Pharma, telecom stocks and index heavyweights ITC, Reliance Industries and HDFC led gains for key benchmark indices. Benchmark indices surged towards the fag end of the trading session after moving in a narrow range during most part of the trading session. The upmove for key indices in late trade materialised as European stocks reversed initial losses and trading in US index futures indicated a firm opening of US stocks later in the global day. European stocks reversed initial losses after a Greek newspaper reported that last-minute efforts aimed at bringing Greece and its creditors back to the negotiating table are underway. Negotiations between Greece and its creditors collapsed over the weekend after Greece's Prime Minister Alexis Tsipras on Friday, 26 June 2015, unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders.
The barometer index, the S&P BSE Sensex, was provisionally up 145.89 points or 0.53% to 27,791.04. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index was up 1.33%. The BSE Small-Cap index was up 1.07%. Both these indices outperformed the Sensex.
Bharti Airtel edged higher after the company said that it has become the third largest mobile operator in the world in terms of subscribers. IT shares were mixed. Tech Mahindra extended a steep slide registered during the previous trading session that was triggered by the company issuing a warning that the company's Q1 June 2015 results have some headwinds and tailwinds which could see a risk of marginal decline in both revenue and EBITDA (earnings before interest, taxation, depreciation and amortization) margin of the company on sequential basis.
Meanwhile, CEO of Airbus Defence and Space Mr. Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Foreign portfolio investors sold shares worth a net Rs 711.88 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 906.38 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks reversed initial losses after a Greek newspaper reported that last-minute efforts aimed at bringing Greece and its creditors back to the negotiating table are underway. Chinese stocks led rally in Asian markets. US stocks tumbled yesterday, 29 June 2015, on fears Greece will leave the eurozone.
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As per provisional closing, the S&P BSE Sensex was up 145.89 points or 0.53% to 27,791.04. The index jumped 169.38 points at the day's high of 27,814.53 in late trade, its highest level since 26 June 2015. The index fell 74.20 points at the day's low of 27,570.95 in early trade.
The 50-unit CNX Nifty was up 50.10 points or 0.6% at 8,368.50, as per provisional closing. The index hit a high of 8,378 in intraday trade, its highest level since 26 June 2015. The index hit a low of 8,298.95 in intraday trade.
The BSE Mid-Cap index was up 139.86 points or 1.33% at 10,679.99. The BSE Small-Cap index was up 116.79 points or 1.07% at 11,075.35. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,720 shares rose and 977 shares fell. A total of 124 shares were unchanged.
The total turnover on BSE amounted to Rs 2706 crore, higher than turnover of Rs 2545.63 crore registered during the previous trading session.
Coal India rose 3.10% at Rs 421 after a foreign brokerage reportedly maintained its 'overweight' outlook on the stock. The foreign brokerage is reportedly convinced about Coal India's volume growth and pricing power and expects 31% compounded annual growth rate (CAGR) in earnings before interest, depreciation, taxation and amortization (EBITDA) over FY 2015-18.
Telecom shares were in demand. Idea Cellular (up 3.87%), Tata Teleservices (Maharashtra) (up 1.53%), MTNL (up 0.95%) and Reliance Communications (up 0.08%) edged higher.
Bharti Airtel edged higher after the company said that it has become the third largest mobile operator in the world in terms of subscribers. The stock was up 1.93% at Rs 421.50. The announcement was made during market hours today, 30 June 2015. As per the latest data published by WCIS, Airtel with over 303 million mobile subscribers across its operations has moved up one position in the global rankings, the company said.
Commenting on the development, Bharti Airtel's Chairman Sunil Bharti Mittal said that this is a major landmark in the journey of Airtel and underlines the strength of its business model and its brand that is loved by customers across 20 countries.
IT shares were mixed. MphasiS (up 6.34%), Persistent Systems (up 3.46%), Oracle Financial Services Software (up 2.53%), Hexaware Technologies (up 1.03%) and MindTree (up 0.77%), edged higher. Infosys (down 0.22%), HCL Technologies (down 0.67%), CMC (down 1.03%), Wipro (down 1.43%) and TCS (down 1.68%), edged lower.
Tech Mahindra extended a steep slide registered during the previous trading session that was triggered by the company issuing a warning that the company's Q1 June 2015 results have some headwinds and tailwinds which could see a risk of marginal decline in both revenue and EBITDA (earnings before interest, taxation, depreciation and amortization) margin of the company on sequential basis. The stock was down 1.93% at Rs 475.
