Key benchmark indices languished in negative zone in afternoon trade. The losses for the benchmark indices were very small. The barometer index, the S&P BSE Sensex, was currently off 32.93 points or 0.12% at 28,472. The market breadth indicating the overall health of the market was positive.
IT stocks declined. Wipro dropped ahead of Q1 results today, 23 July 2015. Shares of power generation and power distribution companies edged lower. Shares of car major Maruti Suzuki India hit record high after the company announced the launch of its new premium sales channel under the brand NEXA.
Earlier, the Sensex and 50-unit CNX Nifty, both, hit their highest level in nearly 14 weeks amid initial volatility.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 450.32 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 351.77 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, European stocks edged higher in early trade after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. Asian stocks edged higher after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp.
At 13:16 IST, the S&P BSE Sensex was down 32.93 points or 0.12% at 28,472. The index fell 119.73 points at the day's low of 28,385.20 in early afternoon trade. The index gained 73.40 points at the day's high of 28,578.33 in early trade, its highest level since 17 April 2015.
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The CNX Nifty was down 9.60 points or 0.11% at 8,623.90. The index hit a low of 8,589.95 in intraday trade. The index hit a high of 8,654.75 in intraday trade, its highest level since 17 April 2015.
The BSE Mid-Cap index was up 17.32 points or 0.15% at 11,251.88. The BSE Small-Cap index was up 106.68 points or 0.91% at 11,782.81. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,536 shares gained and 1,074 shares fell. A total of 107 shares were unchanged.
IT stocks declined. Tech Mahindra (down 0.95%), HCL Technologies (down 0.13%), and TCS (down 0.32%) edged lower. Infosys rose 1.03%.
Wipro dropped 0.52% ahead of Q1 results today, 23 July 2015.
Shares of power generation and power distribution companies edged lower. NHPC (down 0.26%), Tata Power Company (down 0.96%), Adani Power (down 0.7%), Power Grid Corporation of India (down 0.42%), Reliance Infrastructure (down 0.48%) and Reliance Power (down 0.55%) declined. Torrent Power (up 0.99%) and NTPC (up 0.26%) gained.
Shares of car major Maruti Suzuki India hit record high after the company announced the launch of its new premium sales channel under the brand NEXA. The stock was up 1.21% to Rs 4,236. The stock hit record high of Rs 4,243.90 in intraday trade so far. The stock hit a low of Rs 4,190 in intraday trade so far. The announcement was made during market hours today, 23 July 2015. NEXA marks the first initiative by an automobile company to go beyond selling cars and create a new format of retail experience for the customer. Nearly 100 NEXA showrooms will come up across India over the next 6-8 months, Maruti said in a press release.
To attain its medium term goal of two million annual sales by 2020, the company is taking new initiatives in all areas of business. NEXA is one of the major initiatives. The company is reaching out to new segments of customers emerging in a changing India, Maruti said.
Maruti's S-Cross premium crossover that debuts in August 2015 will be the first car to be sold under NEXA. Several new models will be added to both channels as part of the company's medium term goal of 2 million annual sales by 2020, Maruti said.
Bharat Heavy Electricals (Bhel) rose after the company announced that it had signed three memorandum of understanding (MoUs) with Kazakh companies during the Prime Minister Narendra Modi's recent visit to Kazakhstan. The stock was up 0.16%. The announcement was made during market hours today, 23 July 2015.
The first MoU was signed with JSC Samruk Energy, the national power utility of Kazakhstan having a major share in the Kazakh power sector. Both companies will work together on the projects of mutual interest.
An MoU towards comprehensive co-operation in the energy sector for design and construction of power plants and CHP (combined heat and power plants) was signed with KUS, one of the largest utility companies in the Kazakh power sector operating in power generation; heat production; transmission; sale of heat and electricity, etc. KUS is owned by the Ordabassy Group, total assets of the group being more than $9 billion.
Bhel and KAZNEX INVEST, the National Export and Investment Agency of Kazakhstan, working under the Ministry of Investments and Development of the Republic of Kazakhstan also agreed on co-operation in attempting projects in Kazakhstan and an MoU to this effect was signed during the visit.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower after data released by the US government yesterday, 22 July 2015, showed a surprise increase in US crude inventories last week. Brent for September settlement was currently off 7 cents at $56.06 a barrel. The contract had fallen 91 cents or 1.59% to settle at $56.13 a barrel during previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was currently hovering at 63.66, compared with its close of 63.58 during the previous trading session.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 22 July 2015, that the Southwest Monsoon was active over Gujarat State and Konkan & Goa during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 22 July 2015. Region wise, the rainfall was 13% below the LPA in Central India, 12% below the LPA in South Peninsula, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 22 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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 stock markets, European stocks edged higher today, 23 July 2015, after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. Key indices in France, Germany and UK were up 0.6% to 0.76%.
Greece's parliament today, 23 July 2015, passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. The measures were supported by a majority of lawmakers, with backing from opposition parties.
Asian stocks edged higher today, 23 July 2015, after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. Key indices in Japan, China, Hong Kong, South Korea and Singapore were up 0.02% to 2.43%. Key indices in Taiwan and Indonesia were off 0.1% to 1.43%.
US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp. US home resales rose in June to their highest level in nearly 8-1/2 years. The National Association of Realtors said yesterday, 22 July 2015, existing home sales increased 3.2% to an annual rate of 5.49 million units.
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