Pharma and cement stocks led losses for key benchmark indices. The barometer index, the S&P BSE Sensex, was provisionally off 166.51 points or 0.58% at 28,633.18. The market breadth indicating the overall health of the market was weak. Losses ranged from 2% to about 18% for quite a few stocks which are the constituents of the BSE Small-Cap index. European stocks edged lower after global crediting rating agency Standard & Poor's Ratings Services yesterday, 15 April 2015, slashed its credit ratings on Greece's debt deeper into junk territory. Brent crude oil futures edged lower after a sharp surge overnight.
Index heavyweight and cigarette major ITC declined in volatile trade. Index heavyweight and engineering and construction major L&T dropped. Index heavyweight and housing finance major HDFC rose.
Benchmark indices witnessed intraday volatility today, 16 April 2015. After languishing in red earlier during the trading session, key indices extended losses in afternoon trade, with the Sensex and the 50-unit CNX Nifty, both, hitting their lowest level in more than a week. Benchmark indices trimmed losses later.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 108 crore yesterday, 15 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 60.18 crore yesterday, 15 April 2015, as per provisional data.
Key benchmark indices edged lower for second day in a row today, 16 April 2015.
In overseas markets, European stocks edged lower after global crediting rating agency Standard & Poor's Ratings Services yesterday, 15 April 2015, slashed its credit ratings on Greece's debt deeper into junk territory. Asian stocks edged higher after overnight gains for US stocks. US stocks edged higher yesterday, 15 April 2015, as better-than-expected earnings and a jump in oil prices invigorated stock market bulls.
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In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower after a sharp surge overnight. The recent rise in global crude oil prices will raise concerns pertaining to India's fiscal deficit, current account deficit and fuel price inflation. However, gains in rupee against the dollar will mitigate the negative impact of higher crude oil price. Gains in local currency will reduce the cost of imports. India imports about 80% of its crude oil requirements.
As per provisional closing, the S&P BSE Sensex was down 166.51 points or 0.58% at 28,633.18. The index lost 301.99 points at the day's low of 28,497.70 in afternoon trade, its lowest level since 7 April 2015. The index gained 76.54 points at the day's high of 28,876.23 in opening trade.
The CNX Nifty was down 55.15 points or 0.63% at 8,695.05. The index hit a low of 8,645.65 in intraday trade, its lowest level since 7 April 2015. The index hit a high of 8,760 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,715 shares declined and 1,085 shares rose. A total of 107 shares were unchanged.
The BSE Mid-Cap index was off 83.52 points or 0.75% at 10,987.24. The BSE Small-Cap index was off 114.63 points or 0.96% at 11,786.76. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 3062 crore, lower than Rs 4388.53 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC fell 1.67% to Rs 348.35. The stock hit a high of Rs 356.20 and low of Rs 346.80.
Index heavyweight and engineering and construction major L&T lost 2.14% to Rs 1,750. The stock hit a high of Rs 1,789.95 and low of Rs 1,735.60.
Index heavyweight and housing finance major HDFC rose 0.89% to Rs 1,302.95. The stock hit a high of Rs 1,308 and low of Rs 1,282.50.
Pharma shares declined. Cipla (down 2.18%), Dr Reddy's Laboratories (down 1.97%), Glenmark Pharmaceuticals (down 3%), Wockhardt (down 0.2%) and GlaxoSmithKline Pharmaceuticals (down 0.63%) declined. Cadila Healthcare rose 0.14%.
Sun Pharmaceutical Industries fell 2.57%. Sun Pharmaceutical Industries and the Technion - Israel institute of technology, after market hours yesterday, 15 April 2015, announced that their respective subsidiaries have entered into an exclusive worldwide research and license agreement. This agreement aims at the development of a joint project, based on new findings by Nobel Prize laureate Distinguished Professor Aaron Ciechanover, Dr. Gila Maor and Professor Ofer Binah, that can potentially lead to the development of novel anti-cancer drugs. The pre-clinical research was funded thus far by Dr. Alfred Mann, Sun Pharma said.
