A range bound movement was witnessed as key benchmark indices retained positive zone in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 150.65 points or 0.53% at 28,506.27. The market breadth indicating the overall health of the market was positive. The BSE Small-Cap index was up 1.06%. Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations.
Jaiprakash Associates fell on weak Q3 results. Entertainment Network (India) surged after strong Q3 results.
Foreign portfolio investors sold shares worth a net Rs 1261.19 crore yesterday, 10 February 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 851.32 crore yesterday, 10 February 2015, as per provisional data.
In overseas markets, Asian stocks edged higher on speculation that a compromise will be reached over Greece's debt obligations. 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 higher in volatile trade.
At 12:16 IST, the S&P BSE Sensex was up 150.65 points or 0.53% at 28,506.27. The index jumped 208.21 points at the day's high of 28,563.83 in morning trade. The index gained 68.77 points at the day's low of 28,424.39 in mid-morning trade.
The CNX Nifty was up 53.55 points or 0.63% at 8,619.10. The index hit a high of 8,631.20 in intraday trade. The index hit a low of 8,593.65 in intraday trade.
The BSE Mid-Cap index was up 82.59 points or 0.8% at 10,464.35. The BSE Small-Cap index was up 115.42 points or 1.06% at 11,014.43. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,440 shares rose and 978 shares fell. A total of 107 shares were unchanged.
Hindustan Unilever (HUL) rose 0.89%. 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.
TCS rose 1.15%. 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.
Jaiprakash Associates fell 1.46% 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.
L&T (up 2.16%), Tata Power Company (up 1.04%), Bharat Electronics (up 3.21%) and Rolta India (up 5.91%) 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.
Entertainment Network (India) surged 14.99% after consolidated net profit rose 26.9% to Rs 32.84 crore on 20.1% rise in total income to Rs 125.11 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 10 February 2015. Entertainment Network (India) (ENIL) said that the board of directors of the company at its meeting held yesterday, 10 February 2015, approved the constitution of a committee of directors to explore, negotiate and conclude Merger & Acquisition (M&A) opportunities in the FM broadcasting space.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.1525, compared with its close of 62.20 during the previous trading session.
Brent crude oil futures edged higher in choppy trade. Brent for March settlement which expires tomorrow, 12 February 2015, was up 28 cents at $56.71 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 up 22 cents at $57.71 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 related to CPI, WPI and industrial production growth 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.
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 0.15% to 0.73%. Hong Kong's Hang Seng fell 0.88%. Japanese market is closed today for a holiday.
Trading in US index futures indicated that the Dow could fall 11 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.
In Europe, 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.
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