Volatility ruled the roost as key benchmark indices recovered from lower level after slipping into the red from green for a brief period in early trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit record high. The Sensex was currently up 88.99 points or 0.32% at 28,266.87. The market breadth indicating the overall health of the market was strong. The BSE Small-Cap index was up 118.02 points or 1.04% at 11455.98, outperforming the Sensex.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 656.37 crore yesterday, 17 November 2014, as per provisional data. Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in touch with the various state governments and most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved. Jaitley said that the targets fixed for disinvestment in the current financial year are quite ambitious one but he hopes to achieve that or reach near the same.
Reliance Industries rose after Reliance Jio Infocomm (RJIL) signed syndicated term loan facilities aggregating to $1.5 billion.
In overseas markets, Japanese stocks led gains in Asian stocks on reports that Japanese Prime Minister Shinzo Abe will today, 18 November 2014, announce plans to put off a sales-tax increase and call an election after data yesterday showed the Japanese economy entered recession.
In the foreign exchange market, the rupee edged lower against the dollar on broad strength for the dollar.
Brent crude futures fell as investors weighed the likelihood of an output cut by OPEC when the group meets next week amid signs of weakening global demand.
At 10:30 IST, the S&P BSE Sensex was up 88.99 points or 0.32% at 28,266.87. The index rose 93.03 points at the day's high of 28,270.91 in morning trade, a record high for the index. The index fell 0.58 points at the day's low of 28,177.30 in early trade.
The CNX Nifty was up 17.95 points or 0.21% at 8,448.70. The index hit a high of 8,451.75 in intraday trade, a record high for the index. The index hit a low of 8,422.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,492 shares gained and 782 shares fell. A total of 72 shares were unchanged.
The BSE Mid-Cap index was up 67.66 points or 0.66% at 10,315.36. The BSE Small-Cap index was up 118.02 points or 1.04% at 11,455.98. Both these indices outperformed the Sensex.
Reliance Industries rose 0.81% to Rs 991.30. Reliance Jio Infocomm (RJIL) has signed Syndicated Term Loan Facilities aggregating to $1.5 billion. The facility is guaranteed by Reliance Industries (RIL) and will be used to refinance the syndicated term loan facilities tied up by RJIL in 2010. The announcement was made after market hours yesterday, 17 November 2014.
Tata Power Company rose 0.40%. The company after market hours yesterday, 17 November 2014, said it has issued and allotted the unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible Debentures of a face value of Rs 10 lakh each, on a private placement basis viz. 9.32% Series 1 aggregating Rs 1000 crore due November 2017 (Series 1 NCDs) and 9.48% Series 2 aggregating Rs 500 crore due November 2019 (Series 2 NCDs) (Series 1 NCDs and Series 2 NCDs hereinafter collectively referred to as NCDs). These NCDs have been rated ICRA AA (with negative outlook) by ICRA and CARE AA by CARE. These NCDs have been issued on a private placement basis through a private placement offer letter cum information memorandum addressed specifically to certain eligible investors and which is not intended to be an advertisement, invitation, offer, sale or solicitation of an offer to the public at large for investing in the NCDs, Tata Power Company said.
In the foreign exchange market, the rupee edged lower against the dollar on broad strength for the dollar. The partially convertible rupee was hovering at 61.8525, compared with its close of 61.74 during the previous trading session on Monday, 17 November 2014.
Brent crude futures fell as investors weighed the likelihood of an output cut by OPEC when the group meets next week amid signs of weakening global demand. Brent for January settlement was off 41 cents to $78.90 a barrel. The contract had lost 10 cents to settle at $79.31 yesterday, 17 November 2014.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
Finance Minister Arun Jaitley yesterday, 17 November 2014, said that he is in touch with the various state governments and most of the contentious issues on the implementation of the Goods and Service Tax (GST) have already been resolved. The Finance Minister was delivering the Key Note Address at the Citi's Investor Summit: India - Poised for Higher Growth. Jaitley said there are two areas including liquor and petroleum products where the state governments want to have taxation authority. Jaitley said two state governments want entry tax and octroi to be kept-out of the purview of the GST. The Finance Minster said that all these issues will be sorted-out soon. Jaitley said he will apprise the Empowered Committee of State Finance Ministers' about the draft Constitution Amendment Bill on GST before introducing the same in parliament. Jaitley said that the targets fixed for disinvestment in the current financial year are quite ambitious one but he hopes to achieve that or reach near the same. He said that road shows in this regard are being held in many parts of the world.
The Finance Minister said that inflation, especially food inflation has moderated in last few months and global fuel prices have also come down. Therefore, if RBI which is highly professional organization in its wisdom decides to bring down the cost of capital, it will give a good fillip to the Indian economy, Jaitley said.
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.
Japanese stocks led gains in Asian stocks today, 18 November 2014, on reports that Japanese Prime Minister Shinzo Abe will today, 18 November 2014, announce plans to put off a sales-tax increase and call an election after data yesterday showed the Japanese economy entered recession. Key benchmark indices in Japan, Indonesia, Singapore, South Korea and were up 0.41% to 1.72%. Key benchmark indices in China, Hong Kong and Taiwan were off 0.41% to 0.75%.
Deputy policy chief of Japan's ruling Liberal Democratic Party reportedly said that the Japanese government will order the creation of an economic stimulus package.
Trading in US index futures indicated that the Dow could fall 5 points at the opening bell today, 18 November 2014. Most US stocks ended higher yesterday, 17 November 2014, as deal activity worth $100 billion and hopes of more European stimulus offset concerns about overseas growth after Japan's economy slipped into recession. The Dow Jones industrial average rose 13.01 points, or 0.07%, to 17,647.75. The S&P 500 gained 1.5 points, or 0.07%, to 2,041.32, a record closing high. Nasdaq Composite dropped 17.54 points, or 0.37%, to 4,671.00.
In Europe, European Central Bank President Mario Draghi explicitly cited government-bond buying as a policy tool officials could use to stimulate the economy if the outlook worsens. He was speaking during quarterly testimony to lawmakers at the European Parliament yesterday, 17 November 2014.
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