Intraday volatility continued as key benchmark indices alternately swung between positive and negative zone in mid-afternoon trade. Benchmark indices turned volatile in mid-afternoon trade after media reports said that the government has raised excise duty on petrol and diesel. Shares of PSU OMCs dropped after reports of excise duty on petrol and diesel. The barometer index, the S&P BSE Sensex, was currently below the psychological 28,000 level, having alternately moved above and below that level in intraday trade so far. The Sensex had settled above the psychological 28,000 level yesterday, 12 November 2014, for the first time in its history. The market breadth indicating the overall health of the market was negative. The Sensex was currently was off 49.36 points or 0.18% at 27,959.54.
Consumer price inflation dropped further last month, data released by the government after trading hours yesterday, 12 November 2014, showed. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014, another data released by the government after trading hours yesterday, 12 November 2014, showed. Meanwhile, Minister of State for Commerce and Industry Nirmala Sitharaman today, 13 November 2014, said that India and the US have successfully resolved their differences relating to the issue of public stockholding for food security purposes in the World Trade Organization (WTO) and this will end the impasse at the WTO and also open the way for implementation of the Trade Facilitation Agreement.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 459.47 crore yesterday, 12 November 2014, as per provisional data.
Hindalco Industries edged higher in volatile trade after reporting strong Q2 results. Sesa Sterlite dropped in volatile trade after the company's board of directors approved development of Gamsberg-Skorpion integrated zinc project, in South Africa and Namibia.
Earlier, benchmark indices had reversed initial gains after a sudden slide in morning trade.
In overseas markets, European stocks edged higher as shares of Bayer AG and KBC Groep NV climbed. Asian stocks were mixed after the latest data showed China's industrial output growth slowed last month. US stocks ended choppy session essentially unchanged yesterday, 12 November 2014, as the main indexes struggled to stay in record territory.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower amid signs that OPEC remains unwilling to reduce output to ease concern of a global supply glut.
At 14:16 IST, the S&P BSE Sensex was down 49.36 points or 0.18% at 27,959.54. The index lost 97.73 points at the day's low of 27,911.17 in morning trade, its lowest level since 11 November 2014. The index gained 89.84 points at the day's high of 28,098.74 in early trade.
The CNX Nifty was off 17.70 points or 0.21% at 8,365.60. The index hit a low of 8,345.60 in intraday trade, its lowest level since 11 November 2014. The index hit a high of 8,408 in intraday trade.
The BSE Mid-Cap index was off 7.94 points or 0.08% at 10,125.33. The Small-Cap index was up 10.22 points or 0.09% at 11,194.57. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,495 shares declined and 1,399 shares advanced. A total of 103 shares were unchanged.
PSU OMCs dropped on reports the government has hiked the excise duty on petrol and diesel. BPCL (down 4.45%), HPCL (down 4.96%), and Indian Oil Corporation (down 2.3%) declined.
Hindalco Industries rose 1.35% at Rs 153.70. The stock hit a high of Rs 154.50 and a low of Rs 149.60. The company's net profit declined 77.94% to Rs 78.77 crore on 33.3% growth in total income to Rs 8777.66 crore in Q2 September 2014 over Q2 September 2013. The result was announced during market hours today, 13 November 2014. Hindalco said that its bottom line was adversely impacted by non-recurring expenses of Rs 431 crore (net) in Q2 September 2014. Profit before tax and exceptional items jumped 22% to Rs 539 crore in Q2 September 2014 over Q2 September 2013.
With additional capacity coming on stream in aluminium business, the company will further consolidate its leadership position and is well-poised to benefit from the expected upturn in the economy, Hindalco said.
