Sensex, Nifty attain highest closing level in almost four weeks
Stocks of pharmaceutical companies and private sector banks led gains as key benchmark indices edged higher on the first trading session of the week, with the barometer index, the S&P BSE Sensex, surpassing the psychologically important 26,000 level. The Sensex rose 195.42 points or 0.76% to settle at 26,034.13. The 50-unit Nifty 50 index gained 64.10 points or 0.82% to settle at 7,925.15. After opening with a small to minuscule upward gap, key indices traded in positive terrain throughout the trading session. The Sensex and Nifty, both, hit their highest closing level in almost four weeks.
Index heavyweight Reliance Industries (RIL) rose after the company's telecom unit Reliance Jio Infocomm announced the soft launch of its fourth generation (4G) telecom services for RIL group employees, their families and business partners. Shares of other telecom companies dropped as the RIL's re-entry into the telecom business is likely to intensify competition in the telecom sector, particularly in the lucrative data business.
Shares of commercial vehicle makers moved higher on reports that the government is looking to notify 15 years as the end of life for commercial vehicles. Steel stocks led decline in metal and mining stocks as copper prices declined in global commodities markets. Tata Power Company rose after the company signed a Memorandum of Understanding (MoU) with the Ministry for Development of Russian Far East, Government of the Russian Federation, to explore and develop investment opportunities in the energy sector across the Russian Far East.
In overseas stock markets, European stocks edged lower on slumping crude oil prices and on concerns over Chinese growth and finances. Chinese stocks moved lower after weaker-than-expected industrial profit data for November and a looming revamp of the country's initial public offering (IPO) system. In mainland China, the Shanghai Composite ended 2.59% lower. Hong Kong's Hang Seng index lost 0.99%. Other Asian markets witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
The Sensex rose 195.42 points or 0.76% to settle at 26,034.13, its highest closing level since 2 December 2015. The index rose 234.70 points or 0.9% at the day's high of 26,073.41. The index rose 18.15 points or 0.07% at the day's low of 25,856.86.
The Nifty rose 64.10 points or 0.82% to settle at 7,925.15, its highest closing level since 2 December 2015. The index rose 76.15 points or 0.96% at the day's high of 7,937.20. The index rose 1.95 points or 0.02% at the day's low of 7,863.
The BSE Mid-Cap index rose 0.14%. The BSE Small-Cap index rose 0.47%. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,540 shares rose and 1,154 shares fell. A total of 260 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Energy index (up 0.79%), BSE Healthcare index (up 1.34%), BSE Utilities index (up 1.17%), BSE Auto index (up 0.96%), BSE Bankex index (up 0.92%) and BSE Power index (up 0.93%) outperformed the Sensex. The S&P BSE Basic Materials index (down 0.4%), BSE FMCG index (up 0.5%), BSE Finance index (up 0.57%), BSE IT index (up 0.59%), BSE Telecom index (down 0.96%), BSE Metal index (down 0.77%) and BSE Oil & Gas index (up 0.67%) underperformed the Sensex.
Index heavyweight and cigarette major ITC rose 0.88% at Rs 326.05. The stock hit a high of Rs 327.25 and a low of Rs 322.60 in intraday trade.
Another index heavyweight and software major Infosys rose 0.53% at Rs 1,101.65. The stock hit a high of Rs 1,107.60 and a low of Rs 1,090 in intraday trade.
NTPC rose 3.38% at Rs 143.75. The stock hit a high of Rs 144.65 and a low of Rs 139 in intraday trade.
Pharma stocks edged higher on renewed buying. Dr Reddy's Laboratories (up 3.52%), Sun Pharmaceutical Industries (up 2.52%), Cipla (up 1.06%), Divi's Laboratories (up 0.41%) and Strides Shasun (up 1.07%) gained.
Lupin rose 1.98% at Rs 1,841.15. Lupin after market hours today, 28 December 2015, announced that it has received final approval from the United States Food and Drug Administration (USFDA) for its Fyavolv Tablets, a generic version of Warner Chilcott's Femhrt Tablets. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly, Lupin said in a statement. Lupin's Fyavolv Tablets are indicated for the treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Femhrt had annual sales of $39.9 million in the United States as per IMS MAT September 2015 data.
Bank stocks gained. Among private sector banks, ICICI Bank (up 2.46%), IndusInd Bank (up 1.07%), Yes Bank (up 0.86%), Axis Bank (up 0.77%), Kotak Mahindra Bank (up 0.71%) and HDFC Bank (up 0.19%) edged higher.
