Key benchmark indices were higher volatile in early trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex was currently off 33.13 points or 0.12% at 27,473.58.
Coal India inched up after Q4 results. ONGC declined after the company reported weak Q4 results. NMDC dropped after the company reported weak Q4 earnings.
Foreign portfolio investors sold shares worth a net Rs 792.54 crore yesterday, 28 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 683.29 crore yesterday, 28 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher today, 29 May 2015. US stock markets edged lower yesterday, 28 May 2015 as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment.
At 9:20 IST, the S&P BSE Sensex was down 33.13 points or 0.12% at 27,473.58. The index rose 50.13 points at the day's high of 27,556.84 in early trade. The index fell 39.48 points at the day's low of 27,467.23 in early trade.
The CNX Nifty was down 10.05 points or 0.12% at 8,308.95. The index hit a high of 8,327.75 in intraday trade. The index hit a low of 8,305.70 in intraday trade.
The BSE Mid-Cap index was up 21.20 points or 0.2% at 10,581.24. The BSE Small-Cap index was up 34.04 points or 0.31% at 11,179.08. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was posittive. On BSE, 535 shares rose and 340 shares fell. A total of 33 shares were unchanged.
Coal India inches up after Q4 results. The stock was up 0.34% at Rs 384.40. On a consolidated basis, Coal India's net profit fell 4.41% to Rs 4238.55 crore on 3.05% increase in total income to Rs 23065.65 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 28 May 2015.
On a consolidated basis, the company's net profit fell 9.16% to Rs 13726.70 crore on 3.74% increase in total income to Rs 80690.71 crore in the year ended March 2015 over the year ended March 2014.
ONGC declined after the company reported weak Q4 results. The stock was off 3.78% at Rs 315.70. ONGC's net profit fell 19.51% to Rs 3935.07 crore on 3.07% increase in total income to Rs 23381.07 crore in Q4 March 2015 over Q4 March 2014. The result was announced after trading hours yesterday, 28 May 2015.
The company's net profit fell 19.74% to Rs 17732.95 crore on 2.61% decline in total income to Rs 88238.18 crore in the year ended March 2015 over the year ended March 2014.
As per the decision of the Government of India no discount has been extended by ONGC to public sector oil marketing companies (PSU OMCs) during Q4 March 2015. During the corresponding previous year period i.e. in Q4 March 2014, ONGC gave a subsidy discount of a whopping Rs 16202 crore to PSU OMCs on sale of crude oil, PSD kerosene and domestic LPG.
There was an increase in oil and gas production by 6.19% (oil 0.86% and gas 16.37%) in the year ended March 2015 compared with the year ended March 2014. The incremental production was primarily due to better management and addition in the portfolio.
NMDC dropped after the company reported weak Q4 earnings. The stock was off 2.44% at Rs 127.95. NMDC net profit fell 31.35% to Rs 1347.09 crore on 19.43% decline in total income to Rs 3554.77 crore in Q4 March 2015 over Q4 March 2014. The result was announced after trading hours yesterday, 28 May 2015.
The government is scheduled to announce the data on gross domestic product (GDP) growth for Q4 March 2015 today, 29 May 2015. India's GDP grew 7.5% in Q3 December 2014.
Meanwhile, economists expects the Reserve Bank of India (RBI) to cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review early next week. Economists expect rate cut from the central bank in an attempt to kick-start the economy which has been showing signs of decelerating. The 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 Tuesday, 2 June 2015.
In overseas markets, Asian stocks edged higher today, 29 May 2015. Key indices in China, Japan, Hong Kong, Taiwan, and South Korea were up 0.08% to 0.38%. Key indices in Singapore and Indonesia were off 0.19% to 0.47%.
Japan's industrial production rose more-than-expected in May, preliminary data showed yesterday, 28 May 2015. In a report, the Ministry of Economy, Trade and Industry said that industrial production rose to a seasonally adjusted 1% in May, from minus 0.8% in the preceding month.
US stock markets edged lower yesterday, 28 May 2015 as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment.
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