A range bound movement was witnessed as key benchmark indices traded near the flat line in mid-morning trade. The barometer index, the S&P BSE Sensex was currently trading with small gains while the 50-unit CNX Nifty was trading with small losses. The Sensex was currently up 9.22 points or 0.03% at 28,455.34. The Nifty was currently down 0.75 points or 0.01% at 8,607.30. The market breadth indicating the overall health of the market was positive.
Shares of power generation and power distribution companies gained. Pharma stocks also edged higher.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit 13-week high amid initial volatility.
In overseas markets, Chinese stocks led in gains for Asian equities. US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 745.81 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 98.51 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges.
At 11:17 IST, the S&P BSE Sensex was up 9.22 points or 0.03% at 28,455.34. The index gained 130.20 points at the day's high of 28,576.32 in early trade, its highest level since 17 April 2015. The index fell 28.66 points at the day's low of 28,417.46 in morning trade.
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The CNX Nifty was down 0.75 points or 0.01% at 8,607.30. The index hit a high of 8,642.95 in intraday trade, its highest level since 17 April 2015. The index hit a low of 8,593.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,256 shares gained and 1,066 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index was up 17.16 points or 0.15% at 11,215.40. The BSE Small-Cap index was up 68.26 points or 0.59% at 11,733.69. Both these indices outperformed the Sensex.
Shares of power generation and power distribution companies gained. Torrent Power (up 0.14%), NHPC (up 0.01%), NTPC (up 0.07%), Tata Power Company (up 0.01%), Adani Power (up 0.34%), Power Grid Corporation of India (up 0.47%), Reliance Infrastructure (up 3.01%) and Reliance Power (up 1.31%) gained.
Pharma stocks gained. Sun Pharmaceutical Industries (up 1.06%), Aurobindo Pharma (up 1.05%), Cipla (up 0.74%), Lupin (up 0.88%), Wockhardt (up 0.28%), Dr Reddy's Laboratories (up 0.04%), Divi's Laboratories (up 0.4%), Glenmark Pharmaceuticals (up 0.08%) and Cadila Healthcare (up 0.41%) gained.
Meanwhile, the India's weather office, the India Meteorological Department (IMD), said in a weekly monsoon report issued yesterday, 16 July 2015, that rainfall was below normal by 14% over the country as a whole during the period from 9 to 15 July 2015. Region wise, the rainfall was 39% below the Long Period Average (LPA) in South Peninsula, 32% below the LPA in Central India and 15% below the LPA in East & Northeast India during the period from 9 to 15 July 2015. Northwest India received above normal rainfall activity during the week with heavy to very heavy rainfall. The rainfall was 28% above the LPA in Northwest India during the period from 9 to 15 July 2015.
For the country as a whole, cumulative rainfall during the period from 1 to 15 July 2015 was 32% below Long Period Average (LPA). Region wise, the rainfall was 60% below the LPA in South Peninsula, 54% below the LPA in Central India, 15% below the LPA in East & Northeast India and 4% above the LPA in Northwest India during the period from 1 to 15 July 2015. The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops.
In a separate daily monsoon update issued yesterday, 16 July 2015, the IMD said that the Southwest Monsoon was vigorous over Jharkhand and was active over Nagaland, Manipur, Mizoram & Tripura, Gangetic West Bengal, Odisha, Bihar, East Uttar Pradesh and Himachal Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 16 July 2015. Region wise, the rainfall was 15% below the LPA in Central India, 13% below the LPA in South Peninsula, 4% below the LPA in East & Northeast India and 12% above the LPA in Northwest India until 16 July 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, Chinese stocks led gains for Asian equities. In mainland China, the Shanghai Composite index was up 2.04%. In Hong Kong, the Hang Seng index was up 1.16%. In other Asian markets, key benchmark indices in Taiwan and Japan were up 0.03% to 0.18%. South Korea's Kospi was off 0.43%.
US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress. Stocks rose steadily as Yellen told the Senate Banking Committee yesterday, 16 July 2015, that she doesn't want to see inflation linger below 2% and that risks lie on tightening too early or too late. On Wednesday, 15 July 2015, Yellen repeated her intent to raise rates sometime this year because the US economy is looking better.
In Europe, the European Central Bank (ECB) yesterday, 16 July 2015, increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday, 20 July 2015. European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB on Monday, 20 July 2015, and clear its arrears with the International Monetary Fund. Greece's parliament yesterday, 16 July 2015, approved tough austerity measures needed for the country to receive financial aid.
Meanwhile, the European Central Bank left interest rates unchanged at record low after monetary policy review yesterday, 16 July 2015.
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