Key benchmark indices extended gains and hit fresh intraday high in morning trade. The 50-unit CNX Nifty index hit one week high. The barometer index, the S&P BSE Sensex was currently up 77.48 points or 0.28% at 27,481.02. The market breadth indicating the overall health of the market was strong. Auto stocks declined on reports government will not extend tax breaks to automakers beyond 31 December 2014.
Earlier during the day, key benchmark indices reversed initial decline to hit intraday high in volatile early trade.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 277.92 crore yesterday, 30 December 2014, as per provisional data.
In overseas markets, many Asian stocks rose today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
At 10:23 IST, the S&P BSE Sensex was up 77.48 points or 0.28% at 27,481.02. The index gained 98.87 points at the day's high of 27,502.41 in morning trade, its highest level since 29 December 2014. The index fell 57.54 points at the day's low of 27,346 in early trade.
The CNX Nifty was up 25 points or 0.3% at 8,273.25. The index hit a high of 8,280.05 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,243.75 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,335 shares gained and 741 shares fell. A total of 97 shares were unchanged.
The BSE Mid-Cap index was up 60.70 points or 0.59% at 10,319.34. The BSE Small-Cap index was up 64.17 points or 0.58% at 11,035.27. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 664 crore by 10:20 IST compared to Rs 160 crore by 09:30 IST.
Among the 30-share Sensex pack, 24 stocks gained and rest of them declined.
Hindalco Industries (up 1.54%), Dr Reddy's Laboratories (up 1.23%) and Axis Bank (up 1.04%) edged higher from the Sensex pack.
Auto stocks declined on reports government will not extend tax breaks to automakers beyond 31 December 2014.
Tata Motors (down 0.09%), Eicher Motors (down 1.18%), Maruti Suzuki India (down 0.4%), Ashok Leyland (down 0.87%), Mahindra & Mahindra (M&M) (down 1.82%), Hero MotoCorp (down 0.11%) and Bajaj Auto (down 0.82%) declined. TVS Motor Company rose 1.19%.
In February this year, the Congress-led UPA government in its interim budget had reduced excise duty on automobiles for a limited period until 30 June 2014 to help revive sluggish sales. Later, the new BJP government led by Prime Minister Narendra Modi which came to power in May this year extended the concessional excise duty on automobiles until 31 December 2014. The excise duty on small cars, scooters, motorcycles and commercial vehicles was cut to 8% from 12%. The same for SUVs (sports utility vehicles) was slashed to 24% from 30%, while on large cars it was reduced to 24% from 27% and mid-sized cars to 20% from 24%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 63.3525, compared with its close of 63.38 yesterday, 30 December 2014.
Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. Brent for February settlement was down 70 cents at $57.20 a barrel. The contract had risen marginally by 2 cents or 0.03% to settle at $57.90 a barrel on yesterday, 30 December 2014.
Many Asian stocks rose today, 31 December 2014. Key benchmark indices in Singapore, Hong Kong and China rose by 0.15% to 0.68%. Taiwan's Taiwan Weighted index fell 0.02%.
Stock markets in South Korea are shut today, 31 December 2014. Japanese markets will remain closed from today, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today, 31 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion. The official manufacturing PMI, a competing index published by China's National Bureau of Statistics, is due tomorrow, 1 January 2015.
Trading in US index futures indicated that the Dow could rise 13 points at the opening bell today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.
A report yesterday, 30 December 2014 showed consumer confidence increased less than estimated this month. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91 a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.
Most global markets will remain closed tomorrow, 1 January 2015, for New Year holiday.
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