Key benchmark indices edged higher in early trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex was currently up 70.16 points or 0.25% at 27,634.82.
State Bank of India dropped on turning ex-dividend today, 28 May 2015. Jindal Steel & Power declined after the company reported reverse turnaround in Q4 results.
Indian stocks may remain volatile today, 28 May 2015, as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire today, 28 May 2015.
Foreign portfolio investors sold shares worth a net Rs 934.98 crore yesterday, 27 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 594.03 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks were mixed today, 28 May 2015. US stocks closed higher yesterday, 27 May 2015, recovering from Tuesday's selloff, as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb.
At 9:21 IST, the S&P BSE Sensex was up 70.16 points or 0.25% at 27,634.82. The index rose 101.71 points at the day's high of 27,666.37 in early trade. The index rose 35.12 points at the day's low of 27,599.78 in early trade.
The CNX Nifty was up 27.30 points or 0.33% at 8,361.90. The index hit a high of 8,363.45 in intraday trade. The index hit a low of 8,343.95 in intraday trade.
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The BSE Mid-Cap index was up 31.68 points or 0.3% at 10,648.15. The BSE Small-Cap index was up 38.82 points or 0.35% at 11,201.23. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 761 shares rose and 358 shares fell. A total of 47 shares were unchanged.
TCS fell 0.61% at Rs 2,600.50. TCS after market hours yesterday, 27 May 2015, announced a global collaboration with Red Hat, the world's leading provider of open source solutions. This collaboration will provide an NFV (Network Function Virtualization) Orchestration and Test Solution based on the Red Hat Enterprise Linux OpenStack Platform and allow customers to quickly enable validation of service design, orchestration, functional testing, and characterization of NFV services.
State Bank of India dropped on turning ex-dividend today, 28 May 2015. The stock was off 0.59% at Rs 279. SBI turned ex-dividend today, 28 May 2015, for a dividend of Rs 3.50 per share for the year ended 31 March 2015.
Jindal Steel & Power declined after the company reported reverse turnaround in Q4 results. The stock was off 1.82% at Rs 126.95. JSPL reported consolidated net loss of Rs 519.30 crore in Q4 March 2015 as against net profit of Rs 402.50 crore in Q4 March 2014. Total income declined 6.74% to Rs 4586.42 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 27 May 2015.
JSPL's EBITDA (earnings before interest, taxation, depreciation and amortization) dropped 39.87% to Rs 790 crore in Q4 March 2015 in Q4 March 2014, due to lower NSR and higher material cost.
With regard to its future business outlook for FY 2016, JSPL said that the company with its new acquired capacity is targetting to increase its production of steel substantially during FY 2016. This is however subject to market demand conditions as well as price levels which remained very low during FY 2015, it added. Subject to favourable economic conditions, JSPL is targetting to produce over 5 million tonne steel during FY 2016, which would be about 50% higher than FY 2015, JSPL said in a statement.
JSPL's board of directors at its meeting held yesterday, 27 May 2015, approved issuance of non-convertible debentures upto Rs 10000 crore. The board also approved issuance of further securities upto Rs 5000 crore.
The Reserve Bank of India (RBI) is scheduled to announce the outcome of its second bi-monthly monetary policy review for the year 2015-16 at 11:00 IST on 2 June 2015.
In overseas markets, Asian stocks were mixed today, 28 May 2015. Key indices in Japan, Taiwan and South Korea were up 0.43% to 0.85%. Key indices in China, Hong Kong, Singapore and Indonesia were off 0.06% to 1.38%.
US stocks closed higher yesterday, 27 May 2015, recovering from Tuesday's selloff, as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb.
Meanwhile, US treasury chief Jacob Lew yesterday, 27 May 2015, urged Greece and its creditors to double down in their efforts to reach a deal to solve the nation's debt crisis, saying no one should be complacent about the risks to the world economy from a Greek default and possible exit from the eurozone. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the IMF between June 5-19.
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