Amid divergent trend among various index components, key benchmark indices registered modest losses. The barometer index, the S&P BSE Sensex, lost 85.50 points or 0.32% at 26,306.88, as per provisional closing data. The 50-unit CNX Nifty lost 30.65 points or 0.38% at 7,971.30, as per provisional closing data. Benchmark indices witnessed intraday volatility. The Nifty provisionally settled below the psychological 8,000 mark, having alternately moved above and below that mark during the day. 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 market breadth indicating the overall health of the market was negative.
In overseas markets, European stocks edged lower after hawkish comments from Federal Reserve Vice Chairman Stanley Fischer. Trading in US index futures indicated a weak opening of US stocks later in the global day. Asian stocks were mixed.
Index heavyweight Reliance Industries (RIL) declined. Power generation stocks depicted a mixed trend. Realty stocks also depicted a mixed trend after the Ministry of Housing and Urban Poverty Alleviation said a total of 305 cities and towns have been identified in nine states for beginning construction of houses for the urban poor under the central government's Housing for All (Urban) Mission.
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.
As per provisional closing, the S&P BSE Sensex was down 85.50 points or 0.32% at 26,306.88. The index fell 177.22 points at the day's low of 26,215.16 in mid-afternoon trade, its lowest level since 27 August 2015. The index jumped 112.35 points at the day's high of 26,504.73 in mid-morning trade.
The CNX Nifty was down 30.65 points or 0.38% at 7,971.30. The index hit a low of 7,947.95 in intraday trade, its lowest level since 27 August 2015. The index hit a high of 8,043.60 in intraday trade.
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The market breadth indicating the overall health of the market was negative. On BSE, 1,486 shares declined and 1,175 shares gained. A total of 112 shares were unchanged.
The BSE Mid-Cap index was off 24.99 points or 0.23% at 10,734.42. The BSE Small-Cap index was off 21.55 points or 0.2% at 10,971.27. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2191 crore, lower than turnover of Rs 3591.07 crore registered on Friday, 28 August 2015.
Index heavyweight Reliance Industries (RIL) declined 1.6% to Rs 857.25. The stock hit high of Rs 871.20 and low of Rs 854.50.
Power generation stocks were mixed. NHPC (down 2.65%), CESC (down 1.29%), Reliance Power (down 0.4%), Adani Power (down 0.88%) fell. JSW Energy (up 1.07%), NTPC (up 0.33%), Tata Power Company (up 0.08%), Reliance Infrastructure (up 0.03%) and Jaiprakash Power Ventures (up 0.5%) rose.
Realty stocks depicted a mixed trend after the Ministry of Housing and Urban Poverty Alleviation said a total of 305 cities and towns have been identified in nine states for beginning construction of houses for the urban poor under the central government's Housing for All (Urban) Mission. DLF (down 4.04%), Indiabulls Real Estate (down 1.52%), Housing Development and Infrastructure (down 0.08%), D B Realty (down 1.35%), Sobha (down 1.22%) and Oberoi Realty (down 1.48%) declined. Godrej Properties (up 6.12%), Parsvnath Developers (up 0.55%) and Unitech (up 1.16%) rose.
The Ministry of Housing and Urban Poverty Alleviation yesterday, 30 August 2015, said that within two months of the launch of the Housing for All (Urban) Mission, 15 state governments have signed Memorandum of Agreement (MoA) with the Ministry of Housing and Urban Poverty Alleviation, committing themselves to implement six mandatory reforms essential for making a success of the housing mission in urban areas. 305 cities and towns also have been identified in nine of these states for beginning construction of houses for the urban poor, the government said. Under the Housing for All initiative of the Central Government, 2 crore houses are targeted to be built for the poor in urban areas by the year 2022, coinciding with the 75 year of India's Independence.
Under the urban housing mission, central government will provide an assistance in the range of Rs 1 lakh to Rs 2.30 lakh per house under different components of the scheme including redevelopment of slums using land as resource, Credit linked Subsidy Scheme, Affordable Housing in Partnership and Beneficiary led individual construction/improvement.
Meanwhile, 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.
Meanwhile, 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.
In overseas markets, European stocks edged lower today, 31 August 2015, after hawkish comments from Federal Reserve Vice Chairman Stanley Fischer. Key benchmarks in Germany and France were down by 0.82% to 0.86%. 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 1.17% 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 shed 0.82%. In Hong Kong, the Hang Seng index rose 0.27%.
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.
Chinese markets will be closed on 3 and 4 September 2015 when China will stage a parade to display its military prowess, despite a deteriorating economy.
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.
Trading in US index futures indicated that the Dow could slide 155 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.
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