Intraday volatility continued as the barometer index, the S&P BSE Sensex, regained positive zone in mid-afternoon trade. The intraday recovery for key benchmark indices materialized as European stocks edged higher. While the Sensex was a tad higher for the day, the 50-unit CNX Nifty was a tad lower. The market breadth indicating the overall health of the market was negative. The Sensex was currently up 11.20 points or 0.04% at 29,391.93. Chinese stocks dropped after Chinese Premier Li Keqiang lowered China's gross domestic product growth target to around 7% for 2015, compared with 7.4% GDP growth it achieved in 2014.
Bank stocks declined. Index heavyweights Infosys and L&T and edged lower. HCL Technologies advanced after the company announced a strategic partnership with with Tele 2, one of the leading European telecommunications operators, to address the substantial market opportunities for Machine-to-Machine (M2M) and Internet of Things (IoT) solutions in Europe.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 2786.24 crore yesterday, 4 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 16.89 crore yesterday, 4 March 2015, as per provisional data.
Earlier, key indices had lost ground in afternoon trade after a range bound movement in early afternoon trade.
India's financial markets remain closed tomorrow, 6 March 2015, on account of Holi.
In the foreign exchange market, the rupee edged higher against the dollar.
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Brent crude oil futures edged higher in volatile trade.
In overseas markets, European stocks edged higher ahead of a key European Central Bank meeting later in the global day at which policy makers are expected to provide details of an asset-purchase program worth up to euro 1 trillion ($1.108 trillion) aimed at spurring the continent's economic recovery. Asian stocks were mixed. US stocks edged lower yesterday, 4 March 2015, as investors remained cautious ahead of the closely watched monthly nonfarm payroll report, due tomorrow, 6 March 2015, amid mixed economic data this week, including manufacturing, consumer spending and inflation.
At 14:17 IST, the S&P BSE Sensex was up 11.20 points or 0.04% at 29,391.93. The index fell 218.26 points at the day's low of 29,162.47 in afternoon trade, its lowest level since 28 February 2015. The index jumped 115.87 points at the day's high of 29,496.60 in early trade.
The 50-unit CNX Nifty was down 7.50 points or 0.08% at 8,915.15. The index hit a low of 8,849.35 in intraday trade, its lowest level since 28 February 2015. The index hit a high of 8,949.05 in intraday trade.
The BSE Mid-Cap index was up 49.55 points or 0.45% at 11,013.82. The BSE Small-Cap index was up 27.20 points or 0.24% at 11,408.85. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,474 shares declined and 1,209 shares advanced. A total of 128 shares remained unchanged.
Index heavyweight L&T fell 0.91% at Rs 1,822.10. The stock hit a high of Rs 1,850 and a low of Rs 1,796.35 so far during the day.
Another index heavyweight Infosys dropped 1.23% at Rs 2,244.75. The stock hit a high of Rs 2,297.40 and a low of Rs 2,236 so far during the day.
HCL Technologies advanced after the company announced a strategic partnership with with Tele 2, one of the leading European telecommunications operators, to address the substantial market opportunities for Machine-to-Machine (M2M) and Internet of Things (IoT) solutions in Europe. The stock was up 1.33% at Rs 2,063.05.
Bank stocks declined. Among public sector banks, Dena Bank (down 2.42%), Indian Overseas Bank (down 0.1%), United Bank of India (down 2.06%), Oriental Bank of Commerce (down 1.91%), Bank of India (down 1.6%), State Bank of India (down 0.9%), Punjab National Bank (down 0.79%), Syndicate Bank (down 0.13%), and UCO Bank (down 0.14%) edged lower. Bank of Baroda (up 0.83%), Canara Bank (up 1.11%), and Central Bank of India (up 0.2%) edged higher.
IDBI Bank rose 0.96% at Rs 78.80. IDBI Bank after market hours yesterday, 4 March 2015, said that the board of directors of the bank at its meeting held yesterday, 4 March 2015, approved the proposal for rupee bond issuance limit of Rs 20000 crore to be borrowed in one or more tranches, comprising of senior/infrastructure bonds, Basel III compliant Tier II/additional Tier 1 bonds by way of private placement/public issue during FY 2015-16, subject to necessary approvals.
