Key benchmark indices eked out tiny gains in a volatile trading session. Indices swung between in positive and negative zone throughout the day. The S&P BSE Sensex and the CNX Nifty, both, hit their highest closing levels in a week. The S&P BSE Sensex rose 7.81 points or 0.03% to settle at 27,403.54. The market breadth indicating the overall health of the market was positive. Oil exploration stocks declined as lower crude oil prices would result in lower realizations from crude sales for oil exploration firms. Index heavyweight Reliance Industries declined in volatile trade. Sesa Sterlite declined on profit booking after recent rally. Capital goods stocks edged higher on renewed buying.
Earlier during the day, key benchmark indices reversed initial gains triggered by the Prime Minister Narendra Modi-led Cabinet's approval yesterday, 29 December 2014 to Land Acquisition Act through the ordinance route for amendments.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 204.22 crore yesterday, 29 December 2014, as per provisional data.
In overseas markets, European stocks declined today, 30 December 2014 after the release of disappointing inflation data from Spain and amid growing concerns over political tensions in Greece. Asian stocks edged lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade.
Brent oil extended losses into a fourth session, as persistent worries about a global supply glut offset concerns about output disruptions in Libyan.
The S&P BSE Sensex rose 7.81 points or 0.03% to settle at 27,403.54, its highest closing level since 23 December 2014. The index gained 82.57 points at the day's high of 27,478.30 in early trade. The index fell 83.44 points at the day's low of 27,312.29 in early afternoon trade.
The CNX Nifty rose 1.95 points or 0.02% to settle at 8,248.25, its highest closing level since 23 December 2014. The index hit a high of 8,268.25 in intraday trade. The index hit a low of 8,220.55 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,438 shares gained and 1,423 shares declined. A total of 136 shares were unchanged.
The BSE Mid-Cap index rose 55 points or 0.54% to settle at 10,258.64. The BSE Small-Cap index rose 18.72 points or 0.17% to settle at 10,971.10. Both these indices outperformed the Sensex.
The S&P BSE Consumer Durables index (up 1.38%), the S&P BSE Power index (up 1.14%), the S&P BSE Capital Goods index (up 1.03%), the S&P BSE Bankex (up 0.68%), the S&P BSE IT index (up 0.37%), the S&P BSE Healthcare index (up 0.37%) and the S&P BSE Teck index (up 0.23%), outperformed the Sensex.
the S&P BSE Oil & Gas index (down 1.22%), the S&P BSE Metal index (down 1.09%), the S&P BSE Auto index (down 0.27%), the S&P BSE Realty index (down 0.24%) and the S&P BSE FMCG index (down 0.04%), underperformed the Sensex.
Among the 30-share Sensex pack, 19 stocks gained and rest of them declined.
Lupin fell 0.21%. The company announced after trading hours today, 30 December 2014, that it has received tentative approval for its Darunavir Ethanolate Tablets 75 milligram (mg), 150 mg, 300 mg, 400 mg, 600 mg and 800 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Janssen Products, LP (Janssen) Prezista Tablets 75 mg, 150 mg, 300 mg, 400 mg, 600 mg. Lupin's Darunavir Ethanolate Tablets 75 mg, 150 mg, 300 mg, 400 mg, 600 mg are the AB-rated generic equivalents of Janssen's Prezista tablets. Lupin's Darunavir Tablets are indicated for the treatment of HIV-1 infections. Prezista Tablets had annual US sales of $1.2 billion (IMS MAT September, 2014).
Oil exploration stocks declined as lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
ONGC (down 1.46%) and Cairn India (down 1.88%) dropped.
Index heavyweight Reliance Industries dropped 1.83% to Rs 880.60. The stock was volatile. The stock hit a high of Rs 898.50 and low of Rs 877.65.
However, Oil India rose 0.30% after the company said that it successfully completed the installation and commissioning of its 5 megawatts solar power plant at Village Raghwa, Ramgarh, Rajasthan.
