Sensex trades 30 points higher; HUL, Bhel gain

Among the sectoral indices, BSE consumer durables, IT and Teck indices was the top gainer, up 0.7% each

  India’s benchmark Sensex was trading marginally higher, led by gains in shares of auto, banking, consumer durables and information technologies companies.

Investors were cautious ahead of the Wholesale Price Index (WPI)-based inflation data later in the day. A Bloomberg poll expects WPI will be 0.4% for December compared with zero in November.

At 9.40am, the Sensex was up by 0.10%, or 27.42 points, at 27,453.15, while the 50-share Nifty of the National Stock Exchange was up 0.07%, or 5.70 points, at 8,305.10.

Among the gainers, Hindustan Unilever Ltd rose 1.9% to Rs.901.40 while Bharat Heavy Electricals Ltd rose 1.4% to Rs.261.35.

Among the losers, Sesa Sterlite Ltd fell 2.5% to Rs.199.40 while ITC Ltd fell 2.2% to Rs.352.50 on the fears that MSCI Index may re-balance the stock’s weigh.

The government on Tuesday moved to amend the anti-smoking law and proposed radical changes, including a ban on sale of loose cigarettes and raising the minimum age of a person buying tobacco products to 21 years from the existing 18 years.

Among the sectoral indices, BSE FMCG Index was the top sectoral loser, down 1.1% followed by BSE Metal and Bankex indices which were down 0.7% and 0.2%, respectively. BSE consumer durables, IT and Teck indices was the top sectoral gainer up 0.7% each followed by BSE Teck and Capital Goods indices, which were up 0.5% each. BSE Oil and Gas and Power indices were up 0.3% each.

Max India Ltd rose 2.8% to Rs.416.20 after the news report said the company may be split into three divisions-insurance, healthcare and speciality films-with holding companies being created for each of them.

Educomp Solutions Ltd rose 2.2% to Rs.30.20 after the company said it plans to merge Edusmart Services Pvt. Ltd with itself and issue shares to lenders on conversion of its funded interest term loan, as part of its debt recast. The firm had approached the corporate debt restructuring forum in July 2013.

Jet Airways India Ltd fell 3.9% to Rs.446 after the company said in a notice to BSE that promoter and chairman Naresh Goyal pledged his entire 51% shareholding in the carrier, valued at over Rs.2,600 crore, to state-run Punjab National Bank.

Tata Teleservices Maharashtra Ltd rose 20% to Rs.10.02 after the Reserve Bank of India (RBI) has agreed to the Tata group proposal to buy back DoCoMo’s 26.5% stake in Tata Teleservices Ltd at a pre-determined price of Rs.58 a share (Rs.7,250 crore for the entire stake). This is despite the company’s valuer, Price Waterhouse, estimating the stake 60% lower at Rs.23.34 a share.

Yes Bank Ltd, LIC Housing Finance Ltd, Bajaj Finance Ltd, NIIT Technologies Ltd, Bajaj Finserv Ltd, Kajaria Ceramics Ltd will issue there earnings for the December quarter later on Wednesday.

So far in 2015, the Sensex has fell 0.3%, while foreign institutional investors have sold $ 352.5 million from local equity markets and bought $ 692.4 million from the debt market.

Asian markets were trading mixed on Wednesday as oil prices continued their slide. China’s Shanghai Composite was up 0.5%, while Hong Kong’s Hang Seng was up 0.3% and Japan’s Nikkei Stock Average declined by 1.1%.

Overnight, Wall Street indices traded lower after Brent crude prices touched a six year low following reports that US oil production will increase both this year and next despite the 60% slide in oil prices since mid-June. Crude oil’s unabated decline has stoked fears of global deflation. Nasdaq Composite, S&P 500 and Dow Jones Industrial Average were down between 0.1-0.2% each.


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