The News International Team
3:30 pm Market close: After a volatile day of trade, the market ended on higer note. The Sensex was up 183.67 points or 0.7 percent at 27458.38, and the Nifty gained 49.90 points or 0.6 percent at 8284.50. About 1351 shares have advanced, 1543 shares declined and 399 shares were unchanged.
HUL and Infosys were stars of the day. Bouyed up by better-than-expected December quarter results, the IT company ended with 5 percent gains. HUL was up 6 percent. TCS, Dr Reddy’s Labs and ONGC were other gainers in the Sensex. Among the losers were NTPC, Bajaj Auto, Sesa Sterlite, BHEL and ICICI Bank.
3:10 pm More power: The government is looking to start a fresh process of inviting bids for ultra mega power projects (UMPPs) at four locations in the country in the next three-six months, power minister Piyush Goyal today said.
“These four proposed UMPPs include two for which we have cancelled the bid and we will be inviting fresh bids, and two more have been identified – one in Bihar and another in Jharkhand,” power minister Piyush Goyal said. The minister said he is hopeful the process of inviting bids will start in the next three to six months.
2:50 pm Spectrum: The Cabinet is believed to have asked the Department of Telecom to examine imposing a Swachch Bharat cess on spectrum charges paid annually by service providers.
Besides this, it has also asked DoT to submit a proposal to notify dedicated spectrum for Defence forces as ‘Defence Band (DB) and Defence Interest Zone (DIZ)’ by January 15.
Defence has agreed to release more 3G spectrum as demanded by telecom operators once DB and DIZ are notified. Industry has been demanding the government to auction 20 Mhz of 3G spectrum in February but Telecom Minister Ravi Shankar Prasad has only assured auctioning 5 Mhz as dedicated spectrum bands for Defence forces are yet to be notified.
“Cabinet on January 5 had asked DoT to examine imposition of a cess on Spectrum Usage Charge (SUC) for Swachch Bharat Kosh and bring a proposal for its consideration by January 15. The other direction is to submit proposal for DB and DIZ bands on same date,” an official source said.
2:30 pm Gold: Taking weak cues from global markets and easing demand at domestic spot markets, gold prices fell for the second day, ending Rs 100 lower at Rs 27,250 per ten gram at the bullion market today. Silver also lost Rs 350 to Rs 36,950 per kg on lack of buying support from industrial units and coin makers. Besides, appreciating rupee against the dollar that made the import of precious metals cheaper, weighed on the precious metal prices, marketmen said.
Sovereign, however, continued to be traded at last level of Rs 23,800 per piece of eight gram in scattered deals. In line with overall trends, silver ready traded lower by Rs 350 to Rs 36,950 per kg and weekly-based delivery by Rs 480 to Rs 36,945 per kg. On the other hand, silver coins were enquired at previous level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.
Don’t miss: Infosys soars 7% on better Q3 margins, revenue growth
It has been a disappInfosys soars 7% on better Q3 margins, revenue growthointing day for the bulls. The index started off with a bang then gave up its gains through the trading session. The Nifty came off 90 points from the day’s high while the market breadth is weak at 1:2 in favor of declines.
The Sensex rose 38.72 points to 27313.43 and the Nifty advanced 10.40 points to 8245. About 1219 shares have advanced, 1557 shares declined, and 408 shares are unchanged on the Bombay Stock Exchange.
Infosys rallied 4 percent after reporting a good set of numbers. Dollar revenues grew 0.8 percent in Q3 Q-o-Q, in line with estimates while margins beat estimates rising 65 basis points QoQ to 26.7 percent. Also company maintained FY15 dollar revenue growth guidance of 7-9 percent and reported volume growth of 4.2 percent Q-o-Q, the highest in last three years.
ONGC gained 3 percent and Oil India surged 4.6 percent. The government may exempt ONGC and Oil India from fuel subsidy for rest of FY15, reports media quoting unnamed sources.
Sunil Singhania of Reliance Mutual Fund told CNBC-TV18 that interest in India continued to remain high. According to him, any corrections in near term will be short and swift. He advises using every correction to buy the dip.
Global cues are mixed today. While Asian markets like Hong Kong and Korea ended in the green, European markets are flat with a negative bias while Brent crude headed for seventh weekly loss as supply glut drags, down marginally to below USD 51 a barrel.
All eyes are on the US jobs data for December that will be released later today. Economists forecast a gain of 240,000 jobs last month and unemployment rate is expected to fall from 5.8 percent to 5.7 percent.