlement was off 26 cents at $47.90 a barrel. The contract had fallen 63 cents or 1.29% to settle at $48.16 a barrel during the previous trading session.
Prime Minister Narendra Modi yesterday, 26 January 2015, said big projects involving large investment would be monitored by the Prime Minister's Office. He was speaking at the interactive India US CEO Forum, in the presence of US President Barack Obama, and top business leaders from both countries. He mentioned the importance of investment in the infrastructure sector, especially in the Railways.
India and the US on Sunday, 25 January 2015, reached an understanding on resolving the logjam in implementing the historic 2006 India-US nuclear deal besides deciding to jointly produce military hardware including advanced unmanned aerial vehicles (UAVs) during talks between Prime Minister Narendra Modi and US President Barack Obama. The two countries resolved key hurdles pertaining to the liability of suppliers of nuclear reactors in the event of an accident and the tracking of fuel supplied by the US. Both countries also agreed on a Working Group to explore aircraft carrier technology besides designing and development of jet engine technology, according to media reports.
In a media statement issued during a joint press interaction with Obama, Modi on Sunday, 25 January 2015, said that the Indo-US civil nuclear agreement was the centrepiece of a transformed relationship between India and the United States, which demonstrated new trust. "I am pleased that six years after we signed our bilateral agreement, we are moving towards commercial cooperation, consistent with our law, our international legal obligations, and technical and commercial viability. President Obama has also assured me of strong US efforts in support of India's full membership of the four international export control regimes at the earliest", Modi said. Separately, a joint statement issued by India and the US stated that Modi and Obama welcomed the understandings reached on the issues of civil nuclear liability and administrative arrangements for civil nuclear cooperation, and looked forward to US-built nuclear reactors contributing to India's energy security at the earliest.
Obama today, 27 January 2015, concludes his 3-day visit to India.
Meanwhile, the Reserve Bank of India (RBI) on Friday, 23 January 2015, relaxed rules for companies and banks to restructure and reschedule existing overseas borrowings by permitting an increase in the total cost of external commercial borrowing (ECB). The RBI has also allowed changes in the drawdown and repayment schedules of ECB. However, the easing of rules will not be applicable for foreign currency convertible bonds, the RBI said.
Most Asian stocks edged higher today, 27 January 2015, amid optimism the actions of Greece's new government won't force the nation to leave the euro currency bloc. Key benchmark indices in Taiwan, Singapore, Japan and South Korea rose 0.46% to 1.72%. Key benchmark indices in China, Hong Kong and Indonesia fell 0.18% to 1.12%.
Trading in US index futures indicated a flat opening of US stocks today, 27 January 2015. US stocks ended higher yesterday, 26 January 2015, as investors brushed off fears that a leftist victory in Greece would bring fresh crisis to the Eurozone and energy stocks advanced.
A two-day meeting of the Federal Open Market Committee (FOMC) begins today, 27 January 2015 and tomorrow, 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.
In Europe, the leftist Syriza party, which ran on an antiausterity platform, won elections in Greece held on Sunday, 25 January 2015. Syriza and its outspoken leader, Alexis Tsipras, who had campaigned against the austerity measures imposed on Greece by its international creditors, formed a coalition government yesterday, 26 January 2015 with a right-wing fringe party, Independent Greeks.
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