Firmness continued on the bourses in afternoon trade. The barometer index, the S&P BSE Sensex, was currently trading with gains of almost 1% for the day. The 50-unit CNX Nifty was up more than 1% for the day currently. The market breadth indicating the overall health of the market was positive. The Sensex was currently up 271.80 points or 0.99% at 27,778.51. The BSE Mid-Cap index was up 1.49%, outperforming the Sensex.
Most capital goods shares were trading higher. NMDC edged lower after the state-run iron ore major reported weak Q4 March 2015 results after trading hours yesterday, 28 May 2015. Hindustan Copper edged lower after the state-run copper maker reported weak Q4 March 2015 results after trading hours yesterday, 28 May 2015.
Foreign portfolio investors sold shares worth a net Rs 792.54 crore yesterday, 28 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 683.29 crore yesterday, 28 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower after the head of the International Monetary Fund warned that Greece could fall out of the euro zone. Asian stocks were also in red. US stocks registered small losses in choppy trading yesterday, 28 May 2015, as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year.
At 13:22 IST, the S&P BSE Sensex was up 271.80 points or 0.99% at 27,778.51. The index jumped 323.20 points at the day's high of 27,829.91 in mid-morning trade, its highest level since 25 May 2015. The index fell 39.48 points at the day's low of 27,467.23 in early trade.
The 50-unit CNX Nifty was up 92.60 points or 1.11% at 8,411.60. The index hit a high of 8,420.75 in intraday trade, its highest level since 25 May 2015. The index hit a low of 8,305.70 in intraday trade.
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The BSE Mid-Cap index was up 157.27 points or 1.49% at 10,717.31, outperformed the Sensex. The BSE Small-Cap index was up 96.87 points or 0.87% at 11,241.91, underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,399 shares rose and 1,049 shares fell. A total of 121 shares were unchanged.
NTPC edged higher after the company reported Q4 results during market hours today, 29 May 2015. The stock was up 1.33% at Rs 136.80. The stock hit a high of Rs 139 and a low of Rs 134.15 so far during the day. NTPC's net profit fell 4.83% to Rs 2944.03 crore on 8.19% decline in total income from operations (net) to Rs 19314.58 crore in Q4 March 2015 over Q4 March 2014.
The company said its installed capacity increased by 1,290 megawatts (MW) to 44,398 MW as on 31 March 2015 compared with 43,108 MW as on 31 March 2014. The group's commercial capacity increased by 1,195 MW to 43,143 MW as on 31 March 2015 compared with 41,948 MW as on 31 March 2014.
Metal shares were mostly higher. JSW Steel (up 1.13%), Tata Steel (up 0.91%), National Aluminum Company (up 0.83%), Hindalco Industries (up 0.49%), Bhushan Steel (up 0.35%), Steel Authority of India (up 0.23%) and Jindal Steel & Power (up 0.21%) edged higher. Vedanta (down 0.3%) and Hindustan Zinc (down 1.2%) edged lower.
NMDC edged lower after the state-run iron ore major reported weak Q4 March 2015 results after trading hours yesterday, 28 May 2015. The stock was off 2.48% at Rs 127.90. The stock hit high of Rs 129.60 and low of Rs 126.15 so far during the trading session. NMDC's net profit fell 31.3% to Rs 1347.09 crore on 20.3% decline in total income to Rs 3554.77 crore in Q4 March 2015 over Q4 March 2014.
NMDC's iron ore production fell to 7.94 MT in Q4 March 2015 as against 9.96 MT in Q4 March 2014. NMDC said iron ore production rose 1% to a record 30.44 MT for the year ended 31 March 2015 over the year ended 31 March 2014. Even though the international and domestic prices have come down in the year ended 31 March 2015, NMDC with its efforts had once again achieved the 30 million ton mark.
Hindustan Copper edged lower after the state-run copper maker reported weak Q4 March 2015 results after trading hours yesterday, 28 May 2015. The stock was off 1.12% at Rs 61.60. The stock hit high of Rs 62.90 and low of Rs 61.50 so far during the trading session. The company's net profit fell 80.57% to Rs 26.60 crore on 49.30% decline in total income to Rs 272.71 crore in Q4 March 2015 over Q4 March 2014. The company's net profit fell 76.40% to Rs 67.60 crore on 31.66% decline in total income to Rs 1082.44 crore in the year ended March 2015 over the year ended March 2014.
