Key benchmark indices edged lower in early trade on negative Asian stocks. The barometer index, the S&P BSE Sensex, was down 158.42 points or 0.54% at 29,400.76. The market breadth indicating the overall health of the market was negative.
Sesa Sterlite, HDFC, Dr Reddy's Laboratories and IDFC fell ahead of its Q3 results today, 29 January 2015. Asian Paints rose ahead of its Q3 results today, 29 January 2015. Coal India dropped after the government after market hours yesterday, 28 January 2015 announced divestment of its stake in the company. HDFC Bank rose after the Cabinet Committee on Economic Affairs after market hours yesterday, 28 January 2015 gave its approval to the proposal of HDFC Bank for maintaining the permissible foreign holding in the bank up to 74% of the total paid up capital.
Asian stocks declined today, 29 January 2015 after the US Federal Reserve unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with plans to raise interest rates this year.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1723.17 crore yesterday, 28 January 2015, as per provisional data.
Indian stocks may remain volatile today, 29 January 2015 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 today, 29 January 2015.
At 9:25 IST, the S&P BSE Sensex was down 158.42 points or 0.54% at 29,400.76. The index lost 180.88 points at the day's low of 29,378.30 in early trade. The index fell 32.85 points at the day's high of 29,526.33 in early trade.
The CNX Nifty was down 44.90 points or 0.5% at 8,869.40. The index hit a high of 8,902.05 in intraday trade. The index hit a low of 8,861.50 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 660 shares declined and 570 shares advanced. A total of 35 shares were unchanged.
The BSE Mid-Cap index was off 25.43 points or 0.24% at 10,783.01. The BSE Small-Cap index was off 11.32 points or 0.1% at 11,357.79. The fall in these two indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 208 crore by 09:20 IST.
Sesa Sterlite fell 1.37% ahead of its Q3 results today, 29 January 2015.
HDFC slipped 1.2% ahead of its Q3 results today, 29 January 2015.
Dr Reddy's Laboratories shed 0.71% ahead of its Q3 results today, 29 January 2015.
Asian Paints rose 0.76% ahead of its Q3 results today, 29 January 2015.
IDFC fell 1.1% ahead of its Q3 results today, 29 January 2015.
Coal India lost 3.79% after the government after market hours yesterday, 28 January 2015 announced divestment of its stake in the company. The government has offered to sell 31.58 crore equity shares, or 5% equity, of face value of Rs 10 each with an option to sell an additional upto 31.58 crore equity shares, or 5% equity, of face value of Rs 10 each of Coal India, collectively aggregating to 10% of the total paid up equity share capital of Coal India through a sale on the separate window provided by the stock exchanges for this purpose. The sale shall commence on 30 January 2015 at 9:15 IST and shall close on the same day at 15:30 IST. The floor price for the OFS will be announced after market hours today, 29 January 2015.
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. A minimum of 25% of the sale shares will be reserved for mutual funds and insurance companies.
HDFC Bank rose 0.88% after the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, after market hours yesterday, 28 January 2015 gave its approval to the proposal of HDFC Bank for maintaining the permissible foreign holding in the bank up to 74% of the total paid up capital and issuance of equity shares aggregating to an amount of Rs 10000 crore to NRIs/FIIs/FPIs subject to aggregate foreign shareholding not exceeding 74% of the post issue paid up capital. The approval would result in foreign investment of Rs 10000 crore (approximately) in the country.
Tata Power Company slipped 0.68%. Tata Power Company announced after market hours yesterday, 28 January 2015, that it has entered into a binding understanding with NELCO to purchase NELCO's defense business of unattended ground sensors (UGS) business on a slump sale basis for a total consideration of about Rs 8.3 crore. On purchase, UGS business will be housed in Tata Power's strategic engineering division (SED), a division of Tata Power, which is also a supplier of defense equipment and solutions. Acquisition of the UGS business will provide synergies to the existing business of Tata Power SED and has scope for growth and expansion.
Engineering and construction major L&T shed 0.1%. With reference to the news items titled, NMDC awards contracts to L&T, MEIL for steel plant, L&T clarified after trading hours yesterday, 28 January 2015 that in its press release dated 5 January 2015 titled 'L&T Construction Wins Orders Valued Rs. 4006 Crores' it had mentioned that its Water & Renewable Energy Businesses had secured new orders worth Rs 729 crore. The NMDC order was part of those orders.
Separately, with reference to the news titled L&T Keen to Make Nuke Reactors with US Firms, L&T clarified after trading hours that it has always mentioned about its presence in nuclear business at various occasions. Its press release dated 16 January 2009 titled "L&T Signs MOU with Westinghouse for Modular Nuclear Power Reactors" emphasised its role. Westinghouse is a US-based company. The exchanges were informed before releasing this press release, L&T said.
BPCL rose 1.01%. BPCL announced after trading hours yesterday, 28 January 2015 that it has set-up a Medium Term Note (MTN) Programme to facilitate the raising of funds on a regular basis from the international debt capital markets. The aggregate nominal amount of notes outstanding under the program will not exceed $2 billion or its equivalent in other currencies, BPCL said. Fitch Ratings has assigned a 'BBB-' rating and Moody's Investors Service has assigned a provisional (P) Baa3 rating to the MTN Programme.
Asian stocks declined today, 29 January 2015 after the US Federal Reserve unexpectedly lifted its view on the economy, signalling that the US central bank remains firmly on track with plans to raise interest rates this year. Key benchmark indices in Singapore, China, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.06% to 1.15%.
US stocks ended yesterday's choppy trading session sharply lower after the Federal Reserve's policy-making committee reiterated it plans to remain patient and watch the data as it decides when to raise interest rates.
The US Federal Reserve yesterday, 28 January 2015 said the US economy was expanding "at a solid pace" with strong job gains in a signal that the central bank remains on track with its plans to raise interest rates this year. The Fed repeated it would be "patient" in deciding when to raise benchmark borrowing costs from zero, though it also acknowledged a decline in certain inflation measures.
After a two-day meeting of the Federal Open Market Committee, policymakers struck an upbeat tone on the US economy's prospects and held to their view that energy-led weakness in inflation would dissipate.
"Economic activity has been expanding at a solid pace," the Fed said in a statement that marked an upgrade to its prior assessment of a "moderate pace" of growth. "Labor market conditions have improved further, with strong job gains and a lower unemployment rate."
In US, the Commerce Department releases its first estimate of fourth-quarter GDP tomorrow, 30 January 2015.
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