As on today, key benchmark indices surged on positive cues from European and Asian markets and as trading in US index futures indicated a firm opening of US stocks later in the global day. The barometer index, the S&P BSE Sensex settled well above the psychological 27,000 level which it had attained in early trade. The Sensex gained 365.89 points or 1.36% to settle at 27,274.71. All the 12 sectoral indices edged higher today, 8 January 2015. Today's rally on the bourses was broad based. Quite a few side counters rose 5% to 20% on BSE. The market breadth indicating the overall health of the market was strong with more than two gainers for every loser on BSE. European and Asian markets were higher.
The S&P BSE Sensex gained 365.89 points or 1.36% to settle at 27,274.71, its highest closing level since 5 January 2015. The index surged 407.59 points at the day's high of 27,316.41 in mid-afternoon trade. The index rose 193.12 points at the day's low of 27,101.94 in morning trade.
The CNX Nifty gained 132.50 points or 1.64% at 8,234.60, its highest closing level since 5 January 2015. The index hit a high of 8,243.50 in intraday trade. The index hit a low of 8,167.30 in intraday trade.
The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1011.36 crore from the secondary equity markets yesterday, 7 January 2015, as per data from Securities & Exchange Board of India.
In overseas markets, European shares edged higher today, 8 January 2015 on expectations that pessimistic euro zone data could prompt the European Central Bank (ECB) to implement more aggressive stimulus measures. Asian equity markets were higher today, 8 January 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.68, compared with its close of 63.18 during the previous trading session.
Brent crude futures recovered from the lowest level since April 2009 in choppy trade today, 8 January 2015 as investors weighed whether crude's selloff was excessive amid signs of improving demand in the US. Brent for February settlement was up 9 cents at $51.24 a barrel. The contract had advanced 5 cents to settle at $51.15 a barrel during the previous trading session.
European shares edged higher today, 8 January 2015 on expectations that pessimistic euro zone data could prompt the European Central Bank (ECB) to implement more aggressive stimulus measures. Key indices in Germany, UK, and France were up 1.03% to 1.51%.
German manufacturing orders fell sharply in monthly terms in November, data from the country's economy ministry showed today, 8 January 2015 reversing a strong growth pace in the previous month. New orders in November were down 2.4% in adjusted terms. The October growth figure was revised upwards to 2.9% versus the 2.5% growth originally reported.
Greek unemployment continued its downward trend in October, according to figures released by the national statistics agency today, 8 January 2015. Figures from the Hellenic Statistical Service, or Elstat, showed that Greece's seasonally-adjusted unemployment rate fell to 25.8%--compared with 27.8% in October 2013--and a revised 26% rate recorded in September. In absolute terms, some 1.2 million Greeks are without jobs.
Meanwhile, the uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country later this month. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
Asian equity markets were higher today, 8 January 2015. Key indices in Hong Kong, Japan, Singapore, Taiwan, South Korea, and Indonesia were up 0.09% to 1.74%. In China, the Shanghai Composite was off 2.39%.
Trading in US index futures indicated that the Dow could gain 117 points at the opening bell today, 8 January 2015. US stocks surged yesterday, 7 January 2015, with the S&P 500 rebounding from a five-session dive, as US crude stopped a four-day skid and Germany left the door open to discussing options with Greece's next government on its debt. Federal Reserve policymakers said they could begin raising interest rates before inflation starts to pick up, according to minutes of their meeting on 17 and 18 December 2014. However, the Fed officials added that "they would want to be reasonably confident that inflation will move back" toward the Fed's annual 2% target "over time".
Federal Reserve Bank of Chicago President Charles Evans said yesterday, 7 January 2015 the U.S. might not hit the Fed's target inflation rate until 2018 and he doesn't advocate raising interest rates until 2016. The Chicago Fed President said he would advocate hewing to "explicit" numerical targets for Fed policy, specifically, ensuring that a target 2% inflation is hit before reining in accommodative policy.
US private sector employment gains accelerated in December as employers added 241,000 jobs, Automatic Data Processing Inc. reported yesterday, 7 January 2015. ADP revised November's gain to 227,000 from a prior estimate of 208,000.
The US Labor Department reports monthly payroll data for December 2014 tomorrow, 9 January 2015.
