Key benchmark indices held firm in morning trade. The barometer index, the S&P BSE Sensex was currently up 225.77 points or 0.83% at 27,467.55. The market breadth indicating the overall health of the market was strong. Metal and mining stocks were in demand on reports of China's central bank adjusting deposits calculation rules.
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 10:25 IST, the S&P BSE Sensex was up 225.77 points or 0.83% at 27,467.55. 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 67.20 points or 0.82% at 8,267.90. 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, 1,539 shares gained and 584 shares fell. A total of 75 shares were unchanged.
The BSE Mid-Cap index was up 104.17 points or 1.03% at 10,220.02. The BSE Small-Cap index was up 103.01 points or 0.95% at 10,997.90. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 523 crore by 10:20 IST compared to Rs 213 crore by 09:25 IST.
All the 30 members of the Sensex pack were in the green. Tata Motors (up 2.01%), ONGC (up 1.63%) and Bharti Airtel (up 1.2%) edged higher from the Sensex pack.
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 4.58%), JSW Steel (up 2.84%), Tata Steel (up 2.32%), Steel Authority of India (Sail) (up 2.29%), NMDC (up 0.76%), Hindustan Copper (up 1.56%), National Aluminium Company (up 0.66%), Hindustan Zinc (up 2.13%), Jindal Steel & Power (up 3.35%) and Hindalco Industries (up 2.23%) edged higher.
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 63.66, 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.
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 0.24% to 1.89%. South Korea's Seoul Composite fell 0.96%.
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 9 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 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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