Key benchmark indices moved in a narrow range in negative terrain in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 48.06 points or 0.19% at 25,204.26. The 50-unit Nifty 50 index was currently off 16.15 points or 0.21% at 7,667.15. The market breadth indicating the overall health of the market was strong. On BSE, 1,401 shares rose and 763 shares declined. A total of 134 shares were unchanged. The BSE Mid-Cap index was currently up 0.19%. The BSE Small-Cap index was currently up 0.33%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian markets edged lower as falling crude oil prices heightened fears about receding global growth. US stocks edged higher yesterday, 10 December 2015, as beaten down energy stocks witnessed bargain hunting.
Shares of state-run oil marketing companies (PSU OMCs) edged higher on slide in global crude oil prices. BPCL (up 0.49%), HPCL (up 0.49%) and Indian Oil Corporation (up 0.47%) gained. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports. The government has already decontrolled pricing of petrol and diesel.
In the global commodities markets, Brent for January settlement was currently off 25 cents at $39.48 a barrel. The contract had declined 38 cents or 0.94% to settle at $39.73 a barrel during the previous trading session.
In the foreign exchange market, the partially convertible rupee was hovering at 66.7925, compared with closing of 66.72 during the previous trading session.
IT stocks were mixed. Oracle Financial Services Software (down 0.57%), HCL Technologies (down 0.33%) and Wipro (down 0.14%) declined. Tech Mahindra (up 0.37%) gained.
Infosys rose 1.01% at Rs 1,057 after the company announced that it has won a five-year contract to transform the application landscape of DNB Bank of Norway. The announcement was made after market hours yesterday, 10 December 2015.
TCS rose rose 0.21% at Rs 2,385.65 after the company announced the inauguration of phase II of its campus at Kalinga Park in Bhubaneswar. With the addition of 3,000 seats in phase II, the Kalinga Park campus now has operational capacity of 4,000 seats. The announcement was made after market hours yesterday, 10 December 2015.
Tata Power Company (Tata Power) rose 0.32% at Rs 62.80 after the company announced that its joint venture (JV) of 120 megawatts (MW) Itezhi Tezhi Hydro Power Project in Zambia has received Clean Development Mechanism (CDM) approval from United Nations Framework Convention on Climate Change (UNFCCC). Itezhi Tezhi Power Corporation (ITPC) is a JV with Zambian parastatal utility ZESCO Limited (ZESCO). ITPC is a special purpose vehicle (SPV) which has been set to build and operate a 120 MW hydro power plant in Itezhi Tezhi district on Kafue River in Zambia. ITPC is the first project in Zambia to get the CDM approval from UNFCCC. The proposed project activity involves installation of Greenfield 120 MW hydro power plant in the Central Province of Zambia and will be connected to Southern African Power Pool (SAPP) grid system.
Separately, Tata Power announced after market hours yesterday, 10 December 2015 that Tata Power Solar, India's largest integrated solar player, has successfully commissioned a 12 megawatts (MW) solar rooftop project for RSSB Educational & Environmental Society (RSSB-EES) in Amritsar, Punjab. This project is the largest solar rooftop plant in the world set up in a single phase. The plant will produce more than 150 lakh units of power annually and offset over 19,000 tonnes of carbon emissions every year.
Vinati Organics rose 2% at Rs 388.10 after the company announced that it has entered into long term tripartite agreement with USA and Japan based chemical companies for supply of a customized product. Vinati Organics said that due to the long term tripartite agreement, the company's turnover is expected to increase by Rs 45 crore for the year ending 31 March 2017 (FY 2017). The company made the announcement after market hours yesterday, 10 December 2015.
MEP Infrastructure Developers (MEP) rose 2.42% at Rs 48.75 after the company said it was granted rights from the National Highways Authority of India (NHAI) to collect toll at Brijghat toll plaza in Uttar Pradesh. MEP has received the Letter of Acceptance (LoA) on 10 December 2015 from NHAI. The operations will commence within 12 days from the date receiving the LoA after complying with the statutory formalities. The contract is for one year. The contractual amount for the project is Rs 51.84 crore payable to NHAI on a weekly basis over a period of one year. The announcement was made before market hours today, 11 December 2015.
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