Key benchmark indices hovered in positive zone in early afternoon trade. The gains for the benchmark indices were currently small. The market breadth indicating the overall health of the market was positive. The Sensex was currently up 57.29 points or 0.21% at 27,787.50. In overseas stock markets, Asian stocks edged higher on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy.
Metal and mining stocks edged higher. FMCG shares were mixed. L&T edged higher after the company's Chairman AM Naik was quoted as saying that the company will list its IT services unit L&T Infotech by December this year.
Earlier, the Sensex and, the 50-unit CNX Nifty, both, hit their highest level in three weeks in morning trade as these two indices extended intraday gains after seeing initial volatility.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote renewable energy projects in India. SoftBank Chairman & CEO Masayoshi Son and Bharti Enterprises Chairman Sunil Bharti Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday, 25 June 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 651.31 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.03 crore during previous trading session, as per provisional data.
More From This Section
In overseas stock markets, Asian stocks edged higher on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy. US stocks edged higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
At 12:15 IST, the S&P BSE Sensex was up 57.29 points or 0.21% at 27,787.50. The index jumped 152.45 points at the day's high of 27,882.66 in morning trade, its highest level since 2 June 2015. The index fell 63.62 points at the day's low of 27,666.59 in early trade.
The CNX Nifty was up 21.75 points or 0.26% at 8,374.85. The index hit a high of 8,398.45 in intraday trade, its highest level since 2 June 2015. The index hit a low of 8,334.95 in intraday trade.
The BSE Mid-Cap index was up 14.39 points or 0.14% at 10,658.08, underperforming the Sensex. The BSE Small-Cap index was up 31.41 points or 0.28% at 11,126.91, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,242 shares rose and 1,052 shares fell. A total of 110 shares were unchanged.
Metal and mining stocks edged higher. Jindal Steel & Power (up 2.51%), Hindalco Industries (up 0.66%), Tata Steel (up 1.03%), Steel Authority of India (up 0.96%), Hindustan Zinc (up 1.25%), Vedanta (up 0.65%), National Aluminium Company (up 0.12%) and JSW Steel (up 0.59%) edged higher. NMDC (down 0.71%) edged lower.
FMCG stocks were mixed. Jyothy Laboratories (up 1.54%), Bajaj Corp (up 0.77%), Procter & Gamble Hygiene and Health Care (up 0.43%), Hindustan Unilever (up 0.32%), GlaxoSmithkline Consumer Healthcare (up 0.36%) and Dabur India (up 0.04%) edged higher. Nestle India (down 1.6%), Marico (down 0.57%), Godrej Consumer Products (down 1.28%), Britannia Industries (down 1%), Colgate-Palmolive (India) (down 0.58%) and Tata Global Beverages (down 0.48%) edged lower.
L&T edged higher after the company's Chairman AM Naik was quoted as saying that the company will list its IT services unit L&T Infotech by December this year. The stock was up 1.76% at Rs 1,761.45. The stock hit a high of Rs 1,768 and a low of Rs 1,736.90 so far during the day. L&T will sell a 10% stake in the unit, Naik reportedly said in an interview to a business channel. L&T will also look at listing other businesses, including its hydrocarbons and transmission and distribution units over the next few years, Naik said.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote the adoption of clean and safe energy in India, according to a joint press statement issued by SoftBank, Bharti and Foxconn yesterday, 22 June 2015. Subject to certain conditions, all three companies will jointly invest in the venture, according to the joint press release. SBG Cleantech will be a harbinger of solar and wind energy. Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has great potential to be a major solar market, according to the joint statement.
SoftBank Chairman & CEO Masayoshi Son said that India offers vast potential and with this partnership, the goal is to create a market-leading ?clean energy company to fuel India's growth with clean and renewable sources of energy. Bharti Enterprises Chairman Sunil Bharti Mittal said that the Bharti group is participating in the renewable energy venture which has the potential to transform the Indian economy.
SoftBank's Son and Bharti's Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Meanwhile, concerns of a likely spike in food prices have eased due to above-average rains during the initial part of the June-September southwest monsoon season. For the country as a whole, the cumulative rainfall during this year's monsoon season was 16% above the Long Period Average (LPA) until 21 June 2015. Region wise, the southwest monsoon was 32% above the LPA in Central India, 30% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 21 June 2015.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 22 June 2015, that the southwest monsoon has further advanced into some more parts of Gujarat region, Madhya Pradesh, most parts of Chhattisgarh and Jharkhand and some parts of Bihar. Conditions are favourable for further advance of Southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3 days, the IMD said. The Southwest Monsoon was vigorous over Madhya Maharashtra, Vidarbha, Chhattisgarh and South Interior Karnataka and active over Gangetic West Bengal, Odisha, Jharkhand, West Madhya Pradesh and North Interior Karnataka during past 24 hours ending at 0830 hrs, the IMD said.
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, Asian markets edged higher today, 23 June 2015, on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were up 0.53% to 1.87%. In Indonesia, the IDX Composite was off 0.02%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.6 in June from a final reading of 49.2 in May, HSBC Holdings PLC said today, 23 June 2015. The reading is still below 50, which separates expansion from contraction.
US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
US existing home sales rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released yesterday, 22 June 2015. Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported.
In Europe, Greece's economy minister has reportedly spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days", as per reports. Greece is up against a June 30 deadline to make a 1.6 bililon ($1.8 billion) repayment to the International Monetary Fund, with larger payments to the European Central Bank falling due next month.
Powered by Capital Market - Live News