Key benchmark indices edged higher in early trade as firmness in global stocks boosted sentiment. The barometer index, the S&P BSE Sensex was currently up 165.04 points or 0.58% at 28,520.66 The market breadth indicating the overall health of the market was strong.
National Aluminium Company rose on strong Q3 results. Asian Paints gained after the company said that Berger International, Singapore (BIL) an indirect subsidiary of the company has completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company. ACC gained 0.83% after the company said that limestone mining operations have resumed at the captive mines of the company's Chaibasa cement plant in Jharkhand in terms of the recent Mines and Minerals (Development and Regulations) Ordinance 2015.
Foreign portfolio investors sold shares worth a net Rs 1261.19 crore yesterday, 10 February 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 851.32 crore yesterday, 10 February 2015, as per provisional data released by the stock exchanges.
Among overseas markets, Asian stocks edged higher today, 11 February 2015, after a firmer finish of US stocks yesterday, 10 February 2015. US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
At 9:26 IST, the S&P BSE Sensex was up 165.04 points or 0.58% at 28,520.66. The index rose 176.84 points at the day's high of 28,532.46 in early trade. The index gained 83.42 points at the day's low of 28,439.04 in early trade.
The CNX Nifty was up 49.95 points or 0.58% at 8,615.50. The index hit a high of 8,620.35 in intraday trade. The index hit a low of 8,600.95 in intraday trade.
The BSE Mid-Cap index was up 81.63 points or 0.79% at 10,463.39. The BSE Small-Cap index was up 89.16 points or 0.82% at 10,988.17. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,022 shares rose and 331 shares fell. A total of 30 shares were unchanged.
National Aluminium Company's (Nalco) jumped 4.65% after net profit surged 170.52% to Rs 354.47 crore on 16.6% growth in total income to Rs 2057.61 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.
Asian Paints gained 1.74% after the company after market hours yesterday, 10 February 2015 said that Berger International, Singapore (BIL) an indirect subsidiary of the company has completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia (Kadisco) for a consideration of $18.95 million (approximately Rs 117.6 crore) in cash. Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said acquisition, Asian Paints said. Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.
ACC gained 0.83% after the company after market hours yesterday, 10 February 2015, said that limestone mining operations have resumed at the captive mines of the company's Chaibasa cement plant in Jharkhand in terms of the recent Mines and Minerals (Development and Regulations) Ordinance 2015. Earlier, ACC had on 10 October 2014 announced temporary suspension of mining operations at its Chaibasa and Bargarh cement plants pursuant to a judgement of the Supreme Court under deemed extension of second and subsequent renewals of mining leases.
Meanwhile, macroeconomic data to be released by the government in the coming days is likely to show deceleration in industrial production growth in December 2014 and acceleration in inflation in January 2015. The rate of inflation based on the consumer price index (CPI) is seen accelerating to 5.5% in January 2015 from 5% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil CPI data for January 2015 at 17:30 IST on Thursday, 12 February 2015.
The rate of inflation based on the wholesale price index (WPI) is seen accelerating to 0.4% in January 2015 from 0.1% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI data for January 2015 at 12.10 noon on 16 February 2015.
Growth in industrial production is seen decelerating to 1.5% in December 2014 from 3.8% expansion in November 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will industrial production data for December 2014 at 17:30 IST on Thursday, 12 February 2015. All these projections related to CPI, WPI and industrial production growth are based on the old series data with 2004-05 as base year. It may be recalled that the Ministry of Statistics & Programme Implementation revised the way it measures GDP on 30 January 2015. It brought forward the base year used in national economy calculations by seven years to 2011-12 from 2004-05. It also switched from using production costs to market prices. Changes in the base year are made every five years.
Asian stocks edged higher today, 11 February 2015, after a firmer finish of US stocks yesterday, 10 February 2015. Key indices in China, Singapore, Taiwan, Indonesia, and South Korea were up 0.21% to 0.86%. Hong Kong's Hang Seng fell 0.78%. Japanese market is closed today for a holiday.
US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
In Europe, Euro zone finance ministers meet later today, 11 February 2015, and European Union (EU) leaders meet tomorrow, 12 February 2015, to discuss the Greek debt crisis, but officials are already downplaying the chance of a breakthrough.
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