Key benchmark indices edged lower in early trade tracking weakness in Asian markets. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex regained the psychological 28,000 level after falling below that level in early trade. The Sensex was currently down 20.26 points or 0.07% at 28,047.
Shares of public sector oil marketing companies (PSU OMCs) rose after reduction petrol and diesel prices with effect from 15 August 2015. Tata Motors dropped after reporting weak global wholesales in July 2015. Cipla declined after Q1 results.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 403.76 crore during previous trading session on Friday, 14 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 179.20 crore on Friday, 14 August 2015, as per provisional data.
In overseas markets, Asian stocks edged lower today, 17 August 2015. US stocks closed higher on Friday, 14 August 2015.
At 9:17 IST, the S&P BSE Sensex was down 20.26 points or 0.07% at 28,047. The index fell 79.91 points at the day's low of 27,987.40 in early trade. The index rose 28.66 points at the day's high of 28,095.97 in early trade.
The CNX Nifty was down 3.20 points or 0.04% at 8,515.35. The index hit a high of 8,530.60 in intraday trade. The index hit a low of 8,506.70 in intraday trade.
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The BSE Mid-Cap index was up 17.77 points or 0.16% at 11,471.55. The BSE Small-Cap index was up 24.99 points or 0.21% at 11,791.77. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 740 shares gained and 515 shares fell. A total of 48 shares were unchanged.
Shares of public sector oil marketing companies (PSU OMCs) rose after reduction petrol and diesel prices with effect from 15 August 2015. BPCL (up 0.37%), HPCL (up 0.68%) and Indian Oil Corporation (IOCL) (up 0.6%) edged higher.
IOCL announced reduction in petrol and diesel prices with effect from 15 August 2015. The retail selling price of petrol was decreased by Rs 1.27 per litre at Delhi (including state levies) with corresponding price revision in other states. With the latest revision, the price of petrol in Delhi has become Rs 63.20 per litre. The retail selling price of diesel was reduced by Rs 1.17 per litre at Delhi (including state levies) with corresponding price revision in other states. With the latest revision, the price of diesel in Delhi has become Rs 44.95 per litre.
IOCL said that since last price change on 1 August 2015, there has been a decrease in international prices of both petrol & diesel. Rupee-dollar exchange rate has, however, depreciated during this period. Combined impact of both these factors warranted a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease. The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said in a statement.
PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Tata Motors dropped after reporting weak global wholesales in July 2015. The stock was off 2.07% at Rs 348. Tata Motors after market hours on Friday, 14 August 2015 said that Tata Motors Group global wholesales including Jaguar Land Rover (JLR) dropped 8% to 73,535 units in July 2015 over July 2014. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range fell 3% to 30,278 units in July 2015 over July 2014. Global wholesales of all passenger vehicles dropped 12% to 43,257 units in July 2015 over July 2014. Global wholesales of Tata Motors' passenger vehicles rose 12% to 10,689 units in July 2015 over July 2014.
Cipla declined after Q1 results. The stock was off 4.02% at Rs 710.75. Cipla's consolidated net profit jumped 120.9% surge to Rs 651 crore on 41.6% growth in income from operations to Rs 3853 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours on Friday, 14 August 2015.
Current year figures include the relevant results for Cipla's subsidiaries from the date they became subsidiary of the company and therefore the corresponding figures for the previous period are not comparable with Q1 June 2015 results, Cipla said.
Cipla's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 91.8% to Rs 1039 crore in Q1 June 2015 over Q1 June 2014.
Sales from Domestic business rose 8.4% to Rs 1397 crore in Q1 June 2015 over Q1 June 2014. The growth in domestic sales was largely on account of growth of Respiratory, Anti-infectives, Cardiac and Gastro Intestinal therapies, Cipla said in a statement.
Exports of formulations rose 78.5% to Rs 2174 crore in Q1 June 2015 over Q1 June 2014. Exports of active pharmaceutical ingredients (APIs) rose 47% to Rs 206 crore in Q1 June 2015 over Q1 June 2014.
Meanwhile, investors continue to watch the progress of the monsoon rains which will have a bearing on food prices and rural income. India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 16 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 10% below the Long Period Average (LPA) until 16 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 13% below the LPA in East & Northeast India, 9% below the LPA in Central India and 1% above the LPA in Northwest India until 16 August 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, Asian stocks edged lower today, 17 August 2015. Key indices in China, Hong Kong, Taiwan, Singapore, and South Korea were off 0.17% to 0.95%. In Japan, the Nikkei 225 was up 0.26%. Indonesian stock market was shut due to holiday.
US stocks closed higher on Friday, 14 August 2015.
The International Monetary Fund (IMF) has called on eurozone ministers to offer Greece debt relief, following the approval of a new bailout deal. Greece will receive up to 86 billion euros in loans over the next three years, in return for tax rises and spending cuts. IMF chief Christine Lagarde welcomed the agreement, but warned Greek debt had become unsustainable, as per reports.
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