The S&P BSE Sensex gained 365.89 points or 1.36% to settle at 27,274.71, its highest closing level since 5 January 2015. The index surged 407.59 points at the day's high of 27,316.41 in mid-afternoon trade. The index rose 193.12 points at the day's low of 27,101.94 in morning trade.
The CNX Nifty gained 132.50 points or 1.64% at 8,234.60, its highest closing level since 5 January 2015. The index hit a high of 8,243.50 in intraday trade. The index hit a low of 8,167.30 in intraday trade.
The Reserve Bank of India (RBI) aims to limit consumer-price gains to 8% by January 2015 and 6% by January 2016. Over the longer term, the RBI aims to limit consumer-price gains to 4%, within a 2% band.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1011.36 crore from the secondary equity markets yesterday, 7 January 2015, as per data from Securities & Exchange Board of India.
In overseas markets, European shares edged higher today, 8 January 2015 on expectations that pessimistic euro zone data could prompt the European Central Bank (ECB) to implement more aggressive stimulus measures. Asian equity markets were higher today, 8 January 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.68, compared with its close of 63.18 during the previous trading session.
Brent crude futures recovered from the lowest level since April 2009 in choppy trade today, 8 January 2015 as investors weighed whether crude's selloff was excessive amid signs of improving demand in the US. Brent for February settlement was up 9 cents at $51.24 a barrel. The contract had advanced 5 cents to settle at $51.15 a barrel during the previous trading session.
European shares edged higher today, 8 January 2015 on expectations that pessimistic euro zone data could prompt the European Central Bank (ECB) to implement more aggressive stimulus measures. Key indices in Germany, UK, and France were up 1.03% to 1.51%.
German manufacturing orders fell sharply in monthly terms in November, data from the country's economy ministry showed today, 8 January 2015 reversing a strong growth pace in the previous month. New orders in November were down 2.4% in adjusted terms. The October growth figure was revised upwards to 2.9% versus the 2.5% growth originally reported.
Greek unemployment continued its downward trend in October, according to figures released by the national statistics agency today, 8 January 2015. Figures from the Hellenic Statistical Service, or Elstat, showed that Greece's seasonally-adjusted unemployment rate fell to 25.8%--compared with 27.8% in October 2013--and a revised 26% rate recorded in September. In absolute terms, some 1.2 million Greeks are without jobs.
Meanwhile, the uncertainties over the status of Greece including its possible exit from the eurozone are likely to persist until the early election in the country later this month. Greece is set to hold snap elections on 25 January 2015 after it failed to elect a new president in a third round of voting late last year. The Greek leftist opposition party Syriza leads opinion polls ahead of national elections on 25 January 2015. Syriza has demanded debt relief from the eurozone and promised to roll back the austerity and reform measures that the country has undertaken in exchange for the international bailout that the government negotiated in 2012.
Asian equity markets were higher today, 8 January 2015. Key indices in Hong Kong, Japan, Singapore, Taiwan, South Korea, and Indonesia were up 0.09% to 1.74%. In China, the Shanghai Composite was off 2.39%.
Trading in US index futures indicated that the Dow could gain 117 points at the opening bell today, 8 January 2015. US stocks surged yesterday, 7 January 2015, with the S&P 500 rebounding from a five-session dive, as US crude stopped a four-day skid and Germany left the door open to discussing options with Greece's next government on its debt. Federal Reserve policymakers said they could begin raising interest rates before inflation starts to pick up, according to minutes of their meeting on 17 and 18 December 2014. However, the Fed officials added that "they would want to be reasonably confident that inflation will move back" toward the Fed's annual 2% target "over time".
Federal Reserve Bank of Chicago President Charles Evans said yesterday, 7 January 2015 the U.S. might not hit the Fed's target inflation rate until 2018 and he doesn't advocate raising interest rates until 2016. The Chicago Fed President said he would advocate hewing to "explicit" numerical targets for Fed policy, specifically, ensuring that a target 2% inflation is hit before reining in accommodative policy.
US private sector employment gains accelerated in December as employers added 241,000 jobs, Automatic Data Processing Inc. reported yesterday, 7 January 2015. ADP revised November's gain to 227,000 from a prior estimate of 208,000.
The US Labor Department reports monthly payroll data for December 2014 tomorrow, 9 January 2015.
