Indian equity shares ended near flat on the first trading day of 2015 as gains in telecom stocks such as Bharti Airtel on news of spectrum pricing were offset by profit-taking in some blue-chips.
Trading volume was low as most investors were away for New Year holidays.
The 30-share BSE index Sensex ended up by 8.12 points or 0.03 per cent at 27,507.54 and the 50-share NSE index Nifty ended up by 1.3 points or 0.02 per cent at 8,284.
Coal India is targeting production of 510 mt in 2015 from 462 mt in 2014- coal secretary Stock down 0.7%
— Meera Siva (@siva_meera)
Metal index was the star-performer and was up 1.07 per cent, followed by infrastructure 0.73 per cent, PSU and TECk 0.48 per cent each, while FMCG index was down 0.27 per cent, healthcare 0.13 per cent and power 0.06 per cent.
Connaught Place, NCR moves up 2 positions to be world’s 6th most expensive office space - CBRE; cost $160/sq ft
#realty
— Meera Siva (@siva_meera)
January 1, 2015Gainers, losers
Telecom stocks rose after the industry regulator had on Wednesday put the 3G spectrum base rate at a 19 per cent discount to 2010 auction prices.
Bharti Airtel closed up 2.9 per cent, while Idea Cellular gained 3.6 per cent.
However, some blue-chips such as NTPC fell 1.1 per cent on profit-taking. The stock gained 3.4 per cent in the three sessions till Wednesday.
Major Sensex gainers were Bharti Airtel 2.86%, SSLT 2.34%, Tata Steel 1.3%, BHEL 1.17% and Bajaj Auto 0.97%, while the top five losers were NTPC 1.18%, Dr Reddy's 1.03%, HDFC 1.02%, Coal India 0.92% and GAIL 0.54%.
Wonderla says its resort fully booked for New Year, room rate also up over 10% from last year. Stock down 0.9% now
— Meera Siva (@siva_meera)
January 1, 2015Early trade
The NIfty and the Sensex opened marginally in the red due to lack of directional cues and falling crude oil prices. The Nifty opened 10 points down at 8,273, while the Sensex opened 13 points down at 27,486.
A report by India Nivesh Securities said "Constructive policy intervention by government, operating leverage (increase in capacity utilisation) across various sectors and domestic consumption and exports were the key themes for 2015. Possibility of steep downgrades in corporate earnings, Union Budget, Politics (rule by ordinance), long wait for rate cut from RBI, US Fed actions and euro zone disruptions would be the key influencing factors of markets in 2015."
Godrej Properties agreement with Godrej & Boyce to develop 1.2 million sq ft at Vikhroli and get 10% revenue share positive
#realty
— Meera Siva (@siva_meera)
January 1, 2015Brokers' comment
Analysts expect the momentum to sustain this year on hopes the government will announce more economic reforms and the central bank will soon start cutting interest rates.
Overseas investors, who invested $16.1 million in Indian shares in 2014, continue their buying spree. They bought Indian shares worth Rs 480 crore ($75.86 million) on Wednesday, according to provisional exchange data.
"Indian markets have outperformed its Asian and global peers. Our market remains the hot investment option. And, this growth is expected to continue as cyclical, rate-sensitive and investment-oriented stocks find flavour with investors," said Kamlesh Rao, CEO of Kotak Securities.
Brokers said profit-booking in stocks which logged gains recently and absence of cues from other Asian markets, which are closed today, mainly influenced the sentiment.