Key benchmark indices drifted lower in early trade amid initial volatility tracking weakness in Asian bourses and overnight losses in US markets. The barometer index, the S&P BSE Sensex was off 45.60 points or 0.16% at 28,073.80. The market breadth indicating the overall health of the market was positive.
Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories advanced after Competition Commission of India in its meeting held on 5 December 2014, approved the proposed merger between the two firms. DLF edged lower after the company said that its wholly subsidiary DLF Home Developers has been made aware of the Order passed on 8 December 2014 by Single Bench of High Court regarding its "Riverside Project" at Chilavanoor, Vyttila, Cochin. Tata Motors edged higher after clarification on media news with regard to an order.
Foreign portfolio investors bought shares worth a massive Rs 4984.60 crore yesterday, 8 December 2014, as per provisional data.
Asian equity markets today, 9 December 2014, joined Wall Street's slump overnight after oil markets resumed their downward spiral.
At 9:20 IST, the S&P BSE Sensex was down 45.60 points or 0.16% at 28,073.80. The index lost 62.53 points at the day's low of 28,056.87 in early trade. The index gained 38.13 points at the day's high of 28,157.53 in early trade.
The CNX Nifty was down 16.55 points or 0.2% at 8,421.70. The index hit a low of 8,418.45 in intraday trade. The index hit a high of 8,444.50 in intraday trade.
The BSE Mid-Cap index was up 1.92 points or 0.02% at 10,371.76. The BSE Small-Cap index was up 6.54 points or 0.06% at 11,381.17. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 670 shares gained and 558 shares fell. A total of 49 shares were unchanged.
Sun Pharmaceutical Industries rose 2.01% at Rs 845.50.
Ranbaxy Laboratories rose 3.11% at Rs 644.65.
The Competition Commission of India (Commission) in its meeting held on 5 December 2014, approved the proposed merger between Sun Pharmaceutical Industries and Ranbaxy Laboratories, subject to the parties inter alia carrying out the divestiture of their products relating to seven relevant markets for formulations. Further, the Commission also directed that the proposed merger shall not take effect before the parties have carried-out the divestiture of the products so specified as per the order of the Commission.
DLF fell 0.69% at Rs 159.05. The company before market hours today, 9 December 2014 said that DLF Home Developers (a wholly subsidiary of the company) has just been made aware of the Order passed on 8 December 2014 by Single Bench of High Court regarding its "Riverside Project" at Chilavanoor, Vyttila, Cochin. This Order comes as a result of a writ filed by a private individual in 2012 when company's applications for CRZ and MoEF clearance were under consideration by concerned authorities, (which approvals were subsequently granted in December 2013 by State Environment Impact Assessment Authority, a body constituted under the aegis of MoEF, Govt. of India), DLF said. The company awaits the full text of the Order so as to get a detailed understanding of the matter after which it will take appropriate remedial measures in consultation with its legal counsel, DLF said.
Tata Motors rose 0.22% at Rs 516.95. The company after market hours yesterday, 8 December 2014 in a clarification with regard to news item titled "Tata Motors bags big order" said that various Government departments including law enforcement agencies have requirement for vehicles. These requirements are made public through department tenders/Government notifications. Based on this, Tata Motors participates in tenders, interactions with department happens and they have various committees through which the products are evaluated for their needs and specifications. For the commercial terms, vehicles are normally purchased through the pre-approved DGS&D rate contract, which is negotiated on a yearly basis. These rates are publicly displayed on the DGS&D website, Tata Motors said.
India's current account deficit (CAD) increased to $10.1 billion (2.1% of GDP) in Q2 of 2014-15 from $7.8 billion (1.7% of GDP) in the preceding quarter and $5.2 billion (1.2% of GDP) in Q2 of 2013-14, latest data released yesterday, 8 December 2014 showed. The increase in CAD was primarily on account of higher trade deficit contributed by both a deceleration in export growth and increase in imports.
The government plans to introduce the Coal Mines (Special Provisions) Bill, 2014 to replace the Coal Mines (Special Provisions) Ordinance, 2014 in Lok Sabha this week. The government intends to get the Insurance Laws Amendment Bill that seeks to enhance FDI limit in capital starved insurance sector passed during the ongoing winter session of parliament. The government is also likely to introduce the constitutional amendment bill for the goods & services tax in the winter session of parliament. The government also plans to bring the MMDR Amendment Bill, 2014 during the the ongoing session of parliament.
The government will unveil industrial production data for October 2014 on Friday, 12 December 2014. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014.
The government will release annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India for November 2014 on Friday, 12 December 2014. CPI for urban and rural India eased to 5.52% in October 2014, from 6.46% in September 2014.
The government will release the inflation data based on wholesale price index (WPI) for November 2014 on 15 December 2014. WPI eased to 1.77% in October from 2.38% in September 2014.
Asian equity markets today, 9 December 2014, joined Wall Street's slump overnight after oil markets resumed their downward spiral. Key indices in Japan, Hong Kong, Taiwan, South Korea, and Indonesia were off 0.16% to 0.93%. Key indices in China and Singapore were up 0.88% to 1.13%.
US stocks slid from records yesterday, 8 December 2014 amid continued selling of energy producers as crude oil sank to a five-year low.
Federal Reserve Bank of Atlanta President Dennis Lockhart said yesterday, 8 December 2014 that he's sticking with his long-held view that the US central bank should hold off on raising rates until the middle of next year or later. The momentum I perceive in the economy gives me confidence that the Federal Open Market Committee can consider beginning to normalize interest rates in 2015, Mr. Lockhart reportedly said.
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