A range bound movement was witnessed key benchmark indices retained positive zone in afternoon trade. The gains for the benchmark indices were minuscule. The barometer index, the S&P BSE Sensex, was currently up 14.92 points or 0.05% at 28,461.04. The market breadth indicating the overall health of the market was positive. In overseas markets, Chinese shares recovered further after a series of government support measures to halt their recent crash.
Index heavyweight and housing finance major HDFC declined. Metal and mining stocks were mixed. Realty stocks were mixed.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit 13-week high amid initial volatility.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 745.81 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 98.51 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower ahead of a debate and voting by lawmakers in Germany today, 17 July 2015, on the plan for a third bailout for Greece. Chinese stocks led in gains for Asian equities. US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress.
At 13:18 IST, the S&P BSE Sensex was up 14.92 points or 0.05% at 28,461.04. The index gained 130.20 points at the day's high of 28,576.32 in early trade, its highest level since 17 April 2015. The index fell 28.66 points at the day's low of 28,417.46 in morning trade.
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The Nifty was up 5.85 points or 0.07% at 8,613.90. The index hit a high of 8,642.95 in intraday trade, its highest level since 17 April 2015. The index hit a low of 8,593.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,437 shares gained and 1,163 shares fell. A total of 135 shares were unchanged.
The BSE Mid-Cap index was up 41.11 points or 0.37% at 11,239.35. The BSE Small-Cap index was up 70.56 points or 0.6% at 11,735.99. Both these indices outperformed the Sensex.
Index heavyweight and housing finance major HDFC fell 1.66% to Rs 1,338. The stock hit high of Rs 1,361 and low of Rs 1,332 so far during the day.
Metal and mining stocks were mixed. Vedanta (up 1.67%), Steel Authority of India (Sail) (up 1.73%), Jindal Steel & Power (up 1.18%), Hindalco Industries (up 1.03%) and NMDC (up 0.22%) rose. JSW Steel (down 0.71%), National Aluminium Company (up 0.39%), Hindustan Zinc (down 0.12%) and Hindustan Copper (down 0.16%) edged lower.
Tata Steel rose 1.04% to Rs 284.40. The stock hit high of Rs 284.90 and low of Rs 280.30 so far during the day. Tata Steel's European unit, Tata Steel Europe after market hours in India yesterday, 16 July 2015, announced the next stage in its plans to refocus its speciality and bar business on high-value markets such as aerospace. The proposed changes would result in a reduction in employee numbers, mainly at its Rotherham-based bar business. The company has identified 720 positions which will potentially become redundant. This business has been underperforming in the face of commodity-grade steel being imported to the UK due to the strong pound and high electricity costs which are more than double those of key European competitors, Tata Steel Europe said in a statement.
Meanwhile, with respect to news article titled "Tata Steel averts major industrial action in UK", Tata Steel clarified after market hours yesterday, 16 July 2015, that the trade unions have confirmed that their ballots on the UK Company pension scheme were in favour of proposed modifications to the scheme. Tata Steel UK, an indirect subsidiary of Tata Steel, will now proceed with the completion of the statutory consultation process and continue to engage with the trade unions on this and all other relevant matters, Tata Steel said.
Mahindra & Mahindra (M&M) rose 0.06%. The agri business vertical of M&M today, 17 July 2015, announced the launch of its branded edible oil NuPro for the health conscious Indian consumer. The company plans to launch a range of pure and healthy edible oils across the country over the next three years. M&M made the announcement during trading hours today, 17 July 2015.
Realty stocks were mixed. DLF (down 1.16%), Indiabulls Real Estate (down 0.65%), Unitech (down 0.64%), and Parsvnath Developers (down 0.71%) declined. Housing Development and Infrastructure (up 0.55%), D B Realty (up 0.47%), Sobha (up 0.08%), Godrej Properties (up 0.96%), Oberoi Realty (up 0.52%) rose.
Meanwhile, the India's weather office, the India Meteorological Department (IMD), said in a weekly monsoon report issued yesterday, 16 July 2015, that rainfall was below normal by 14% over the country as a whole during the period from 9 to 15 July 2015. Region wise, the rainfall was 39% below the Long Period Average (LPA) in South Peninsula, 32% below the LPA in Central India and 15% below the LPA in East & Northeast India during the period from 9 to 15 July 2015. Northwest India received above normal rainfall activity during the week with heavy to very heavy rainfall. The rainfall was 28% above the LPA in Northwest India during the period from 9 to 15 July 2015.
For the country as a whole, cumulative rainfall during the period from 1 to 15 July 2015 was 32% below Long Period Average (LPA). Region wise, the rainfall was 60% below the LPA in South Peninsula, 54% below the LPA in Central India, 15% below the LPA in East & Northeast India and 4% above the LPA in Northwest India during the period from 1 to 15 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.
In a separate daily monsoon update issued yesterday, 16 July 2015, the IMD said that the Southwest Monsoon was vigorous over Jharkhand and was active over Nagaland, Manipur, Mizoram & Tripura, Gangetic West Bengal, Odisha, Bihar, East Uttar Pradesh and Himachal Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 16 July 2015. Region wise, the rainfall was 15% below the LPA in Central India, 13% below the LPA in South Peninsula, 4% below the LPA in East & Northeast India and 12% above the LPA in Northwest India until 16 July 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 fell today, 17 July 2015, European stocks edged lower ahead of a debate and voting by lawmakers in Germany today, 17 July 2015, on the plan for a third bailout for Greece. Key indices in France, UK and Germany were off 0.12% to 0.26%. In Spain, the IBEX 35 index was off 0.1%. In Italy, the FTSE MIB index was off 0.26%.
German lawmakers will today, 17 July 2015, debate and vote on whether to approve the plan for a third bailout for Greece. The parliamentary approval is the next hurdle the financial-aid deal must pass before formal talks can begin. The agreement, sealed early this week between Greece and its eurozone partners, must also get legislative approval from a handful of other eurozone member nations to proceed.
The European Central Bank (ECB) yesterday, 16 July 2015, increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday, 20 July 2015. European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB on Monday, 20 July 2015, and clear its arrears with the International Monetary Fund. Greece's parliament yesterday, 16 July 2015, approved tough austerity measures needed for the country to receive financial aid.
Meanwhile, the European Central Bank left interest rates unchanged at record low after monetary policy review yesterday, 16 July 2015.
Chinese stocks led gains for Asian equities today, 17 July 2015. Key benchmark indices in Taiwan and Japan were up 0.04% to 0.44%. South Korea's Kospi was off 0.53%. Chinese shares recovered further after a series of government support measures to halt their recent crash. In mainland China, the Shanghai Composite index jumped 3.51%. In Hong Kong, the Hang Seng index was up 1.15%.
US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress. Stocks rose steadily as Yellen told the Senate Banking Committee yesterday, 16 July 2015, that she doesn't want to see inflation linger below 2% and that risks lie on tightening too early or too late. On Wednesday, 15 July 2015, Yellen repeated her intent to raise rates sometime this year because the US economy is looking better.
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