Market hits intraday high in late trade

Key benchmark indices logged decent gains on last trading session of calendar year 2014 (CY 2014). After gyrating in a small range throughout the day, key indices extended gains and hit intraday high in late trade. The barometer index, the S&P BSE Sensex was provisionally up 93.06 points or 0.34% at 27,496.60. The market breadth indicating the overall health of the market was positive. The BSE Mid-Cap index was up 1.11%. The BSE Small-Cap index was up 1.06%. Both these indices outperformed the Sensex.

Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. Telecom stocks rose after the sector regulator Telecom Regulatory Authority of India recommended a base price for pan India 3G spectrum. Realty stocks gained on renewed buying.

Earlier during the day, key benchmark indices reversed initial decline to hit intraday high in volatile early trade. The 50-unit CNX Nifty index hit one week high in morning trade.

In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters.

Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 277.92 crore yesterday, 30 December 2014, as per provisional data.

In overseas markets, European shares were trading higher today, 31 December 2014 in thin trading ahead of the New Year's holiday. Asian stocks were mostly higher today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.

As per provisional closing, the S&P BSE Sensex was up 93.06 points or 0.34% at 27,496.60. The index gained 123.70 points at the day's high of 27,527.24 in late trade, its highest level since 24 December 2014. The index fell 57.54 points at the day's low of 27,346 in early trade.

The CNX Nifty was up 34.45 points or 0.42% at 8,282.70. The index hit a high of 8,291 in intraday trade, its highest level since 24 December 2014. The index hit a low of 8,243.75 in intraday trade.

The market breadth indicating the overall health of the market was positive. On BSE, 1,765 shares gained and 1,241 shares fell. A total of 143 shares were unchanged.

The BSE Mid-Cap index was up 113.94 points or 1.11% at 10,372.58. The BSE Small-Cap index was up 115.97 points or 1.06% at 11,087.07. Both these indices outperformed the Sensex.

The total turnover on BSE amounted to Rs 2447 crore, higher than Rs 2243.21 crore yesterday, 30 December 2014.

Index heavyweight Reliance Industries (RIL) rose 1.37% to Rs 892.70. The stock was volatile. The stock hit high of Rs 893.80 and low of Rs 879.55.

Jindal Steel & Power (JSPL) rose 0.07%. JSPL during market hours today, 31 December 2014 said that the company has deposited Rs 1989.83 crore and its subsidiary Jindal Power has deposited Rs 1099.41 crore in view of the letter dated 18 December 2014 issued by the Deputy Assistant Coal Controller, Ministry of Coal, Government of India, Office of the Coal Controller, Kolkata, requesting the company to deposit Additional Levy as directed by the Hon'ble Supreme Court by its order dated 24 September 2014, and in terms of Coal Mines (Special Provisions) Ordinance, 2014, by 31 December 2014. The payment/ deposit of Additional levy is without prejudice to company's legal rights and remedies including but not limited to challenge the imposition and computation of the additional levy and reserves all its legal rights to challenge this computation, JSPL said.

Telecom stocks rose after the sector regulator Telecom Regulatory Authority of India recommended a base price of Rs 2720 crore per Mhz for pan India 3G spectrum. Government in 2010 had auctioned 3G spectrum at pan-India reserve price of Rs 3500 crore per megahertz.

Idea Cellular (up 1.93%), Mahanagar Telephone Nigam (up 0.55%), Bharti Airtel (up 0.93%), Tata Teleservices (Maharashtra) (up 1.33%), and Reliance Communications (up 0.5%) edged higher.

Realty stocks gained on renewed buying. DLF (up 1.36%), Indiabulls Real Estate (up 0.22%), Housing Development and Infrastructure (up 0.15%), D B Realty (up 19.95%), Unitech (up 4.09%), Oberoi Realty (up 1.52%) and Sobha (up 1.51%) gained.

In the foreign exchange market, the rupee edged higher against the dollar on selling of the American currency by exporters. The partially convertible rupee was hovering at 63.22, compared with its close of 63.38 yesterday, 30 December 2014.

Brent crude futures declined today, 31 December 2014 as weak Chinese manufacturing data and demand concerns outweighed supply disruptions in Libya. Brent for February settlement was down $1 a barrel at $56.90 a barrel. The contract had risen marginally by 2 cents or 0.03% to settle at $57.90 a barrel on yesterday, 30 December 2014.

European shares were trading higher today, 31 December 2014 in thin trading ahead of the New Year's holiday. Key benchmark indices in UK and France rose 0.27% to 0.54%.

Stock Exchanges in Germany, Switzerland and Italy are closed today, 31 December 2014

Asian stocks were mostly higher today, 31 December 2014. Key benchmark indices in Taiwan, Hong Kong and China rose by 0.44% to 2.18%. Singapore's Straits Times index fell 0.03%.

Stock markets in South Korea are shut today, 31 December 2014. Japanese markets will remain closed from today, 31 December 2014 to Friday, 2 January 2015 and will reopen on Monday, 5 January 2015.

The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today, 31 December 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion. The official manufacturing PMI, a competing index published by China's National Bureau of Statistics, is due tomorrow, 1 January 2015.

Trading in US index futures indicated that the Dow could rise 21 points at the opening bell today, 31 December 2014. US stocks fell yesterday, 30 December 2014, pushing the Dow Jones Industrial Average back below 18,000, as investors engaged in profit-taking to pull major indexes from record levels.

A report yesterday, 30 December 2014 showed consumer confidence increased less than estimated this month. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91 a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.

Most global markets will remain closed tomorrow, 1 January 2015, for New Year holiday.

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