A bout of volatility was witnessed as key benchmark indices trimmed gains after extending initial gains. The barometer index, the S&P BSE Sensex, trimmed gains after hitting one-week high. The 50-unit CNX Nifty trimmed gains after hitting its highest level in almost a week. The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. The Sensex was currently up 165.28 points or 0.60% at 27,489.28.
The market sentiment was boosted by a statement from the Finance Ministry which stated that the government has managed to better its target for containing the fiscal and revenue deficits in the last financial year.
Shares of public sector oil marketing companies (PSU OMCs) edged higher after companies announced hike in retail selling price of petrol and diesel after trading hours on Friday, 15 May 2015. Auto stocks were also trading higher.
Foreign portfolio investors sold shares worth a net Rs 38.31 crore during the previous trading session on Friday, 15 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 563.60 crore on Friday, 15 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher. US stocks closed mostly higher during the previous trading session on Friday, 15 May 2015.
At 10:16 IST, the S&P BSE Sensex was up 165.28 points or 0.6% at 27,489.28. The index jumped 190.03 points at the day's high of 27,514.03 in morning trade, its highest level since 11 May 2015. The index gained 46.28 points at the day's low of 27,370.28 at the onset of trading session.
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The CNX Nifty was up 51.15 points or 0.62% at 8,313.50. The index hit a high of 8,321.90 in intraday trade, its highest level since 12 May 2015. The index hit a low of 8,271.95 in intraday trade.
The BSE Mid-Cap index was up 83.08 points or 0.79% at 10,647. The BSE Small-Cap index was up 90.10 points or 0.82% at 11,130.89. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. 1,329 shares rose and 567 shares fell. A total of 62 shares were unchanged.
Shares of public sector oil marketing companies (PSU OMCs) rose after companies announced hike in retail selling price of petrol and diesel after trading hours on Friday, 15 May 2015. HPCL (up 3.55%), BPCL (up 2.40%) and Indian Oil Corporation (up 2.20%) edged higher.
Indian Oil Corporation (IOCL) has raised retail selling price of petrol by Rs 3.13 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi stands at Rs 66.29 a litre. The hike in price took effect from the midnight of 15/16 May 2015. IOCL has raised retail selling price of diesel by Rs 2.71 a litre in Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi stands at Rs 52.28 a litre. IOCL said that there has been a steep increase in international prices of both petrol and diesel during the fortnight. The rupee also depreciated quite significantly during the fortnight. The combined impact of both these factors warrant an upward revision in retail selling prices, the impact of which is being passed on to the consumers with this latest price increase, IOCL said in a statement issue on Friday, 15 May 2015. The movement of prices in international oil market and the rupee-dollar exchange rate will be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.
The government has already freed pricing of petrol and diesel. PSU OMCs sell LPG and kerosene at government controlled prices.
Auto stocks were trading higher. Eicher Motors (up 2.15%), Escorts (up 1.25%), Mahindra & Mahindra (up 1.09%), Bajaj Auto (up 1.02%), TVS Motor Company (up 0.63%), Ashok Leyland (up 0.43%) and Maruti Suzuki (India) (up 0.28%), edged higher. Hero MotoCorp was down 0.26%.
Tata Motors was up 0.68%. The Tata Motors Group global wholesales including Jaguar Land Rover (JLR) rose 4% to 77,701 units in April 2015 over April 2014. Global wholesales of all commercial vehicles - Tata, Tata Daewoo were flat at 26,680 units in April 2015 over April 2014. Global wholesales of all passenger vehicles, including Jaguar Land Rover rose 6% to 51,021 units in April 2015 over April 2014. Global wholesales of Tata passenger vehicles rose 32% at 10,356 units in April 2015 over April 2014. Global wholesales for Jaguar Land Rover including CJLR wholesales stood at 40,665 vehicles in April 2015. Tata Motors Group global wholesales figures for April 2015 were announced after market hours on Friday, 15 May 2015.
Meanwhile, the Finance Ministry announced yesterday, 17 May 2015, that the government has bettered its own financial targets during 2014-15. Based on provisional accounts for the year ended 31 March 2015 (2014-15), the fiscal deficit stood at 4% of GDP for 2014-15 as against the target of 4.1%. The fiscal deficit was 4.4% of GDP in 2013-14. The revenue deficit stood at 2.8% of GDP in 2014-15 as against target of 2.9%. The revenue deficit was 3.2% of GDP in 2013-14. The government's gross tax collections rose 9% to Rs 12.45 lakh crore.
Meanwhile, data released by the government after trading hours on Friday, 15 May 2015, showed that India's merchandise exports declined 13.96% to $22.05 billion in April 2015 over April 2014. Imports declined 7.48% to $33.04 billion in April 2015 over April 2014. Oil imports fell 42.65% to $7.44 billion in April 2015 over April 2014. Non-oil imports rose 12.58% to $25.60 billion in April 2015 over April 2014. The trade deficit for April 2015 was estimated at $10.99 billion, which was higher than trade deficit of $10.08 billion in April 2014.
In overseas markets, Asian stocks edged higher today, 18 May 2015. Key benchmark indices in China, Indonesia, South Korea, Japan, and Taiwan were up by 0.02% to 0.66%. Key benchmark indices in Hong Kong and Singapore were down by 0.15% to 0.74%.
US stocks closed mostly higher Friday, 15 May 2015, with the S&P 500 index setting a record for the second straight session. Investors grappled with weaker-than-expected economic reports which left the timing of the Federal Reserve's next rate hike still uncertain for investors. US consumer sentiment fell more than expected in May, a survey released on Friday showed. The University of Michigan's preliminary sentiment index for May plunged to 88.6, the lowest since October 2014, from 95.9 in April 2015.
Separately, industrial production, which measures the output of US manufacturers, utilities and mines, decreased for the fifth consecutive month in April 2015, the Federal Reserve said. Industrial production fell 0.3% in April from the prior month, according to the latest report from the Federal Reserve. The data suggested weak global demand, a stronger US dollar and lower oil prices continue to limit output.
In Europe, German politicians kept up the pressure on Greece over the weekend to implement reforms, with Economy Minister Sigmar Gabriel warning Athens in an interview that a third aid package would not be on the cards unless the Greeks made some changes. Greece is fast running out of cash and talks with its lenders have been deadlocked over their demands for Greece to implement reforms, including pension cuts and labour market liberalisation.
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