A range bound movement was witnessed as key benchmark indices hovered in green in afternoon trade. The broad market depicted strength. There were almost two gainers against every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 237.44 points or 0.86% at 27,800.87. The BSE Mid-Cap index was up 1.15%. The BSE Small-Cap index was up 1.02%. Both these indices outperformed the Sensex. In overseas markets, Chinese stocks edged lower.
Indian stocks edged higher today, 30 July 2015, after news reports suggested that the Union Cabinet has approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee.
Cement stocks edged higher. Telecom stocks gained. Index heavyweight and cigarette major ITC edged higher after the company reported Q1 June 2015 earnings. IDFC dropped after the company reported poor Q1 earnings. IndusInd Bank edged higher after after the bank said it has further strengthened its Payment Solutions business through launch of an Internet Payment Gateway for enabling online acceptance of credit/debit and prepaid card.
Foreign portfolio investors sold shares worth a net Rs 186.24 crore yesterday, 29 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 642.69 crore yesterday, 29 July 2015, as per provisional data released by the stock exchanges.
Indian stocks may remain volatile during the remaining part of the trading session today, 30 July 2015, as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire today, 30 July 2015.
In overseas markets, European stocks edged higher in early trade. Asian stocks depicted a mixed trend. US stocks ended higher yesterday, 29 July 2015, after the Federal Reserve's latest policy statement flagged a nagging concern about low inflation, which could give officials a reason to delay raising rates.
At 13:16 IST, the S&P BSE Sensex was up 237.44 points or 0.86% at 27,800.87. The index jumped 291.03 points at the day's high of 27,854.46 in early afternoon trade, its highest level since 27 July 2015. The index gained 86.54 points at the day's low of 27,649.97 at the onset of the trading session.
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The CNX Nifty was up 73.05 points or 0.87% at 8,448.10. The index hit a high of 8,458.90 in intraday trade, its highest level since 27 July 2015. The index hit a low of 8,408.90 in intraday trade.
The BSE Mid-Cap index was up 127.42 points or 1.15% at 11,198.84. The BSE Small-Cap index was up 118.74 points or 1.02% at 11,737.76. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were almost two gainers against every loser on BSE. 1,724 shares rose and 865 shares fell. A total of 96 shares were unchanged.
Cement stocks edged higher. Shree Cement (up 0.76%) and UltraTech Cement (up 0.01%) edged higher. ACC (down 0.14%) edged lower.
Shares of Ambuja Cements were unchanged at Rs 233.65. The stock hit a high of Rs 235.50 and a low of Rs 231 so far during the day.
Grasim Industries was up 1.86% at Rs 3,725. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom stocks gained. Reliance Communications (up 3.91%), Tata Teleservices (Maharashtra) (up 1.39%), Mahanagar Telephone Nigam (up 1.04%), Idea Cellular (up 0.53%) and Bharti Airtel (up 0.23%) edged higher.
Index heavyweight and cigarette major ITC edged higher after the company reported Q1 June 2015 earnings. The stock was up 2.3% at Rs 310.95. The stock hit a high of Rs 311.95 and a low of Rs 300.60 so far during the day. ITC's net profit rose 3.61% to Rs 2265.44 crore on 6.11% decline in total income to Rs 8902.71 crore Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 30 July 2015.
IDFC dropped after the company reported poor Q1 earnings. The stock was off 0.84% at Rs 152.85. The stock hit a high of Rs 156.80 and a low of Rs 150.75 so far during the day. IDFC's consolidated net profit declined 47.23% to Rs 254.21 crore on 1.71% growth in total income to Rs 2226.77 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 30 July 2015.
IndusInd Bank edged higher after the bank said it has further strengthened its Payment Solutions business through launch of an Internet Payment Gateway for enabling online acceptance of credit/debit and prepaid card. The stock was up 1.08% at Rs 964. The stock hit a high of Rs 971 and a low of Rs 956 so far during the day. The announcement was made during market hours today, 30 July 2015. The Payment Gateway will support acquisition of VISA, MasterCard and RuPay cards, besides netbanking transactions, IndusInd Bank said in a statement.
Meanwhile, the Union Cabinet yesterday, 29 July 2015, reportedly approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee. The Cabinet agreed to the recommendation made by the Select Committee on compensation to states to win over support of regional parties like TMC of West Bengal and Odisha's BJD, in getting the landmark Constitution Amendment approved by the Upper House where the ruling NDA does not have a majority. The Cabinet decided that the modalities for levy of 1% tax over and above the GST rate by states as well as the ''band'' rate would be finalised while framing the rules, reports added.
The Cabinet yesterday, 29 July 2015, reportedly also approved a proposal to set up a fund to kick-start stranded infrastructure projects and a bill to replace the Consumer Protection Act, 1986, which would bring e-commerce companies under the consumer protection and competition laws, aimed at safeguarding the interests of online shoppers. The National Investment and Infrastructure Fund (NIIF), announced in the Union Budget and approved by the Cabinet, will have an initial authorized capital of Rs 20000 crore and a government contribution of up to 49%, according to news reports. NIIF will function as a sovereign fund and will seek equity participation from overseas investors as well.
The Cabinet also reportedly approved a proposal to allow foreign investment in alternative investment funds announced in this year's Union Budget.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 29 July 2015, that the Southwest monsoon was vigorous over Rajasthan and Gujarat state and was active over Gangetic West Bengal during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 29 July 2015. Region wise, the rainfall was 18% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, near normal in Central India and 12% above the LPA in Northwest India until 29 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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 higher in early trade today, 30 July 2015. Key indices in Germany, UK and France were up 0.4% to 0.66%.
Asian shares depicted a mixed trend today, 30 July 2015. In China, the Shanghai Composite lost 2.2%. In Hong Kong, the Hang Seng index was off 0.64%. Among other Asian markets, Key benchmark indices in Singapore and South Korea were off 0.91% to 1.01%. Key benchmark indices in Indonesia, Japan and Taiwan were up 0.08% to 1.08%.
US stocks ended higher yesterday, 29 July 2015, after the Federal Reserve's latest policy statement flagged a nagging concern about low inflation, which could give officials a reason to delay raising rates. After a two-day policy meeting, the Fed said in a statement yesterday, 29 July 2015, that the world's top economy had expanded "moderately" in recent months and the jobs market had strengthened, but it noted continued "soft" business investment and exports. The Fed left room for a September rate hike.
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