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Wednesday, 24 December 2014

Nifty ends Dec F&O expiry below 8200; Sensex sinks 298 pts

03:30 pm Market close

The market ended December F&O series expiry with some heavy losses. The Nifty was down 92.90 points or 1 percent at 8174.10. The Sensex sunk 297.85 points or 1 percent at 27208.61. About 1364 shares have advanced, 1473 shares declined, and 108 shares are unchanged.

GAIL, ONGC, Dr Reddy's Labs, Coal India and Infosys were top losers in the Sensex. Among the gainers were Sesa Sterlite, Tata Steel, Tata Power, ICICI Bank and Axis Bank.

03:15pm Rubber price

Several rubber farmers have put away their tapping knives and switched to planting other crops, as ample global supplies and sinking benchmark prices of the tyre-making raw material squeeze their profit margins.

But this means local rubber farmers are likely to miss out on an expected boom in tyre demand from rising car use in India, paving the way for cheaper imports and supporting Asian prices that have dropped almost 26 percent this year.

"For most Indian farmers it is not viable to continue tapping at current levels," said George Valy, president of the Indian Rubber Dealers' Federation. India could need to ship in more than 1 million tonnes of rubber by 2020, equivalent to Vietnam's total output, versus estimated imports of 400,000 tonnes this year, he added.

03:00pm Market Update

Profit booking extended in last hour of trade with the Sensex losing 284.06 points or 1.03 percent to 27222.40 and the Nifty falling 80.45 points or 0.97 percent to 8186.55.

About 1265 shares have advanced, 1470 shares declined, and 132 shares are unchanged.

02:40pm Interview

Amitabh Chaudhry, managing director and chief executive officer, HDFC Life, says the company is still far away from being listed on any bourse.

In an interview to CNBC-TV18, Chaudhry says the company’s stake sale is in no way a pre-initial public offer (IPO).

“HDFC Standard Life would like to take the equity in the company to 30-40 percent,” adds Chaudhry who is happy with the company’s current growth.  HDFC on Monday said Azim Premji Trust would buy 0.95 percent stake in its life insurance venture, HDFC Life, for Rs 198.9 crore thereby valuing the company at Rs 19,890 crore.

02:25pm Novartis in News

Shares of Novartis India gained over 5 percent today after fair trade regulator CCI approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis.

Novartis India's scrip soared 5.48 per cent to Rs 674 at the BSE. However, the stock surrendered most of the gains later and was trading 2.12 percent higher at Rs 652.50.

CCI has approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis as it did not find the transaction to be anti-competitive in India.

The multi-layered deal involves UK-based GlaxoSmithKline (GSK) acquiring the Swiss major's vaccine business while the latter would purchase GSK's cancer drugs portfolio, reports PTI.

In a order dated December 12 and made public yesterday, the Competition Commission of India (CCI) said it is of the opinion that the "the proposed combination is not likely to
have appreciable adverse effect on competition in India."

02:00pm Market Check

Equity benchmarks remained under pressure on last day of the December series. The Nifty fell 30.10 points to 8236.90 while the Sensex declined 100.92 points to 27405.54.

However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising around 0.4 percent. But the market breadth was negative. About 1285 shares have advanced while 1358 shares declined on the Bombay Stock Exchange.

State-run power equipment maker BHEL topped the selling list, down 2 percent followed by HDFC, TCS, ONGC, HUL, Dr Reddy's Labs, NTPC and Hindalco Industries with 1-1.8 percent loss. However, ICICI Bank, State Bank of India, Tata Motors, Sesa Sterlite and Tata Steel bucked the trend, up 0.4-1.4 percent.

Cabinet has approved ordinance on insurance. Insurance companies like Max India and HDFC Life say foreign investors may be tentative and ucnertain till ordinance is repalced by a law. Cabinet also cleared ordinance on coal and approved formula & methodology for floor/reserve price for coal auction with the first tranche of bid documents to be released on December 27.

UltraTech Cement and Jaiprakash Associates gained 4 percent each on news that Ultratech will buy JP's two cement plants in Madhya Pradesh for Rs 5,400 crore. Deutsche Bank says it is another sweet deal for Ultratech Cement allowing it to truly become a pan-India player.

It was a mixed bag for global equities. Japan and Korea moved higher while China shed weight. The French market was down 0.22 percent. More information Please visit this site

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