A bout of volatility was witnessed as key benchmark indices regained positive zone after slipping into the red from green in afternoon trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 36.79 points or 0.13% at 27,681.94. The gains for the 50-unit CNX Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently up 19.15 points or 0.23% at 8,337.55. The BSE Mid-Cap index was up 1%, outperforming the Sensex.
In overseas markets, European stocks edged lower in early trade as Greece is set to default on a 1.5 billion euro debt payment due to the International Monetary Fund (IMF) which is due today, 30 June 2015, after bailout negotiations broke down over the weekend. Chinese stocks jumped as the government and regulators stepped up efforts to prevent a plunge of 20% in the Shanghai Composite index in the last few weeks from inflicting further damage on the already slowing economy.
Bank stocks were mixed. Bharti Airtel edged higher after the company said that it has become the third largest mobile operator in the world in terms of subscribers.
Meanwhile, CEO of Airbus Defence and Space Mr. Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Foreign portfolio investors sold shares worth a net Rs 711.88 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 906.38 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower in early trade as Greece is set to default on a 1.5 billion euro debt payment due to the International Monetary Fund (IMF) which is due today, 30 June 2015, after bailout negotiations broke down over the weekend. Chinese stocks led rally in Asian markets. US stocks tumbled yesterday, 29 June 2015, on fears Greece will leave the eurozone.
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At 13:15 IST, the S&P BSE Sensex was up 36.79 points or 0.13% at 27,681.94. The index jumped 117.80 points at the day's high of 27,762.95 at the onset of trading session, its highest level since 26 June 2015. The index fell 74.20 points at the day's low of 27,570.95 in early trade.
The 50-unit CNX Nifty was up 19.15 points or 0.23% at 8,337.55. The index hit a high of 8,356.45 in intraday trade, its highest level since 26 June 2015. The index hit a low of 8,298.95 in intraday trade.
The BSE Mid-Cap index was up 105.92 points or 1% at 10,646.05. The BSE Small-Cap index was up 78.84 points or 0.72% at 11,037.40. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,504 shares rose and 907 shares fell. A total of 118 shares were unchanged.
Bharti Airtel edged higher after the company said that it has become the third largest mobile operator in the world in terms of subscribers. The stock was up 1.49% at Rs 419.65. The announcement was made during market hours today, 30 June 2015. As per the latest data published by WCIS, Airtel with over 303 million mobile subscribers across its operations has moved up one position in the global rankings, the company said.
Commenting on the development, Bharti Airtel's Chairman Sunil Bharti Mittal said that this is a major landmark in the journey of Airtel and underlines the strength of its business model and its brand that is loved by customers across 20 countries.
Bank stocks were mixed. Corporation Bank (0.79%), Central Bank of India (up 0.68%), State Bank of India (up 0.64%), United Bank of India (up 0.85%), Syndicate Bank (up 0.15%) and Indian Overseas Bank (up 0.27%) edged higher. Canara Bank (down 2.5%), Bank of India (down 1.02%), UCO Bank (down 0.75%), Punjab National Bank (down 0.26%), IDBI Bank (down 0.58%), Oriental Bank of Commerce (down 0.6%) and Union Bank of India (down 0.78%) edged lower.
Andhra Bank edged lower as the stock turned ex-dividend today, 30 June 2015, for dividend of Rs 2 per share for the year ended 31 March 2015. The stock was off 2.79% at Rs 67.90.
Among private sector banks, IndusInd Bank (up 0.81%), HDFC Bank (up 0.02%) and Yes Bank (up 0.39%) edged higher. ICICI Bank (down 1.19%) and Axis Bank (down 0.86%) edged lower.
Kotak Mahindra Bank (KMBL) edged higher after the bank after market hours yesterday, 29 June 2015 said that it has fixed 9 July 2015 as record date for the purpose of allotment of 1:1 bonus shares to the existing shareholders of the bank. The stock was up 1.35% at Rs 1,391.50.
Cement stocks edged higher. Shree Cement (up 1.77%), UltraTech Cement (up 1.49%) and ACC (up 0.91%) edged higher. Ambuja Cements (down 0.92%) edged lower.
Grasim Industries was up 1.01% at Rs 3,402.60. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Meanwhile, CEO of Airbus Defence and Space Mr. Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 29 June 2015, that the Southwest Monsoon was vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 18% above the Long Period Average (LPA) until 29 June 2015. Region wise, the southwest monsoon was 28% above the LPA in Central India, 24% above the LPA in Northwest India, 22% above the LPA in South Peninsula and 3% above the LPA in East & Northeast India until 29 June 2015.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas markets, European stocks edged lower in early trade today, 30 June 2015, as Greece is set to default on a 1.5 billion euro debt payment due to the International Monetary Fund (IMF) which is due today, 30 June 2015, after bailout negotiations broke down over the weekend. Key benchmark indices in Germany, UK and France were off 0.75% to 1.07%. In Italy, the FTSE MIB index was currently off 0.5%. In Spain, the IBEX 35 index was currently off 0.73%.
Investors continue to monitor developments in Greece which looks set to default on its payment to the International Monetary Fund that is due today, 30 June 2015. Greece's international bailout also expires on 30 June 2015. Global rating agency S&P yesterday, 29 June 2015, cut Greece's credit rating by one level, saying the probability of the country leaving the euro area is now 50%. Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, 29 June 2015, to avoid a run on the country's banks and the nation's central bank moved to impose controls to prevent money from flooding out of the country. Negotiations between Greece and its creditors deteriorated over the weekend after Greece's Prime Minister Alexis Tsipras on Friday, 26 June 2015, unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders.
Tsipras was quoted as saying yesterday, 29 June 2015, that regional leaders didn't have the nerve to kick Greece out of the euro and that a "no" vote in the July 5 referendum will strengthen the country's bargaining position. European Central Bank Executive Board member Benoit Coeure said in a newspaper interview yesterday, 29 June 2015, that a "yes" decision will prompt euro zone members to "find the means, under one form or another, to honor their commitments".
Tsipras has called a referendum on Sunday, 5 July 2015, on whether the country should accept creditors' bailout terms. Greeks will be asked to decide whether to accept reform measures demanded by the country's lenders that would ultimately unlock about euro 15.3 billion in funds. A "no" vote by Greeks could force the country out of the eurozone and push the country into what could be the darkest chapter of its six-year debt crisis.
Asian stocks edged higher today, 30 June 2015, as investors push off concerns about a default in Greece until the outcome of a referendum on Sunday, 5 July 2015. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Japan, Singapore and South Korea were up 0.67% to 1.43%.
China's Shanghai Composite recovered sharply after an in initial slide and was currently up 5.55%. China said late on Monday, 29 June 2015, it is preparing to allow pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the sagging equity market.
Separately, a China Securities Regulatory Commission (CSRC) spokesperson said in a blog posting yesterday, 29 June 2015, evening that risks from brokerages' margin financing business are also controllable.
US stocks tumbled yesterday, 29 June 2015, on fears Greece will leave the eurozone.
Meanwhile, Puerto Rico's governor Alejandro Garc Padilla yesterday, 29 June 2015, laid out a plan to seek restructuring of the government's approximately $72 billion in debt, while also vowing to make Puerto Rico more economically competitive. A key point in the proposal is to get permission for Puerto Rico to go through bankruptcy as Detroit did in 2013, something that current law prohibits. Puerto Rico is a United States territory located in the northeastern Caribbean, east of the Dominican Republic, and west of both the United States Virgin Islands and the British Virgin Islands.
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