Capital goods stocks edged higher on renewed buying. BEML (up 7.15%), ABB India (up 6.81%), Suzlon Energy (up 4.83%), SKF India (up 3.22%), Bharat Electronics (up 2.88%), Siemens (up 2.75%), Praj Industries (up 1.92%), Punj Lloyd (up 1.63%), Crompton Greaves (up 1.42%), Alstom T&D India (up 1.24%), Havells India (up 1.2%), AIA Engineering (up 0.72%) and Lakshmi Machine Works (up 0.34%),
Bharat Heavy Electricals (Bhel) gained 1.51% after the company, Mishra Dhatu Nigam and Hindustan Shipyards have come together to form a consortium for building submarines indigenously. The consortium will jointly stake claim with the Ministry of Defence for being considered as a prospective bidder for the proposed P-75 (I) project of the Indian Navy for building six submarines at an Indian shipyard. The company made announcement during market hours today, 30 December 2014.
L&T rose 0.41% after the company said its construction division secured orders worth Rs 2521 crore this month in both the domestic & international markets. The announcement was made during market hours today, 30 December 2014.
Sesa Sterlite fell 1.35% to Rs 212.40, with the stock sliding on profit booking after recent rally. Shares of Sesa Sterlite had risen 5.46% in two trading sessions to settle at Rs 215.30 yesterday, 29 December 2014, from a recent low of Rs 204.15 on 23 December 2014.
Banks shares were in demand. Among private sector banks, Yes Bank (up 3.14%), Federal Bank (up 1.01%), Axis Bank (up 0.99%), IndusInd Bank (up 0.96%), City Union Bank (up 0.59%), HDFC Bank (up 0.51%), ICICI Bank (up 0.40%), ING Vysya Bank (up 0.22%) and Kotak Mahindra Bank (up 0.17%), edged higher.
Among public sector banks, Andhra Bank (up 4.74%), Syndicate Bank (up 3.38%), UCO Bank (up 3.24%), Allahabad Bank (up 2.86%), Union Bank of India (up 2.54%), Vijaya Bank (up 2%), Dena Bank (up 1.92%), Punjab & Sind Bank (up 1.87%), Central Bank (up 1.73%), Bank of Baroda (up 1.32%), Canara Bank (up 1.32%), Bank of Maharashtra (up 1.2%), United Bank of India (up 1%), Bank of India (up 0.93%), Corporation Bank (up 0.87%) and State Bank of India (up 0.78%), edged higher. However, Indian Bank (down 0.18%) and Punjab National Bank (down 0.32%), edged lower.
IDBI Bank rose 2.74% after the bank said that its board has approved the sale of bank's part or whole shareholding of 48.18 lakh shares in Credit Analysis & Research in one or more lots. The bank made announcement after market hours yesterday, 29 December 2014.
Lanco Infratech rose 4.27% after the firm said that its board passed circular resolution approving the allotment of 5.45 crore shares at an issue price of Rs 6.23 per share to ICICI Bank as per CDR package for the firm. The announcement was made after market hours yesterday, 29 December 2014.
Godrej Properties rose 3.25% after the company said it has entered into an agreement with Godrej & Boyce to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai. The announcement was made after market hours yesterday, 29 December 2014.
The Sensex rose for the third consecutive session today, 30 December 2014. The Sensex has risen 194.93 points, or 0.72% in three sessions from 27,208.61 on 24 December 2014. The Sensex has declined 1,290.45 points or 4.50% in this month so far (till 30 December 2014). The Sensex has gained 6,232.86 points or 29.44% in calendar year 2014 so far (till 30 December 2014). From a record high of 28,822.37 struck on 28 November 2014, the Sensex has fallen 1,418.83 points or 4.92%. From a 52-week low of 19,963.12 on 4 February 2014, the Sensex has risen 7,440.42 points or 37.27%.
The Union cabinet yesterday, 29 December 2014 used its executive powers to make it easier to acquire land in five key sectors including security and defence, infrastructure, power and affordable housing, even as it left the level of compensation unchanged. To be sure, these ordinances will have to be ratified once Parliament reconvenes for the budget session.
