Key benchmark indices trimmed further gains in morning trade to hit intraday low. The barometer index, the S&P BSE Sensex, was trading below the psychological 27,000 mark after hitting an intraday high above that level at onset of the day's trading session. The 50-unit Nifty reversed intraday gains to hit intraday low. The Sensex was currently up 25.17 points or 0.09% at 26,865.67. The market breadth indicating the overall health of the market was strong. Realty stocks rose on renewed buying.
Earlier, key benchmark indices trimmed gains after a firm opening triggered by positive Asian stocks.
In the overseas markets, Asian stocks were mixed today, 11 June 2015. US stocks jumped yesterday, 10 June 2015 helped by gains in technology and financial shares.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 482.11 crore yesterday, 10 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 788.06 crore yesterday, 10 June 2015, as per provisional data.
At 10:18 IST, the S&P BSE Sensex was up 25.17 points or 0.09% at 26,865.67. The index gained 159.64 points at the day's high of 27,000.14 at onset of the day's trading session, its highest level since 5 June 2015. The index rose 1.89 points at the day's low of 26,842.39 in morning trade.
The CNX Nifty was down 0.85 points or 0.01% at 8,123.60. The index hit a high of 8,163.05 in intraday trade, its highest level since 5 June 2015. The index hit a low of 8,122.90 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,058 shares gained and 669 shares fell. A total of 76 shares were unchanged.
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The BSE Mid-Cap index was up 28.21 points or 0.27% at 10,298.98. The BSE Small-Cap index was up 58.37 points or 0.54% at 10,838.12. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 481 crore by 10:15 IST compared with Rs 150 crore by 09:30 IST.
Hindustan Unilever (HUL) rose 1.67%. HUL during market hours today, 11 June 2015 said that pending product approval, the company has decided to withdraw its Chinese range instant noodles.
HUL had submitted an application with FSSAI for product approval for the Knorr Chinese range of instant noodles in February 2015 and the same is pending approval. In conformance with the FSSAI advisory to State FDAs dated 8 June 2015 with regard to product approvals, HUL has decided to stop production and sale of its Chinese range of instant noodles till such time as its application is approved by FSSAI. HUL is initiating a withdrawal of its Chinese instant noodles from the market.
HUL said that the discontinuance of manufacturing and sale of Chinese instant noodles is not on account of any safety or quality concerns. HUL continues to engage with FSSAI to secure the approval of this range so as to make these products available at the earliest for its consumers, HUL said.
All food products of HUL, including its Chinese range of instant noodles, abide by the highest quality standards and are safe for consumption. HUL follows a strict quality management system and regularly monitors products for compliance to regulations, the company said. All HUL food products are regularly tested at Food Safety and Standards Authority of India (FSSAI) approved laboratories in addition to complying with strict internal quality standards, it added.
Realty stocks edged higher. DLF (up 0.43%), Indiabulls Real Estate (up 0.32%), Housing Development and Infrastructure (up 0.68%), D B Realty (up 0.16%), Unitech (up 0.06%), Sobha (up 0.81%), Oberoi Realty (up 1.93%) and Parsvnath Developers (up 0.24%) gained. Godrej Properties (down 0.51%) fell.
India's current account deficit (CAD) narrowed sharply to $1.3 billion or 0.2% of GDP in Q4 March 2015 from $8.3 billion or 1.6% of GDP in Q3 December 2014, according to data released by the Reserve Bank of India (RBI) after trading hours yesterday, 10 June 2015. On a year-on-year (y-o-y) basis, the CAD registered a small increase to $1.3 billion in Q4 March 2015 from $1.2 billion in Q4 March 2014. The sharp reduction in CAD in Q4 March 2015 on quarter-on-quarter (q-o-q) basis was primarily on account of lower trade deficit as net earnings through services and primary income (profit, dividend and interest) witnessed a decline on q-o-q basis, the RBI said.
The government is scheduled to unveil industrial production data for April 2015 tomorrow, 12 June 2015. Industrial output growth touched a five-month low of 2.1% in March from a revised 4.9% in February on the back of an across-the-board slowdown in production. On the same day, the government is scheduled to unveil the consumer price index (CPI) data for the month of May 2015. Consumer price index-based retail inflation eased to a four-month low of 4.87% in April from a revised 5.25% in March.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 10 June 2015, that the Southwest monsoon has further advanced into remaining parts of South Interior Karnataka, Tamilnadu and southwest Bay of Bengal and some parts of North Interior Karnataka and Rayalaseema. The Southwest Monsoon has been vigorous over Assam & Meghalaya and active over Arunachal Pradesh, Sub-Himalayan West Bengal & Sikkim and Coastal Karnataka during past 24 hours, 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.
Asian stocks were mixed today, 11 June 2015. Key benchmark indices in Singapore, Hong Kong, Japan and South Korea rose by 0.19% to 1.38%. Key benchmark indices in Taiwan, China and Indonesia fell by 0.05% to 0.19%.
Meanwhile investors are awaiting China's industrial production data and retail sales data, both, for the month of May 2015 due today, 11 June 2015 for more clues on the health of the world's second-largest economy.
South Korea's central bank today, 11 June 2015 cut its benchmark interest rate to a record low of 1.50% to support the economy, which faces a potential fresh blow from a deadly viral outbreak. The Bank of Korea's 0.25 percentage-point cut, the second this year, comes amid concerns that an outbreak of Middle East Respiratory Syndrome (MERS) may knock billions of dollars off economic output as consumers and foreign tourists worried about infection stay home.
US stocks jumped yesterday, 10 June 2015 helped by gains in technology and financial shares.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015.
In Europe, speculation has reportedly increased that the standoff over Greece will reach a favorable resolution as the European Central Bank raised the level of emergency cash available to the country's banks by 2.3 billion euros ($2.6 billion). German Chancellor Angela Merkel reportedly said yesterday, 10 June 2015 her goal is to keep Greece in the euro area. The chairman of euro zone finance ministers reportedly said a cash-for-reform deal with Athens was still possible in time for their June 18 meeting, with just a few issues remaining to be solved, but Greek counter-proposals were not yet satisfactory. Greece deferred a payment to the International Monetary Fund last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
Meanwhile, Standard & Poor's Ratings Services has downgraded Greece's credit rating to triple-C, reflecting its view that the government will likely default on its commercial debt within the next 12 months, without an agreement with its creditors. S&P has a negative outlook for the rating, which was cut one notch. Triple-C is a highly speculative rating on S&P's scale.
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