A bout of volatility was witnessed as key benchmark extended losses in afternoon trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently off 177.78 points or 0.61% at 29,202.95. In overseas markets, 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.
Bosch gained after stock market index provider FTSE Group added the stock among large-cap stocks in its Asia Pacific ex-Japan index following the Semi-Annual review of the FTSE Global Equity Index Series-Asia Pacific ex-Japan. Britannia Industries and Marico scaled record high after the FTSE Group raised these companies to mid-cap from small-cap earlier in its Asia Pacific ex-Japan index.
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.
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.
Brent crude oil futures edged lower in volatile trade as investors assessed a lower growth target from China, a slower increase in US oil stockpiles and ongoing production issues in Libya.
In overseas markets, 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.
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At 13:22 IST, the S&P BSE Sensex was down 177.78 points or 0.61% at 29,202.95. 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 60.90 points or 0.68% at 8,861.75. 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 1.02 points or 0.01% at 10,965.29, outperforming the Sensex. The BSE Small-Cap index was off 8.07 points or 0.07% at 11,373.58. The fall in the index was lower than Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 1,532 shares declined and 1,095 shares advanced. A total of 128 shares remained unchanged.
The total turnover on BSE amounted to Rs 2252 crore by 13:20 IST
FMCG stocks were in demand on renewed buying. Colgate-Palmolive (India) (up 3.72%), Dabur India (up 1.48%), Hindustan Unilever (up 1.96%), Nestle India (up 0.09%) gained. Tata Global Beverages (down 1.04%) declined.
Britannia Industries and Marico scaled record high after the FTSE Group raised these companies to mid-cap from small-cap earlier in its Asia Pacific ex-Japan index. Shares of biscuits major Britannia Industries were up 2.05% to Rs 2,194.40. The stock hit record high of Rs 2,249 in intraday trade today, 5 March 2015.
Marico advanced 3.08% to Rs 394.90. The stock hit record high of Rs 408.90 in intraday trade today, 5 March 2015.
Wipro rose 1.32%. With respect to media reports titled Wipro, Orga join hands, Wipro in a clarification issued during market hours today, 5 March 2015, confirmed that the company has a tie up and has been working with the Orga Systems to develop solution for OSS/BSS domain. Wipro further said that the company enters into such tie ups with various players which are more in the nature of partnerships and/or brand/marketing related.
Bosch gained 2.25% after stock market index provider FTSE Group added the stock among large-cap stocks in its Asia Pacific ex-Japan index following the Semi-Annual review of the FTSE Global Equity Index Series-Asia Pacific ex Japan. The change will be effective after the close of business on Friday, 20 March 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.16, compared with its close of 62.26 during the previous trading session.
Brent crude oil futures edged lower in volatile trade as investors assessed a lower growth target from China, a slower increase in US oil stockpiles and ongoing production issues in Libya. Brent for April settlement was off 11 cents at $60.44 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, Asian stocks were mixed today, 5 March 2015. Key indices in Japan, South Korea and Indonesia were up 0.03% to 0.26%. Key indices in Taiwan and Singapore were off 0.28% to 0.36%.
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 0.95%. In Hong Kong, the Hang Seng was off 1.15%.
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 14 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.
In Europe, a monthly monetary policy review from the European Central Bank is scheduled today, 5 March 2015.
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