Among public sector banks, IDBI Bank (up 2.73%), Oriental Bank of Commerce (up 1.76%), Union Bank of India (up 0.99%), Indian Bank (up 0.87%), Punjab National Bank (up 0.21%), Bank of India (up 0.21%), Bank of Baroda (up 0.25%) and State Bank of India (up 0.09%) edged higher. United Bank of India (down 1.34%), Corporation Bank (down 0.83%) and Central Bank of India (down 0.21%) edged lower.
Auto stocks also moved higher. Bajaj Auto (up 0.11%), Hero MotoCorp (up 0.29%) and TVS Motor Company (up 0.7%) edged higher. Mahindra & Mahindra (down 0.87%) edged lower.
Shares of commercial vehicle makers edged higher on reports that the government is looking to notify 15 years as the end of life for commercial vehicles. Tata Motors (up 2.84%), Ashok Leyland (up 1.08%) and Eicher Motors (up 2.72%) edged higher. The move to ban 15-year-old commercial vehicles, once implemented, will take millions of vehicles off the roads, thereby giving a big boost to demand for new commercial vehicles. The notification, which is likely to come into effect from the middle of 2016, is primarily aimed at addressing rising pollution levels in the country, reports added.
Car maker Maruti Suzuki India (MSIL) gained 0.89% at Rs 4,635.35. The company announced on Saturday, 26 December 2015, that it will contribute Rs 2 crore to the Prime Minister's National Relief Fund to strengthen the relief and rebuilding efforts of the government for victims of the recent floods in Tamil Nadu. Alongside, MSIL has taken several customer care initiatives for vehicles impacted by the floods. The company has rushed spare parts to Tamil Nadu and has made special arrangements with the insurance companies to speed up survey and approval process. To support customers in this time of hardship, for the flood affected vehicles repaired under insurance, 50% of the depreciation amount will be borne by Maruti Suzuki. Normally, the total depreciation amount is payable by the customer. Additionally the company is offering 50% waiver on cleaning and polishing charges.
Reliance Industries (RIL) rose 0.76% at Rs 1,008.55 after the company's telecom unit Reliance Jio Infocomm yesterday, 27 December 2015, announced the soft launch of its fourth generation (4G) telecom services for RIL group employees, their families and business partners. Reliance Jio Infocomm didn't disclose when commercial operations will begin, according to news reports.
Shares of other telecom companies dropped as the RIL's re-entry into the telecom business is likely to intensify competition in the telecom sector, particularly in the lucrative data business. Bharti Airtel (down 2.14%), Tata Teleservices (Maharashtra) (down 3.88%), Reliance Communications (RCom) (down 0.41%) and Idea Cellular (down 0.92%) declined.
Steel stocks led decline in metal and mining stocks as copper prices declined in global commodities markets. Tata Steel (down 3.59%), JSW Steel (down 3.19%), Jindal Steel & Power (down 1.89%) and Steel Authority of India (down 1.03%) edged lower. Among other metal stocks, National Aluminium Company (down 1.34%), Hindustan Zinc (down 0.71%) and Vedanta (down 0.05%) edged lower. NMDC was unchanged at Rs 91.
High Grade Copper for March 2016 delivery was currently down 2.17% at $2.078 per pound on the COMEX.
Tata Power Company rose 1.88% at Rs 67.60 after the company signed a Memorandum of Understanding (MoU) with the Ministry for Development of Russian Far East, Government of the Russian Federation, to explore and develop investment opportunities in the energy sector across the Russian Far East. The announcement was made after market hours on Thursday, 24 December 2015. Under the provisions of the MoU, the Ministry for Development of Russian Far East will cooperate with and support Tata Power at all stages of the investment projects, including assisting the company's communications with federal and regional authorities, state-owned companies and the private sector. The MoU was signed during Prime Minister Narendra Modi's visit to Russia.
ONGC rose 2.56% at Rs 239.95 after the company announced that its wholly owned subsidiary ONGC Videsh and Russia's Rosneft have signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC "Vankorneft". The document was signed during Prime Minister Narendra Modi's visit to Russia last week. The document was signed in continuation of the agreement of sale and purchase of a 15% stake in Rosneft's subsidiary Vankorneft and the shareholders agreement in regard of the enterprise management between the companies in September 2015. The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.
ONGC Videsh and Rosneft have also signed a Memorandum of Understanding (MoU) for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation.
BPCL was off 0.1% at Rs 903.05. The stock hit a high of Rs 907.05 and a low of Rs 901.35 in intraday trade. A press release issued by the Minstry of Petroleum & Natural Gas during market hours today, 28 December 2015 said that the new state-of-the-art crude distillation unit (CDU) of BPCL's Mumbai refinery was dedicated to the nation today, 28 December 2015. The unit with a capacity of 6 MMTPA at a cost of Rs 1419 crore is a replacement of old crude and vacuum units of the refinery.
