Key benchmark indices logged gains on first trading day of the week buoyed by positive Asian stocks. However, indices gave up intraday gains. The barometer index, the S&P BSE Sensex rose 153.95 points or 0.57% to settle at 27,395.73. The market breadth indicating the overall health of the market was positive. Metal and mining stocks were in demand on reports of China's central bank adjusting deposits calculation rules. Pharma stocks rose as rupee edged lower against the dollar.
In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas.
Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 39.97 crore on Friday, 26 December 2014, as per provisional data.
In overseas markets, European stocks fell today, 29 December 2014 ahead of a presidential vote that threatens the future of Greece's international bailout. Asian stocks edged higher today, 29 December 2014 as the rally on Wall Street boosted risk appetite. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.
The S&P BSE Sensex rose 153.95 points or 0.57% to settle at 27,395.73, its highest closing level since 23 December 2014. The index gained 265.47 points at the day's high of 27,507.25 in early trade. The index rose 24.71 points at the day's low of 27,266.49 in early trade.
The CNX Nifty rose 45.60 points or 0.56% to settle at 8,246.30, its highest closing level since 23 December 2014. The index hit a high of 8,279.15 in intraday trade. The index hit a low of 8,214.70 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,617 shares gained and 1,307 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index rose 87.79 points or 0.87% to settle at 10,203.64, outperforming the Sensex. The BSE Small-Cap index was up 57.49 points or 0.53% to settle at 10,952.38, underperforming the Sensex.
The total turnover on BSE amounted to Rs 2232 crore, higher than Rs 1962.24 crore on Friday, 26 December 2014.
The S&P BSE Metal index (up 2.36%), the S&P BSE Auto index (up 1.50%), the S&P BSE Consumer Durables index (up 1.02%), the S&P BSE Healthcare index (up 0.87%), the S&P BSE FMCG index (up 0.77%), the S&P BSE Power index (up 0.76%), the S&P BSE Oil & Gas index (up 0.69%), the S&P BSE IT index (up 0.68%) and the S&P BSE Realty index (up 0.61%), outperformed the Sensex.
The S&P BSE Capital Goods index (up 0.55%), the S&P BSE Teck index (up 0.46%) and the S&P BSE Bankex index (down 0.15%), underperformed the Sensex.
Among the 30-share Sensex pack, 25 gained and the rest of them declined.
Bharti Airtel fell 0.80%. With respect to news reports indicating that a consultation paper will be issued shortly by TRAI on issues relating to services offered by OTT players including VOIP, the company has decided not to implement its proposed launch of VoIP packs, Bharti Airtel said in a clarification issued during market hours today, 29 December 2014. Bharti Airtel said that it has no doubt that as a result of the consultation process a balanced outcome would emerge that would not only protect the interests of all stakeholders and viability of this important sector but would also encourage much needed investments in spectrum and roll out of data networks to fulfil the objective of digital India, the company said.
IDBI Bank fell 0.49%. The bank announced after market hours today, 29 December 2014, that its board has approved the sale of IDBl Bank's part or whole shareholding of 48.18 lakh equity shares in Credit Analysis & Research in one or more lots subject to compliance with all applicable laws, regulations and guidelines.
Oil India (OIL) fell 0.29%. The company announced after market hours today, 29 December 2014, that it successfully completed the installation and commissioning of its 5 megawatts (MW) solar power plant at Village Raghwa, Ramgarh, Rajasthan. The plant was setup at a total cost of Rs 41.49 crore with an operations and maintenance (O&M) contract for 25 years for an amount of Rs 20.63 crore. The plant consisting of 20408 solar modules each having a capacity of 245 watts, has been contributing towards the growing energy needs of our country since its commissioning. An over head transmission line of 11.49 kilometres has been constructed to feed in the generated power to the DISCOM grid.
Banks were mixed. Among private sector banks, Kotak Mahindra Bank (down 0.91%), ICICI Bank (down 0.46%), City Union Bank (down 0.32%), IndusInd Bank (down 0.29%), Axis Bank (down 0.21%) and ING Vysya Bank (down 0.1%), edged lower. However, Yes Bank (up 0.13%), HDFC Bank (up 0.38%) and Federal Bank (up 1.25%), edged higher.
Among public sector banks, Union Bank of India (down 1.89%), Bank of Maharashtra (down 1.53%), Punjab National Bank (down 1.26%), Canara Bank (down 1.04%), Syndicate Bank (down 0.9%), UCO Bank (down 0.85%), Allahabad Bank (down 0.84%), Bank of India (down 0.61%), Andhra Bank (down 0.5%), IDBI Bank (down 0.49%) and State Bank of India (down 0.08%), edged lower. However, Indian Bank (up 5.17%), United Bank of India (up 2.28%), Dena Bank (up 1.44%), Vijaya Bank (up 1.17%), Corporation Bank (up 0.91%), Punjab & Sind Bank (up 0.82%), Central Bank (up 0.62%) and Bank of Baroda (up 0.01%), edged higher.
