Key benchmark indices moved within a narrow range in positive zone in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 51.29 points or 0.2% at 25,095.72. The 50-unit Nifty 50 index was currently up 21.90 points or 0.29% at 7,632.35. The Sensex retained the psychologically important 25,000 mark. Earlier, the barometer index had fallen below that level when it opened with a downward gap.
The latest data showed that inflation based on the wholesale price index (WPI) remained in negative zone in November 2015. WPI stood at negative 1.99% in November 2015 compared to a reading of negative 3.81% for October 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,361 shares rose and 946 shares fell. A total of 182 shares were unchanged. The BSE Mid-Cap index was currently up 0.58%. The BSE Small-Cap index was currently up 0.3%. Both these indices outperformed the Sensex.
Capital good shares were mixed. Crompton Greaves (up 2.61%), Punj Lloyd (up 2.03%), Suzlon Energy (up 1.44%), Havells India (up 1.38%), Bharat Heavy Electricals (up 1.36%), Bharat Electronics (up 1.14%), Jindal Saw (up 1.07%), Alstom T&D India (up 0.42%), AIA Engineering (up 0.09%) and Praj Industries (up 0.06%), edged higher. Thermax (down 0.02%), BEML (down 0.39%), Lakshmi Machine Works (down 0.41%), Larsen & Toubro (down 0.44%), SKF India (down 0.52%), Siemens (down 0.75%), ABB India (down 0.93%), ALSTOM India (down 1.41%) and Pipavav Defence and Offshore Engineering Company (down 2.56%) edged lower.
Tata Power Company was flat at Rs 61.90. The company announced during trading hours today, 14 December 2015, that the company has identified four geographies viz. Africa, South East Asia, the Middle East and SAARC (India Region) to further expand its presence and strengthen its portfolio globally. Commenting on its international presence, Anil Sardana, CEO & Managing Director, Tata Power said that the company's resources allocation strategy is to invest in these four regions and in specific projects where all the clearances are in place and it is able to mitigate risks to achieve the threshold returns. In addition, Tata Power continues to evaluate various opportunities for providing management and technical advisory services in distribution business including possible partnerships in the shortlisted geographies of interest, he added.
Stocks of most PSU banks edged higher. Indian Bank (up 1.67%), United Bank of India (up 0.94%), Andhra Bank (up 0.81%), Bank of Baroda (up 0.64%), Dena Bank (up 0.61%), Allahabad Bank (up 0.52%), Punjab National Bank (up 0.49%), Bank of India (up 0.48%), Vijaya Bank (up 0.44%), Corporation Bank (up 0.37%), IDBI Bank (up 0.36%), UCO Bank (up 0.23%) and Central Bank of India (up 0.14%), edged higher. Canara Bank (down 0.1%), State Bank of India (down 0.31%), Union Bank of India (down 0.38%) and Bank of Maharashtra (down 0.94%), edged lower.
Shares of private sector banks witnessed a mixed trend. Kotak Mahindra Bank (up 0.97%), HDFC Bank (up 0.81%), ICICI Bank (up 0.46%) and Yes Bank (up 0.36%) edged higher. IndusInd Bank (down 0.27%), City Union Bank (down 0.39%), Axis Bank (down 0.76%) and Federal Bank (down 1.1%) edged lower.
Steel stocks edged higher after the government reportedly imposed anti-dumping duty on some stainless steel products. Jindal Stainless (up 10.95%), JSW Steel (up 3.71%), Jindal Steel & Power (up 2.36%), Tata Steel (up 1.91%) and Steel Authority of India (Sail) (up 1.44%), edged higher. As per reports, the government on Friday, 11 December 2015, imposed anti-dumping duty of up to 57.39% on import of certain stainless steel products from China, Korea, the US and European Union (EU) for five years to save the domestic industry from cheap shipments.
Infosys rose 1.01% after the company said that it has made an investment of $3 million in WHOOP Inc., an early stage company in the US offering a performance optimization system for elite professional sports teams. Infosys said that the investment in WHOOP Inc. will be completed by 16 December 2015. Infosys will have a minority holding in WHOOP, not exceeding 20% of its outstanding share capital. WHOOP's system includes a device worn by athletes on their wrist that continuously measures key strain and recovery variables, and actionable analytics powered by proprietary algorithms that generate intensity and recovery scores. This enables athletes and coaches to gain visibility into the drivers of high performance, guide training and make optimal game day decisions.
Among other macro economic data, India's Index of Industrial Production (IIP) growth surged to 60-months high of 9.8% in October 2015 over a year ago compared with the revised growth of 3.8% in September 2015. An extremely farvourable base effect with IIP declining 2.7% in October 2014 has mainly fuel the IIP growth for October 2015. Also, the festive season shifting to November this year compared with October in last year, aided IIP growth in October 2015 driven by pre-festive season surge in production. The data was announced by the government after market hours on Friday, 11 December 2015.
In overseas stock markets, Asian equities edged lower as investors remain focused on a decision from the US Federal Reserve after a monetary policy review this week. The Fed is widely expected to raise the federal funds rate by 25 basis points after the conclusion of a two-day monetary policy meeting on 15-16 December 2015. US stocks tumbled during the previous trading session on Friday, 11 December 2015, as falling prices in crude oil and worries about junk-bond markets rattled Wall Street. News during the previous day on 10 December 2015 that high-yield mutual fund Third Avenue Focused Credit Fund is blocking investors from withdrawing their money, added to market jitters.
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