Adani Ports and Special Economic Zone (APSEZ) rose 1.16% at Rs 261.50. APSEZ during market hours today, 28 December 2015, announced that its board of directors at a meeting held today, 28 December 2015, accepted the resignation of Sudipta Bhattacharya as Chief Executive Officer (CEO) and whole-time director of the company with effect from close of business hours on 31 December 2015. The board has decided to appoint Karan Adani, Executive Director (non-board position) as new CEO of the company with effect from 1 January 2016. Adani has been deeply involved in managing the company's various port operations since 2009 and now looks after the strategic development of all the Adani ports in India, APSEZ said in a statement. Sudipta Bhattacharya is taking on a new role and moving to the United States of America to take over a group position as the CEO-North America, APSEZ said.
Lanco Infratech surged 6.18% at Rs 6.36 after the company said that a meeting of its board of directors will be held on 30 December 2015, inter alia, to consider the proposal for issuance of compulsory convertible debentures (CCDs) through preferential issue, not exceeding 35 crore CCDs of Rs 10 each and seek shareholders' approval for the same. The announcement was made on Friday, 25 December 2015. The stock market was closed on that day on account of Christmas.
Tube Investments of India jumped 11.62% at Rs 446.60 after the company said that its board of directors approved the divestment of 4.18 crore equity shares held by the company in its general insurance subsidiary viz., Cholamandalam MS General Insurance Company, constituting 14% of the equity share capital of Cholamandalam MS General Insurance Company, to its joint venture partner Mitsui Sumitomo Insurance Company, Japan (MSI). The shares will be sold at a price of Rs 211 per equity share, aggregating to a total consideration of Rs 882.67 crore. On completion of the deal, Mitsui Sumitomo's stake in Cholamandalam MS General Insurance Company will increase to 40% from 26%. The announcement was made on Friday, 25 December 2015. Cholamandalam MS General Insurance Company is a general insurance company in India offering health insurance, car insurance, travel insurance, home & accident insurance policies for individuals and corporates.
The Sensex has declined 111.54 points or 0.42% in this month so far (till 28 December 2015). The barometer index has fallen 1,465.29 points or 5.32% in this calendar year so far (till 28 December 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,200.59 points or 4.83%. The Sensex is off 3,990.61 points or 13.29% from a record high of 30,024.74 hit on 4 March 2015.
Index heavyweight Reliance Industries (RIL) rose after the company's telecom unit Reliance Jio Infocomm announced the soft launch of its fourth generation (4G) telecom services for RIL group employees, their families and business partners. Shares of other telecom companies dropped as the RIL's re-entry into the telecom business is likely to intensify competition in the telecom sector, particularly in the lucrative data business.
Shares of commercial vehicle makers moved higher on reports that the government is looking to notify 15 years as the end of life for commercial vehicles. Steel stocks led decline in metal and mining stocks as copper prices declined in global commodities markets. Tata Power Company rose after the company signed a Memorandum of Understanding (MoU) with the Ministry for Development of Russian Far East, Government of the Russian Federation, to explore and develop investment opportunities in the energy sector across the Russian Far East.
In overseas stock markets, European stocks edged lower on slumping crude oil prices and on concerns over Chinese growth and finances. Chinese stocks moved lower after weaker-than-expected industrial profit data for November and a looming revamp of the country's initial public offering (IPO) system. In mainland China, the Shanghai Composite ended 2.59% lower. Hong Kong's Hang Seng index lost 0.99%. Other Asian markets witnessed a mixed trend. US stocks closed slightly lower in a truncated trading session on Thursday, 24 December 2015, as investors remained on the sidelines ahead of a long weekend.
The Sensex rose 195.42 points or 0.76% to settle at 26,034.13, its highest closing level since 2 December 2015. The index rose 234.70 points or 0.9% at the day's high of 26,073.41. The index rose 18.15 points or 0.07% at the day's low of 25,856.86.
The Nifty rose 64.10 points or 0.82% to settle at 7,925.15, its highest closing level since 2 December 2015. The index rose 76.15 points or 0.96% at the day's high of 7,937.20. The index rose 1.95 points or 0.02% at the day's low of 7,863.
