Firmness persisted on the bourses in mid-morning trade. The barometer index, the S&P BSE Sensex was currently up 213.43 points or 0.78% at 27,455.21. The market breadth indicating the overall health of the market was strong with more than two gainers for every loser. Capital goods stocks rose on renewed buying.
In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas.
Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 39.97 crore on Friday, 26 December 2014, as per provisional data.
In overseas markets, Asian stocks edged higher today, 29 December 2014 as the rally on Wall Street boosted risk appetite. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.
At 11:21 IST, the S&P BSE Sensex was up 213.43 points or 0.78% at 27,455.21. The index gained 265.47 points at the day's high of 27,507.25 in early trade, its highest level since 24 December 2014. The index rose 24.71 points at the day's low of 27,266.49 in early trade.
The CNX Nifty was up 62.65 points or 0.76% at 8,263.35. The index hit a high of 8,279.15 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,214.70 in intraday trade.
The market breadth indicating the overall health of the market was strong with more than two gainers for every loser. On BSE, 1,629 shares gained and 781 shares fell. A total of 109 shares were unchanged.
The BSE Mid-Cap index was up 112.11 points or 1.11% at 10,227.96. The BSE Small-Cap index was up 96.50 points or 0.89% at 10,991.39. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 753 crore by 11:20 IST compared to Rs 523 crore by 10:20 IST.
All the 30 members of the Sensex pack were in the green. Sesa Sterlite (up 4.24%), Tata Motors (up 2.11%) and ONGC (up 2.05%) edged higher from the Sensex pack.
Capital goods stocks rose on renewed buying. ABB India (up 1.65%), Bharat Heavy Electricals (Bhel) (up 1.01%), BEML (up 1.14%), Bharat Electronics (up 0.89%), Crompton Greaves (up 0.97%), Siemens (up 2.4%) and Thermax (up 2.58%) gained.
L&T rose 0.59% after the company said its fully owned subsidiary L&T Hydrocarbon Engineering secured an offshore contract valued at Rs 894 crore from ONGC for additional development of the Vasai East project. The order was announced during market hours today, 29 December 2014.
PowerGrid Corporation of India gained 1.06% after the company said its board of directors at its meeting held on 24 December 2014 has accorded investment approvals worth Rs 6574.83 crore. The company made announcement after market hours on Friday, 26 December 2014.
The board of PowerGrid accorded investment approvals for 'Procurement of DWDM Telecom equipment, DCPS System, Air-conditioning system and Shelter due to augmentation of Telecom network for BSNL requirements' at an estimated cost of Rs 57.47 crore, with commissioning schedule of 6 months from the date of award and for 'Inter-Regional System Strengthening Scheme for WR and NR (Part-B)' at an estimated cost of Rs 6517.36 crore, with commissioning schedule of 40 months progressively from the date of investment approval. The board also accorded approval to Sovereign Loan (PowerGrid as Direct Borrower for a loan) from 'KfW, Frankfurt am Main, (KfW), Germany' for an amount of Euro 500 million for financing of Green Energy Corridors: Inter-State Transmission Strengthening Scheme (ISTS) - Part A, B & C.
In the foreign exchange market, the rupee edged lower against the dollar due to appreciation of the greenback against other currencies overseas. The partially convertible rupee was hovering at 63.655, compared with its close of 63.57 on Friday, 26 December 2014.
Brent crude futures rose today, 29 December 2014 after dropping for the past two sessions, as escalating clashes in Libya stoked worries about supply from the OPEC member. Brent for February settlement was up 52 cents at $59.97 a barrel. The contract had declined 79 cents or 1.33% to settle at $59.45 a barrel on Friday, 26 December 2014.
Asian stocks edged higher today, 29 December 2014 as the rally on Wall Street boosted risk appetite. Key benchmark indices in Singapore, China, Taiwan, Hong Kong, Japan, Indonesia rose by 0.11% to 1.84%. Key benchmark indices in Japan and South Korea fell 0.89% to 1%.
As per reports, China's central bank, the People's Bank of China will allow banks to make more loans from their deposit bases in a further step toward liberalisation of the financial sector. China will also expand a trial programme next year to allow the creation of purely private banks and ease the entry of private capital into the banking sector, the China Banking Regulatory Commission reportedly said in a statement.
Japan's Cabinet approved 3.5 trillion yen ($29 billion) in fresh stimulus on Saturday, 27 December 2014 for the ailing economy, pledging to get growth back on track and restore the country's precarious public finances.
Trading in US index futures indicated that the Dow could rise 12 points at the opening bell today, 29 December 2014. US stocks ended higher on Friday, 26 December 2014 with both the Dow Jones Industrial Average and S&P 500 indices closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.
Meanwhile, members of Greece's parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state. Failure to elect Dimas will lead to a general election in late January or early February, a few weeks before the nation's 240 billion euros ($292 billion) bailout expires.
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