Key benchmark indices edged lower in early trade tracking weakness in Asian markets and overnight slide on the Wall Street. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex was currently off 1.96 points or 0.01% at 27,727.71. The losses for the 50-unit CNX Nifty was higher than Sensex's decline in percentage terms. The CNX Nifty was down 28.60 points or 0.34% at 8,332.25.
Shares of NMDC and MMTC edged higher after the Union Cabinet yesterday, 24 June 2015, gave its approval to renew long term agreement with Japanese and South Korean steel mills for supply of high grade Indian iron ore during the three year period from April 2015 to March 2018.
Indian stocks may remain volatile today, 25 June 2015 as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire today, 25 June 2015.
In overseas stock markets, Asian stocks edged lower today, 25 June 2015, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. US stocks closed lower yesterday, 24 June 2015 as investors weighed the renewed impasse in the Greece debt talks and digested domestic data.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 92.57 crore yesterday, 24 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 13.52 crore yesterday, 24 June 2015, as per provisional data.
At 9:17 IST, the S&P BSE Sensex was down 1.96 points or 0.01% at 27,727.71. The index fell 93.91 points at the day's low of 27,635.76 in early trade. The index gained 11.58 points at the day's high of 27,741.25 in early trade.
More From This Section
The CNX Nifty was down 28.60 points or 0.34% at 8,332.25. The index hit a high of 8,357.15 in intraday trade. The index hit a low of 8,329.50 in intraday trade.
The BSE Mid-Cap index was down 19.06 points or 0.18% at 10,598.32. The decline in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was up 2.35 points or 0.02% at 11,086, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 511 shares rose and 480 shares fell. A total of 29 shares were unchanged.
Shares of NMDC and MMTC edged higher after the Union Cabinet yesterday, 24 June 2015, gave its approval to renew long term agreement with Japanese and South Korean steel mills for supply of high grade Indian iron ore during the three year period from April 2015 to March 2018. NMDC was up 0.13% at Rs 117.80.MMTC was up 7.83% at Rs 49.60. The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year and will be supplied primarily from the mines of NMDC. The contract will be executed by MMTC.
Iron ore of higher grade have been supplied by India to Japan and South Korea under long term agreements during the last four to five decades. The renewal of long term agreement with Japanese and South Korean steel mills for supply of high grade Indian iron ore will help utilize surplus production of iron ore currently available in India. It will also strengthen Indo-Japanese collaboration in several areas of mutual interest, including technology transfer, joint venture, investment, etc, according to a government statement issued after trading hours yesterday, 24 June 2015.
Tech Mahindra was off 0.66% at Rs 542.30. The stock hit a high of Rs 547.65 and a low of Rs 541.40 so far during the day. Tech Mahindra said before market hours today, 25 June 2015 that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom, the company said in a statement. The deal was signed yesterday, 24 June 2015 and is worth a projected 50 million pounds over the 10 years, Tech Mahindra said.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 24 June 2015, that the southwest monsoon has further advanced into most parts of north Arabian Sea, Gujarat state, some more parts of Madhya Pradesh and East Uttar Pradesh, remaining parts of Bihar, most parts of Himachal Pradesh and Uttarakhand, entire Jammu & Kashmir and some parts of Punjab and East Rajasthan. Conditions are favourable for further advance of southwest monsoon into remaining parts of Arabian sea and entire country during next 48 hours, the IMD said. The southwest monsoon was vigorous over Saurashtra & Kutch and Madhya Maharashtra and active over Gangetic West Bengal, Jharkhand, Gujarat Region, Konkan & Goa and South interior Karnataka during past 24 hours until 8:30 IST, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 23% above the Long Period Average (LPA) until 23 June 2015. Region wise, the southwest monsoon was 51% above the LPA in Central India, 33% above the LPA in South Peninsula, 4% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 23 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.
Meanwhile, Prime Minister Narendra Modi has expressed dismay at the delay in vital infrastructure projects due to repeated litigation and has asked concerned departments to proactively pursue these matters judicially and highlight the difficulties faced by the people due to the non-completion of these projects, according to a statement from the Prime Minister's Office (PMO) yesterday, 24 June 2015. The Prime Minister simultaneously complimented several state governments for the efforts that they were putting in to speed up infrastructure projects. The PMO said that the Prime Minister reviewed the progress of key infrastructure projects worth over Rs 60000 crore in the railway, road, power, coal, petroleum, and renewable energy sectors spread over several states including Jammu and Kashmir, Punjab, Haryana, Bihar, Jharkhand, Odisha, Chhattisgarh, Arunachal Pradesh, Tripura, Maharashtra and Karnataka.
In overseas stock markets, Asian stocks edged lower today, 25 June 2015, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. Key indices in Japan, Hong Kong, Singapore, South Korea and Indonesia were off 0.01% to 0.41%. Key indices in China and Taiwan were up 0.61% to 0.75%.
US stocks closed lower yesterday, 24 June 2015 as investors weighed the renewed impasse in the Greece debt talks and digested domestic data. The Commerce Department said yesterday, 24 June 2015 that US' gross domestic product fell at a 0.2% annual rate in the January-March quarter instead of the 0.7% pace of contraction it reported last month.
In Europe, Greek PM Alexis Tsipras has held intense talks with international creditors in efforts to find a solution to Greece's debt crisis, as per reports. Mr Tsipras has criticised lenders for rejecting his latest reform proposals, which they say are not viable, reports added. Late night talks with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) ended without agreement.
Greece needs a deal to unlock new financing ahead of a 1.54 billion euro ($1.75 billion) debt payment due to the International Monetary Fund at the end of June.
Powered by Capital Market - Live News