Key benchmark indices were trading higher in early trade, tracking firm cues in other Asian markets. The barometer index, the S&P BSE Sensex was currently up 75.99 points or 0.28% at 27,447.83. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index and the BSE Small-Cap index, both, outperformed the Sensex.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 668.85 crore Friday, 19 December 2014, as per provisional data.
In the global market, Asian markets were trading higher in early trade today, 22 December 2014, tracking gains in the US market last week.
At 9:18 IST, the S&P BSE Sensex was up 75.99 points or 0.28% at 27,447.83. The index jumped 137.75 points at the day's high of 27,509.59 in opening trade, its highest level since 12 December 2014. The index gained 71.67 points at the day's low of 27,443.51 in opening trade.
The CNX Nifty was up 20.85 points or 0.25% at 8,246.05. The index hit a high of 8,260.85 in intraday trade. The index hit a low of 8,242.50 in intraday trade.
The BSE Mid-Cap index was up 51.41 points or 0.51% at 10,051.82. The BSE Small-Cap index was up 49.39 points or 0.45% at 10,971.60. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 722 shares rose and 296 shares fell. A total of 47 shares were unchanged.
Tata Power rose 1.14%. Tata Power Company announced before trading hours today, 22 December 2014, that that a technical snag developed in Unit No.7 at Trombay Thermal Power Generating Station. The gas turbine generator rotor of the Combined Cycle Gas based unit developed an inter-turn short and ground. However, there is no associated damage to any other equipment. The exact extent of the fault / repair and schedule required would be known once the rotor end rings are dismantled and fault / damage is closely examined.
MOIL was down 0.02%. The Department of Disinvestment issued a newspaper advertisement for appointment of merchant bankers for divesting 10% stake in MOIL. The government intends to divest 10% stake in MOIL during the current fiscal year through the Offer for Sale route via the stock exchanges mechanism. The government currently holds 71.57% stake in MOIL.
Bajaj Auto rose 1.52%. Bajaj Auto said that the company through its distributor David Pieris Motor Company in Sri Lanka had secured, after a detailed evaluation process by the Government of Sri Lanka, an Order from them for supply of approx. 50,000 (numbers) Discover-125M motorcycles. The company has already supplied 48,000 (numbers) successfully against this Order. The company has now secured a repeat order from them through the company's Distributor in Sri Lanka for the supply of 1.25 lakh (numbers) Discover-125M, which the company expects to execute in next 3-4 months, Bajaj Auto said.
HDFC rose 0.27%. The Foreign Investment Promotion Board has reportedly cleared HDFC Bank's proposal to raise Rs 10000 crore, ending months of struggle by the private sector bank to enhance its capital base. Shareholders in May 2014 allowed the lender to raise Rs 10000 crore through routes that may include public or private placement as well as domestic or international markets. The proposal will now go to the Cabinet Committee on Economic Affairs that vets all foreign investment proposals in excess of Rs 1200 crore.
Crompton Greaves rose 1.91%. Crompton Greaves (CG) was awarded a contract from the Belgian offshore wind farm operator Northwind to provide operation and maintenance services for the 216 megawatt (MW) wind farm offshore substation on the Lodewijk bank, 40 km off the Belgian coast. This order follows a previous contract won by CG at the Northwind offshore wind farm for the grid connection study and supply of a 275 MVA main transformer and two reactors of 65 MVA. CG will provide complete end-to-end services in order to effectively monitor, maintain and repair the offshore substation and ensure optimal availability and safety for ten years. The remote surveillance and monitoring service operated by CG will include power adjustments and will secure the operation of the Northwind installations on a 24x7 basis. In addition, CG will also provide preventive and corrective maintenance through its dedicated offshore specialised service team.
On the political front, media reports suggested that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) will not win enough seats to form a government in Jammu and Kashmir, two exit polls showed on Saturday, 20 December 2014, dampening its hopes of taking control of the state for the first time.
Asian markets were trading higher in early trade today, 22 December 2014, tracking gains in the US market last week. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Taiwan, South Korea and Singapore were up by 0.34% to 1.15%.
On Friday, 19 December 2014, US stocks ended higher and the S&P 500 came within a few points of its closing record high. The S&P 500 index had climbed over the previous two sessions, spurred by the US Federal Reserve's commitment to take a "patient" approach toward raising interest rates, while signaling it was on track to boost rates in 2015. That provided clarity and relief to investors over the policy outlook.
In Europe, worries emerged that the European Central Bank's money-printing plans could come with a number of restrictive strings attached, media reported.
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