In its business update, the company announced during trading hours yesterday, 29 June 2015, that a seasonally weak mobility business will be a drag on Q1 revenue and EBITDA of the company. H1 B visa costs will be another drag on margins, the company said. On the other hand, favourable currency movements could help both revenue and margins, the company said.
For the current financial year, the management's endeavour will be grow enterprise business in line or above industry. Improving EBITDA margin is one of the top priorities of the company for FY 2016, Tech Mahindra said. The company further said that the organic growth of the communications business of the company could remain subdued in FY 2016 due to delayed decision making. The deal pipeline of the communications business remains healthy, the company said.
Meanwhile, CEO of Airbus Defence and Space Mr. Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 29 June 2015, that the Southwest Monsoon was vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 18% above the Long Period Average (LPA) until 29 June 2015. Region wise, the southwest monsoon was 28% above the LPA in Central India, 24% above the LPA in Northwest India, 22% above the LPA in South Peninsula and 3% above the LPA in East & Northeast India until 29 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 reversed their initial losses today, 30 June 2015, after a Greek newspaper reported that last-minute efforts aimed at bringing Greece and its creditors back to the negotiating table are underway. Key benchmark indices in Germany and France were up 0.07% to 0.08%. In Italy, the FTSE MIB index was currently up 0.37%. In Spain, the IBEX 35 index was currently up 0.32%. In UK, the FTSE 100 index was off 0.35%.
Greece is reportedly reconsidering an offer put forth by European Commission President Jean-Claude Juncker yesterday, 29 June 2015. Greek Prime Minister Alexis Tsipras was urged to reconsider Juncker's proposal by some members of his government, the report said. The country is under pressure as it faces a Tuesday deadline for a $1.72 billion repayment to the International Monetary Fund and the expiry of its bailout program the same day.
Global rating agency S&P yesterday, 29 June 2015, cut Greece's credit rating by one level, saying the probability of the country leaving the euro area is now 50%. Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, 29 June 2015, to avoid a run on the country's banks and the nation's central bank moved to impose controls to prevent money from flooding out of the country. Negotiations between Greece and its creditors collapsed over the weekend after Greece's Prime Minister Alexis Tsipras on Friday, 26 June 2015, unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders.
The European Central Bank on Sunday, 28 June 2015, froze emergency loans to Greek banks at their current level of around euro 89 billion, a move that left Greek authorities with little choice but to keep the country's banks closed.
Tsipras was quoted as saying yesterday, 29 June 2015, that regional leaders didn't have the nerve to kick Greece out of the euro and that a "no" vote in the July 5 referendum will strengthen the country's bargaining position. European Central Bank Executive Board member Benoit Coeure said in a newspaper interview yesterday, 29 June 2015, that a "yes" decision will prompt euro zone members to "find the means, under one form or another, to honor their commitments".
Tsipras has called a referendum on Sunday, 5 July 2015, on whether the country should accept creditors' bailout terms. Greeks will be asked to decide whether to accept reform measures demanded by the country's lenders that would ultimately unlock about euro 15.3 billion in funds. A "no" vote by Greeks could force the country out of the eurozone and push the country into what could be the darkest chapter of its six-year debt crisis.
Asian stocks edged higher today, 30 June 2015, as investors push off concerns about a default in Greece until the outcome of a referendum on Sunday, 5 July 2015. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Japan, Singapore and South Korea were up 0.63% to 1.13%.
China's Shanghai Composite recovered sharply after an in initial slide and was currently up 5.53%. China said late on Monday, 29 June 2015, it is preparing to allow pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the sagging equity market.
Separately, a China Securities Regulatory Commission (CSRC) spokesperson said in a blog posting yesterday, 29 June 2015, evening that risks from brokerages' margin financing business are also controllable.
Trading in US index futures indicated that the Dow could rise 114 points at the opening bell today, 30 June 2015.
US stocks tumbled yesterday, 29 June 2015, on fears Greece will leave the eurozone.
Meanwhile, Puerto Rico's governor Alejandro Garc Padilla yesterday, 29 June 2015, laid out a plan to seek restructuring of the government's approximately $72 billion in debt, while also vowing to make Puerto Rico more economically competitive. A key point in the proposal is to get permission for Puerto Rico to go through bankruptcy as Detroit did in 2013, something that current law prohibits. Puerto Rico is a United States territory located in the northeastern Caribbean, east of the Dominican Republic, and west of both the United States Virgin Islands and the British Virgin Islands.
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