After a range bound movement in early afternoon trade, key benchmark indices extended intraday losses in afternoon trade. The 50-unit CNX Nifty was currently trading below the psychological 8,000 mark, after falling below that level in early trade. The Nifty had regained the psychological 8,000 mark after registering modest gains yesterday, 15 June 2015. The barometer index, the S&P BSE Sensex, was currently off 163.05 points or 0.61% at 26,423.50. The market breadth indicating the overall health of the market was weak. Fears of a Greek default continued to spook European stocks in early trade there today, 16 June 2015.
Index heavyweight and housing finance major HDFC extended intraday fall. Auto stocks fell. Power generation stocks also edged lower.
Meanwhile, data released by the Ministry of Commerce & Industry today, 16 June 2015, showed that India's merchandise exports fell 20.19% at $22.35 billion in May 2015 over May 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 604.86 crore yesterday, 15 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 650.47 crore yesterday, 15 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower as investors grew increasingly worried about a lack of progress in negotiations between Greece and its creditors. Asian stocks edged lower as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the day also prompted caution. US stocks edged lower yesterday, 15 June 2015, after the collapse of weekend talks over Greece's bailout plan and on disappointing economic data.
At 13:15 IST, the S&P BSE Sensex was down 163.05 points or 0.61% at 26,423.50. The index fell 167.53 points at the day's low of 26,419.02 in afternoon trade. The index rose 10.73 points at the day's high of 26,597.28 at the onset of the trading session.
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The Nifty was down 49.30 points or 0.62% at 7,964.60. The index hit a low of 7,961.25 in intraday trade. The index hit a high of 8,010.50 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,503 shares fell and 843 shares rose. A total of 141 shares were unchanged.
The BSE Mid-Cap index was down 42.58 points or 0.42% at 10,078.22. The BSE Small-Cap index was down 48.89 points or 0.46% at 10,569.51. The decline in both these indices was lower than the Sensex's fall in percentage terms.
The total turnover on BSE amounted to Rs 1470 crore by 13:15 IST.
Index heavyweight and housing finance major HDFC dropped 2.24% to Rs 1,187.45. The stock hit high of Rs 1,210.35 and low of Rs 1,184 so far during the day. As per reports, the company's advance tax payment for the first installment of 15 June 2015 rose 12.05% at Rs 465 crore.
Auto stocks fell. Tata Motors (down 0.76%), Maruti Suzuki India (down 0.26%), Ashok Leyland (down 1.83%), TVS Motor Company (down 1.41%), Bajaj Auto (down 0.66%) and Hero MotoCorp (down 0.29%) declined.
Mahindra & Mahindra (M&M) (up 0.2%) and Eicher Motors (up 1.48%) rose.
Power generation stocks declined. Reliance Infrastructure (down 3.34%), CESC (down 0.39%), Reliance Power (down 0.46%), NHPC (down 0.06%), Jaiprakash Power Ventures (down 4.42%), Adani Power (down 4.2%), JSW Energy (down 2.15%) edged lower.
NTPC (up 0.07%) and Tata Power Company (up 0.21%) rose.
Meanwhile, data released by the Ministry of Commerce & Industry today, 16 June 2015, showed that India's merchandise exports fell 20.19% to $22.35 billion in May 2015 over May 2014. Merchandise exports registered a fall of 17.21% to $44.40 billion during the two-month period April-May 2015 over the corresponding period in the previous year.
Imports fell 16.52% to $32.75 billion in May 2015 over May 2014. Oil imports fell 40.97% to $8.54 billion in May 2015 over May 2014. Non-oil imports fell 2.24% to $24.21 billion in May 2015 over May 2014. The trade deficit declined to $10.40 billion in May 2015 from $11.23 billion in May 2014.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 15 June 2015, that the Southwest Monsoon was active over Arunachal Pradesh, Gangetic West Bengal, Odisha, Konkan & Goa, Vidarbha and Telangana during past 24 hours ending at 0830 hrs. The conditions are becoming favourable for further advance of southwest monsoon into some more parts of West Bengal and Odisha, remaining parts of Coastal Andhra Pradesh, Bay of Bengal and some parts of Jharkhand and Bihar during next 3-4 days, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 11% above the Long Period Average (LPA) until 14 June 2015. Region wise, the southwest monsoon was 20% above the LPA in East & Northeast India, 12% above the LPA in Central India, 1% above normal in South Peninsula and 6% below the LPA in Northwest India until 14 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 today, 16 June 2015 as investors grew increasingly worried about a lack of progress in negotiations between Greece and its creditors. Key benchmark indices in UK, France and Germany were off 0.55% to 1.37%.
Greek Prime Minister Alexis Tsipras yesterday, 15 June 2015, expressed defiance over demands by his country's creditors, insisting lenders soften their calls for pension cuts. That followed a collapse of talks between the two sides over the weekend. Last week the International Monetary Fund pulled out of talks, citing a lack of progress. Greece has a debt repayment of 1.6 billion euros ($1.8 billion) due at the end of this month to the International Monetary Fund after the European nation bundled all its four June repayments into one.
European Central Bank President Mario Draghi yesterday, 15 June 2015, raised pressure on the Greek government to come to an agreement with its international creditors to unlock financing. While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government to take the necessary steps, Draghi was quoted as saying.
Asian stocks edged lower today, 16 June 2015, as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the day also prompted caution. Key benchmark indices in China, Singapore, Hong Kong, Taiwan, Japan, and South Korea shed by 0.5% to 3.47%. In Indonesia, the Jakarta Composite was up 0.95%.
US stocks edged lower yesterday, 15 June 2015, after the collapse of weekend talks over Greece's bailout plan and on disappointing economic data. The losses followed a breakdown in talks between Greece and its creditors over the weekend. The lack of progress in negotiations has rattled investors and raised fears of a default on Greece's debt and a possible exit from the currency bloc.
Among US macroeconomic data, US industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth. Industrial output slipped 0.2% last month after declining 0.5% in April, In a separate report, the New York Fed said its Empire State general business conditions index dropped to a reading of minus 1.98 in June from 3.09 in May.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy begins today, 16 June 2015. The FOMC meeting is being keenly watched for further indication of the timing of an expected rate hike by the US central bank later this calendar year.
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