A bout of volatility was witnessed as key benchmark indices recovered from lower level after trimming intraday gains in mid-morning trade. The barometer index, the S&P BSE Sensex, was currently up 144.37 points or 0.51% at 28,499.99. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 1.01%. Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations.
Oil exploration firms were mixed. Credit Analysis and Research declined on weak Q3 results. Shares of power generation and power distribution companies rose.
Foreign portfolio investors sold shares worth a net Rs 1261.19 crore yesterday, 10 February 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 851.32 crore yesterday, 10 February 2015, as per provisional data.
In overseas markets, Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations. US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher in volatile trade.
At 11:16 IST, the S&P BSE Sensex was up 144.37 points or 0.51% at 28,499.99. The index jumped 208.21 points at the day's high of 28,563.83 in morning trade. The index gained 83.42 points at the day's low of 28,439.04 in early trade.
The CNX Nifty was up 45.80 points or 0.53% at 8,611.35. The index hit a high of 8,631.20 in intraday trade. The index hit a low of 8,593.65 in intraday trade.
The BSE Mid-Cap index was up 74.98 points or 0.72% at 10,456.74. The BSE Small-Cap index was up 109.97 points or 1.01% at 11,008.98. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,364 shares rose and 845 shares fell. A total of 85 shares were unchanged.
Oil exploration firms were mixed after a slide in global crude oil prices overnight. ONGC (down 1.45%) and Cairn India (down 1.6%) declined. Reliance Industries (RIL) (up 1.12%) and Oil India (up 0.4%) gained. Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms.
Shares of power generation and power distribution companies rose. Among power generation companies, JSW Energy (up 4.53%), Torrent Power (up 1.77%), GVK Power & Infrastructure (up 1.27%), NHPC (up 0.25%), NTPC (up 1.35%), Adani Power (up 2.13%), and Reliance Power (up 1.42%) gained.
Among power distribution companies, Tata Power Company (up 1.04%) and Power Grid Corporation of India (up 2.21%) gained. Reliance Infrastructure fell 0.13%.
Credit Analysis and Research (CARE) fell 3.44% after net profit fell 6.34% to Rs 26.24 crore on 15.95% increase in total revenue to Rs 62.43 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015. CARE said its ratings revenue rose 16.35% to Rs 53.02 crore in Q3 December 2014 over Q3 December 2013. The higher rating income was on account of new assignments in bank loan ratings, capital market instruments and SME (small and medium enterprises) assignments in addition to surveillance income. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 2.56% to Rs 39.18 crore in Q3 December 2014 over Q3 December 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.17, compared with its close of 62.20 during the previous trading session.
Brent crude oil futures edged higher in choppy trade. Brent for March settlement which expires tomorrow, 12 February 2015, was up 6 cents at $56.49 a barrel. The contract had lost $1.91 a barrel or 3.27% to settle at $56.43 a barrel during the previous trading session. Brent for April settlement was up 8 cents at $57.57 a barrel.
Meanwhile, macroeconomic data to be released by the government in the coming days is likely to show deceleration in industrial production growth in December 2014 and acceleration in inflation in January 2015. The rate of inflation based on the consumer price index (CPI) is seen accelerating to 5.5% in January 2015 from 5% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil CPI data for January 2015 at 17:30 IST tomorrow, 12 February 2015.
The rate of inflation based on the wholesale price index (WPI) is seen accelerating to 0.4% in January 2015 from 0.1% in December 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI data for January 2015 at 12.10 noon on 16 February 2015.
Growth in industrial production is seen decelerating to 1.5% in December 2014 from 3.8% expansion in November 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will industrial production data for December 2014 at 17:30 IST tomorrow, 12 February 2015. All these projections related to CPI, WPI and industrial production growth are based on the old series data with 2004-05 as base year. It may be recalled that the Ministry of Statistics & Programme Implementation revised the way it measures GDP on 30 January 2015. It brought forward the base year used in national economy calculations by seven years to 2011-12 from 2004-05. It also switched from using production costs to market prices. Changes in the base year are made every five years.
Asian stocks edged higher today, 11 February 2015, after a firmer finish of US stocks yesterday, 10 February 2015. Key indices in China, Singapore, Taiwan, Indonesia, and South Korea were up 0.12% to 0.62%. Hong Kong's Hang Seng fell 0.81%. Japanese market is closed today for a holiday.
Trading in US index futures indicated that the Dow could fall 14 points at the opening bell today, 11 February 2015. US stocks rose yesterday, 10 February 2015, buoyed by hopes for a deal between Greece and its international creditors.
In Europe, Greece's new Syriza-led coalition government today, 11 February 2015, won a parliamentary vote of confidence, following a three-day debate in which the government presented the outlines of its program after national elections two weeks ago. The vote is considered a procedural step to endorse the government, and the outcome was expected. Although the government holds a secure majority in parliament and has been buoyed by popular support at home, its biggest challenge comes from abroad, where its European creditors remain deeply skeptical of its plans to reverse Greece's reform and austerity program. Greece is scrambling to reach a deal with creditors before it runs out of cash, effectively daring Germany and its other European partners to let it fail and stumble out of the euro. Greece's current bailout plan expires on 28 February 2015.
German Finance Minister Wolfgang Schaeuble yesterday, 10 February 2015, said there were no plans to discuss a new accord with Greece at eurozone finance ministers' emergency meeting to be held in Brussels on Wednesday, 11 February 2015.
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