Metal and mining stocks were in demand on reports of China's central bank adjusting deposits calculation rules. China is the world's largest consumer of steel, copper and aluminum. Sesa Sterlite (up 3.81%), Jindal Steel & Power (up 3.42%), Hindustan Zinc (up 3.22%), Hindalco Industries (up 3.22%), Steel Authority of India (up 2.66%), JSW Steel (up 2.26%), Tata Steel (up 1.54%) and Bhushan Steel (up 0.06%), edged higher. However, NMDC shed 0.66%.
Pharma stocks rose as rupee edged lower against the dollar. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports. Wockhardt (up 2.66%), Ranbaxy Laboratories (up 1.69%), Aurobindo Pharma (up 1.49%), GlaxoSmithKline Pharmaceuticals (up 1.13%), Sun Pharmaceutical Industries (up 1.12%), Divi's Laboratories (up 1.07%), IPCA Laboratories (up 0.92%), Strides Arcolab (up 0.65%), Glenmark Pharmaceuticals (up 0.44%), Dr. Reddy's Laboratories (up 0.36%), Cipla (up 0.02%) and Biocon (up 0.01%), edged higher.
Lupin rose 1.80% on buzz that the company is eyeing acquisitions in global market in US, Latin America and Europe. According to reports, to expand its presence beyond India, Lupin is reportedly eyeing acquisitions in global market in US, Latin America and Europe. The company will continue to be on the lookout for meaningful targets in the inhalation, complex injectables and derma space, Ramesh Swaminathan, CFO, Lupin was reportedly quoted as saying.
IT stocks rose as rupee edged lower against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. CMC (up 1.74%), Oracle Financial Services Software (up 1.64%), MindTree (up 1.15%), Tech Mahindra (up 0.88%), HCL Technologies (up 0.78%), TCS (up 0.77%), Wipro (up 0.49%), Infosys (up 0.48%) and MphasiS (up 0.26%), edged higher. However, Hexaware Technologies was down 0.23%.
The Sensex rose for the second consecutive session today, 29 December 2014. The Sensex has risen 187.12 points, or 0.69% in two sessions from 27,208.61 on 24 December 2014. The Sensex has declined 1,298.26 points or 4.52% in this month so far (till 29 December 2014). The Sensex has gained 6,225.05 points or 29.40% in calendar year 2014 so far (till 29 December 2014). From a record high of 28,822.37 struck on 28 November 2014, the Sensex has fallen 1,426.64 points or 4.95%. From a 52-week low of 19,963.12 on 4 February 2014, the Sensex has risen 7,432.61 points or 37.23%.
In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas. The partially convertible rupee was hovering at 63.6850, compared with its close of 63.57 on Friday, 26 December 2014.
Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member. Brent for February settlement was up 45 cents at $59.90 a barrel. The contract had declined 79 cents or 1.33% to settle at $59.45 a barrel on Friday, 26 December 2014.
European stocks fell today, 29 December 2014 ahead of a presidential vote that threatens the future of Greece's international bailout. Key benchmark indices in Germany and France were down 0.19% to 0.74%. UK's FTSE 100 rose 0.20%.
Members of Greece's parliament will cast their ballots at noon in Athens with PM Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state. Failure to elect Dimas will lead to a general election in late January or early February, a few weeks before the nation's 240 billion euros ($292 billion) bailout expires.
Asian stocks edged higher today, 29 December 2014, as the rally on Wall Street boosted risk appetite. Key benchmark indices in Singapore, China, Taiwan, Hong Kong, Japan, Indonesia rose by 0.22% to 1.82%. Key benchmark indices in Japan and South Korea fell 0.5% to 1.04%.
According to reports, China has cut its target for the growth of external trade to 6% for 2015, compared with a 7.5% target this year. That is considerably slower than the official growth rate of the entire economy, which expanded 7.4% from a year earlier in the first three quarters, reports added.
As per reports, China's central bank, the People's Bank of China will allow banks to make more loans from their deposit bases in a further step toward liberalisation of the financial sector. China will also expand a trial programme next year to allow the creation of purely private banks and ease the entry of private capital into the banking sector, the China Banking Regulatory Commission reportedly said in a statement.
Japan's Cabinet approved 3.5 trillion yen ($29 billion) in fresh stimulus on Saturday, 27 December 2014 for the ailing economy, pledging to get growth back on track and restore the country's precarious public finances.
Trading in US index futures indicated that the Dow could fall 30 points at the opening bell today, 29 December 2014. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.
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