Key benchmark indices trimmed initial gains and moved in a narrow range in the positive terrain in morning trade. The barometer index, the S&P BSE Sensex was currently up 81.91 points or 0.31% at 26,768.42. The Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost a week in early trade. The market breadth indicating the overall health of the market was strong. A good start for the monsoon season supported gains on the bourses.
IT stocks advanced. TCS rose after the company announced the launch of a new Next-Gen Technology Solutions Center of Excellence (CoE). Realty stocks gained.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 16 June 2015, for the country as a whole, the cumulative rainfall during this year's monsoon season was 13% above the Long Period Average (LPA) until 15 June 2015.
In overseas markets, Asian stocks were mixed. US stocks closed higher yesterday, 16 June 2015, as investors shrugged off worries about unsuccessful Greek debt talks and awaited the outcome of a two-day Federal Reserve policy meeting.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 521.65 crore yesterday, 16 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 644.81 crore yesterday, 16 June 2015, as per provisional data.
At 10:16 IST, the S&P BSE Sensex was up 81.91 points or 0.31% at 26,768.42. The index gained 170.86 points at the day's high of 26,857.37 in early trade, its highest level since 11 June 2015. The index rose 42.38 points at the day's low of 26,728.89 in morning trade.
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The CNX Nifty was up 17.45 points or 0.22% at 8,064.75. The index hit a high of 8,092.55 in intraday trade, its highest level since 11 June 2015. The index hit a low of 8,048.95 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,108 shares rose and 653 shares fell. A total of 98 shares were unchanged.
The BSE Mid-Cap index was up 75.23 points or 0.74% at 10,273.02. The BSE Small-Cap index was up 84.67 points or 0.79% at 10,739.57. Both these indices outperformed the Sensex.
Realty stocks gained. Sobha (up 1.27%), Oberoi Realty (up 1.87%), Phoenix Mills (up 0.52%), DLF (up 0.19%), Godrej Properties (up 0.39%) and Unitech (up 0.93 %), edged higher.
IT stocks advanced. HCL Technologies (up 0.22%), Infosys (up 1.18%), and Wipro (up 0.31%) edged higher. Tech Mahindra fell 0.32%.
TCS rose after the company announced the launch of a new Next-Gen Technology Solutions Center of Excellence (CoE). The stock rose 0.42%. The company announced after market hours yesterday, 16 June 2015. The state-of-the-art NextGen Technology Solutions CoE is spread across 10,000 sq. ft. and is located at the TCS Hyderabad campus. The NextGen Technology CoE will focus on the research and development of futuristic technologies and creation of next-generation products and solutions for its global customers in the semiconductor, devices and networks space, TCS said.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 16 June 2015, that the Southwest Monsoon was active over Gangetic West Bengal and Telangana during past 24 hours ending at 0830 hrs. Conditions are favourable for further advance of southwest monsoon into some more parts of Chhattisgarh, Odisha and West Bengal and remaining parts of Coastal Andhra Pradesh and Bay of Bengal during next 3 days, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 13% above the Long Period Average (LPA) until 15 June 2015. Region wise, the southwest monsoon was 22% above the LPA in East & Northeast India, 18% above the LPA in Central India and 1% below the LPA in Northwest India until 15 June 2015. The rainfall was 100% of the Long Period Average in South Peninsula.
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.
Asian stocks were mixed today, 17 June 2015. Key benchmark indices in China, Japan, and South Korea shed by 0.09% to 1.26%. Key benchmark indices in Taiwan, Indonesia, Hong Kong and Singapore rose by 0.24% to 1.58%.
Japanese exports grew at the slowest pace in nine months in May as shipments to the US and China moderated, while export volumes for the month fell compared with a year earlier. Exports rose 2.4% from a year earlier to Y5.741 trillion in May, the finance ministry said today, 17 June 2015. The rate of expansion was the smallest since the start of a gentle uptrend in September, in a sign that a slowdown in the US and weakening growth in China may be beginning to hinder a Japanese economic recovery.
US stocks closed higher yesterday, 16 June 2015, as investors shrugged off worries about unsuccessful Greek debt talks and awaited the outcome of a two-day Federal Reserve policy meeting.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy ends today, 17 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.
Among macroeconomic data in US, construction starts on new US homes fell 11.1% to an annual rate of 1.04 million in May, pulling back from a surge in April and missing expectations. But the annual pace of permits for new construction, a sign of future demand, rose 11.8% to 1.28 million in Ma, the fastest pace since August 2007.
In Europe, Prime Minister Alexis Tsipras accused Greece's creditors yesterday, 16 June 2015, of trying to "humiliate" Greeks with more cuts as he defied a growing drumbeat of warnings that Europe was preparing for his country to leave the euro. The unrepentant address to lawmakers after the collapse of talks with European and International Monetary Fund (IMF) lenders at the weekend was the clearest sign yet that the leftist leader has no intention of making a last-minute U-turn and accepting austerity cuts needed to unlock frozen aid and avoid a debt default within two weeks.
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.
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