Volatile ruled the roost in morning trade as key benchmark indices bounced back after slipping in negative terrain. The S&P BSE Sensex and the CNX Nifty, both, were trading near the flat line with marginal gains. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 10.75 points or 0.04% at 28,031.62.
Most realty shares were trading higher. Power generation shares were in demand.
Foreign portfolio investors bought shares worth a net Rs 75.03 crore yesterday, 1 July 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 52.12 crore yesterday, 1 July 2015, as per provisional data released by the stock exchanges.
Earlier, the S&P BSE Sensex hit its highest level in more than 10 weeks at the onset of trading session.
In overseas markets, Asian stocks edged higher. US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
At 10:18 IST, the S&P BSE Sensex was up 10.75 points or 0.04% at 28,031.62. The index rose 95.09 points at the day's high of 28,115.96 at the onset of trading session, its highest level since 20 April 2015. The index fell 59.79 points at the day's low of 27,961.08 in morning trade.
The CNX Nifty was up 3.90 points, or 0.05% at 8,456.95. The index hit a high of 8,477.50 in intraday trade. The index hit a low of 8,437.20 in intraday trade.
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The BSE Mid-Cap index was up 73.17 points or 0.68% at 10,892.48. The BSE Small-Cap index was up 92.45 points or 0.82% at 11,328.13. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong, with more than two gainers for every loser. On BSE, 1,339 shares rose and 519 shares fell. A total of 84 shares were unchanged.
Most realty shares were trading higher. Phoenix Mills (up 2.04%), Sobha (up 1.40%), Oberoi Realty (up 1.13%), Unitech (up 0.98%), Housing Development and Infrastructure (HDIL) (up 0.85%), Indiabulls Real Estate (up 0.79%), DLF (up 0.77%), Parsvnath Developers (up 0.68%), Peninsula Land (up 0.43%), D B Realty (up 0.24%) and Prestige Estates Projects (up 0.24%), edged higher. Sunteck Realty (down 0.09%), Godrej Properties (down 0.85%) and Anant Raj (down 1.64%), edged lower.
Power generation shares were in demand. Torrent Power (up 1.10%), JSW Energy (up 1.01%), Reliance Infrastructure (up 0.79%), Reliance Power (up 0.77%), Adani Power (up 0.67%), Jaiprakash Power Ventures (up 0.58%), NHPC (up 0.25%), Tata Power (up 0.20%) and NTPC (up 0.18%), edged higher. CESC (down 0.19%) and GMR Infrastructure (down 0.20%), edged lower.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 1 July 2015, that the Southwest Monsoon was active over Sub-Himalayan West Bengal & Sikkim and Uttarakhand 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 13% above the Long Period Average (LPA) until 1 July 2015. Region wise, the southwest monsoon was 28% above the LPA in Northwest India, 20% above the LPA in Central India, 15% above the LPA in South Peninsula and 1% below the LPA in East & Northeast India until 1 July 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.
Asian stocks edged higher. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.05% to 1.07%. China's Shanghai Composite was down 1.24%.
US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
US private employers hired the most workers in six months in June and factory activity picked up, providing fresh evidence the economy was gathering solid momentum after contracting at the start of the year. The brightening growth outlook in the US was also bolstered by other data yesterday showing auto sales remained strong in June 2015 and construction spending rose in May 2015 to its highest level in just over 6-1/2 years.
In Europe, stock markets rebounded on Greece's proposal of a reworked deal, as Athens continued to seek a bailout that would keep it in the eurozone.
Even though the proposal for budget cuts and policy overhauls from Greek Prime Minister Alexis Tsipras was dismissed by European officials Wednesday, 1 July 2015, markets were cheered by news of the latest offer. The proposals were contained in a letter dated June 30, in which Mr Tsipras offered to accept a draft proposal disclosed on the commission's website this weekend with a handful of changes.
Greece defaulted on a payment to the International Monetary Fund on Tuesday, 30 June 2015.
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