Firmness continued on the bourses in early afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty were, both, 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 300.92 points or 1.09% at 27,807.63. The BSE Mid-Cap index was up 1.35%, outperforming the Sensex.
Index heavyweights ITC and HDFC edged higher. NTPC edged higher after the company reported Q4 March 2015 results during market hours today, 29 May 2015. Telecom stocks edged higher on renewed buying. Bharti Airtel edged higher after British telecom giant Vodafone Group Plc reportedly sold its 4.2% stake in Bharti Airtel for $200 million. Pharma stocks also edged higher. Glenmark Pharmaceuticals edged higher after the company said its US subsidiary has received final approval from the United States Food & Drug Administration for a generic medicine.
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, Asian stocks edged lower. 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 12:15 IST, the S&P BSE Sensex was up 300.92 points or 1.09% at 27,807.63. 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 92.70 points or 1.11% at 8,411.70. 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 142.08 points or 1.35% at 10,702.12, outperformed the Sensex. The BSE Small-Cap index was up 101.55 points or 0.91% at 11,246.59, underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,349 shares rose and 932 shares fell. A total of 99 shares were unchanged.
NTPC edged higher after the company reported Q4 results during market hours today, 29 May 2015. The stock was up 2.44% at Rs 138.30. 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.
Index heavyweight and cigarette major ITC edged higher. The stock was up 1.2% at Rs 324.75. The stock hit a high of Rs 325.60 and a low of Rs 318.75 so far during the day.
Another index heavyweight and housing finance major HDFC edged higher. The stock was up 1.21% at Rs 1,243. The stock hit a high of Rs 1,247.50 and a low of Rs 1,227 so far during the day.
Telecom stocks edged higher on renewed buying. Reliance Communications (up 2.02%), Idea Cellular (up 1.74%) and Tata Teleservices (Maharashtra) (up 1.29%) edged higher. Mahanagar Telephone Nigam (down 0.29%) edged lower.
Bharti Airtel edged higher after British telecom giant Vodafone Group Plc reportedly sold its 4.2% stake in Bharti Airtel for $200 million. The stock was up 3.03% at Rs 413.45. The stock hit high of Rs 417.50 and low of Rs 402.25 so far during the trading session. The British telecom giant reportedly said the stake was sold to Bharti Enterprises -- the parent company of Bharti Airtel. The sale follows a change in regulation from the Department of Telecommunications that prohibit companies from owning stake in competing operators in a service area. Previously, telecom operators were allowed to own up to 10% of a competing company.
Pharma stocks edged higher on renewed buying. Strides Arcolab (up 2.48%), Dr Reddy's Laboratories (up 0.77%), Ipca Laboratories (up 1.04%), Lupin (up 0.25%) and GlaxoSmithkline Pharmaceuticals (up 0.45%) edged higher. Wockhardt (down 0.7%) edged lower.
Sun Pharmaceutical Industries edged higher ahead of its Q4 results today, 29 May 2015. The stock was up 1.72% at Rs 972.20. The stock hit a high of Rs 973 and a low of Rs 960.30 so far during the day.
Cipla edged higher ahead of its Q4 results today, 29 May 2015. The stock was up 1.76% at Rs 654.75. The stock hit a high of Rs 658.80 and a low of Rs 642.45 so far during the day.
Glenmark Pharmaceuticals edged higher after the company said its US subsidiary has received final approval from the United States Food & Drug Administration for a generic medicine. The stock was up 1.83% at Rs 873. The stock hit a high of Rs 878.65 and a low of Rs 857.50 so far during the day. Glenmark Pharmaceuticals (GPL) during market hours today, 29 May 2015, said that its US subsidiary Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Desmopressin Acetate tablets, 0.1 mg and 0.2 mg, the therapeutic equivalent of DDAVP, 0.1 mg and 0.2 mg, of Ferring Pharmaceuticals, Inc. Glenmark plans to commence shipping of Desmopressin Acetate tablets immediately, the company said in a statement.
According to IMS Health sales data, for the 12 months ended March 2015, the DDAVP market achieved annual sales of approximately $72.1 million in the United States.
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, Asian stocks edged lower today, 29 May 2015. Key indices in China, Hong Kong, Singapore, Taiwan and Indonesia were off 0.07% to 0.76%. 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.
In Europe, 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.
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