After the winter session of Parliament ended on 23 December 2014, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) government has pressed ahead with reform initiatives, albeit through executive orders. Last week, the government pushed through two ordinances to allow foreign insurance firms to raise their stakes in local joint ventures to 49% from a maximum of 26% and allow commercial mining of coal.
The government yesterday, 29 December 2014 said that urgency of the land acquisition ordinance was because under Section 105 of the Act, 13 pieces of legislation including the Atomic Energy Act 1962, Railways Act 1989, National Highways Act 1956, and Metro Railways (Construction of Works) Act, 1978 needed clarity on which provisions of the Act applies to them. And their exclusion deadline ends on 1 January 2015.
Prime Minister Narendra Modi yesterday, 29 December 2014 also approved an action plan to create an enabling environment to do business in India and boost domestic manufacturing in 25 sectors at the end of a day of deliberations on how best to take forward the government's Make in India campaign. The plan details what each sector will achieve in the short and medium term or one to three year.
Narendra Modi added that his government was adding a new paradigm to the PPP (Public Private Partnership) model, by involving all stakeholders in key decision-making processes.
The Prime Minister said he wished to change the ABCD culture of Government - Avoid. Bypass. Confuse. Delay; and change it to the ROAD to success -Responsibility. Ownership. Accountability. Discipline.
The Reserve Bank of India (RBI) yesterday, 29 December 2014 relaxed rules to make it easier for domestic companies to borrow money and invest it overseas. Under the new rules, companies can use a charge on their assets as security for the loans, which previously required prior approval from the central bank. Companies can also use shares in overseas joint ventures as security. The funds raised through either method will have to be used for the company's core business activities overseas and not for investing back in India, the RBI statement said.
The Indian economy is better placed than it was six months ago because of slowing inflation, political stability and a lower current account deficit, but the banking sector remains subdued because of weak demand for credit and pressure on asset quality, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report (FSR), released yesterday, 30 December 2014. Economic growth will also remain muted this year because of a moderate kharif (summer crop) harvest and slow growth in industrial production, the report warned.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 63.47 compared with its close of 63.68 yesterday, 29 December 2014.
Brent oil extended losses into a fourth session, as persistent worries about a global supply glut offset concerns about output disruptions in Libyan. Brent for February settlement was off 53 cents at $57.35 a barrel. The contract had declined $1.57 a barrel or 2.71% to settle at $57.88 a barrel yesterday, 29 December 2014.
European stocks declined today, 30 December 2014 after the release of disappointing inflation data from Spain and amid growing concerns over political tensions in Greece. Key benchmark indices in UK, France and Germany were off 0.59% to 0.71%.
Preliminary data showed that Spanish consumer price inflation dropped 1.1% in December, after a 0.4% downtick in November.
Meanwhile, Greek voters will be heading to the polls in early 2015 after the country's parliament failed to agree on a new president in a third and final vote yesterday, 29 December 2014. Prime Minister Antonis Samaras needed a supermajority of the 300-seat parliament to back his candidate former European Commissioner Stavros Dimas but he only secured 168 of the 180 votes needed. The rejection of the government's candidate now means that the parliament will have to be dissolved, and Samaras is calling for a snap election to be held on Jan. 25, according to reports. Failure to put together a government could leave Greece once again precariously close to a financial crisis since Athens will be without an administration to wrap up a final bailout inspection due to unlock over 7 billion euros in aid, reports added.
Asian stocks edged lower today, 30 December 2014 as a sharp selloff in commodities and political uncertainty in Greece made investors less willing to take risks in the final trading days of 2014. Key benchmark indices in China, Hong Kong, Taiwan, Singapore, Japan, and South Korea fell by 0.05% to 1.57%. Indonesia's Jakarta Composite index rose 0.94%.
The HSBC Holdings Plc/Markit Economics China manufacturing purchasing managers' index for the month of December 2014 will be declared tomorrow, 31 December 2014, followed by the official factory PMI on Thursday, 1 January 2015.
Japanese markets will be shut from tomorrow, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell today, 30 December 2014. US stocks were little changed in thin trading yesterday, 29 December 2014 as the S&P 500 notched its latest record high, but gains were curbed when an early rally in energy prices lost momentum.
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