Key benchmark indices hovered alternately between gains and losses in a narrow band near the flat line in early trade. The S&P BSE Sensex was currently up 1.60 points or 0.01% at 28,387.79. The market breadth indicating the overall health of the market was strong. Sharp fall in crude oil prices supported domestic bourses.
Indian government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices over the past few months will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Bank of Baroda rose after the bank said that it has decided to raise funds by way of private placement of AT-1 Bonds (Basel lll Compliant- Tier l) of Rs 1000 crore with a green shoe option of additional Rs 500 crore, limiting the aggregate issue size up to Rs 1500 crore.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 181.46 crore yesterday, 26 November 2014, as per provisional data.
Indian stocks may remain volatile today, 27 November 2014, as traders roll over positions in the futures & options (F&O) segment from November 2014 series to December 2014 series. The November 2014 derivatives contracts expire today, 27 November 2014.
In overseas markets, most Asian stocks edged higher as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing US data. US stocks rose yesterday, 26 November 2014, led by gains in tech shares, with the S&P 500 index and Dow Jones Industrial Average closing at records despite the disappointing US economic data.
At 9:21 IST, the S&P BSE Sensex was up 1.60 points or 0.01% at 28,387.79. The index rose 24.09 points at the day's high of 28,410.28, in early trade. The index fell 33.83 points at the day's low of 28,352.36 in early trade.
The CNX Nifty was down 1.30 points or 0.02% at 8,474.45. The index hit a high of 8,482.25 in intraday trade. The index hit a low of 8,465.90 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 703 shares gained and 267 shares fell. A total of 41 shares were unchanged.
The BSE Mid-Cap index was up 28.74 points or 0.28% at 10,148.69. The BSE Small-Cap index was up 35.33 points or 0.32% at 11,215.57. Both these indcies outperformed the Sensex.
Jindal Steel & Power gained 0.7%. With respect to the news media report titled, "Jindal Steel & Power scraps $10 billion CTL project in Odisha", the company clarified that it planned to implement Coal to Liquid (CTL) project to produce crude using environment friendly Indirect Coal Liquification under the technology developed in Germany for which Ramchandi Promotional Coal Block in Orissa was allotted to the company by Government of India in 2009. Since the coal block has been de-allocated as per the recent Supreme Court verdict, this project, as planned, will not proceed, the company said. The clarification was issued after market hours on Wednesday, 26 November 2014.
Bank of Baroda rose 0.41% after the bank after market hours yesterday, 26 November 2014 said that it has decided to raise funds by way of private placement of AT-1 Bonds (Basel lll Compliant- Tier l) of Rs 1000 crore with a green shoe option of additional Rs 500 crore, limiting the aggregate issue size up to Rs 1500 crore.
The government will announce data on gross domestic product (GDP) for Q2 September 2014 at 17:30 IST tomorrow, 28 November 2014. India's GDP grew 5.7% in Q1 June 2014 over the corresponding period of the previous year.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 2 December 2014. The central bank aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India eased to 5.52% in October 2014 from 6.46% in September 2014, data released by the government on 12 November 2014 showed.
Most Asian stocks edged higher today, 27 November 2014, as the prospect of further stimulus from central banks in the region and Europe eclipsed disappointing US data. Key benchmark indices in China, South Korea, Indonesia and Taiwan were up 0.2% to 0.57%. Key benchmark indices in Singapore, Hong Kong and Japan fell 0.05% to 0.37%.
Industrial profits in China fell the most in two years, underscoring the need for looser monetary conditions as the world's second-largest economy slows. Total profits of China's industrial enterprises fell 2.1% from a year earlier in October, the National Bureau of Statistics said today, 27 November 2014, in Beijing. That compares with September's 0.4% increase and is the biggest drop since August 2012, based on previously reported data.
US stocks rose on Wednesday, 26 November 2014, led by gains in tech shares, with the S&P 500 index and Dow Jones Industrial Average closing at records despite the disappointing US economic data.
Durable goods orders, a measure of business spending plans, fell for a second straight month, consumer spending rose less than market expectations and new home sales also unexpectedly fell in October. A separate report from the Labor Department showed initial claims for state unemployment benefits rose above the 300,000 threshold last week for the first time since early September.
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