Amid a setback in Chinese stocks triggered by reports that China's sovereign wealth fund has reduced its stake in China's banks, key equity benchmark indices in India extended intraday losses 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 115.87 points or 0.42% at 27,448.79.
Telecom stocks edged lower. Coal India declined amid volatility ahead of its Q4 March 2015 results today, 28 May 2015. Hindalco Industries declined ahead of its Q4 March 2015 results today, 28 May 2015.
Indian stocks may remain volatile today, 28 May 2015, as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire today, 28 May 2015.
Foreign portfolio investors sold shares worth a net Rs 934.98 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 594.03 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Chinese stocks tumbled after media reports suggested that China's sovereign wealth fund has reduced its stake in China's banks. US stocks edged higher yesterday, 27 May 2015, recovering most of the losses from the previous session on the back of a big rally in tech stocks, which propelled the Nasdaq Composite to a fresh record close.
At 12:15 IST, the S&P BSE Sensex was down 115.87 points or 0.42% at 27,448.79. The index fell 130.60 points at the day's low of 27,434.06 in early afternoon trade. The index rose 101.71 points at the day's high of 27,666.37 in early trade, its highest level since 26 May 2015.
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The CNX Nifty was down 33.75 points or 0.4% at 8,300.85. The index hit a low of 8,294.75 in intraday trade. The index hit a high of 8,364.50 in intraday trade, its highest level since 26 May 2015.
The BSE Mid-Cap index was down 59.59 points or 0.56% at 10,556.88. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was down 19.74 points or 0.18% at 11,142.67. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,162 shares fell and 1,099 shares rose. A total of 101 shares were unchanged.
Telecom stocks declined. Idea Cellular (down 1.94%), Bharti Airtel (down 1.35%) and Reliance Communications (down 0.71%) edged lower. Mahanagar Telephone Nigam (up 0.59%) higher. Tata Teleservices (Maharashtra) was unchanged at Rs 6.87.
TCS was off 0.73% at Rs 2,597.55. The stock hit a high of Rs 2,622.95 and a low of Rs 2,596 so far during the day. TCS during market hours today, 28 May 2015, announced that the company is partnering with The Royal College Art (RCA) to establish a Design Innovation Lab to help foster design and technology innovation in the UK. Under the terms of the partnership agreement, TCS customers will have the opportunity to gain access to the RCA's academic expertise and advice for design projects. A number of joint projects are already being worked on by TCS and the RCA, including development of a contactless payment concept for a TCS customer and studies focusing on the use of design within insurance and retail, TCS said in a statement.
Coal India declined amid volatility ahead of its Q4 March 2015 results today, 28 May 2015. The stock was down 0.42% at Rs 381.25. The stock hit a high of Rs 388 and a low of Rs 378.90 so far during the day.
Hindalco Industries declined ahead of its Q4 March 2015 results today, 28 May 2015. The stock was off 1.42% at Rs 132.20. The stock hit a high of Rs 133.90 and a low of Rs 131.45 so far during the day.
Meanwhile, private weather forecaster Skymet yesterday, 27 May 2015, said that conditions are favorable for the onset of Southwest Monsoon in India. It expects monsoon to hit Kerala around 30 May 2015. The progress of monsoon over Peninsular India is expected to be delayed by a week, according to Skymet.
The government is scheduled to announce the data on India's gross domestic product (GDP) growth for Q4 March 2015 tomorrow, 29 May 2015. India's GDP grew 7.5% in Q3 December 2014.
The Reserve Bank of India (RBI) is scheduled to announce the outcome of its second bi-monthly monetary policy review for the year 2015-16 early next week. The announcement is due at 11:00 IST on Tuesday, 2 June 2015.
In overseas markets, Chinese stocks tumbled after media reports suggested that China's sovereign wealth fund has reduced its stake in China's banks. In mainland China, the Shanghai Composite index was off 6.02%. Hong Kong's Hang Seng index was off 2.53%. In other Asian markets, Key indices in Singapore and Indonesia were off 0.28%% to 0.36%. Key indices in Japan, Taiwan and South Korea were up 0.16% to 0.39%.
US stocks edged higher yesterday, 27 May 2015, recovering most of the losses from the previous session on the back of a big rally in tech stocks, which propelled the Nasdaq Composite to a fresh record close.
The President of the San Francisco Fed John Williams today, 28 May 2015, said that it is not clear how the Federal Reserve should respond to the purported effect that low interest rates are causing excessive risk-taking in financial markets. In a speech to the Monetary Authority of Singapore, Williams said it could either argue for a more rapid rate hike to discourage further risk or imply a more gradual course of action to mitigate the risk of a market tantrum. Overall, Williams said he was "convinced" that monetary policy should not be used to address risks to financial stability given the "very real and sizable costs, not to mention that the potential benefits, are anything but certain."
Meanwhile, US treasury chief Jacob Lew yesterday, 27 May 2015, urged Greece and its creditors to double down in their efforts to reach a deal to solve the nation's debt crisis, saying no one should be complacent about the risks to the world economy from a Greek default and its possible exit from the eurozone. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the International Monetary Fund (IMF) between June 5-19.
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