Key benchmark indices witnessed immense volatility today, 20 November 2015. The barometer index, the S&P BSE Sensex, rose 26.57 points or 0.10% to settle at 25,868.49. The Nifty 50 index rose 13.80 points or 0.18% to settle at 7,856.55. The Sensex ended below the psychological 26,000 mark after breaching that level in mid-morning trade. The BSE Sensex and the Nifty, both, hit their highest closing levels in 1-1/2 weeks.
In overseas stock markets, European shares declined after hitting three-month highs in early trade. Most Asian markets settled higher. The main US stock indexes finished barely changed yesterday, 19 November 2015, after weakness in the health-care and energy sectors stunted gains.
Back home, the Sensex rose 26.57 points or 0.10% to settle at 25,868.49, its highest closing level since 9 November 2015. The index rose 216.84 points, or 0.84% at the day's high of 26,058.76 in early afternoon trade. The index fell 72.11 points, or 0.28% at the day's low of 25,769.81 in morning trade.
The Nifty 50 index rose 13.80 points or 0.18% to settle at 7,856.55, its highest closing level since 9 November 2015. The index rose 64.20 points, or 0.82% at the day's high of 7,906.95 in mid-afternoon trade. The index fell 24.95 points, or 0.32% at the day's low of 7,817.80 in morning trade.
The BSE Mid-Cap index rose 0.86%. The BSE Small-Cap index rose 0.61%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,451 shares rose and 1,201 shares fell. A total of 232 shares were unchanged.
The total turnover on BSE amounted to Rs 2926 crore, higher than turnover of Rs 2553.70 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 2.05%), the S&P BSE Capital Goods index (up 0.82%), the S&P BSE IT index (up 0.69%), the S&P BSE Teck index (up 0.62%), the S&P BSE Auto index (up 0.60%), the S&P BSE Consumer Durables index (up 0.42%) and the S&P BSE Power index (up 0.41%), outperformed the Sensex. The S&P BSE Metal index (up 0.07%), the S&P BSE Healthcare index (up 0.05%), the S&P BSE Bankex (down 0.15%), the S&P BSE Realty index (down 0.26%) and the S&P BSE FMCG index (down 0.82%), underperformed the Sensex.
Most state-run banks edged higher. Bank of Baroda (up 2.05%), Bank of India (up 0.58%), Andhra Bank (up 0.23%), United Bank of India (up 0.23%), Punjab National Bank (up 0.22%), Union Bank of India (up 0.19%), Central Bank of India (up 0.14%), Punjab and Sind Bank (up 0.13%), Corporation Bank (up 0.12%), UCO Bank (up 0.11%) and IDBI Bank (up 0.06%), edged higher. Syndicate Bank (down 0.11%), State Bank of India (down 0.35%), Canara Bank (down 0.43%), Dena Bank (down 0.59%), Allahabad Bank (down 0.6%) and Bank of Maharashtra (down 0.78%), edged lower.
Private sector banks were mixed. City Union Bank (up 2.33%), IndusInd Bank (up 0.91%), HDFC Bank (up 0.03%) and Kotak Mahindra Bank (up 0.01%), edged higher. Yes Bank (down 0.2%), ICICI Bank (down 0.51%), Axis Bank (down 0.78%) and Federal Bank (down 1.05%), edged lower.
The Reserve Bank of India yesterday, 19 November 2015, issued revised directions necessitating prior approval for acquisition of shares or voting rights in private sector banks. These Directions contain two major changes with a person intending to acquire shares or compulsorily convertible debentures/bonds or voting rights or convert optionally convertible debentures/bonds of 5% or more in a private sector bank, he/she will have to apply to the Reserve Bank for obtaining its prior approval. The major shareholders that is, shareholders having 5% or more of the paid-up share capital of the bank as indicated above, would have to give an annual declaration to the concerned bank on their 'fit and proper' status and if in the bank's assessment any major shareholder is not 'fit and proper', it will have to immediately furnish the requisite information to the Reserve Bank.
Most auto shares edged higher. Mahindra & Mahindra (up 1.92%), Maruti Suzuki (India) (up 1.84%), Bajaj Auto (up 1.51%), Eicher Motors (up 1.51%), Ashok Leyland (up 0.54%) and Escorts (up 0.50%), edged higher. TVS Motor Company (down 0.32%), Tata Motors (down 1.06%) and Hero MotoCorp (down 1.07%), edged lower.
Most power generation stocks rose. Adani Power (up 2.30%), Reliance Infrastructure (up 1.78%), JSW Energy (up 1.52%), NHPC (up 0.79%), CESC (up 0.36%) and Jaiprakash Power Ventures (up 0.14%), edged higher. Tata Power (down 0.15%), Reliance Power (down 0.21%) and GMR Infrastructure (down 2.01%), edged lower.
NTPC rose 0.45% to Rs 134.35. The company said after market hours yesterday, 19 November 2015, that the company has mandated Barclays, Citigroup, Deutsche Bank AG, HSBC and SBI Capital Markets to arrange a series of fixed income investors meetings in London, Singapore and Hongkong commencing 23 November 2015. An offshore rupee denominated senior notes offering under 'Regulation S' may follow, subject to market conditions.
PTC India Financial Services (PFS) rose 1.82% to Rs 41.90. The company after market hours yesterday, 19 November 2015, announced that it has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL) to provide financing for infrastructure projects in India. As per the agreement, PFS and IIFCL will come together to provide one single window to promoters of infrastructure projects particularly in energy value chain and facilitate their financing in India. Both companies will collaborate to provide credit enhancement facility to various projects to enable their financing at competitive rates, apart from collaborating in areas of mutual interest towards service to infrastructure sector, PFS said in a statement.
The Sensex has risen 385.97 points or 1.51% in two consecutive sessions from a recent low of 25,482.52 on 18 November 2015. The Sensex has declined 788.34 points or 2.96% in this month so far (till 20 November 2015). The Sensex has fallen 1,630.93 points or 5.93% in this calendar year so far (till 20 November 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,034.95 points or 4.17%. The Sensex is off 4,156.25 points or 13.84% from a record high of 30,024.74 hit on 4 March 2015.
On the economic front, the Seventh Central Pay Commission has proposed a hefty 23.55% hike in salary, allowances and pension for 4.8 million government employees and 5.5 million pensioners. If accepted, the recommendations of the commission, headed by retired judge A K Mathur, would be effective from 1 January 2016, the Ministry of Finance said in a statement yesterday, 19 November 2015. The total financial impact would be Rs 1.02 lakh crore during FY 2016-17. Of the total financial impact of Rs 1.02 lakh crore, Rs 73650 crore will be borne by the General Budget and Rs 28450 crore by the Railway Budget, the statement said.
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