The BSE Mid-Cap index rose 0.14%. The BSE Small-Cap index rose 0.47%. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,540 shares rose and 1,154 shares fell. A total of 260 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Energy index (up 0.79%), BSE Healthcare index (up 1.34%), BSE Utilities index (up 1.17%), BSE Auto index (up 0.96%), BSE Bankex index (up 0.92%) and BSE Power index (up 0.93%) outperformed the Sensex. The S&P BSE Basic Materials index (down 0.4%), BSE FMCG index (up 0.5%), BSE Finance index (up 0.57%), BSE IT index (up 0.59%), BSE Telecom index (down 0.96%), BSE Metal index (down 0.77%) and BSE Oil & Gas index (up 0.67%) underperformed the Sensex.
Index heavyweight and cigarette major ITC rose 0.88% at Rs 326.05. The stock hit a high of Rs 327.25 and a low of Rs 322.60 in intraday trade.
Another index heavyweight and software major Infosys rose 0.53% at Rs 1,101.65. The stock hit a high of Rs 1,107.60 and a low of Rs 1,090 in intraday trade.
NTPC rose 3.38% at Rs 143.75. The stock hit a high of Rs 144.65 and a low of Rs 139 in intraday trade.
Pharma stocks edged higher on renewed buying. Dr Reddy's Laboratories (up 3.52%), Sun Pharmaceutical Industries (up 2.52%), Cipla (up 1.06%), Divi's Laboratories (up 0.41%) and Strides Shasun (up 1.07%) gained.
Lupin rose 1.98% at Rs 1,841.15. Lupin after market hours today, 28 December 2015, announced that it has received final approval from the United States Food and Drug Administration (USFDA) for its Fyavolv Tablets, a generic version of Warner Chilcott's Femhrt Tablets. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly, Lupin said in a statement. Lupin's Fyavolv Tablets are indicated for the treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Femhrt had annual sales of $39.9 million in the United States as per IMS MAT September 2015 data.
Bank stocks gained. Among private sector banks, ICICI Bank (up 2.46%), IndusInd Bank (up 1.07%), Yes Bank (up 0.86%), Axis Bank (up 0.77%), Kotak Mahindra Bank (up 0.71%) and HDFC Bank (up 0.19%) edged higher.
Among public sector banks, IDBI Bank (up 2.73%), Oriental Bank of Commerce (up 1.76%), Union Bank of India (up 0.99%), Indian Bank (up 0.87%), Punjab National Bank (up 0.21%), Bank of India (up 0.21%), Bank of Baroda (up 0.25%) and State Bank of India (up 0.09%) edged higher. United Bank of India (down 1.34%), Corporation Bank (down 0.83%) and Central Bank of India (down 0.21%) edged lower.
Auto stocks also moved higher. Bajaj Auto (up 0.11%), Hero MotoCorp (up 0.29%) and TVS Motor Company (up 0.7%) edged higher. Mahindra & Mahindra (down 0.87%) edged lower.
Shares of commercial vehicle makers edged higher on reports that the government is looking to notify 15 years as the end of life for commercial vehicles. Tata Motors (up 2.84%), Ashok Leyland (up 1.08%) and Eicher Motors (up 2.72%) edged higher. The move to ban 15-year-old commercial vehicles, once implemented, will take millions of vehicles off the roads, thereby giving a big boost to demand for new commercial vehicles. The notification, which is likely to come into effect from the middle of 2016, is primarily aimed at addressing rising pollution levels in the country, reports added.
Car maker Maruti Suzuki India (MSIL) gained 0.89% at Rs 4,635.35. The company announced on Saturday, 26 December 2015, that it will contribute Rs 2 crore to the Prime Minister's National Relief Fund to strengthen the relief and rebuilding efforts of the government for victims of the recent floods in Tamil Nadu. Alongside, MSIL has taken several customer care initiatives for vehicles impacted by the floods. The company has rushed spare parts to Tamil Nadu and has made special arrangements with the insurance companies to speed up survey and approval process. To support customers in this time of hardship, for the flood affected vehicles repaired under insurance, 50% of the depreciation amount will be borne by Maruti Suzuki. Normally, the total depreciation amount is payable by the customer. Additionally the company is offering 50% waiver on cleaning and polishing charges.
Reliance Industries (RIL) rose 0.76% at Rs 1,008.55 after the company's telecom unit Reliance Jio Infocomm yesterday, 27 December 2015, announced the soft launch of its fourth generation (4G) telecom services for RIL group employees, their families and business partners. Reliance Jio Infocomm didn't disclose when commercial operations will begin, according to news reports.
Shares of other telecom companies dropped as the RIL's re-entry into the telecom business is likely to intensify competition in the telecom sector, particularly in the lucrative data business. Bharti Airtel (down 2.14%), Tata Teleservices (Maharashtra) (down 3.88%), Reliance Communications (RCom) (down 0.41%) and Idea Cellular (down 0.92%) declined.
