A range bound movement was witnessed as key indices hovered in positive terrain in morning trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex was currently up 48.08 points or 0.17% at 27,612.74.
Auto stocks advanced. Pharma stocks edged lower. Bata India advanced after the company reported strong earnings for the quarter ended March 2015 after market hours yesterday, 27 May 2015.
Indian stocks may remain volatile today, 28 May 2015, as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire today, 28 May 2015.
Foreign portfolio investors sold shares worth a net Rs 934.98 crore yesterday, 27 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 594.03 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks were mixed today, 28 May 2015. US stocks closed higher yesterday, 27 May 2015, recovering from Tuesday's selloff, as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb.
At 10:15 IST, the S&P BSE Sensex was up 48.08 points or 0.17% at 27,612.74. The index rose 101.71 points at the day's high of 27,666.37 in early trade. The index rose 2.46 points at the day's low of 27,567.12 in early trade.
The CNX Nifty was up 4.85 points or 0.06% at 8,339.45. The index hit a high of 8,364.50 in intraday trade. The index hit a low of 8,335.20 in intraday trade.
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The BSE Mid-Cap index was up 27.60 points or 0.26% at 10,644.07. The BSE Small-Cap index was up 32.42 points or 0.29% at 11,194.83. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,030 shares rose and 683 shares fell. A total of 70 shares were unchanged.
Auto stocks advanced. Hero MotoCorp (up 1.37%), Tata Motors (up 2.27%), TVS Motor Company (up 0.87%), Bajaj Auto (up 0.37%) and Maruti Suzuki India (up 0.19%) edged higher. Mahindra & Mahindra (down 0.74%) and Eicher Motors (down 0.89%) edged lower.
Pharma stocks declined. Wockhardt (down 2.65%), Ipca Laboratories (down 0.48%), Sun Pharmaceutical Industries (down 0.68%), Cipla (down 0.44%), Dr Reddy's Laboratories (down 0.38%) and Lupin (down 0.17%) edged lower. GlaxoSmithkline Pharmaceuticals (up 0.43%), Glenmark Pharmaceuticals (up 0.3%) and Strides Arcolab (up 0.33%) edged higher.
Bata India advanced after the company reported strong earnings for the quarter ended March 2015 after market hours yesterday, 27 May 2015. The stock was up 2% at Rs 1,058. Bata India's net profit rose 48.30% to Rs 58.43 crore on 0.8% decline in net sales to Rs 491 crore in the quarter ended March 2015 over the quarter ended March 2014.
The company's profit before exceptional items stood at 25.21 crore in the quarter ended March 2015. Exceptional item mainly represents gain related to part receipt of constructed space as part of property development project Rs 23.92 crore.
Bata India has changed its financial year from 'January - December' to 'April - March' and accordingly the last financial year was extended till 31 March 2015 covering a period of 15 months.
Meanwhile, Bata India's board of directors approved for 2-for-1 stock split, subject to approval of the shareholders at the forthcoming Annual General Meeting.
The Reserve Bank of India (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 2 June 2015.
In overseas markets, Asian stocks were mixed today, 28 May 2015. Key indices in Japan, Taiwan and South Korea were up 0.41% to 0.63%. Key indices in China, Hong Kong, Singapore and Indonesia were off 0.08% to 1.4%.
US stocks closed higher yesterday, 27 May 2015, recovering from Tuesday's selloff, as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb.
Meanwhile, US treasury chief Jacob Lew yesterday, 27 May 2015, urged Greece and its creditors to double down in their efforts to reach a deal to solve the nation's debt crisis, saying no one should be complacent about the risks to the world economy from a Greek default and possible exit from the eurozone. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the IMF between June 5-19.
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