Intraday recovery witnessed in mid-morning trade proved short lived as key benchmark indices lost ground in early afternoon trade. The fall in the 50-unit CNX Nifty in percentage terms was higher than the decline in the barometer index, the S&P BSE Sensex. The Sensex was currently off 91.70 points or 0.32% at 28,574.34. . The Nifty was currently off 53.85 points or 0.62% at 8,652.85. The market breadth indicating the overall health of the market was negative.
Pharma shares declined. Sun Pharmaceutical Industries fell as shares allotted by the company to shareholders of Ranbaxy Laboratories on merger of the company with Sun Pharma were admitted for trading on the bourses today, 17 April 2015.
Meanwhile, Finance Minister Arun Jaitley yesterday, 16 April 2015, signaled that the government is unlikely to intervene with regard to income tax notices directing payment of Minimum Alternate Taxation (MAT) by foreign institutional investors (FIIs) for past years.
Separately, Prime Minister Narendra Modi assured investors of a predictable and stable tax regime while interacting with major pension fund managers of Canada yesterday, 16 April 2015.
Meanwhile, Reserve Bank of India (RBI) Governor Raghuram Rajan was quoted as saying in a newspaper interview that talks between RBI and the government have not yet focused on the composition of a planned monetary policy committee.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 214.36 crore yesterday, 16 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 432.27 crore yesterday, 16 April 2015, as per provisional data.
More From This Section
In overseas markets, Asian stocks edged lower. US stocks closed slightly lower yesterday, 16 April 2015, as investors digested a mixed batch of economic reports.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower as data showing increase in oil production from the Organization of the Petroleum Importing Countries last month tempered some of the bullishness among investors.
At 12:16 IST, the S&P BSE Sensex was down 91.70 points or 0.32% at 28,574.34. The index lost 150.74 points at the day's low of 28,515.30 in morning trade. The index gained 30.15 points at the day's high of 28,696.19 at onset of the day's trading session.
The CNX Nifty was down 53.85 points or 0.62% at 8,652.85. The index hit a low of 8,638.25 in intraday trade, its lowest level since 7 April 2015. The index hit a high of 8,699.85 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,276 shares fell and 1,187 shares rose. A total of 108 shares were unchanged.
The BSE Mid-Cap index was off 75.93 points or 0.69% at 10,917.09. The BSE Small-Cap index was off 46.29 points or 0.39% at 11,746.45. The fall in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 1977 crore by 12:15 IST, compared with turnover of Rs 1523 crore by 11:15 IST.
ONGC rose 0.98%. The Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan during his visit of the Assam asset of ONGC recently reviewed the overall performance of the ONGC Assam asset to ascertain as to what should be done in order to increase the production of this one of the oldest assets of ONGC. Pradha said that ONGC should take measures to arrest the decline in production of the asset. The Ministry of Petroleum & Natural Gas said yesterday, 16 April 2015, that ONGC's management has assured the oil minister that no stone would be left unturned to achieve higher production from this asset.
Pharma shares declined. Lupin (down 4.11%), Cadila Healthcare (down 1.08%), Dr Reddy's Laboratories (down 0.83%), Glenmark Pharmaceuticals (down 1.3%), GlaxoSmithKline Pharmaceuticals (down 0.75%) and Aurobindo Pharma (down 0.89%) declined. Cipla (up 0.92%) and Wockhardt (up 1.69%) rose.
Sun Pharmaceutical Industries fell as shares allotted by the company to shareholders of Ranbaxy Laboratories on merger of the company with Sun Pharma were admitted for trading on the bourses today, 17 April 2015. The stock was off 2.62%. Sun Pharma had allotted 33.49 crore equity shares of Re 1 each to the shareholders of erstwhile Ranbaxy Laboratories in the ratio of eight equity shares of Re 1 each of the Sun Pharma for every ten equity shares of Rs 5 each held in erstwhile Ranbaxy Laboratories pursuant to merger of Ranbaxy with Sun Pharma.
Rollatainers surged 9.65% after the company said that its board of directors at a meeting held yesterday, 16 April 2015, approved 5-for-1 stock split. The announcement was made after market hours yesterday, 16 April 2015.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.3525, compared with closing of 62.30 during the previous trading session.
Brent crude oil futures edged lower as data showing increase in oil production from the Organization of the Petroleum Importing Countries last month tempered some of the bullishness among investors. Brent for June settlement was off 51 cents at $63.47 a barrel. The contract had gained 66 cents or 1.04% to settle at $63.98 a barrel during previous trading session.
Meanwhile, Finance Minister Arun Jaitley yesterday, 16 April 2015, signaled in his speech at a seminar in Washington that the government is unlikely to intervene with regard to income tax notices directing payment of Minimum Alternate Taxation (MAT) by foreign institutional investors (FIIs) for past years. Many foreign investors have been receiving notices requesting their MAT calculations for financial year 2011-2012. This has also sparked worries among FIIs that the income tax department will raise MAT demand on FIIs for earlier years. In the Union Budget 2015-16 presented in parliament on 28 February 2015, Jaitley had announced that capital gains on sale of shares by foreign institutional investors (FIIs) will not be subject to the provisions of the minimum alternate tax (MAT) from 1 April 2015. Jaitley yesterday, 16 April 2015, reportedly said that with regard to applicability of MAT for previous years, FIIs had gone to a judicial tribunal and lost. He suggested that if they want relief, they should appeal rather than asking for him to step in.
Separately, Prime Minister Narendra Modi assured investors of a predictable and stable tax regime while interacting with major pension fund managers of Canada yesterday, 16 April 2015. Modi is currently in Canada for an official visit.
Meanwhile, Reserve Bank of India (RBI) Governor Raghuram Rajan was quoted as saying in a newspaper interview that talks between RBI and the government have not yet focused on the composition of a planned monetary policy committee.
In overseas markets, Asian stocks edged lower today, 17 April 2015. Key benchmark indices in Indonesia, Singapore, Hong Kong, Taiwan and Japan fell by 0.01% to 1.17%. Key benchmark indices in China and South Korea were up 0.17% to 2.2%.
Singapore's key non-oil domestic exports unexpectedly surged in March due to growth in both electronics and non-electronic shipments. Exports of goods made in Singapore rose 18.5% in March compared with a year earlier, after falling 9.7% in February, trade promotion agency International Enterprise Singapore said today, 17 April 2015.
Trading in US index futures indicated that the Dow could fall 31 points at the opening bell today, 17 April 2015. US stocks closed slightly lower yesterday, 16 April 2015 as investors digested a mixed batch of economic reports.
US economic data released yesterday, 16 April 2015 showed housing starts rose far less than expected in March and factory activity in the mid-Atlantic region grew modestly this month, suggesting the economic momentum will probably not be strong enough for the Federal Reserve to decide to start raising interest rates as early as June.
Meanwhile, Greek Prime Minister Alexis Tsipras yesterday, 16 April 2015, reportedly said that he was "firmly optimistic" his government would reach an agreement with its creditors by the end of April despite friction over issues such as pension and labour reform. Greece needs to strike a deal within the next few months to secure billions of euros in bailout aid to avoid defaulting on its debts and potentially exiting the euro.
Powered by Capital Market - Live News