Steel stocks led decline in metal and mining stocks as copper prices declined in global commodities markets. Tata Steel (down 3.59%), JSW Steel (down 3.19%), Jindal Steel & Power (down 1.89%) and Steel Authority of India (down 1.03%) edged lower. Among other metal stocks, National Aluminium Company (down 1.34%), Hindustan Zinc (down 0.71%) and Vedanta (down 0.05%) edged lower. NMDC was unchanged at Rs 91.
High Grade Copper for March 2016 delivery was currently down 2.17% at $2.078 per pound on the COMEX.
Tata Power Company rose 1.88% at Rs 67.60 after the company signed a Memorandum of Understanding (MoU) with the Ministry for Development of Russian Far East, Government of the Russian Federation, to explore and develop investment opportunities in the energy sector across the Russian Far East. The announcement was made after market hours on Thursday, 24 December 2015. Under the provisions of the MoU, the Ministry for Development of Russian Far East will cooperate with and support Tata Power at all stages of the investment projects, including assisting the company's communications with federal and regional authorities, state-owned companies and the private sector. The MoU was signed during Prime Minister Narendra Modi's visit to Russia.
ONGC rose 2.56% at Rs 239.95 after the company announced that its wholly owned subsidiary ONGC Videsh and Russia's Rosneft have signed an agreement of confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC "Vankorneft". The document was signed during Prime Minister Narendra Modi's visit to Russia last week. The document was signed in continuation of the agreement of sale and purchase of a 15% stake in Rosneft's subsidiary Vankorneft and the shareholders agreement in regard of the enterprise management between the companies in September 2015. The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.
ONGC Videsh and Rosneft have also signed a Memorandum of Understanding (MoU) for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation.
BPCL was off 0.1% at Rs 903.05. The stock hit a high of Rs 907.05 and a low of Rs 901.35 in intraday trade. A press release issued by the Minstry of Petroleum & Natural Gas during market hours today, 28 December 2015 said that the new state-of-the-art crude distillation unit (CDU) of BPCL's Mumbai refinery was dedicated to the nation today, 28 December 2015. The unit with a capacity of 6 MMTPA at a cost of Rs 1419 crore is a replacement of old crude and vacuum units of the refinery.
Adani Ports and Special Economic Zone (APSEZ) rose 1.16% at Rs 261.50. APSEZ during market hours today, 28 December 2015, announced that its board of directors at a meeting held today, 28 December 2015, accepted the resignation of Sudipta Bhattacharya as Chief Executive Officer (CEO) and whole-time director of the company with effect from close of business hours on 31 December 2015. The board has decided to appoint Karan Adani, Executive Director (non-board position) as new CEO of the company with effect from 1 January 2016. Adani has been deeply involved in managing the company's various port operations since 2009 and now looks after the strategic development of all the Adani ports in India, APSEZ said in a statement. Sudipta Bhattacharya is taking on a new role and moving to the United States of America to take over a group position as the CEO-North America, APSEZ said.
Lanco Infratech surged 6.18% at Rs 6.36 after the company said that a meeting of its board of directors will be held on 30 December 2015, inter alia, to consider the proposal for issuance of compulsory convertible debentures (CCDs) through preferential issue, not exceeding 35 crore CCDs of Rs 10 each and seek shareholders' approval for the same. The announcement was made on Friday, 25 December 2015. The stock market was closed on that day on account of Christmas.
Tube Investments of India jumped 11.62% at Rs 446.60 after the company said that its board of directors approved the divestment of 4.18 crore equity shares held by the company in its general insurance subsidiary viz., Cholamandalam MS General Insurance Company, constituting 14% of the equity share capital of Cholamandalam MS General Insurance Company, to its joint venture partner Mitsui Sumitomo Insurance Company, Japan (MSI). The shares will be sold at a price of Rs 211 per equity share, aggregating to a total consideration of Rs 882.67 crore. On completion of the deal, Mitsui Sumitomo's stake in Cholamandalam MS General Insurance Company will increase to 40% from 26%. The announcement was made on Friday, 25 December 2015. Cholamandalam MS General Insurance Company is a general insurance company in India offering health insurance, car insurance, travel insurance, home & accident insurance policies for individuals and corporates.
The Sensex has declined 111.54 points or 0.42% in this month so far (till 28 December 2015). The barometer index has fallen 1,465.29 points or 5.32% in this calendar year so far (till 28 December 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,200.59 points or 4.83%. The Sensex is off 3,990.61 points or 13.29% from a record high of 30,024.74 hit on 4 March 2015.
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