Key benchmark indices moved in narrow range in early afternoon trade. The barometer index, the S&P BSE Sensex was currently up 228.52 points or 0.84% at 27,470.30. The market breadth indicating the overall health of the market was strong.
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, 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.
At 12:18 IST, the S&P BSE Sensex was up 228.52 points or 0.84% at 27,470.30. The index gained 265.47 points at the day's high of 27,507.25 in early trade, its highest level since 24 December 2014. The index rose 24.71 points at the day's low of 27,266.49 in early trade.
The CNX Nifty was up 67.25 points or 0.82% at 8,267.95. The index hit a high of 8,279.15 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,214.70 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,701 shares gained and 931 shares fell. A total of 110 shares were unchanged.
The BSE Mid-Cap index was up 104.47 points or 1.03% at 10,220.32, outperforming the Sensex. The BSE Small-Cap index was up 90.22 points or 0.83% at 10,985.11, underperforming the Sensex.
The total turnover on BSE amounted to Rs 1141 crore by 12:20 IST compared to Rs 753 crore by 11:20 IST.
All the 30 members of the Sensex pack were in the green. Sesa Sterlite (up 4.36%), Hindalco Industries (up 3.19%) and Tata Steel (up 2.78%) edged higher from the Sensex pack.
Bharti Airtel rose 0.59%. 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 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.
IL&FS Transportation Networks rose 4.79% after the company said that the four laning of Warora Chandrapur Ballarpur Bamni Road Project has commenced commercial operations from 26 December 2014. The project is on toll basis with a concession period of 30 years (including 3 years of construction period). The company has equity stake of 35% in the project. The company made announcement during market hours today, 29 December 2014.
Career Point jumped 8.25% after the company said it has executed an MoU with Rajasthan Skills and Livelihood Development Corporation to cater needs of skill development and training opportunities. The announcement was made before market hours today, 29 December 2014.
RPP Infra Projects rose 2.4% after the company won order from Tamilnadu Water Supply & Drainage Board for providing water supply improvement scheme to Tindivanam Municipality in Villupuram District, Tamilnadu. The company made announcement during market hours today, 29 December 2014.
Assam Company India was locked at 20% upper circuit at Rs 4.88 after the company said it has entered into an agreement on 23 December 2014, with ONGC for their investment in the Amguri field for and on behalf of Government of India. The company made announcement after market hours on Friday, 26 December 2014. In terms of Government of India (GOI) letter dated 2 January 2013, Assam Company India will operate with 40% participating interest (PI) and ONGC will invest 60% for PI for and on behalf of GOI in the operation of Amguri field.
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 63.64, 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 39 cents at $59.84 a barrel. The contract had declined 79 cents or 1.33% to settle at $59.45 a barrel on Friday, 26 December 2014.
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 0.16% to 1.63%. Key benchmark indices in Japan and South Korea fell 0.5% to 1.04%.
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 rise 10 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.
Meanwhile, 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.
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