After seeing high volatility in early trade, key benchmark indices hovered in positive zone near the flat line in morning trade. The broad market depicted strength. There were more than two gainers against every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 20.55 points or 0.07% at 27,665.70. In overseas markets, Asian stocks edged higher as investors push off concerns about a default in Greece until the outcome of a referendum next Sunday.
FMCG shares were in demand. Most realty shares edged higher.
Foreign portfolio investors sold shares worth a net Rs 711.88 crore yesterday, 29 June 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 906.38 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher as investors push off concerns about a default in Greece until the outcome of a referendum next Sunday. US stocks tumbled yesterday, 29 June 2015, on fears that Greece's troubles could spread through the global financial system.
At 10:15 IST, the S&P BSE Sensex, was up 20.55 points or 0.07% at 27,665.70. The index rose 117.80 points at the day's high of 27,762.95 at the onset of trading session, its highest level since 26 June 2015. The index fell 74.20 points at the day's low of 27,570.95 in early trade.
The CNX Nifty was up 6.20 points or 0.07% at 8,324.60. The index hit a high of 8,356.45 in intraday trade, its highest level since 26 June 2015. The index hit a low of 8,298.95 in intraday trade.
The BSE Mid-Cap index was up 88 points or 0.83% at 10,628.13. The BSE Small-Cap index was up 66 points or 0.6% at 11,024.56. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. 1,281 shares rose and 601 shares fell. A total of 70 shares were unchanged.
FMCG shares were in demand. Godrej Consumer Products (up 3.82%), Marico (up 3.26%), Britannia Industries (up 2.52%), Bajaj Corp (up 1.36%), Hindustan Unilever (up 1.31%), Colgate Palmolive (India) (up 0.85%), Dabur India (up 0.63%), Nestle India (up 0.63%), Tata Global Beverages (up 0.46%), Jyothy Laboratories (up 0.22%) and GlaxoSmithKline Consumer Healthcare (up 0.09%), edged higher. Procter & Gamble Hygiene & Health Care was down 0.07%
Most realty shares edged higher. Indiabulls Real Estate (up 3.28%), Anant Raj (up 2.29%), DLF (up 1.50%), Housing Development and Infrastructure (HDIL) (up 1.48%), D B Realty (up 1.43%), Prestige Estates Projects (up 1.13%), Peninsula Land (up 0.86%), Unitech (up 0.75%), Godrej Properties (up 0.22%) and Sobha (up 0.11%), edged higher. Phoenix Mills (down 0.17%), Parsvnath Developers (down 0.45%), Oberoi Realty (down 1.01%) and Sunteck Realty (down 1.5%), edged lower.
IDFC was up 1.18% at Rs 149.80. The company announced during trading hours today, 30 June 2015, that the High Court of Judicature at Madras, vide its Order dated 25 June 2015, has approved the Scheme of Arrangement (Demerger) between IDFC and IDFC Bank and their respective shareholders and creditors under Section 391 to 394 of the Companies Act, 1956.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 29 June 2015, that the Southwest Monsoon was vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 18% above the Long Period Average (LPA) until 29 June 2015. Region wise, the southwest monsoon was 28% above the LPA in Central India, 24% above the LPA in Northwest India, 22% above the LPA in South Peninsula and 3% above the LPA in East & Northeast India until 29 June 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, Asian stocks edged higher today, 30 June 2015, as investors push off concerns about a default in Greece until the outcome of a referendum next Sunday. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Japan, Singapore and South Korea were up 0.28% to 1.28%.
China's Shanghai Composite recovered sharply and was currently off just 0.01% China said late on Monday, 29 June 2015, it is preparing to allow pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the sagging equity market.
Separately, a China Securities Regulatory Commission (CSRC) spokesperson said in a blog posting yesterday, 29 June 2015, evening that risks from brokerages' margin financing business are also controllable.
US market tumbled yesterday, 29 June 2015, on fears that Greece's troubles could spread through the global financial system.
In Europe, investors continue to monitor developments in Greece which looks set to default on its payment to the International Monetary Fund that is due today, 30 June 2015. Greece's international bailout also expires on 30 June 2015. Global rating agency S&P yesterday, 29 June 2015, cut Greece's credit rating by one level, saying the probability of the country leaving the euro area is now 50%. Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, 29 June 2015, to avoid a run on the country's banks and the nation's central bank moved to impose controls to prevent money from flooding out of the country. Negotiations between Greece and its creditors deteriorated over the weekend after Greece's Prime Minister Alexis Tsipras on Friday, 26 June 2015, unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders.
Tsipras was quoted as saying yesterday, 29 June 2015, that regional leaders didn't have the nerve to kick them out of the euro and that a "no" vote in the July 5 referendum will strengthen the country's bargaining position. European Central Bank Executive Board member Benoit Coeure said in a newspaper interview yesterday, 29 June 2015, that a "yes" decision will prompt euro zone members to "find the means, under one form or another, to honor their commitments".
Tsipras has called a referendum on Sunday, 5 July 2015, on whether the country should accept creditors' bailout terms. Greeks will be asked to decide whether to accept reform measures demanded by the country's lenders that would ultimately unlock about euro 15.3 billion in funds.
Meanwhile, Puerto Rico's governor Alejandro Garc Padilla yesterday, 29 June 2015, laid out a plan to seek restructuring of the government's approximately $72 billion in debt, while also vowing to make Puerto Rico more economically competitive. A key point in the proposal is to get permission for Puerto Rico to go through bankruptcy as Detroit did in 2013, something that current law prohibits. Puerto Rico is a United States territory located in the northeastern Caribbean, east of the Dominican Republic, and west of both the United States Virgin Islands and the British Virgin Islands.
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