IDBI Bank also said that the board of directors of the bank has approved the proposal for separating the post of Chairman & Managing Director into 2 posts of a Chairman and a Managing Director & CEO by effecting amendments in the Articles of Association subject to RBI approval as per Section 35B of the Banking Regulation Act, 1949 and shareholders' approval to be obtained by passing Special Resolution in this regard.
Among private sector banks, ICICI Bank (down 1.42%), Yes Bank (down 0.59%), IndusInd Bank (down 0.64%), Axis Bank (down 0.08%), Kotak Mahindra Bank (down 0.12%) edged lower. Federal Bank (up 0.38%), HDFC Bank (up 0.6%) edged higher.
The Reserve Bank of India (RBI) surprised financial markets by announcing a reduction in its benchmark lending rate viz. the repo rate by 25 basis points in an unscheduled monetary policy review before trading hours yesterday, 4 March 2015. The repo rate has been cut to 7.5% from 7.75%. RBI Governor Raghuram Rajan cited relatively benign inflation and structural reforms embedded in Union Budget 2015-16 for the decision to cut the repo rate.
NTPC fell 0.22% at Rs 157.10. The stock hit a high of Rs 158.25 and a low of Rs 155.15 so far during the day. NTPC during market hours today, 5 March 2015, said that the Unit V of 660 megawatts (MW) of Barh Thermal Power Project was commissioned yesterday, 4 March 2015. With this, the total installed capacity of Barh-II has become 1,320 MW and the total installed capacity of NTPC group has become 43,803 MW, NTPC said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.205, compared with its close of 62.26 during the previous trading session.
Brent crude oil futures edged higher in volatile trade. Brent for April settlement was up 4 cents at $60.59 a barrel. The contract had declined 47 cents or 0.77% to settle at $60.55 a barrel during the previous trading session.
In overseas markets, European stocks edged higher today, 5 March 2015, ahead of a key European Central Bank (ECB) meeting later in the global day at which policy makers are expected to provide details of an asset-purchase program worth up to euro 1 trillion ($1.108 trillion) aimed at spurring the continent's economic recovery. Key indices in Germany, UK, and France were up 0.11% to 0.54%.
A monthly monetary policy review from the ECB is scheduled later in the global day today, 5 March 2015.
Asian stocks were mixed today, 5 March 2015. Key indices in Japan, South Korea and Indonesia were up 0.21% to 0.3%. Key indices in Taiwan and Singapore were off 0.28% each.
Chinese stocks dropped after Chinese Premier Li Keqiang lowered China's gross domestic product growth target to around 7% for 2015 from its level of around 7.5% for last year, as he presented the government work report at the opening of China's annual parliamentary session today, 5 March 2015. In mainland China, the Shanghai Composite was off 0.92%. In Hong Kong, the Hang Seng was off 1.11%.
The lower growth target signaled that Beijing won't take dramatic action to raise the growth rate above last year's level, which at 7.4% was its lowest in nearly a quarter-century. At the same time, China's leaders signaled concerns that an even sharper drop in growth risks higher unemployment and social unrest.
China has also lowered its projection for foreign-trade growth to about 6% for 2015 from a target of about 7.5% last year. The government will adopt measures to support foreign trade, including expanding trials in cross-border e-commerce and boosting the service trade, the Chinese Premier said in a report delivered to the nation's parliament. Last year, exports and imports combined grew 2.3% in yuan terms and 3.4% in dollar terms from a year earlier.
Trading in US index futures indicated that the Dow could gain 12 points at the opening bell today, 5 March 2015. US stocks closed lower yesterday, 4 March 2015 amid a series of economic data that continued to show moderate growth ahead of today's key jobs report.
The US government is scheduled to announce US nonfarm payroll data for February 2015 tomorrow, 6 March 2015.
Most Federal Reserve districts reported a expanding economy and a prevailing sense of optimism, Fed's Beige Book survey showed yesterday, 4 March 2015. Jobs gained across a variety of sectors, though wage pressures were muted, according to the March summary of economic forecasts the Fed compiled in its Beige Book of indicators.
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