Nifty may rise as long as it stays above 8,250.
We had mentioned in our Tuesday’s closing report that the S&P CNX Nifty may move higher if it closes above 8,280. Today the index opened lower and traded in the green for the rest of the session, closing higher for the fourth consecutive session. It closed a shade above 8280.
S&P BSE Sensex opened at 27,358 and hit a low at 27,346 while Nifty opened at 8,244 and hit a low almost at the same level. Sensex rose up to the level of 27,527 and closed at 27,499 (up 96 points or 0.35%) while Nifty reached up to 8,291 and closed at 8,283 (up 34 points or 0.42%). NSE recorded a volume of 67.73 crore shares. India VIX rose 1.73% to close at 15.1200.
The Ministry of Finance announced the appointment of MD&CEOs of four nationalised banks, Indian Overseas Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India. The government decided to separate the post of chairman and MD&CEO. For banks other than SBI, the chairman will now be a part time board member who will preside over the board meetings and not be an executive chairman. The appointment in one more bank i.e. Syndicate bank is still under consideration of Government and would be decided very shortly.
Fiscal deficit was Rs 5.25 trillion ($83.08 billion) during April-November, or 98.9% of the full-year target, data showed on Wednesday. The deficit was 93.9% during the same period a year ago.
India's total external debt stood at $455.9 billion at the end of September, up $13.7 billion or 3.1% from the end of March, the Finance Ministry said in a statement on Wednesday.
The share of India's short-term debt in the total external debt was at $86.4 billion or 18.9%.
Gujarat Pipavav (8.91%) was the top gainer in the ‘A’ group on the BSE. The stock hit its new 52-week high today. It has entered into an arrangement with NYK Auto Logistics (India) Pvt. Ltd. wherein NYK has been sub-leased land for developing a dedicated common user integrated RO-RO (roll-on/roll-off) yard at Pipavav Port. The yard is expected to be commissioned in the second quarter of 2015 and will be provided with all port and related facilities by Gujarat Pipavav Port.
Tube Investments (1.72%) was among the top five losers in ‘A’ group on the BSE. The stock gave up gains today after hitting its 52-week high on Tuesday.
BHEL (2.65%) was today again the top gainer in the Sensex 30 pack.
As reported by PTI, the Finance Ministry has decided not to extend excise duty cuts on automobiles and consumer durables beyond December 31. Mahindra & Mahindra (1.85%), Bajaj Auto (0.66%) and Maruti (0.63%) were among the top three losers in the Sensex 30 stock.
On Tuesday, US indices closed in the red. A report yesterday showed consumer confidence rose less than estimated. The Conference Board's consumer confidence index increased to 92.6 in December from a revised 91, a month earlier. Another report showed home prices in 20 US cities rose at a slower pace in the year ended in October.
Asian indices trading today closed in the positive. Shanghai Composite (2.18%) was the top gainer. The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, fell to a final reading of 49.6 in December from 50 in November, HSBC Holdings PLC said today. European indices that were open, were trading in the green.
This less politically contentious change could help get quicker decisions and improve the entire arbitration process
The MF Utility platform, which has been facing several delays, is now expected to be launched in May 2015