Sensex, Nifty attain lowest closing level in almost a week
Losses in IT stocks and index heavyweight Reliance Industries (RIL) led decline for key benchmark indices. The barometer index, the S&P BSE Sensex lost 119.45 points or 0.46% to settle at 25,960.03. The 50-unit Nifty 50 index fell 32.70 points or 0.41% to settle at 7,896.25. The Sensex closed below the psychological 26,000 level. The Sensex, and the Nifty, both, hit their lowest closing level in almost a week.
Shares of public sector banks edged lower. Shares of private sector banks were mixed. Shares of state-run oil marketing companies (PSU OMCs) declined as global crude oil prices surged yesterday, 29 December 2015. Shares of the companies engaged in solar power generation and manufacture of solar power equipment rose after the Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM).
In overseas markets, European and Asian stocks were mixed. US stocks climbed sharply higher yesterday, 29 December 2015, as a rebound in oil prices helped reinvigorate bullish sentiment.
The Sensex fell 119.45 points or 0.46% to settle at 25,960.03, its lowest closing level since 24 December 2015. The index lost 140.23 points or 0.53% at the day's low of 25,939.25 in late trade. The index rose 50.72 points or 0.19% at the day's high of 26,130.20 at the onset of the trading session.
The Nifty lost 32.70 points or 0.41% to settle at 7,896.25, its lowest closing level since 24 December 2015. The index lost 39.10 points or 0.49% at the day's low of 7,889.85 in late trade. The index rose 15.80 points or 0.19% at the day's high of 7,944.75 at the onset of the trading session, its highest level since 2 December 2015.
The BSE Mid-Cap index rose 0.21%. The BSE Small-Cap index rose 0.07%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,385 shares rose and 1,283 shares declined. A total of 285 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Energy index (down 0.66%), BSE IT index (down 1.21%), BSE Oil & Gas index (down 0.56%) and BSE Teck index (down 0.77%) underperformed the Sensex. The S&P BSE Telecom index (up 0.48%), BSE Auto index (down 0.3%) and BSE Bankex index (down 0.43%) outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) lost 1.01% at Rs 1,004.85. The stock hit a high of Rs 1,017 and a low of Rs 1,002.10 in intraday trade.
Shares of public sector banks edged lower. Punjab National Bank (down 2%), Canara Bank (down 1.52%), Corporation Bank (down 1.41%), State Bank of India (down 1.18%), Bank of India (down 1.16%), Union Bank of India (down 0.99%) and Bank of Baroda (down 0.89%) declined. Central Bank of India (up 2.76%) and IDBI Bank (up 0.45%) edged higher.
Shares of private sector banks were mixed. IndusInd Bank (up 0.89%), Yes Bank (up 0.22%) and Kotak Mahindra Bank (up 0.26%) edged higher. ICICI Bank (down 0.79%), Axis Bank (down 0.56%) and HDFC Bank (down 0.25%) edged lower.
IT stocks declined. HCL Techologies (down 1.48%), TCS (down 1.37%), Wipro (down 0.95%) and Oracle Financial Services Software (down 0.66%) edged lower. Tech Mahindra (up 0.95%) edged higher.
Index heavyweight and software major Infosys fell 1.6% at Rs 1,086.05. The stock hit a high of Rs 1,106.35 and a low of Rs 1,083.50 in intraday trade.
Shares of state-run oil marketing companies (PSU OMCs) declined as global crude oil prices surged yesterday, 29 December 2015. BPCL (down 1.46%), HPCL (down 1.53%) and Indian Oil Corporation (down 0.94%) edged lower.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged lower after a sharp surge during the previous trading session. Brent for February settlement was currently down 70 cents at $37.09 a barrel. The contract had surged $1.17 a barrel or 3.19% to settle at $37.79 a barrel during the previous trading session.
Shares of the companies engaged in solar power generation and manufacture of solar power equipment rose after the Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM). Ujaas Energy (up 7.04%), Indosolar (up 9.54%), Websol Energy System (up 3.69%) and Swelect Energy Systems (up 2.04%) edged higher.
The scaling up of budget under NSM will support installation of 4,200 megawatts (MW) solar rooftop systems in the country in next five years. The capital subsidy of 30% will be provided for general category states/UTs and 70% for special category states i.e., North-Eastern states including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands. There will be no subsidy for commercial and industrial establishments in the private sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday etc, a government statement released during market hours today, 30 December 2015 said.
