Key benchmark indices hovered alternately between gains and losses near the flat line in early trade. The barometer index, the S&P BSE Sensex was currently up 1.38 points or 0.01% at 27,427.11. The market breadth indicating the overall health of the market was strong. Yes Bank rose ahead of its Q3 results today, 14 January 2015. Tata Motors gained after reporting good global wholesales in December 2014.
Foreign portfolio investors bought shares worth a net Rs 235.09 crore on Tuesday, 13 January 2015, as per provisional data.
In overseas markets, most Asian stocks edged lower as commodity prices slumped. US stocks closed lower yesterday, 13 January 2015, amid fresh concerns about the future of Europe's economy.
At 9:31 IST, the S&P BSE Sensex was up 1.38 points or 0.01% at 27,427.11. The index rose 35.03 points at the day's high of 27,460.76 in early trade. The index declined 74.46 points at the day's low of 27,351.27 in early trade.
The CNX Nifty was down 1.40 points or 0.02% at 8,298. The index hit a high of 8,314.55 in intraday trade. The index hit a low of 8,283.25 in intraday trade.
The BSE Mid-Cap index was up 43.47 points or 0.41% at 10,536.24. The BSE Small-Cap index was up 46.17 points or 0.41% at 11,297.68. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 909 shares advanced and 408 shares declined. A total of 57 shares were unchanged.
Yes Bank rose 1.17% ahead of its Q3 results today, 14 January 2015.
Tata Motors rose 1.1% after reporting good global wholesales in December 2014. The company after market hours yesterday, 13 January 2015 said that its global wholesales rose 8% to 85,742 units in December 2014 over December 2013. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 4% to 30,597 units in December 2014 over December 2013. Global wholesales of all passenger vehicles rose 11% to 55,145 units in December 2014 over December 2013. Global wholesales of Tata Motors' passenger vehicles rose 29% to 12,183 units in December 2014 over December 2013. Global wholesales for Jaguar Land Rover (JLR) rose 7% to 42,962 units in December 2014 over December 2013.
On macro front, the rate of inflation based on the wholesale price index (WPI) is projected at 0.5% for December 2014, as per the median estimate of a poll of economist carried out by Capital Market. WPI inflation stood at zero in November 2014. The government will release data on WPI for December 2014 at 12 noon today, 14 January 2015.
Meanwhile, the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India rose to 5% in December 2014 from nine-year low of 4.4% in November 2014, while snapping consistent decline for last four sequential months. An increase in inflation food items contributed entirely to the inflation rise in November 2014. The CPI data was announced after market hours on Monday, 12 January 2015.
Most Asian stocks edged lower today, 14 January 2015, as commodity prices slumped. Key benchmark indices in Indonesia, Singapore, Taiwan, Japan, and South Korea were off 0.06% to 1.43%. Key benchmark indices in China and Hong Kong were up by 0.21% to 0.37%.
US stocks closed lower yesterday, 13 January 2015, amid fresh concerns about the future of Europe's economy.
Meanwhile in Europe, uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country later this month. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
The World Bank yesterday, 13 January 2015, lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices. The global development lender predicted the global economy would grow 3% this year, below a forecast of 3.4% made in June, according to its twice-yearly Global Economic Prospects report. World GDP growth will reach 3.3% in 2016, as opposed to a June forecast of 3.5%, before dipping to 3.2% in 2017, it said.
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