Amid divergent trend among various index constituents, key benchmark indices registered small gains in a highly volatile trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was provisionally up 77.62 points or 0.26% at 29,458.35. Meanwhile, Prime Minister Narendra Modi today, 5 March 2015, said amendment of the existing Land Acquisition Act is essential to enable creation of rural infrastructure including roads, houses for poor, schools, hospitals and irrigation projects.
Pharma stocks edged higher on renewed buying. Cement stocks declined. Metal and mining stocks dropped after China projected economic growth of about 7% for 2015, lower than the 7.4% it achieved in 2014. HCL Technologies advanced after the company announced a strategic partnership with with Tele 2, one of the leading European telecommunications operators, to address the substantial market opportunities for Machine-to-Machine (M2M) and Internet of Things (IoT) solutions in Europe.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 2786.24 crore yesterday, 4 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 16.89 crore yesterday, 4 March 2015, as per provisional data.
Key indices witnessed volatility during the second half of the trading session after a range bound movement until the first half of the trading session.
India's financial markets are closed tomorrow, 6 March 2015, on account of Holi.
In the foreign exchange market, the rupee edged higher against the dollar.
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Brent crude oil futures edged higher in volatile trade.
Meanwhile, Prime Minister Narendra Modi today, 5 March 2015, said amendment of the existing Land Acquisition Act is essential to enable creation of rural infrastructure including roads, houses for poor, schools, hospitals and irrigation projects. Modi made these comments on the occasion of the dedication to the nation of a thermal power project at Khandwa in Madhya Pradesh. The Prime Minister made a strong appeal to all sections of the Rajya Sabha, to support initiatives of the Union Government that would enable fulfilment of the mandate for development given by the people of India. He also made a passionate appeal to farmers not to be misled by those who were trying to project the government's initiatives for development as being anti-farmer. Describing energy as an integral part of modern life, the Prime Minister reiterated his commitment to deliver power to all.
The Reserve Bank of India (RBI) surprised financial markets by announcing a reduction in its benchmark lending rate viz. the repo rate by 25 basis points in an unscheduled monetary policy review before trading hours yesterday, 4 March 2015. The repo rate has been cut to 7.5% from 7.75%. RBI Governor Raghuram Rajan cited relatively benign inflation and structural reforms embedded in Union Budget 2015-16 for the decision to cut the repo rate.
In overseas markets, European stocks edged higher ahead of a key European Central Bank meeting later in the global day at which policy makers are expected to provide details of an asset-purchase program worth up to euro 1 trillion ($1.108 trillion) aimed at spurring the continent's economic recovery. Asian stocks were mixed. Chinese stocks dropped after Chinese Premier Li Keqiang lowered China's gross domestic product growth target to around 7% for 2015, compared with 7.4% GDP growth it achieved in 2014.
US stocks edged lower yesterday, 4 March 2015, as investors remained cautious ahead of the closely watched monthly nonfarm payroll report, due tomorrow, 6 March 2015, amid mixed economic data this week, including manufacturing, consumer spending and inflation.
As per provisional closing, the S&P BSE Sensex was up 77.62 points or 0.26% to 29,458.35. The index jumped 137.59 points at the day's high of 29,518.32 in late trade. The index fell 218.26 points at the day's low of 29,162.47 in afternoon trade, its lowest level since 28 February 2015.
The 50-unit CNX Nifty was up 13.40 points or 0.15% at 8,936.05, as per provisional closing. The index hit a high of 8,957.55 in intraday trade. The index hit a low of 8,849.35 in intraday trade, its lowest level since 28 February 2015.
The BSE Mid-Cap index was up 80.81 points or 0.74% at 11,045.08. The BSE Small-Cap index was up 75.20 points or 0.66% at 11,456.85. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,451 shares declined and 1,410 shares advanced. A total of 117 shares remained unchanged.
The total turnover on BSE amounted to Rs 3625 crore, lower than turnover of Rs 6861.22 crore during the previous trading session.
Pharma stocks advanced. GlaxoSmithkline Pharmaceuticals (up 3.7%), Glenmark Pharmaceuticals (up 5.2%), Sun Pharmaceutical Industries (up 3.51%), Lupin (up 3.43%), Ranbaxy Laboratories (up 3.21%), Ipca Laboratories (up 4.85%), Divi's Laboratories (up 1.98%), Aurobindo Pharma (up 2.27%), Wockhardt (up 2.9%), Dr Reddy's Laboratories (up 1.44%) and Cadila Healthcare (up 0.19%) edged higher.
Cement stocks declined. UltraTech Cement (down 3.59%), ACC (down 1.51%), Shree Cement (down 0.29%), and Ambuja Cements (down 0.82%) edged lower.
Grasim Industries was off 2.87% at Rs 3,780.25. Grasim Industries has exposure to cement industry through its subsidiary UltraTech Cement.
HCL Technologies advanced after the company announced a strategic partnership with with Tele 2, one of the leading European telecommunications operators, to address the substantial market opportunities for Machine-to-Machine (M2M) and Internet of Things (IoT) solutions in Europe. The stock was up 1.43% at Rs 2,065.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.2225, compared with its close of 62.26 during the previous trading session.
Brent crude oil futures edged higher in volatile trade. Brent for April settlement was up 47 cents at $61.02 a barrel. The contract had declined 47 cents or 0.77% to settle at $60.55 a barrel during the previous trading session.
In overseas markets, European stocks edged higher today, 5 March 2015, ahead of a key European Central Bank (ECB) meeting later in the global day at which policy makers are expected to provide details of an asset-purchase program worth up to euro 1 trillion ($1.108 trillion) aimed at spurring the continent's economic recovery. Key indices in Germany, UK, and France were up 0.09% to 0.36%.
A monthly monetary policy review from the ECB is scheduled later in the global day today, 5 March 2015.
Asian stocks were mixed today, 5 March 2015. Key indices in Japan, South Korea and Indonesia were up 0.05% to 0.26%. Key indices in Taiwan and Singapore were off 0.21% to 0.28%.
Chinese stocks dropped after Chinese Premier Li Keqiang lowered China's gross domestic product growth target to around 7% for 2015 from its level of around 7.5% for last year, as he presented the government work report at the opening of China's annual parliamentary session today, 5 March 2015. In mainland China, the Shanghai Composite was off 0.92%. In Hong Kong, the Hang Seng was off 1.11%.
The lower growth target signaled that Beijing won't take dramatic action to raise the growth rate above last year's level, which at 7.4% was its lowest in nearly a quarter-century. At the same time, China's leaders signaled concerns that an even sharper drop in growth risks higher unemployment and social unrest.
China has also lowered its projection for foreign-trade growth to about 6% for 2015 from a target of about 7.5% last year. The government will adopt measures to support foreign trade, including expanding trials in cross-border e-commerce and boosting the service trade, the Chinese Premier said in a report delivered to the nation's parliament. Last year, exports and imports combined grew 2.3% in yuan terms and 3.4% in dollar terms from a year earlier.
Trading in US index futures indicated that the Dow could fall 1 point at the opening bell today, 5 March 2015. US stocks closed lower yesterday, 4 March 2015 amid a series of economic data that continued to show moderate growth ahead of today's key jobs report.
The US government is scheduled to announce US nonfarm payroll data for February 2015 tomorrow, 6 March 2015.
Most Federal Reserve districts reported a expanding economy and a prevailing sense of optimism, Fed's Beige Book survey showed yesterday, 4 March 2015. Jobs gained across a variety of sectors, though wage pressures were muted, according to the March summary of economic forecasts the Fed compiled in its Beige Book of indicators.
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