03:30 pm Market close
The market has finally wrapped up trading for 2014 on a good
note. After some massive gains in the later half of the year, the Sensex ended
up 95.88 points at 27499.42, and the Nifty was up 34.45 points at 8282.70 on
Wednesday.
About 1671 shares have advanced, 1196 shares declined, and
126 shares were unchanged.
BHEL was up 3 percent while NTPC, Dr Reddy's Labs, Reliance
and Tata Power are gainers in the Sensex while M&M, HDFC Bank, Bajaj Auto,
Maruti and HUL are losers.
03:00 pm Year in
review
Indian shares edged up, capping a record-setting year with
hopes that the momentum would sustain in 2015 should the government announce
additional economic reforms and the RBI start cutting interest rates.
Foreign investors were key to the rally, buying a net USD
16.1 billion in shares so far this year, the biggest net purchase since buying
USD 29.4 billion worth in 2010. Analysts say that with inflation under control,
the RBI can now afford to ease interest rates while they are hopeful that Modi
will introduce additional policy reforms after measures on land acquisition and
insurance this month.
02:55pm Market
Outlook
"Markets loved Modi and this saw FIIs pumping in close
to USD 16 billion in equities during the current year. The BSE touched new
highs in 2014 and are likely to carry this momentum in the coming year too. The
caveat, of course, is delivery on domestic policy implementation and relative
global economic stability. The government’s focus on increasing retail
participation in equity markets should see some clearer guidelines and will be
reinforced with continuing optimism. Money from foreign and domestic sources
should continue to flow in as everyone will like to get a slice of the India
growth story. Rupee has been toggling at 62-64 and that may not necessarily be
a bad thing though a steep fall could spook investors for a part of 2015,"
says Jayant Manglik, president - retail distribution, Religare Securities.
Manglik expects FY15/FY16 earnings growth of around 15
percent each and the best case scenario of 30,000 for the Sensex in case of a
market-friendly budget. "Overall the new year looks good with
significantly reduced inflation and signs of policy decisions being taken in
earnest," he says.
02:45pm India's
external debt
India's total external debt stood at USD 455.9 billion at
the end of September, up USD 13.7 billion or 3.1 percent from the end of March,
the finance ministry said in a statement on Wednesday.
The rise in external debt during the period was mainly due
to an increase in commercial borrowings and deposits mobilised from
non-resident Indians, the ministry said in a statement.
The share of India's short-term debt in the total external
debt was at USD 86.4 billion or 18.9 percent as of end-September, the statement
added, reports.
02:30pm FII View
The new year, 2015, is likely to see a decent rally but it
is unlikely to be as grand as the one seen in 2014, says Morgan Stanley’s
executive director Amay Hattangadi.
“India saw a complete 180-degree shift in sentiment. Our
removal from the fragile five has been very critical to the sentiment in 2014,”
says Swanand Kelkar, ED, Morgan Stanley.
Furthermore, 2015 is likely to see some sweet spots, which
according to Hattangadi is likely to be: the logistics and auto sector.
Hattangadi believes the theme has shifted from unorganized to organized sector
and to the aspirational demand.
02:00pm Market Check
Equity benchmarks continued to trade with a positive bias
with the Nifty holding above 8250 while midcap and smallcap outperformed. The
market breadth was positive; about 1605 shares have advanced while 1127 shares
declined on the Bombay Stock Exchange.
The Sensex climbed 82.80 points to 27486.34 and the Nifty
rose 27.10 points to 8275.35 while the BSE Midcap and Smallcap indices gained 1
percent each.
Jitendra Sriram of HSBC says equity markets will give higher
returns than debt in 2015. He likes industrials and metals sectors in 2015.
Shares of Dr Reddy's Labs and BHEL climbed 2-3 percent
followed by Reliance Industries, Axis Bank, Bharti Airtel, Hindalco Industries
and Sesa Sterlite with more than a percent gain. However, HDFC and HDFC Bank
were down half a percent each.
Select auto stocks were sluggish reacting to the likelihood
of the government withdrawing excise duty concessions to the auto industry from
January 1, 2015. Maruti told that it has not received any communication from
the government as yet but does not expect long term negative impact on car
demand. Maruti and Bajaj Auto declined 0.4 percent each while Mahindra &
Mahindra dropped 2 percent. Tata Motors and Hero Motocorp recouped losses, up
0.8 percent each.
Telecom stocks remained in focus. Telecom Regulatory
Authority of India released recommendations on reserve price and valuation for
2100 megahertz. Reserve price pan-India kept at Rs 2,720. Analysts say overall,
reserve price is on the higher side and only serious players are expected to
bid.
The rupee recovered further, currently trading at 63.20 a
dollar, up 18 paise compared to previous day's closing value of 63.38. More
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