Amid gains in US equity index futures which indicated a firm opening of US stocks later in the global day, key equity benchmark indices in India extended their initial gains in morning trade. The 50-unit CNX Nifty hit its highest level in more than three weeks. The barometer index, the S&P BSE Sensex, hit its highest level in more than a week. The strong initial gains for Indian stocks materialized after the government yesterday, 1 January 2015, evening announced the setting up of NITI Aayog (National Institution for Transforming India) as replacement for the Planning Commission and said that the NITI Aayog will seek to provide a critical directional and strategic input into the development process. The Sensex was currently up 301.60 points or 1.1% at 27,809.14. The market breadth indicating the overall health of the market was quite strong with almost three gainers for every loser on BSE. Auto stocks edged higher.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 18.20 crore yesterday, 1 January 2015, as per provisional data.
In overseas markets, Asian stocks edged higher today, 2 January 2015 amid thin volumes following the New Year's Day holiday.
In the foreign exchange market, the rupee edged lower against the dollar on broad strength for the dollar.
Brent crude futures edged higher supported by a larger-than-expected fall in weekly US crude stocks.
At 10:22 IST, the S&P BSE Sensex was up 301.60 points or 1.1% at 27,809.14. The index jumped 308.47 points at the day's high of 27,816.01 in morning trade, its highest level since 23 December 2014. The index rose 11.72 points at the day's low of 27,519.26 in early trade.
The CNX Nifty was up 84.30 points or 1.02% at 8,368.30. The index hit a high of 8,372.10 in intraday trade, its highest level since 10 December 2014. The index hit a low of 8,288.70 in intraday trade.
The market breadth indicating the overall health of the market was quite strong with almost three gainers for every loser on BSE. 1,576 shares gained and 540 shares fell. A total of 62 shares were unchanged.
The BSE Mid-Cap index was up 95.52 points or 0.91% at 10,535.69. The BSE Small-Cap index was up 105.94 points or 0.94% at 11,331.16. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 690 crore by 10:20 IST, compared with turnover of Rs 252 crore by 09:30 IST.
Auto stocks edged higher. Mahindra & Mahindra (M&M) rose 0.36%. M&M's total tractor sales declined 27% to 12,474 units in December 2014 over December 2013. Domestic tractor sales fell 31% to 11,286 units in December 2014 over December 2013. Exports rose 52% to 1,180 units in December 2014 over December 2013. The sales figures were announced at the fag end of the trading session yesterday, 1 January 2015.
M&M's total auto sales fell 8.28% to 36,328 units in December 2014 over December 2013. Domestic auto sales fell 7% to 34,460 units in December 2014 over December 2013. Exports declined 32% to 1,868 units in December 2014 over December 2013.
Maruti Suzuki India rose 0.65%. The company during trading hours yesterday, 1 January 2015, said its total sales rose 20.8% to 1.09 lakh units in December 2014 over December 2013. Domestic sales rose 13.3% to 98,109 units in December 2014 over December 2013. Exports jumped 171% to 11,682 units in December 2014 over December 2013.
Tata Motors (up 1.6%) and Ashok Leyland (up 1.15%) rose.
Bajaj Auto rose 0.26% to Rs 2,460.60. The stock was volatile. The stock hit high of Rs 2,475.20 and low of Rs 2,434 so far during the day. Bajaj Auto's total sales fell 3% to 2.89 lakh units in December 2014 over December 2013. The company's motorcycles sales declined 6% to 2.46 lakh units in December 2014 over December 2013. Sales of commercial vehicles rose 16% to 43,011 units in December 2014 over December 2013. Exports rose 10% to 1.66 lakh units in December 2014 over December 2013. The company announced the monthly sales data during market hours today, 2 January 2015.
In the foreign exchange market, the rupee edged lower against the dollar on broad strength for the dollar. The partially convertible rupee was hovering at 63.35, compared with its close of 63.34 during the previous trading session.
Brent crude futures edged higher supported by a larger-than-expected fall in US weekly crude stocks. Brent for February settlement was up 63 cents at $57.96 a barrel.
The government yesterday, 1 January 2015, announced the setting up of NITI Aayog (National Institution for Transforming India) as replacement for the Planning Commission and said that the NITI Aayog will seek to provide a critical directional and strategic input into the development process. The centre-to-state one-way flow of policy, that was the hallmark of the Planning Commission era, is now sought to be replaced by a genuine and continuing partnership of states, the Prime Minister's Office (PMO) said in a statement. NITI Aayog will emerge as a "think-tank" that will provide governments at the central and state levels with relevant strategic and technical advice across the spectrum of key elements of policy. The NITI Aayog will also seek to put an end to slow and tardy implementation of policy, by fostering better Inter-Ministry coordination and better Centre-State coordination, the PMO said. It will help evolve a shared vision of national development priorities, and foster cooperative federalism, recognizing that strong states make a strong nation. The NITI Aayog will create a knowledge, innovation and entrepreneurial support system through a collaborative community of national and international experts, practitioners and partners. It will offer a platform for resolution of inter-sectoral and inter-departmental issues in order to accelerate the implementation of the development agenda. Among other obectives, the NITI Aayog aims to enable India to better face complex challenges, through policy support to more than 50 million small businesses, which are a major source of employment creation.
Asian stocks edged higher today, 2 January 2015 amid thin volumes following the New Year's Day holiday. Key benchmark indices in Hong Kong, Indonesia and South Korea were up by 0.21% to 0.72%. Singapore's Straits Times index shed 0.01%.
Stock markets in China, Japan and Taiwan are closed today, 2 January 2015, for holiday.
Trading in US index futures indicated that the Dow could rise 99 points at the opening bell today, 2 January 2015. US markets remained shut yesterday, 1 January 2015 for New Year's Day holiday
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