After trimming intraday gains in afternoon trade, key benchmark indices recovered from lower level in mid-afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently up 200.19 points or 0.73% at 27,706.90. The BSE Mid-Cap index was up 1.44%, outperforming the Sensex.
IT stocks were mixed. Mahindra & Mahindra (M&M) edged higher after the company reported Q4 March 2015 results during market hours today, 29 May 2015. Berger Paints India dropped amid volatility after the company reported Q4 March 2015 results during market hours today, 29 May 2015.
Foreign portfolio investors sold shares worth a net Rs 792.54 crore yesterday, 28 May 2015, as per provisional data released by the stock exchanges. 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, European stocks edged lower after the head of the International Monetary Fund warned that Greece could fall out of the euro zone. Most Asian stocks were in red. US stocks registered small losses in choppy trading yesterday, 28 May 2015, as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year.
At 14:15 IST, the S&P BSE Sensex was up 200.19 points or 0.73% at 27,706.90. The index jumped 323.20 points at the day's high of 27,829.91 in mid-morning trade, its highest level since 25 May 2015. The index fell 39.48 points at the day's low of 27,467.23 in early trade.
The 50-unit CNX Nifty was up 69.45 points or 0.83% at 8,388.45. The index hit a high of 8,420.75 in intraday trade, its highest level since 25 May 2015. The index hit a low of 8,305.70 in intraday trade.
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The BSE Mid-Cap index was up 152.15 points or 1.44% at 10,712.19. The BSE Small-Cap index was up 107.73 points or 0.97% at 11,252.77. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,344 shares rose and 1,144 shares fell. A total of 127 shares were unchanged
Auto stocks edged higher. Eicher Motors (up 3.98%), Maruti Suzuki India (up 1.71%), Tata Motors (up 0.32%), Hero MotoCorp (up 0.58%) and Bajaj Auto (up 0.11%) edged higher. TVS Motor Company (down 0.19%) edged lower. Auto companies will start announcing monthly sales volume data for May 2015 from Monday, 1 June 2015.
Mahindra & Mahindra (M&M) edged higher after the company reported Q4 March 2015 results during market hours today, 29 May 2015. The stock was up 1.13% at Rs 1,215. The stock hit a high of Rs 1,219 and a low of Rs 1,183.35 so far during the day. M&M's net profit fell 38.61% to Rs 550.56 crore on 13.08% decline in total income to Rs 9646.68 crore in Q4 March 2015 over Q4 March 2014. The trucks and buses business of Mahindra Trucks and Buses (MTBL) was merged with M&M in Q4 March 2014 and the full-year results of MTBL was included in M&M's Q4 March 2014 results. Therefore, M&M's Q4 March 2015 results are not strictly comparable with Q4 March 2014 results.
Segment wise results showed that the profitability of M&M's automobile business witnessed a solid improvement on year-on-year basis in Q4 March 2015. On the other hand, the tractors business reported a dismal performance on year-on-year basis in Q4 March 2015.
IT stocks were mixed. HCL Technologies (up 2.23%), Wipro (up 1.11%), CMC (up 0.98%), Tech Mahindra (up 0.84%) edged higher. Mindtree (down 0.34%), Oracle Financial Services Software (down 0.21%), Infosys (down 0.19%) and TCS (down 0.16%) edged lower.
On the macro front, the government is scheduled to announce the data on gross domestic product (GDP) for Q4 March 2015 at 17:30 IST 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, European stocks edged lower today, 29 May 2015, after the head of the International Monetary Fund warned that Greece could fall out of the euro zone. Key indices in Germany, UK and France were off 0.32% to 1.21%.
International Monetary Fund Managing Director Christine Lagarde reportedly said in an interview to German newspaper that she considers a Greek exit from the eurozone a possibility, but such a step probably wouldn't mean the end of the euro. Ms. Lagarde also contradicted recent statements out of Greece indicating the country and its creditors are close to an agreement on funding.
Greece, which is feared to be running out of cash, needs to cut a deal to unlock its next round of bailout funds. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the International Monetary Fund (IMF) between June 5-19.
French consumer spending rose less than expected in April as households pared back spending on durable goods, data showed Friday. Consumer spending in the eurozone's second largest economy rose 0.1% in April from March and was 2% higher than April 2014, the statistics agency Insee said. Insee also revised down the March figure to a drop of 0.7% instead of 0.6% previously. Consumers spent more on food and clothing in April than in March, but less on large purchases. Outlays on housing fell 0.2% on the month and durable goods spending dropped 0.4%.
Asian stocks edged lower today, 29 May 2015. Key indices in China, Hong Kong, Singapore, Taiwan and Indonesia were off 0.07% to 0.87%. Key indices in Japan and South Korea were up 0.06% to 0.19%.
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 stocks registered small losses in choppy trading yesterday, 28 May 2015, as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year.
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