A range bound movement was witnessed as key benchmark indices retained positive zone in afternoon trade. The 50-unit CNX Nifty was currently hovering above the psychological 8,000 mark. Earlier, the Nifty had regained the psychological 8,000 mark after falling below that level in early trade. The Nifty had settled just a tad above the psychological 8,000 mark after registering modest gains during the previous trading session on Friday, 28 August 2015. The barometer index, the S&P BSE Sensex, was currently up 49.45 points or 0.19% at 26,441.83. The market breadth indicating the overall health of the market was negative.
Most telecom shares declined. Cement shares were trading higher.
In overseas markets, European stocks edged lower in early trade. Asian stocks were mixed. US stocks ended on a mixed note during the previous trading session on Friday, 28 August 2015, as fears about a global economic slowdown due to China tested sentiment.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 56.41 crore during the previous trading session on Friday, 28 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 847.43 crore on Friday, 28 August 2015, as per provisional data released by the stock exchanges.
At 13:19 IST, the S&P BSE Sensex was up 49.45 points or 0.19% at 26,441.83. The index jumped 112.35 points at the day's high of 26,504.73 in mid-morning trade. The index fell 166.67 points at the day's low of 26,225.71 in morning trade, its lowest level since 27 August 2015.
The CNX Nifty was up 16.85 points or 0.21% at 8,018.80. The index hit a high of 8,043.60 in intraday trade. The index hit a low of 7,954.30 in intraday trade, its lowest level since 27 August 2015.
Also Read
The market breadth indicating the overall health of the market was negative. On BSE, 1,272 shares declined and 1,153 shares gained. A total of 100 shares were unchanged.
The BSE Mid-Cap index was up 46.76 points or 0.43% at 10,806.17, outperforming the Sensex. The BSE Small-Cap index was up 7.79 points or 0.07% at 11,000.61, underperforming the Sensex.
Most telecom shares declined. Tata Teleservices (Maharashtra) (down 1.21%) and Idea Cellular (down 0.1%), edged lower. MTNL (up 2.28%) and Reliance Communications (up 3.05%), edged higher.
Bharti Airtel was down 2.37% to Rs 353.65. With regard to recent media reports that the company has revived plans to sell its Sri Lanka and Bangladesh operations, Bharti Airtel after market hours on Friday, 28 August 2015, clarified that the company keeps evaluating various opportunities on an ongoing basis in the ordinary course of business and that the company will make necessary disclosures as and when required. According to media reports, Bharti Airtel is planning to sell its Sri Lanka and Bangladesh operations as part of broader plan to consolidate its operations, reduce debt and get out of unproductive, low-margin business. According to the reports, Airtel will separately look at selling its towers business in Sri Lanka and Bangladesh. Bharti Airtel has about 2,500 telecom towers of Sri Lanka and 4,000 in Bangladesh, according to reports.
Most cement shares were trading higher. Shree Cement (up 1.49%) and Ambuja Cements (up 1.26%), edged higher.
Grasim Industries was up 0.20%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
ACC was down 2.03%.
UltraTech Cement was down 1.46% to Rs 2,901.85. The company after market hours on Friday, 28 August 2015, announced that it has commissioned a bulk terminal with a capacity of 2 MTPA at Pune in Maharashtra.
On the macro front, the government will release the data on gross domestic product (GDP) for Q1 June 2015 at 17:30 IST today, 31 August 2015. India's GDP grew 7.5% in Q4 March 2015 over Q4 March 2014.
Meanwhile, investors continue to watch the performance of the monsoon rains which will have a bearing on food prices and rural income. India's weather office India Meteorological Department (IMD), said in a daily report issued yesterday, 30 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 12% below the Long Period Average (LPA) until 30 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 15% below the LPA in Central India, 9% below the LPA in Northwest India and 4% below the LPA in East & Northeast India until 30 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.
Prime Minister Narendra Modi on Sunday, 30 August 2015, said in his monthly radio address Mann Ki Baat that the land ordinance will not be reissued. The ordinance, first issued in December and repromulgated thrice, lapses on 31 August 2015.
In overseas markets, European stocks edged lower in early trade today, 31 August 2015. Key benchmarks in Germany and France were down by 0.56% to 0.66%. London markets were closed today, 31 August 2015, for a holiday.
German retail sales grew in July, rebounding from a decline in June, signaling that consumers in Europe's largest economy started the third quarter on firm footing, adjusted data from the country's statistics office, Destatis, showed today, 31 August 2015. The monthly gain of 1.4% in July 2015 was a recovery from the previous month's 1% decline. In annual terms, sales were 3.3% higher in July, the data showed.
Asian stocks were mixed today, 31 August 2015. Key benchmark indices in Singapore and Japan were off 0.74% to 1.28%. Key benchmark indices in South Korea, Indonesia and Taiwan were up 0.2% to 1.94%.
Chinese stocks fell on media reports that China will avoid massive share purchases after an over $200 million two-month spree to support stocks, which sparked concerns about another round of a stock market sell-off. In mainland China, the Shanghai Composite was off 0.82%. In Hong Kong, the Hang Seng index was up 0.02%.
Meanwhile, Chinese authorities have detained a journalist at a Chinese financial-news magazine for allegedly concocting and spreading false information related to securities and futures trading, the official Xinhua News Agency has said, according to media reports. Meanwhile, China's Ministry of Public Security has punished nearly 200 people for spreading online rumors in connection with recent major news events, in a government crackdown on politically sensitive discourse. The sweep targeted people who spread false Internet rumors regarding events such as the stock-market turmoil and deadly explosions earlier this month in the port city of Tianjin, according to news reports.
In Japan, industrial output unexpectedly fell in July, trade ministry data showed today, 31 August 2015. The 0.6% decline in output in July follows a 1.1% rise in June. Output fell in July as companies produced less smartphone parts, computers and cars, the data showed.
Japan's exports of cars, trucks and buses increased 0.4% on year in July for the second consecutive month, the Japan Automobile Manufacturers Association said today, 31 August 2015. Exports totaled 415,735 vehicles in July, up from 414,273 vehicles in the same month a year earlier, the association said.
Trading in US index futures indicated that the Dow could slide 153 points at the opening bell today, 31 August 2015. US stocks ended on a mixed note on Friday, 28 August 2015, as fears about a global economic slowdown due to China tested sentiment.
Over the weekend, Federal Reserve Vice Chairman Stanley Fischer said at the Kansas City Fed's annual retreat in Jackson Hole that there is "good reason" to expect inflation to rise and stabilize as the American economy grows stronger.
Powered by Capital Market - Live News