All the 12 sectoral indices on BSE edge higher

Indian stocks edged higher as investors bet Prime Minister Narendra Modi will accelerate policy measures to boost economic growth after the Bharatiya Janata Party (BJP) was trounced in assembly election in Delhi yesterday, 10 February 2015. Key indices remained in positive terrain throughout the trading session. The barometer index, the S&P BSE Sensex advanced 178.35 points or 0.63% to settle at 28,533.97. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index rose 1.55%. The BSE Small-Cap index gained 1.47%. Both theses indices outperformed the Sensex. All the 12 sectoral indices on BSE edged higher.

The BJP was trounced in assembly election in Delhi yesterday, 10 February 2015, with the Aam Aadmi Party winning in 67 out of 70 seats. The BJP won a mere 3 seats. The counting of votes for assembly election in Delhi was completed in a single day yesterday, 10 February 2015, after single-day polling on 7 February 2015.

Key benchmark indices edged higher for the second day in a row today, 11 February 2015.

Steel shares lead gains in metal stocks. Shares of public sector oil marketing companies rose as global crude oil prices fell. Credit Analysis and Research declined on weak Q3 results. Shares of power generation and power distribution companies rose. Jaiprakash Associates fell on weak Q3 results. Banking and FMCG stocks edged higher. Index heavyweight HDFC advanced. Godrej Industries edged higher after good Q3 December 2014 earnings. Power Finance Corporation dropped after muted growth in Q3 earnings.

Foreign portfolio investors sold shares worth a net Rs 1232.83 crore into the secondary equity market yesterday, 10 February 2015, as per data from Central Depository Services. Domestic institutional investors (DIIs) bought shares worth a net Rs 851.32 crore yesterday, 10 February 2015, as per provisional data released by the stock exchanges.

In overseas markets, European stocks edged lower, with investors awaiting a crunch meeting on the future of financial aid to Greece. Asian stocks edged higher, taking cues from overnight rally in US stocks. 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 lower in volatile trade ahead of the release of the US weekly oil inventory data from the US Energy Information Administration later in the global day.

The S&P BSE Sensex advanced 178.35 points or 0.63% to settle at 28,533.97, its highest closing level since 6 February 2015. The index jumped 263.29 points at the day's high of 28,618.91 in afternoon trade. The index gained 68.77 points at the day's low of 28,424.39 in mid-morning trade.

The CNX Nifty rose 61.85 points or 0.72% to settle at 8,627.40, its highest closing level since 6 February 2015. The index hit a high of 8,651.95 in intraday trade. The index hit a low of 8,593.65 in intraday trade.

The BSE Mid-Cap index advanced 161.35 points or 1.55% to settle at 10,543.11. The BSE Small-Cap index rose 160.38 points or 1.47% to settle at 11,059.39. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 3249 crore, lower than turnover of Rs 3883.69 crore during the previous trading session.

The market breadth indicating the overall health of the market was strong. On BSE, 1,728 shares rose and 1,074 shares fell. A total of 106 shares were unchanged.

Among sectoral indices on BSE, the S&P BSE Auto index (up 0.8%), BSE Bankex index (up 1.05%), BSE Consumer Durables index (up 0.66%), BSE Capital Goods index (up 2%), BSE FMCG index (up 0.85%), BSE Healthcare index (up 1.25%), BSE IT index (up 0.68%), BSE Metal index (up 1.68%), BSE Oil & Gas index (up 0.82%), BSE Power index (up 1.16%), and BSE Realty index (up 0.75%), outperformed the Sensex. The S&P BSE Teck index (up 0.5%) underperformed the Sensex.

Index heavyweight Reliance Industries (RIL) gained 2.07% to Rs 900.95. The stock hit high of Rs 904.20 and low of Rs 883.65.

Steel shares lead gains in metal stocks. JSW Steel (up 4.26%), Jindal Steel & Power (up 5.96%), Steel Authority of India (up 5.02%), and Tata Steel (up 2.08%) edged higher. Among other metal and mining stocks, Hindustan Zinc (up 2.56%), Sesa Sterlite (up 0.94%), and Hindalco Industries (up 0.44%) edged higher. NMDC (down 0.25%) edged lower.