Sesa Sterlite lost 0.45% at Rs 240.75. The stock hit a high of Rs 245 and a low of Rs 238.50. The company during market hours today, 13 November 2014, said that its board of directors approved development of Gamsberg-Skorpion integrated zinc project in South Africa and Namibia for $782 million to be invested over a 3 year period, to develop an open pit zinc mine in Gamsberg, South Africa, as well as the conversion of the Skorpion Zinc Refinery in neighbouring Namibia. The majority of the investment, approximately $630 million, will go towards developing an open-pit zinc mine, concentrator plant and associated infrastructure at Gamsberg, one of world's largest undeveloped zinc Deposits, Sesa Sterlite said. The balance of the investment will be used to convert the refinery at the Skorpion Mine in Rosh Pinah, Namibia thereby enabling it to refine zinc concentrates from the Gamsberg mine into special high grade zinc metal, the company said in a statement.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 61.58, compared with its closing of 61.5225 during the previous trading session.
Brent crude oil futures edged lower amid signs that OPEC remains unwilling to reduce output to ease concern of a global supply glut. Brent for December settlement, which expires today, 13 November 2014, was off 47 cents at $79.91 a barrel. The contract had lost $1.29 a barrel to settle at $80.38 a barrel yesterday, 12 November 2014, its lowest close since September 2010. Brent for January delivery was off 78 cents at $80.34 a barrel.
The annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The rate of inflation based on the combined consumer food price indices (CFPI) for urban and rural India eased to 5.59% in October 2014, from 7.67% in September 2014, the data showed. Core CPI inflation which excludes food and energy prices, eased to 5.86% in October 2014, from 5.9% in September 2014.
The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016.
Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014, data released by the government after trading hours yesterday, 12 November 2014, showed. The manufacturing sector's output growth rebounded to 2.5% in September 2014, snapping decline for last two sequential months mainly contributing to the improvement in industrial production growth. However, the mining sector as well as electricity generation growth decelerated to 0.7% and 3.9%, respectively in September 2014.
The rate of inflation based on wholesale price index (WPI) is seen easing further to 2.1% in October 2014, from 2.38% in September 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil WPI inflation data for October 2014 at 12:00 noon tomorrow, 14 November 2014.
Meanwhile, Minister of State for Commerce and Industry Nirmala Sitharaman today, 13 November 2014, said that India and the US have successfully resolved their differences relating to the issue of public stockholding for food security purposes in the World Trade Organization (WTO) and this will end the impasse at the WTO and also open the way for implementation of the Trade Facilitation Agreement. India is a strong supporter of the multilateral trading system and is committed to strengthening it and ensuring that the WTO remains a key pillar of the global economic edifice, she said in statement.
European stocks edged higher today, 13 November 2014, as shares of Bayer AG and KBC Groep NV climbed. Key indices in Germany, UK, and France were up 0.24% to 0.98%.
Germany's inflation rate was confirmed flat at 0.7% in October. The final figure for Germany's CPI comes a day ahead of the eurozone's third-quarter gross domestic product announcement tomorrow, 14 November 2014.
Asian stocks were mixed today, 13 November 2014, after the latest data showed China's industrial output growth slowed last month. Key indices in Japan, Indonesia, Taiwan, Hong Kong and Singapore were up 0.03% to 1.14%. Key indices in China and South Korea were off 0.31% to 0.51%.
China's industrial output growth in October unexpectedly dropped, reflecting the continued headwinds faced by the Chinese economy, official data showed today, 13 November 2014. Value-added industrial output in China rose 7.7% in October from a year earlier, slowing from an 8% on-year increase in September, the National Bureau of Statistics said. Industrial production increased 0.52% in October from September. In September, it had climbed 0.91% from the preceding month.
Fixed-asset investment in non-rural areas rose 15.9% in the January-October period compared with the same period a year earlier, slower than the 16.1% increase recorded in the January-September period. China's retail sales rose 11.5% in October from a year earlier, slowing slightly from a 11.6% on-year increase in September. Retail sales increased 0.98% in October from September. In September, retail sales had risen 0.86% from the preceding month.
Trading in US index futures indicated that the Dow could gain 33 points at the opening bell today 13 November 2014. US stocks ended choppy session essentially unchanged yesterday, 12 November 2014, as the main indexes struggled to stay in record territory. The S&P 500 and Dow Jones Industrial Average snapped a five-day streak closing at a new high, as falling oil prices and heightened geopolitical risks turned investors cautious.
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