Intraday volatility continued as key benchmark indices retained positive zone in morning trade. Yet, the overall movement for the benchmark indices was within a narrow range. The barometer index, the S&P BSE Sensex, was currently trading above the psychological 28,000 level, after surpassing that level after a higher opening. The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. The Sensex was currently up 80.87 points or 0.29% at 28,056.73. The BSE Small-Cap index was up 1.27%, outperforming the Sensex. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 3% to about 17% for quite a few stocks.
Brent crude oil futures dropped. Fall in crude oil prices augur well for India as the country imports 80% of its crude oil requirements.
Bank stocks were mixed. State Bank of India advanced after the bank said that the Executive Committee of the Central Board (ECCB) of the bank has authorised divestment of the bank's stake in SBI Life Insurance Co. by upto 10%.
Earlier, the Sensex and the 50-unit CNX Nifty hit their highest level in almost a week in early trade as these two key benchmark indices extended initial gains after a positive start.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 240.34 crore yesterday, 30 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 651.67 crore yesterday, 30 March 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
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Brent crude oil futures edged lower, extending previous trading session's small decline. For India, the decline in global crude oil prices along with deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In overseas markets, Asian markets edged higher after Beijing unleashed new policy moves to rejuvenate a wobbly property market. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
At 11:17 IST, the S&P BSE Sensex was up 80.87 points or 0.29% at 28,056.73. The index jumped 131.25 points at the day's high of 28,107.11 in early trade, its highest level since 25 March 2015. The index rose 50.41 points at the day's low of 28,026.27 in early trade.
The CNX Nifty was up 27.50 points or 0.32% at 8,519.80. The index hit a high of 8,530.60 in intraday trade, its highest level since 25 March 2015. The index hit a low of 8,499.85 in intraday trade.
The BSE Mid-Cap index was up 65.53 points or 0.62% at 10,625.05. The BSE Small-Cap index was up 136.87 points or 1.27% at 10,932.27. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. 1,501 shares gained and 660 shares fell. A total of 74 shares were unchanged.
Bank stocks were mixed. Among public sector banks, Vijaya Bank (up 1.43%), Dena Bank (up 2%), United Bank of India (up 1.57%), Central Bank of India (up 1.52%), Corporation Bank (up 0.56%), and Bank of Baroda (up 0.82%) edged higher. Oriental Bank of Commerce (down 0.67%), Canara Bank (down 0.3%), Union Bank of India (down 0.09%), Punjab National Bank (down 0.1%), Bank of India (down 0.15%), and Andhra Bank (down 0.25%) edged lower.
State Bank of India (SBI) advanced after the bank said that the Executive Committee of the Central Board (ECCB) of the bank yesterday, 30 March 2015, authorised divestment of SBI's stake in SBI Life Insurance Co. by upto 10%. The stock was up 0.5% at Rs 269.30. The announcement was made before market hours today, 31 March 2015. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif. SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%.
Among private sector banks, South Indian Bank (up 1.81%), ING Vysya Bank (up 0.27%), and Federal Bank (up 0.64%) edged higher. Yes Bank (down 0.33%), IndusInd Bank (down 0.37%), Kotak Mahindra Bank (down 0.28%), HDFC Bank (down 0.63%), and ICICI Bank (down 0.05%) edged lower.
The Reserve Bank of India (RBI) has decided to allow commercial banks to utilise upto 50% of countercyclical provisioning buffer/floating provisions held by them as on 31 December 2014 for making specific provisions for non-performing assets, as per the policy approved by a bank's Board of Directors. Earlier, the RBI had in February 2014 allowed banks to utilise upto 33% of countercyclical provisioning buffer/floating provisions held by them as on 31 March 2013 for making specific provisions for non-performing assets. The RBI said in a notification issued yesterday, 30 March 2015, that utilisation of countercyclical provisioning buffer/floating provisions would be over and above the utilisation of countercyclical provisioning buffer/floating provisions as permitted by the RBI on 'Framework for Revitalising Distressed Assets in the Economy - Refinancing of Project Loans, Sale of NPA and Other Regulatory Measures'.
TCS fell 0.28% at Rs 2,550. The stock hit a high of Rs 2,567.40 and a low of Rs 2,546 so far during the day. With regard to news item titled "Tata Consultancy Services show interest in buying Sierra Cedar that operates in US, Canada & India. HCL & Tech Mahindra also looking for buyouts", TCS during market hours today, 31 March 2015, said that the company does not have any specific comment to offer with regard to this news item.
Meanwhile, TCS after market hours yesterday, 30 March 2015, announced that the first batch of students will graduate with BCom and BBA degrees with specialisation in Business Process Services designed by TCS in collaboration with academia in 2015-16. One hundred and fifty five students enrolled in the first batch of this unique industry-academia collaboration effort in 2013.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.655, compared with its close of 62.68 during previous trading session.
Brent crude oil futures edged lower, extending previous trading session's small decline. Brent for May settlement was off 38 cents at $55.91 a barrel. The contract had declined 12 cents or 0.21% to settle at $56.29 a barrel during previous trading session.
In overseas markets, Asian markets edged higher today, 31 March 2015, after Beijing unleashed new policy moves to rejuvenate a wobbly property market. Key indices in China, Hong Kong, Taiwan, South Korea, and Indonesia were up 0.36% to 0.95%. Key indices in Japan and Singapore were off 0.15% to 0.67%.
Trading in US index futures indicated that the Dow could fall 18 points at the opening bell today, 31 March 2015. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
Meanwhile, Fed Vice Chairman Stanley Fischer today, 31 March 2015, said that Fed policy makers should start thinking further ahead.
The influential monthly US nonfarm payroll data is due on Friday, 3 April 2015, when the US stock market is closed on account of Good Friday. The US government will announce the payroll report for March 2015 on 3 April 2015.
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