Lupin fell 2.44%. Shares of Aurobindo Pharma gained 3.97%. A foreign brokerage had reportedly said that the generic approval for Lupin's Suprax in the United States would hurt Lupin's earnings as this approval has come earlier than expected. This is the first generic approval for Suprax. It may be recalled that Aurobindo Pharma during market hours yesterday, 15 April 2015, said that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Cefixime, a bioequivalent to Lupin's Suprax for oral suspension USP, 100mg/5mL and 200mg/5mL.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade. The partially convertible rupee was hovering at 62.335, compared with its close of 62.375 during the previous trading session.
Brent crude oil futures edged lower after a sharp surge overnight. Brent for June settlement was off 51 cents at $62.81 a barrel. The contract had surged $3.51 a barrel or 5.86% to settle at $63.32 a barrel during previous trading session. The surge in global crude oil prices yesterday, 15 April 2015, was triggered by a smaller-than-expected increase in weekly US crude stockpiles as well as forecast of higher demand from the International Energy Agency.
Prime Minister Narendra Modi yesterday, 15 April 2015, said during joint press interaction with Prime Minister of Canada Stephen Harper at Ottawa, Canada that India's agreement on procurement of uranium from Canada for India's civilian nuclear power plants launches a new era of bilateral nuclear cooperation between the two countries. Modi sought Canada's cooperation and investment in energy, infrastructure, manufacturing, Smart Cities, and agro-industry and Research and Education in India. Modi is currently on an official visit to Canada.
In overseas markets, European stocks edged lower today, 15 April 2015, after global crediting rating agency Standard & Poor's Ratings Services (S&P) yesterday, 15 April 2015, slashed its credit ratings on Greece's debt deeper into junk territory. Key indices in France, Germany and UK were off 0.09% to 0.82%.
Greece remained in focus after S&P slashed its credit ratings on Greece's debt deeper into junk territory, saying it expects the country's debt and financial commitments to be unsustainable without deep economic reform. The country's Syriza-led government has been locked in negotiations with its international creditors since coming to power in late January, with progress slow. Greece needs to strike a deal within the next few months to secure billions of euros in bailout aid to avoid defaulting on its debts and potentially exiting the euro.
The European Central Bank (ECB) yesterday, 15 April 2015, left official interest rates unchanged after a monetary policy review. The bank's refi rate remains at 0.05%, while the interest rate on its marginal lending facility stands at 0.3% and the deposit rate at minus 0.2%. ECB President Mario Draghi said in a news conference that the bank's stimulus efforts are beginning to take hold in the European economy and batted away concerns in financial markets that the bank may have to end its more than 1 trillion ($1.1 trillion) asset purchase program early.
Asian stocks edged higher today, 16 April 2015, tracking overnight gains in US markets. Key benchmark indices in China, Indonesia, Hong Kong, Taiwan, Japan and South Korea rose by 0.08% to 2.71%. In Singapore, the Straits Times fell 0.24%.
Chinese Premier Li Keqiang was quoted as saying that it will not be easy for China to grow its economy by 7% this year, but he ruled out currency devaluation to promote growth through exports. Chinese economy is still under downward pressure, Li was quoted as saying in an interview to a newspaper.
China attracted $12.4 billion of foreign direct investment in March, up 2.2% from a year earlier, the Ministry of Commerce said in a statement today, 16 April 2015. The figure was up from February's $8.56 billion, which was 0.9% higher than a year earlier. FDI in the January-March period rose 11.3% on year to $34.88 billion.
Trading in US index futures indicated that the Dow could fall 11 points at the opening bell today, 16 April 2015. US stocks edged higher yesterday, 15 April 2015, as better-than-expected earnings and a jump in oil prices invigorated stock market bulls.
In economic news, the Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth. Meanwhile, a gauge of confidence among home builders rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released yesterday, 15 April 2015
St. Louis Fed President James Bullard, speaking at the annual Hyman Minsky conference yesterday, 15 April 2015, made a case for raising interest rates soon, arguing the level needs to be appropriate for the coming "boom" for the US economy.
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