Most capital goods shares were trading higher. Punj Lloyd (up 2.45%), Jindal Saw (up 1.63%), AIA Engineering (up 1.42%), Thermax (up 1.40%), Suzlon Energy (up 1.38%), Havells India (up 1.20%), Lakshmi Machine Works (up 1.06%), Alstom T&D India (up 0.55%), SKF India (up 0.52%), Crompton Greaves (up 0.24%), ABB India (up 0.20%) and Pipavav Defence and Offshore Engineering Company (up 0.08%), edged higher. ALSTOM India (down 0.04%), Siemens (down 0.06%), Bharat Heavy Electricals (down 0.34%), BEML (down 0.76%) and Bharat Electronics (down 2.83%), edged lower.
Larsen & Toubro (L&T) was up 1.62% to Rs 1,655 ahead of its Q4 March 2015 results tomorrow, 30 May 2015. The stock hit a high of Rs 1,659.35 and a low of Rs 1,626.50 so far during the day.
Praj Industries hit an upper circuit limit of 20% at Rs 70.40 after consolidated net profit surged 76.2% to Rs 36.61 crore on 8.3% decline in total income to Rs 322.98 crore in Q4 March 2015 over Q4 March 2014. The result was announced after trading hours yesterday, 28 May 2015. Praj Industries' consolidated order backlog as on 31 March 2015 stood at Rs 1010 crore. Gajanan Nabar, CEO & MD, Praj Industries said that the company's growth prospects are exciting, backed by a strong order book, fundamentally sound operations and a steadily improving macro-economic outlook.
On the macro front, the government is scheduled to announce the data on gross domestic product (GDP) for Q4 March 2015 at 17:30 IST today, 29 May 2015. India's GDP grew 7.5% in Q3 December 2014.
Meanwhile, economists expects the Reserve Bank of India (RBI) to cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review early next week. Economists expect rate cut from the central bank in an attempt to kick-start the economy which has been showing signs of decelerating. The RBI is scheduled to announce the outcome of its second bi-monthly monetary policy review for the year 2015-16 at 11:00 IST on Tuesday, 2 June 2015.
In overseas markets, European stocks edged lower today, 29 May 2015, after the head of the International Monetary Fund warned that Greece could fall out of the euro zone. Key benchmark indices in France and Germany were off 0.37% to 0.38%. UK's FTSE 100 was up 0.04%.
International Monetary Fund Managing Director Christine Lagarde reportedly said in an interview to German newspaper that she considers a Greek exit from the eurozone a possibility, but such a step probably wouldn't mean the end of the euro. Ms. Lagarde also contradicted recent statements out of Greece indicating the country and its creditors are close to an agreement on funding.
Greece, which is feared to be running out of cash, needs to cut a deal to unlock its next round of bailout funds. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the International Monetary Fund (IMF) between June 5-19.
French consumer spending rose less than expected in April as households pared back spending on durable goods, data showed Friday. Consumer spending in the eurozone's second largest economy rose 0.1% in April from March and was 2% higher than April 2014, the statistics agency Insee said. Insee also revised down the March figure to a drop of 0.7% instead of 0.6% previously. Consumers spent more on food and clothing in April than in March, but less on large purchases. Outlays on housing fell 0.2% on the month and durable goods spending dropped 0.4%.
Asian stocks edged lower today, 29 May 2015. Key indices in China, Hong Kong, Singapore, Taiwan and Indonesia were off 0.11% to 0.87%. Key indices in Japan and South Korea were up 0.06% to 0.19%.
Japan's industrial production rose more-than-expected in May, preliminary data showed yesterday, 28 May 2015. In a report, the Ministry of Economy, Trade and Industry said that industrial production rose to a seasonally adjusted 1% in May, from minus 0.8% in the preceding month.
US stocks registered small losses in choppy trading yesterday, 28 May 2015, as investors grappled with comments from Federal Reserve officials about the possibility of raising interest rates this year.
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