Dr Reddy's Laboratories rose 0.62% at Rs 3,121.40 after the company announced the relaunch of its Esomeprazole Magnesium Delayed-Release Capsules, a therapeutic equivalent generic version of Nexium Delayed Release capsules in the US market. Nexium is a registered trademark of Astrazeneca AB Corporation. The re-launch is due to a change in the capsule color. The company made the announcement during market hours today, 30 December 2015.
Bharti Airtel fell 0.54% at Rs 332.65. The stock hit a high of Rs 339.30 and a low of Rs 332.25 in intraday trade. The company announced after market hours yesterday, 29 December 2015, that it has acquired 74% capital of Augere Wireless Broadband India (Augere). With this acquisition, Augere has become a subsidiary of Bharti Airtel. It may be recalled that Bharti Airtel had announced on 27 October 2015 that its board of directors had approved the scheme of amalgamation of Augere with the company.
Bosch rose 0.02% at Rs 18,566.15. The stock hit a high of Rs 18,690 and a low of Rs 18,377.20 in intraday trade. The company announced after market hours yesterday, 29 December 2015 that with a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory, the company is suspending all manufacturing operations at its Bangalore plant and Bidadi plant for two days on 30 and 31 December 2015. There is no financial impact on account of the proposed suspension of operations, Bosch said.
DLF rose 0.13% at Rs 113.95. The company after market hours yesterday, 29 December 2015 announced that subsequent to receipt of funding and issuance of securities, two joint venture (JV) companies namely, DLF Urban and DLF Midtown ceased to be subsidiaries of DLF. Accordingly, DLF Home Developers (DHDL), a wholly owned subdidiary of DLF owns 49% equity shares in each of these entities viz. DLF Urban and DLF Midtown. It may be recalled that DHDL and GIC, Singapore's sovereign wealth fund had announced on 2 September 2015 that they had signed an agreement to enter into a JV to invest in two upcoming projects located in Central Delhi. Subsequent to the Competition Commission of India's (CCI) approval for the same on 12 November 2015, and having met other pre-closing conditions, the funding for the transaction had been concluded on 23 December 2015 with the receipt of Rs 1992 crore from GIC.
Shares of public sector banks edged lower. Shares of private sector banks were mixed. Shares of state-run oil marketing companies (PSU OMCs) declined as global crude oil prices surged yesterday, 29 December 2015. Shares of the companies engaged in solar power generation and manufacture of solar power equipment rose after the Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM).
In overseas markets, European and Asian stocks were mixed. US stocks climbed sharply higher yesterday, 29 December 2015, as a rebound in oil prices helped reinvigorate bullish sentiment.
The Sensex fell 119.45 points or 0.46% to settle at 25,960.03, its lowest closing level since 24 December 2015. The index lost 140.23 points or 0.53% at the day's low of 25,939.25 in late trade. The index rose 50.72 points or 0.19% at the day's high of 26,130.20 at the onset of the trading session.
The Nifty lost 32.70 points or 0.41% to settle at 7,896.25, its lowest closing level since 24 December 2015. The index lost 39.10 points or 0.49% at the day's low of 7,889.85 in late trade. The index rose 15.80 points or 0.19% at the day's high of 7,944.75 at the onset of the trading session, its highest level since 2 December 2015.
The BSE Mid-Cap index rose 0.21%. The BSE Small-Cap index rose 0.07%. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,385 shares rose and 1,283 shares declined. A total of 285 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Energy index (down 0.66%), BSE IT index (down 1.21%), BSE Oil & Gas index (down 0.56%) and BSE Teck index (down 0.77%) underperformed the Sensex. The S&P BSE Telecom index (up 0.48%), BSE Auto index (down 0.3%) and BSE Bankex index (down 0.43%) outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) lost 1.01% at Rs 1,004.85. The stock hit a high of Rs 1,017 and a low of Rs 1,002.10 in intraday trade.
Shares of public sector banks edged lower. Punjab National Bank (down 2%), Canara Bank (down 1.52%), Corporation Bank (down 1.41%), State Bank of India (down 1.18%), Bank of India (down 1.16%), Union Bank of India (down 0.99%) and Bank of Baroda (down 0.89%) declined. Central Bank of India (up 2.76%) and IDBI Bank (up 0.45%) edged higher.
