After swinging between gains and losses, key benchmark indices edged higher in late trade. The Sensex was provisionally up 32.30 points or 0.12% to 27,240.91. The market breadth indicating the overall health of the market was negative. Shares of most pharmaceutical companies rose. IT stocks were mixed.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2,808.27 crore on Wednesday, 24 December 2014, as per provisional data.
In the global market, European market were shut for Christmas holiday. Asian markets edged higher today, 26 December 2014, with some of the key bourses closed for the Christmas holidays.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude futures held above $60 a barrel today, 26 December 2014.
As per provisional closing, the S&P BSE Sensex was up 32.30 points or 0.12% to 27,240.91. The index fell 117.23 points at the day's low of 27,091.38 in mid-afternoon trade, its lowest level since 18 December 2014. The index jumped 162.02 points at the day's high of 27,370.63 at the onset of trading session.
The CNX Nifty was up 26.60 points or 0.33% at 8,200.70, as per provisional closing. The index hit a low of 8,147.95 in intraday trade, its lowest level since 18 December 2014. The index hit a high of 8,234.55 in intraday trade.
The BSE Mid-Cap index was up 41.33 points or 0.41% at 10,115.85, outperforming the Sensex. The BSE Small-Cap index was up 1.96 points or 0.02% at 10,894.89, underperforming the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,428 shares fell and 1,397 shares rose. A total of 126 shares were unchanged.
The total turnover on BSE amounted to Rs 1950 crore, lower than turnover of Rs 2552.83 crore during the previous trading session.
Shares of most pharmaceutical companies rose. IPCA Laboratories (up 2.33%), Strides Arcolab (up 1.27%), Ranbaxy Laboratories (up 1.21%), Biocon (up 0.87%), Wockhardt (up 0.87%), Divi's Laboratories (up 0.85%), Sun Pharmaceuticals Industries (up 0.78%), GlaxoSmithKline Pharmaceuticals (up 0.53%), Glenmark Pharmaceuticals (up 0.32%), Cadila Healthcare (up 0.31%), Lupin (up 0.18%) and Aurobindo Pharma (up 0.11%), edged higher. Cipla, however, fell 0.65.
Dr Reddys Laboratories was down 0.13%. With respect to news article titled, "DRL under health Canada Scanner," Dr Reddys Laboratories clarified during trading hours today, 26 December 2014, that in keeping with current regulations of Health Canada, the company has voluntarily placed under quarantine all APIs and the formulations based on Active Pharmaceutical Ingredients (APIs) produced at its API facility in Srikakulam district of Andhra Pradesh intended for use in Canada. The company said its products continue to meet intended quality standards, and its APIs and Finished drug products manufactured using these APIs pose no risk to the health and safety of the Canadian people. The company is working with the agency for a satisfactory resolution of the matter. At this stage, it has no implication on any activity at the plant and hence, these are not expected to be material to the company's operations or consolidated results, the company added.
IT stocks were mixed. Hexaware Technologies (up 1.85%), Tech Mahindra (up 1.71%), HCL Technologies (up 1.44%), CMC (up 0.99%), TCS (up 0.96%) and Infosys (up 0.72%), edged higher. However, Wipro (down 0.13%), Oracle Financial Services Software (down 0.24%), MindTree (down 0.47%) and MphasiS (down 0.79%), edged lower.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 63.6050 compared with its close of 63.5250 during the previous trading session.
Brent crude futures held above $60 a barrel today, 26 December 2014. Brent for February settlement was up 18 cents at $60.42 barrel. The contract fell $1.45 a barrel to close at $60.24 a barrel during the previous trading session.
Asian markets edged higher today, 26 December 2014, with some of the key bourses closed for the Christmas holidays. Key benchmark indices in Singapore, Japan, China, South Korea and Taiwan were up 0.08% to 2.77%. Key benchmark indices in Hong Kong and Indonesia were closed for holiday.
Singapore's manufacturing output fell in November as most major sectors dragged and a tepid rise in the production of electronics failed to offset the decline. Output fell 2.8% on year in November, according to preliminary figures released by the government on Friday. That compared with the revised 0.2% contraction in October. Preliminary October data released last month had shown a 0.2% on year rise.
Among slew of economic data in Japan, Japan's exports of cars, trucks and buses declined 11.5% on year in November for the fourth consecutive month, the Japan Automobile Manufacturers Association said Friday. Exports totaled 368,113 vehicles in November, down from 415,997 vehicles in the same month a year earlier, the association said.
Japanese industrial production unexpectedly fell 0.6% in November from the previous month, government data showed, in a sign that the economy is continuing to struggle from a slump triggered by a sales tax increase earlier in the year.
Japanese retail sales rose 0.4% in November from a year earlier, the government said, a sign that household consumption may be starting to recover from a slump in the summer triggered by a sales tax increase in April. Japan's inflation rate continued its slide in November, dragged down to its lowest level in over a year by sharp drops in global oil prices and sagging consumer spending. The on-year growth in core consumer price index in November, stripping out volatile fresh-food prices and a tax increase impact, fell to 0.7% in November from 0.9% the previous month.
Trading in US index futures indicated that the Dow could gain 38 points at the opening bell today, 26 December 2014. US markets remained shut on account of Christmas holiday on Thursday, 25 December 2014.
US stocks closed flat in a short session on Wednesday, 24 December 2014, as investors found few reasons to push major indexes to their sixth straight day of gains. The S&P 500 erased earlier gains and closed down less than a point at 2,081.88 in the Christmas holiday-shortened session, ending its five-day winning streak. But the Dow Jones Industrial Average eked out a 6-point gain to 18,030.21, closing at a record level.
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