Key benchmark indices edged higher in early trade as bargain hunting emerged after previous session's sharp sell off. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 287.87 points or 1.12% at 26,029.43.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 5275.40 crore yesterday, 24 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 4097.83 crore yesterday, 24 August 2015, as per provisional data.
In overseas markets, barring China, all other Asian stocks were trading higher. US stocks slid again yesterday, 24 August 2015, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear through investors.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month August 2015 series to September 2015 series. The near month August 2015 derivatives contracts are set to expire on Thursday, 27 August 2015.
At 9:18 IST, the S&P BSE Sensex was up 287.87 points or 1.12% at 26,029.43. The index rose 383.27 points at the day's high of 26,124.83 at the onset of trading session. The index gained 174.70 points at the day's low of 25,916.26 at the onset of trading session.
The CNX Nifty was up 112.40 points or 1.44% at 7,921.40. The index hit a high of 7,922.35 in intraday trade. The index hit a low of 7,893.65 in intraday trade.
The BSE Mid-Cap index was up 199.08 points or 1.92% at 10,553.82. The BSE Small-Cap index was up 209.80 points or 1.98% at 10,797.70. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was strong. On BSE, 903 shares rose and 325 shares fell. A total of 20 shares were unchanged.
Biocon was up 2.12%. With regard to news item titled "USFDA observations", Biocon clarified after market hours yesterday, 24 August 2015 that USFDA conducts audit at regular intervals. Biocon underwent such inspection in June 2015, wherein a few minor observations in the nature of recommendations were made by the regulatory team. All those have been considered by the company and closed out with the FDA, Biocon said. None of the USFDA observations were material in nature to have bearing on operation/performance of the company or price sensitive in nature, Biocon said.
Tech Mahindra was up 3.02%. The company announced after market hours yesterday, 24 August 2015, announced that its in-house developed platform TAP (Tech Mahindra Analytics Platform) for Big Data solutions has been certified by Hortonworks, a technology leader and ecosystem builder for the Apache Hadoop industry. TAP, an asset-based delivery kit, addresses the critical and evolving needs of customers with a multitude of diverse use cases in Big Data Analytics. It is one of the major technology initiatives in the Analytics area and the certification by Hortonworks adds further value to this asset and enables the delivery of analytics solutions on the HWX platform, Tech Mahindra said in a statement.
DLF was up 4.57%. The company announced after market hours yesterday, 24 August 2015 said that pursuant to a shelf information memorandum cum private placement offer letter dated 10 August 2015 and pricing supplement dated 21 August 2015, the company has allotted 12.25% privately placed fully-paid non-convertible debentures of a principal amount of Rs 375 crore (comprising the second tranche out of an overall shelf limit of up to Rs 1375 crore), redeemable for cash at par in separate series within a period of 4 years 11 months and 18 days from the date of allotment. These debentures are proposed to be secured by certain immovable assets of a wholly owned subsidiary of DLF, and are proposed to be listed on the BSE, in accordance with the terms of applicable law, corporate approvals, transaction documents and other relevant considerations.
Adani Enterprises was up 4.35%. The company announced after market hours yesterday, 24 August 2015, Adani Group, a global integrated player, signed on 24 August 2015, a memorandum of understanding (MOU) with the Government of Chhattisgarh to develop two critical projects in the state. The project cost for both the projects is estimated to be around Rs 25200 crore. The two projects comprise of a Coal to Poly-generation (CTP) Project and a Rice Bran Solvent Extraction Plant & Refinery.
Corporation Bank was up 2.87%. The bank announced after market hours yesterday, 24 August 2015, that Ministry of Finance, Department of Financial Services, Government of India, vide letter dated 18 August 2015, has communicated its decision to infuse capital funds to the tune of Rs 857 crore in the bank by way of preferential issue of equity in favour of Government of India. The board of the bank on 24 August 2015 has accorded its approval for the said infusion of capital of Rs 857 crore by Government of India and for convening an Extraordinary General Meeting of the shareholders of the bank on 22 September 2015, for seeking its approval for the said infusion of capital. The bank is in the process of taking necessary steps/approvals for raising the said amount.
India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 24 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 11% below the Long Period Average (LPA) until 24 August 2015. Region wise, the rainfall was 19% below the LPA in South Peninsula, 14% below the LPA in Central India, 6% below the LPA in East & Northeast India and 4% below the LPA in Northwest India, until 24 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, most Asian stocks were trading higher. Key benchmark indices in Hong Kong, Indonesia, Singapore, South Korea and Taiwan were up 1.35% to 2.65%. In mainland China, the Shanghai Composite was down 4.33%.
US stocks slid again yesterday, 24 August 2015, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear through investors. Stocks regained some of that ground as the day wore on, but the Dow finished with a loss of 588 points, the eighth-worst single-day point decline and the second straight fall of more than 500.
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