National Aluminium Company (Nalco) was unchanged for the day at Rs 49.50. The stock hit a high of Rs 52.80 and a low of Rs 49.30. Nalco's net profit surged 170.52% to Rs 354.47 crore on 16.6% growth in total income to Rs 2057.61 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.

Capital goods stocks rose. Alstom India (up 2.79%), BEML (up 10.81%), Crompton Greaves (up 4.34%) and Siemens (up 2.87%) gained. Bharat Heavy Electricals (Bhel) (down 2.41%) edged lower.

L&T (up 2.57%), Tata Power Company (up 0.92%), Bharat Electronics (up 4.5%) and Rolta India (up 6.31%) gained. The government is reportedly poised to award its first 'make' contract, in which the Ministry of Defence (MoD) will fund two Indian consortia in developing a Rs 40000-50000 crore 'battlefield management system' (BMS). This digital wireless network will interlink soldiers and battlefield sensors through voice and data channels, providing a common battle picture to each jawan.

The MoD has selected two consortia from the dozen companies invited to bid in November 2013. One is a consortium between L&T and Tata Power, and the other between Rolta India and Bharat Electronics. These winners - termed development agencies - could be announced any day, report said. Under the 'make' category of the Defence Procurement Policy of 2013 (DPP-2013), both consortia will develop separate prototype BMS systems, with the MoD reimbursing 80% of the expenditure. A special MoD 'integrated project management team' (IPMT) will select the better prototype, and both consortia will then bid for the contract to mass-produce the BMS for the military.

ACC fell 0.65% at Rs 1,551.35. The stock hit a high of Rs 1,574.90 and a low of Rs 1,548. ACC after market hours yesterday, 10 February 2015, said that limestone mining operations have resumed at the captive mines of the company's Chaibasa cement plant in Jharkhand in terms of the recent Mines and Minerals (Development and Regulations) Ordinance 2015. Earlier, ACC had on 10 October 2014 announced temporary suspension of mining operations at its Chaibasa and Bargarh cement plants pursuant to a judgement of the Supreme Court under deemed extension of second and subsequent renewals of mining leases.

Shares of public sector oil marketing companies rose as global crude oil prices fell. BPCL (up 2.16%), Indian Oil Corporation (up 2.36%), and HPCL (up 2.69%) edged higher. Lower crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at 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 freed pricing of petrol and diesel.

Meanwhile, the Ministry of Petroleum & Natural Gas after trading hours yesterday, 10 February 2015, said that the Central Government has amended the Kerosene (Restriction on Use and Fixation of Ceiling Price) Order, 1993 with a view to ease the availability of white kerosene (market priced kerosene) for sale in the open market. By virtue of this amendment, all the activities of storage, transportation and sale of non-PDS kerosene have been freed of regulatory control. It is expected that this will reduce demand for diverted PDS kerosene by improving availability of non-PDS kerosene in the open market and will thus meet the demand of kerosene for various legitimate end uses for the industry and for individual consumption by those who can afford it at market price, the Ministry of Petroleum & Natural Gas said in a statement.

Shares of power generation and power distribution companies rose. Among power generation companies, JSW Energy (up 4.11%), Torrent Power (up 0.84%), GVK Power & Infrastructure (up 4.01%), NHPC (up 1.26%), NTPC (up 1.97%), Adani Power (up 5.55%), and Reliance Power (up 2.57%) gained.

Among power distribution companies, Tata Power Company (up 0.92%) and Power Grid Corporation of India (up 0.55%), and Reliance Infrastructure (up 0.36%) edged higher.

Power Finance Corporation fell 1.21% at Rs 281.10 after net profit rose 0.48% to Rs 1541.73 crore on 16.06% increase in total income in Q3 December 2014 over Q3 December 2013. The result was announced during trading hours today, 11 February 2015.