Shares of private sector banks were mixed. IndusInd Bank (up 0.89%), Yes Bank (up 0.22%) and Kotak Mahindra Bank (up 0.26%) edged higher. ICICI Bank (down 0.79%), Axis Bank (down 0.56%) and HDFC Bank (down 0.25%) edged lower.
IT stocks declined. HCL Techologies (down 1.48%), TCS (down 1.37%), Wipro (down 0.95%) and Oracle Financial Services Software (down 0.66%) edged lower. Tech Mahindra (up 0.95%) edged higher.
Index heavyweight and software major Infosys fell 1.6% at Rs 1,086.05. The stock hit a high of Rs 1,106.35 and a low of Rs 1,083.50 in intraday trade.
Shares of state-run oil marketing companies (PSU OMCs) declined as global crude oil prices surged yesterday, 29 December 2015. BPCL (down 1.46%), HPCL (down 1.53%) and Indian Oil Corporation (down 0.94%) edged lower.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent crude oil futures edged lower after a sharp surge during the previous trading session. Brent for February settlement was currently down 70 cents at $37.09 a barrel. The contract had surged $1.17 a barrel or 3.19% to settle at $37.79 a barrel during the previous trading session.
Shares of the companies engaged in solar power generation and manufacture of solar power equipment rose after the Cabinet Committee on Economic Affairs (CCEA) has approved the scaling up of budget from Rs 600 crore to Rs 5000 crore for implementation of grid connected rooftops systems over a period of five years upto 2019-20 under National Solar Mission (NSM). Ujaas Energy (up 7.04%), Indosolar (up 9.54%), Websol Energy System (up 3.69%) and Swelect Energy Systems (up 2.04%) edged higher.
The scaling up of budget under NSM will support installation of 4,200 megawatts (MW) solar rooftop systems in the country in next five years. The capital subsidy of 30% will be provided for general category states/UTs and 70% for special category states i.e., North-Eastern states including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands. There will be no subsidy for commercial and industrial establishments in the private sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday etc, a government statement released during market hours today, 30 December 2015 said.
Dr Reddy's Laboratories rose 0.62% at Rs 3,121.40 after the company announced the relaunch of its Esomeprazole Magnesium Delayed-Release Capsules, a therapeutic equivalent generic version of Nexium Delayed Release capsules in the US market. Nexium is a registered trademark of Astrazeneca AB Corporation. The re-launch is due to a change in the capsule color. The company made the announcement during market hours today, 30 December 2015.
Bharti Airtel fell 0.54% at Rs 332.65. The stock hit a high of Rs 339.30 and a low of Rs 332.25 in intraday trade. The company announced after market hours yesterday, 29 December 2015, that it has acquired 74% capital of Augere Wireless Broadband India (Augere). With this acquisition, Augere has become a subsidiary of Bharti Airtel. It may be recalled that Bharti Airtel had announced on 27 October 2015 that its board of directors had approved the scheme of amalgamation of Augere with the company.
Bosch rose 0.02% at Rs 18,566.15. The stock hit a high of Rs 18,690 and a low of Rs 18,377.20 in intraday trade. The company announced after market hours yesterday, 29 December 2015 that with a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory, the company is suspending all manufacturing operations at its Bangalore plant and Bidadi plant for two days on 30 and 31 December 2015. There is no financial impact on account of the proposed suspension of operations, Bosch said.
DLF rose 0.13% at Rs 113.95. The company after market hours yesterday, 29 December 2015 announced that subsequent to receipt of funding and issuance of securities, two joint venture (JV) companies namely, DLF Urban and DLF Midtown ceased to be subsidiaries of DLF. Accordingly, DLF Home Developers (DHDL), a wholly owned subdidiary of DLF owns 49% equity shares in each of these entities viz. DLF Urban and DLF Midtown. It may be recalled that DHDL and GIC, Singapore's sovereign wealth fund had announced on 2 September 2015 that they had signed an agreement to enter into a JV to invest in two upcoming projects located in Central Delhi. Subsequent to the Competition Commission of India's (CCI) approval for the same on 12 November 2015, and having met other pre-closing conditions, the funding for the transaction had been concluded on 23 December 2015 with the receipt of Rs 1992 crore from GIC.
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