Gains in stocks of public sector companies, auto shares and index heavyweights ITC and L&T led upmove for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 230.48 points or 0.86% at 27,010.14, as per the provisional closing data. The 50-unit CNX Nifty rose 71.60 points or 0.88% at 8,179.50, as per the provisional closing data. The Sensex provisionally settled above the psychological 27,000 level. The Sensex and the Nifty traded in the positive zone throughout the trading session. Gains in global stocks aided the upmove on the domestic bourses as the Sensex and the Nifty snapped their 3-day losing streak.
The market breadth indicating the overall health of the market was positive. On BSE, 1,529 shares rose and 1,196 shares fell. A total of 147 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.79%. The BSE Small-Cap index was provisionally up 0.48%. Both these indices underperformed the Sensex.
Overseas cues were positive. Asian and European stocks edged higher as expectations build that the Federal Reserve will delay raising interest rates soon after disappointing US economic data and that the Fed's delay in raising interest rates will slow capital flight from emerging markets. Chinese stocks led gains in Asian markets amid fresh signs of reform for Chinese state-owned firms. Trading in US stock index futures indicated a recovery for US stocks after weaker-than-expected economic reports and gloomy earnings forecast from Wal-Mart Stores, the world's biggest retailer, pulled the market lower yesterday, 14 October 2015. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 117 points at the opening bell today, 15 October 2015.
Index heavyweight and cigarette major ITC rose 1.35% at Rs 349. The stock hit a high of Rs 352.50 and a low of Rs 344 in intraday trade.
Another index heavyweight and housing finance firm HDFC was up 0.15% at Rs 1,293. The stock hit a high of Rs 1,304 and a low of Rs 1,287.90 in intraday trade.
Auto stocks gained. Maruti Suzuki India (up 3.01%), Hero MotoCorp (up 2.88%), Eicher Motors (up 0.93%), Bajaj Auto (up 0.26%), TVS Motor Company (up 0.12%) and Ashok Leyland (up 0.21%) edged higher. Mahindra & Mahindra (down 0.81%) edged lower.
Tata Motors surged 8.03% at Rs 380.60. The company announced after market hours yesterday, 14 October 2015, that its UK based luxury car unit Jaguar Land Rover's (JLR) retail sales rose 3% to 47,634 vehicles in September 2015 over September 2014. Sales of the Jaguar brand jumped 22% to 10,394 vehicles in September 2015 over September 2014. The increase reflects strong sales of the all-new Jaguar XE sports saloon in markets in which it has gone on sale since May, with China sales starting in September. Sales of the Land Rover brand fell 1% to 37,240 units in September 2015 over September 2014.
JLR's retail sales fell 1% to 1.10 lakh units in Q2 September 2015 over Q2 September 2014. JRL said that there will be a one-time exceptional write off in the company's profit and loss statement for Q2 September 2015 pertaining to its vehicles which were destroyed or damaged due to the explosion at Tianjin port in China in August 2015.
Hindustan Unilever (HUL) dropped 0.93% at Rs 790, with the stock extending losses registered yesterday, 14 October 2015, triggered by the company reporting flat bottom line after adjusting for exceptional items in Q2 September 2015. The stock had lost 1.85% to settle at Rs 797.40 yesterday, 14 October 2015. HUL said that the phasing out of excise duty incentives and fall in product prices adversely impacted the company's performance in Q2 September 2015. The company reduced product prices in a bid to pass on the benefit of lower commodity costs to consumers.
Shares of Adani Enterprises jumped 14.26% at Rs 96.95 after Australia's environment ministry gave its go ahead to the company's Carmichael coal mine and rail project in Australia, subject to 36 strict conditions. The Carmichael coal, railway and port project includes building Australia's largest thermal coal mine in the north Galilee Basin approximately 160 km north-west of Clermont in Central Queensland, linked by a new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen. Adani Enterprises' wholly-owned step down subsidiaries in Australia are implementing the Carmichael coal, railway and port project.
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