Credit Analysis and Research (CARE) fell 0.53% at Rs 1,609.95 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.

TCS rose 0.7% at Rs 2,460.15. The company said during market hours that Singapore Airlines (SIA) and TCS have introduced TCS CrewCollab Solution, a tablet based mobile application for cabin crew to deliver most personalized customer service and to automate and streamline in flight processes for cabin crew. The application has been jointly developed through a collaboration project by SIA and TCS.

Infosys rose 0.3% at Rs 2,287.20. The stock hit a high of Rs 2,295 and a low of Rs 2,258.25. Infosys during market hours today, 11 February 2015, said that the company has been selected by ICA Gruppen, Sweden's leading retailer, to manage its IT operations. As part of this agreement, Infosys will provide services across application and infrastructure maintenance to drive operational efficiency and ensure IT projects add value to the business.

Jaiprakash Associates fell 1.46% at Rs 23.55 after the company reported a net loss of Rs 116.09 crore in Q3 December 2014, higher than net loss of Rs 88.71 crore in Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015. Jaiprakash Associates' net sales fell 18.5% to Rs 2557.81 crore in Q3 December 2014 over Q3 December 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) fell 39.53% to Rs 461.37 crore in Q3 December 2014 over Q3 December 2013. The company reported an exceptional income of Rs 480.71 crore in Q3 December 2014 through profit on sale of shares.

Bank stocks advanced. ICICI Bank (up 1.1%), IndusInd Bank (up 1.43%), Federal Bank (up 1.75%), Axis Bank (up 2.87%), Bank of India (up 2.13%), Punjab National Bank (up 1.53%), Bank of Baroda (up 2.01%), Yes Bank (up 1.09%), Kotak Mahindra Bank (up 1.33%), Canara Bank (up 1.37%), and HDFC Bank (up 0.27%) edged higher. State Bank of India (down 0.4%) edged lower.

Oriental Bank of Commerce (OBC) rose 3.16% at Rs 241.55 after the company after market hours yesterday, 10 February 2015, said that the bank has issued 9.48% unsecured non-convertible fully paid-up Basel III compliant perpetual debt Instruments of Rs 10 lakh each for cash at par aggregating Rs 500 crore.

Index heavyweight HDFC rose 0.21% at Rs 1,247.40. The stock hit a high of Rs 1,267.95 and a low of Rs 1,243.80.

Shares of FMCG firms advanced. Godrej Consumer Products (up 4.93%), Nestle India (up 1.17%), Emami (up 4.7%), Dabur India (up 0.55%), Colgate-Palmolive (India) (up 1.05%), Marico (up 0.3%), and Britannia Industries (up 0.04%) edged higher.

Hindustan Unilever (HUL) rose 1.47% at Rs 902.55. With respect to news article titled "HUL gets nod to exit Karnataka SEZ", Hindustan Unilever clarified during market hours that HUL had in September 2014 entered into an MOU for transfer of its shareholding in its wholly owned subsidiary Brooke Bond Real Estates (BBREPL) to Brigade Properties which is a subsidiary of Brigade Enterprises, Bangalore subject to obtaining requisite approval from SEZ authorities. HUL said it has not yet completed the transfer of shares in favour of Brigade Properties. BBREPL holds property at Bangalore which was proposed to be developed as SEZ, HUL said. BBREPL holds a letter of approval for operating an IT/ITES/Electronic Hardware SEZ in Bangalore. Brigade Properties intends to develop the SEZ of BBREPL.

Godrej Industries rose 0.42% at Rs 309.80. The stock hit a high of Rs 315.15 and a low of Rs 304.50. Godrej Industries' consolidated net profit rose 39% to Rs 91 crore on 17% growth in total income including other income and exceptional items to Rs 2374 crore in Q3 December 2014 over Q3 December 2013. The result was announced during market hours today, 11 February 2015.

