Key benchmark indices hovered in a narrow range in negative zone in mid-afternoon trade. The barometer index, the S&P BSE Sensex was currently off 95.63 points or 0.34% at 28,367.68. The market breadth indicating the overall health of the market was positive.
Auto stocks were mostly higher. FMCG stocks gained.
In overseas stock markets, European stocks gained today, 20 July 2015. Asian stocks edged higher today, 20 July 2015. US stocks closed mixed on Friday, 17 July 2015, but posted solid gains for the week, as strong earnings boosted the Nasdaq to another record high.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 605.56 crore during the previous trading session on Friday, 17 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 175.15 crore during the previous trading session on Friday, 17 July 2015, as per provisional data.
At 14:15 IST, the S&P BSE Sensex was down 95.63 points or 0.34% at 28,367.68. The index fell 143.48 points at the day's low of 28,319.83 in early afternoon trade, its lowest level since 16 July 2015. The index gained 85.82 points at the day's high of 28,549.13 in early trade.
The CNX Nifty was down 27.15 points or 0.32% at 8,582.70. The index hit a low of 8,559 in intraday trade, its lowest level since 16 July 2015. The index hit a high of 8,623.90 in intraday trade.
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The BSE Mid-Cap index was up 26.14 points or 0.23% at 11,246.32. The BSE Small-Cap index was up 35.95 points or 0.31% at 11,752.32. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,431 shares gained and 1,207 shares fell. A total of 123 shares were unchanged.
Auto stocks were mostly higher. Ashok Leyland (up 2.07%), Mahindra & Mahindra (up 1.02%), TVS Motor Company (up 0.27%), Hero MotoCorp (up 0.34%) and Eicher Motors (up 0.21%) edged higher. Tata Motors (down 1.71%), Maruti Suzuki India (down 0.41%) and Bajaj Auto (down 0.29%) edged lower.
FMCG stocks edged higher. Dabur India (up 2.09%), Tata Global Beverages (up 1.15%), Bajaj Corp (up 1.15%), Colgate-Palmolive (India) (up 0.32%), Britannia Industries (up 0.21%), Procter & Gamble Hygiene and Health Care (up 0.1%), Jyothy Laboratories (dup 2.08%), Marico (up 0.05%) and Nestle India (up 0.11%) edged higher. Godrej Consumer Products (down 1.91%), Hindustan Unilever (down 1.17%) and GlaxoSmithkline Consumer Healthcare (down 1.01%) and edged lower.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 19 July 2015, that the Southwest Monsoon was vigorous over Nagaland, Manipur, Mizoram & Tripura and West Madhya Pradesh and active over Haryana, Chandigarh & Delhi, South Interior Karnataka and Kerala during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 8% below the Long Period Average (LPA) until 19 July 2015. Region wise, the southwest monsoon was 10% above the LPA in Northwest India, 6% below the LPA in East & Northeast India, 13% below the LPA in South Peninsula and 16% below the LPA in Central India until 19 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif 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.
Meanwhile, the weekly data released by the Ministry of Agriculture after trading hours on Friday, 17 July 2015, showed a pick up in the sowing of Kharif crops. The total sown area for Kharif crops as on 17 July 2015 stood at 563.35 lakh hectares compared with 346.34 lakh hectares at this time last year. July is the crucial month for the sowing of Kharif crops.
Meanwhile, the Ministry of Water Resources announced in its weekly report issued after trading hours on Friday, 17 July 2015, that the water storage available in 91 important reservoirs of the country was 51.22 BCM as on 16 July 2015, which is 33% of total storage capacity of these reservoirs. This storage is 133% of the storage of corresponding period of last year and 112% of storage of average of last ten years. The present storage position during current year is better than the storage position of last year and is also better than the storage of average of last ten years.
Meanwhile, the three-week monsoon session of Parliament will begin tomorrow, 21 July 2015, as per reports. The government is looking forward to push through key bills and get approval for the recently-promulgated ordinances in the monsoon session of the Parliament.
In overseas stock markets, European stocks gained today, 20 July 2015. Key indices in Germany, France and UK rose 0.27% to 0.76%.
Lower energy prices pulled down German factory-gate prices in June, data from the federal statistics office showed today, 20 July 2015. Producer prices slipped 0.1% from May and were down 1.4% from June 2014.
Banks in Greece opened today, 20 July 2015, for the first time in three weeks, media reports said. Capital controls remain in place, and customers are now restricted to withdrawals of 420 euros ($456) a week, rather than the 60 a day previously imposed. Other restrictions, such as on sending money overseas, are still in force. Greek banks have been shuttered since June 29, after the European Central Bank capped emergency liquidity assistance to the institutions. Greece faces a 4.2 billion debt payment to the ECB today, 20 July 2015, which Athens is expected to repay using an EU bridge loan of 7.16 billion approved last week.
Asian stocks edged higher today, 20 July 2015. Key indices in China, Hong Kong and Singapore were up 0.11% to 0.91%. Key indices in Taiwan and South Korea were off 0.17% to 0.78%. Stock markets in Japan and Indonesia were shut for public holidays.
US stocks closed mixed on Friday, 17 July 2015, but posted solid gains for the week, as strong earnings boosted the Nasdaq to another record high.
Federal Reserve Vice Chair Stanley Fischer reportedly said on Friday, 17 July 2015, that there should be no further limits put on the US central bank's emergency lending powers. Fischer reportedly said the Fed could work with the post-financial crisis restrictions on the types of companies it could lend to. But he said the process had gone as far as it should, reports added.
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