A sudden slide pushed key benchmark indices into the red from green in early afternoon trade. The market breadth indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex, was currently off 29.35 points or 0.1% at 29,351.38. In overseas markets, 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.
Telecom stocks edged lower after aggressive bidding for spectrum on day one of auction yesterday, 4 March 2015. Cement stocks declined. Tech Mahindra advanced after the company announced expansion in Vietnam.
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.
India's financial markets remain closed tomorrow, 6 March 2015, on account of Holi.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher after previous trading session's small decline.
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In overseas markets, Asian stocks were mixed. 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.
At 12:16 IST, the S&P BSE Sensex was down 29.35 points or 0.1% at 29,351.38. The index fell 70.20 points at the day's low of 29,310.53 in early afternoon trade. The index jumped 115.87 points at the day's high of 29,496.60 in early trade.
The 50-unit CNX Nifty was down 14.70 points or 0.16% at 8,907.95. The index hit a low of 8,891.15 in intraday trade, its lowest level since 2 March 2015. The index hit a high of 8,949.05 in intraday trade.
The BSE Mid-Cap index was up 38.33 points or 0.35% at 11,002.60. The BSE Small-Cap index was up 33.55 points or 0.29% at 11,415.20. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,312 shares declined while 1,148 shares advanced. A total of 107 shares remained unchanged.
Cement stocks declined. UltraTech Cement (down 3.74%), ACC (down 2.13%), Shree Cement (down 0.14%), and Ambuja Cements (down 1.47%) edged lower.
Grasim Industries was off 1.93% at Rs 3,806.50. Grasim Industries has exposure to cement industry through its subsidiary UltraTech Cement.
Telecom stocks edged lower after aggressive bidding for spectrum on day one of auction yesterday, 4 March 2015. Idea Cellular (down 3.55%), Bharti Airtel (down 0.91%), Reliance Communications (down 0.67%), and Tata Teleservices (Maharashtra) (down 1.01%) edged lower. After six rounds of bidding for radio telecom spectrum on day one of auction yesterday, 4 March 2015, a value of approximately Rs 60000 crore has been committed by bidders against the value (at reserve price) of around Rs 49000 crore of provisionally won spectrum, the Department of Telecommunications (DoT) said in a statement yesterday, 4 March 2015. There is still spectrum, which is yet to be sold, the DoT said adding that bidding will recommence on Thursday, 5 March 2015.
PSU OMCs advanced after the Cabinet Committee on Economic Affairs (CCEA) yesterday, 4 March 2015, gave its approval to extend the PDS Kerosene and Domestic LPG Subsidy Scheme, 2002 and Freight Subsidy (for far-flung areas) Scheme, 2002 for a period of one year that is up to 31 March 2015. BPCL (up 0.52%), HPCL (up 0.53%), and Indian Oil Corporation (up 0.53%) edged higher. The approval will help in reducing the under-recovery of PSU OMCs, a government statement said yesterday, 4 March 2015.
The Government was providing a subsidy of Rs 22.58 per 14.2 kg. LPG cylinder and Rs 0.82 per litre on PDS Kerosene and Domestic LPG Subsidy Scheme, 2002. Besides, freight subsidy was also being provided to PDS Kerosene and Domestic LPG consumers in far-flung areas under the Freight Subsidy (for far-flung areas) Scheme, 2002. These two schemes ended on 31 March 2014.
Meanwhile, the Ministry of Petroleum & Natural Gas after trading hours yesterday, 4 March 2015, said that 81% active LPG consumers (11.74 crore) have joined the Direct Benefit Transfer for LPG (DBTL) scheme called PAHAL as on 2 March 2015. In a short period, the enrollment has achieved a satisfactory level of penetration of over 80%, the oil ministry said. PAHAL will save subsidy by reducing the incentive to divert subsidized cylinders and also provides an easy exit route for those who do not want to avail subsidy on domestic gas cylinders, the oil ministry said. The scheme is aimed at transferring the subsidy benefit directly to the beneficiary and curb diversion/black marketing of LPG cylinders.
Tech Mahindra rose 0.51% at Rs 2,896.40. Tech Mahindra during market hours today, 5 March 2015, announced that it has inaugurated its Vietnam sales office in Hanoi, bringing jobs, IT expertise and expanding operations in the country and across the region. Tech Mahindra has been working with customers in Vietnam since 2012 and has seen an uptick in the number of customers, especially in the banking sector in the country, which include a fully state owned bank and other top commercial banks, Tech Mahindra said.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.20, compared with its close of 62.26 during the previous trading session.
Brent crude oil futures edged higher after previous trading session's small decline. Brent for April settlement was up 3 cents at $60.58 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, Asian stocks were mixed today, 5 March 2015. Key indices in Japan, South Korea and Indonesia were up 0.21% to 0.43%. Key indices in Taiwan and Singapore were off 0.28% to 0.4%.
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 0.95%. In Hong Kong, the Hang Seng was off 1.13%.
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 gain 9 points 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.
In Europe, a monthly monetary policy review from the European Central Bank is scheduled today, 5 March 2015.
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