Godrej Industries' consolidated PBDIT (profit before interest, taxation, and depreciation) including other income and exceptional items rose 28% to Rs 183 crore in Q3 December 2014 over Q3 December 2013.

SRF slumped 5.5% at Rs 933.40 after net profit rose 0.78% to Rs 72.62 crore on 1.25% rise in net sales to Rs 870.22 crore in Q3 December 2014 over Q3 December 2013. The result was announced after trading hours yesterday, 10 February 2015.

M M Forgings rose 5.18% at Rs 594.45 after net profit surged 85.1% to Rs 13.05 crore on 23.4% rise in total income to Rs 126.57 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.

NCC was locked at 20% upper circuit at Rs 76 after consolidated net profit surged 438.32% to Rs 25.57 crore on 40.27% increase in total income to Rs 2669.65 crore in Q3 December 2014 over Q3 December 2013. The result was announced during trading hours today, 11 February 2015. NCC secured orders aggregating Rs 6465 crore in the first nine months and the order book stood at Rs 20755 crore as of 31 December 2014, the company said in a statement.

PI Industries rose 0.39% at Rs 498.35. The stock hit a high of Rs 510.70 and a low of Rs 482.10. PI Industries' net profit surged 79.25% to Rs 62.22 crore on 39.04% growth in total income to Rs 510.85 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours today, 11 February 2015.

JK Paper jumped 6.22% at Rs 36.70 after the company reported net profit of Rs 11.40 crore in Q3 December 2014, as compared to net loss of Rs 39.38 crore in Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015. JK Paper's total income rose 18% to Rs 554.97 crore in Q3 December 2014 over Q3 December 2013.

Ricoh India hit an upper circuit limit of 20% at Rs 344.20 on BSE after the company reported net profit of Rs 10.55 crore in Q3 December 2014 as against net loss of Rs 0.21 crore in Q3 December 2013. The result was announced during trading hours today, 11 February 2015. Ricoh India's net sales rose 80.35% to Rs 409.02 crore in Q3 December 2014 over Q3 December 2013.

Capital First jumped 6.05% at Rs 415.65 after consolidated net profit jumped 195.8% to Rs 29.91 crore on 37.5% spurt in total income to Rs 380.14 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015.

Key benchmark indices advanced for the second straight day today, 11 February 2015. The Sensex has risen 306.58 points or 1.08% in two days from a recent low of 28,227.39 on Monday, 9 February 2015. The Sensex has lost 648.98 points or 2.22% in this month so far (till 11 February 2015). The Sensex has risen 1,034.55 points or 3.76% in this calendar year so far (till 11 February 2015). The Sensex is off 1,310.19 points or 4.39% from a record high of 29,844.16 hit on 30 January 2015.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.24, compared with its close of 62.20 during the previous trading session.

Brent crude oil futures edged lower in volatile trade ahead of the release of the US weekly oil inventory data from the US Energy Information Administration later in the global day. Brent for March settlement which expires tomorrow, 12 February 2015, was off 76 cents at $55.67 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 off 61 cents at $56.88 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 for CPI, WPI and industrial production 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.

European stocks edged lower today, 11 February 2015, with investors awaiting a crunch meeting on the future of financial aid to Greece. Key indices in France, Germany and UK were off 0.33% to 0.56%.

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. The emergency meeting is for discussing Greece's debt situation.

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 0.27% to 0.73%. Hong Kong's Hang Seng fell 0.87%. Japanese market is closed today for a holiday.

Trading in US index futures indicated that the Dow could fall 17 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.

Meanwhile, after the conclusion of a two-day meeting in Turkey, finance officials from the Group of 20 leading economies yesterday, 10 February 2015, vowed to use monetary and fiscal policy if needed to stem any risk of stagnation to global growth. The final G20 communique also pledged to put debt as a share of output on a sustainable path. The communique noted slow growth in the euro area and Japan and said some emerging market economies were slowing down. It said the European Central Bank's quantitative easing, which has raised German concern, would further support recovery in the euro area. A sharp decline in oil prices would also give some boost to global growth, it said.

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