Telecom stocks in demand

Key benchmark indices were range bound in afternoon trade. The barometer index, the S&P BSE Sensex was currently down 56.36 points or 0.20% at 27,443.06. The market breadth indicating the overall health of the market was strong. Telecom stocks were in demand.

Earlier during the day, trading for the calendar 2015 began on a subdued note as key benchmark indices drifted lower in early trade.

In the foreign exchange market, the rupee edged lower against the dollar due to buying of American currency by banks and importers.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 481.08 crore yesterday, 31 December 2014, as per provisional data.

Asian stocks remained closed today, 1 January 2015, for New Year holiday.

At 13:16 IST, the S&P BSE Sensex was down 56.36 points or 0.20% at 27,443.06. The index lost 104.08 points at the day's low of 27,395.34 in morning trade. The index fell 6.05 points at the day's high of 27,493.37 in early trade.

The CNX Nifty was down 18.50 points or 0.22% at 8,264.20. The index hit a high of 8,279.70 in intraday trade. The index hit a low of 8,248.75 in intraday trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1593 shares gained and 941 shares fell. A total of 102 shares were unchanged.

The BSE Mid-Cap index was up 56.79 points or 0.55% at 10,429.37. The BSE Small-Cap index was up 117.64 points or 1.06% at 11,204.71. Both these indices outperformed the Sensex.

Among the 30 Sensex shares, 15 rose and the remaining shares fell. Sesa Sterlite (up 1.66%), Bharti Airtel (up 1.29%), Bharat Heavy Electricals (up 1.19%), Cipla (up 0.79%), State Bank of India (up 0.69%), Tata Steel (up 0.66%), Maruti Suzuki India (up 0.53%) and Larsen & Toubro (up 0.33%), outperformed the Sensex.

HDFC (down 1.09%), Coal India (down 1.03%), NTPC (down 0.8%), Dr Reddy's Laboratories (down 0.76%), GAIL (India) (down 0.58%), ITC (down 0.54%), HDFC Bank (down 0.45%), Axis Bank (down 0.37%), ICICI Bank (down 0.34%) and Reliance Industries (down 0.33%), underperformed the Sensex.

Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 6.84%), Reliance Communications (up 4.06%), Idea Cellular (up 1.37%), Bharti Airtel (up 1.33%) and MTNL (up 1.10%), edged higher.

In the foreign exchange market, the rupee edged lower against the dollar due to buying of American currency by banks and importers. The partially convertible rupee was hovering at 63.33, compared with its close of 63.04 yesterday, 31 December 2014.

Brent crude futures declined yesterday, 31 December 2014 as plentiful supplies and tepid demand continued to send prices plunging. The contract had declined 57 cents or 0.99% to settle at $57.33 a barrel yesterday, 31 December 2014.

India's fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9% of the full-year target, data released after market hours yesterday, 31 December 2014, showed. The deficit was 93.9% during the same period a year ago. Fiscal deficit is the difference between earnings and expenditure of the Government. Net tax receipts were at Rs 4.13 trillion ($65.35 billion) in the first eight months of the current fiscal year that ends in March 2015.

The combined Index of Eight Core Industries stood at 166.2 in November 2014, which was 6.7 % higher compared to the index of November 2013, data released after market hours yesterday, 31 December 2014, showed. The Eight Core Industries comprise nearly 38 % of the weight of items included in the Index of Industrial Production (IIP). Its cumulative growth during April to November, 2014-15 was 4.6 %.

Asian stocks remained closed today, 1 January 2015, for New Year holiday.

A Chinese manufacturing gauge slipped to the lowest level in 18 months, data released by National Bureau of Statistics today, 1 January 2015 showed. The government's Purchasing Managers' Index fell to 50.1 in December, compared with November's 50.3. Numbers above 50 indicate expansion.

Growth in China's services sector picked up slightly in December, a government study showed today, 1 January 2015. The official non-manufacturing Purchasing Managers' Index, or PMI, rose to 54.1 in December from November's 53.9, well above the 50-point line that separates growth from contraction on a monthly basis.

US markets will remain closed today, 1 January 2015 for New Year's Day. US stocks ended lower yesterday, 31 December 2014 as crude oil prices continued their descent.

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