A bout of volatility was witnessed as key benchmark indices reversed gains in early afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently down 74.95 points or 0.28% at 26,762.25.
Metal shares declined. Power generation stocks edged lower.
Foreign portfolio investors sold shares worth a net Rs 727.61 crore yesterday, 3 June 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 412.66 crore yesterday, 3 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged lower. Overnight, US stocks rose at the end of trade, following positive US economic data and as negotiations between Greece and its international creditors continued to move forward.
At 12:16 IST, the S&P BSE Sensex was down 74.95 points or 0.28% at 26,762.25. The index rose 111.64 points at the day's high of 26,948.84 at the onset of trading session. The index fell 95.05 points at the day's low of 26,742.15 in morning trade.
The CNX Nifty was down 19 points or 0.23% at 8,116.10. The index hit a high of 8,160.05 in intraday trade. The index hit a low of 8,104.90 in intraday trade.
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The BSE Mid-Cap index was down 23.44 points or 0.23% at 10,306.02. The BSE Small-Cap index was down 7.02 points or 0.06% at 10,821.16. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was positive. On BSE, 1,147 shares rose and 1137 shares fell. A total of 115 shares were unchanged.
Power generation stocks edged lower. JSW Energy (down 2.19%), Torrent Power (down 1.29%), Reliance Power (down 1.2%), Reliance Infrastructure (down 0.95%), NTPC (down 0.72%), Adani Power (down 0.62%), GMR Infrastructure (down 0.62%), Tata Power (down 0.57%), NHPC (down 0.52%) and CESC (down 0.32%), edged lower. Jaiprakash Power Ventures was up 2.31%
Metal shares declined. NMDC (down 3.5%), Steel Authority of India (down 3.39%), Tata Steel (down 2.62%), National Aluminum Company (down 2.52%), Jindal Steel & Power (down 2.43%), Hindustan Copper (down 1.43%), Vedanta (down 0.93%), JSW Steel (down 0.24%) and Bhushan Steel (down 0.1%), edged lower. Hindalco Industries (up 0.16%) and Hindustan Zinc (up 1.29%), edged higher.
In global commodity markets, Brent crude oil futures edged lower today, 4 June 2015. Brent for July settlement was off 9 cents at $63.71 a barrel. The contract had fallen $1.69 a barrel or 2.58% to settle at $63.80 a barrel during the previous trading session.
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna on Friday, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
The decline in global crude oil prices and deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation.
Asian stocks were mostly lower. Key benchmark indices in China, Hong Kong, Taiwan and Indonesia were down by 0.22% to 2.18%. Key benchmark indices in Japan, Singapore and South Korea were up by 0.07% to 0.47%.
China revised down its estimate of consumption's contribution to economic growth last year, trimming the figure to 50.2% from 51.2% previously. Investment and exports contributed 48.5% and 1.3%, respectively to gross domestic product in 2014, the National Bureau of Statistics said Wednesday. Consumption contributed an average 52.9% annually to the country's GDP over the past five years, official data showed. Investment averaged 51.2% while exports averaged a negative 4.1%.
Overnight, US stocks rose at the end of trade, following positive US economic data and as negotiations between Greece and its international creditors continued to move forward.
In economic readings ahead of the latest session, the Commerce Department said the US trade deficit contracted by 19.2% in April, the sharpest drop in more than six years. The West Coast port strike, which was resolved in February, caused big swings in the trade gap the first several months of the year. In March, the deficit increased to its highest level in more than six years.
Separately, an employment report showed private payrolls in the US increased at a modest clip in May, but at a pace that was below expectations.
In Europe, the European Central Bank left its main interest rates unchanged at record-low levels. Upbeat news around Greece's ability to pay its international creditors later this week also lingered in the market.
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