A bout of volatility was witnessed as key benchmark once again slipped into the red after regaining positive terrain for a brief period in morning trade. The losses for the benchmark indices were small. The barometer index, the S&P BSE Sensex, was currently off 49.70 points or 0.17% at 28,835.51. The market breadth indicating the overall health of the market was strong. Realty stocks edged higher on renewed buying.
Meanwhile, global credit rating agency Fitch Ratings yesterday, 9 April 2015, affirmed India sovereign credit rating at 'BBB-' with a stable outlook. The government's broad-based structural reform agenda has brought dynamism back to the Indian economy, after a couple of years of limited progress on the structural front, the rating agency said adding that India's sovereign ratings are constrained by limited improvement in India's fiscal position, which is a long standing key weakness.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 193.81 crore yesterday, 9 April 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 492.79 crore yesterday, 9 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged higher, supported by strong economic data from Germany that lifted the oil demand outlook and as worries about a quick return of Iranian supplies eased.
In overseas markets, Asian markets rose after news that Greece had made a 450 million euro loan payment to the International Monetary Fund. US stocks edged higher yesterday, 9 April 2015, helped by a rally in energy and health-care sectors.
At 10:17 IST, the S&P BSE Sensex was down 48.16 points or 0.17% at 28,837.05. The index fell 64.31 points at the day's low of 28,820.90 in early trade. The index gained 13.98 points at the day's high of 28,899.19 in morning trade.
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The CNX Nifty was down 15.80 points or 0.18% at 8,762.50. The index hit a low of 8,758.40 in intraday trade. The index hit a high of 8,781.40 in intraday trade.
The BSE Mid-Cap index was up 62.05 points or 0.56% at 11,112.30. The BSE Small-Cap index was up 50.13 points or 0.43% at 11,767.61. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,204 shares gained and 756 shares fell. A total of 78 shares were unchanged.
Realty stocks edged higher on renewed buying. Sobha (up 1.98%), Indiabulls Real Estate (up 0.49%), Unitech (up 0.29%), DLF (up 0.75%), Housing Development & Infrastructure (HDIL) (up 1.38%), Oberoi Realty (up 2.4%), Phoenix Mills (up 0.56%), and Anant Raj (up 1.05%) edged higher.
Neyveli Lignite Corporation rose after the company announced that unit II (500 megawatts) of Tuticorin Power Project of NLC Tamilnadu Power, NLC's subsidiary company, has been test synchronized with the grid on 9 April 2015. The stock rose 4.21%. The announcement was made after market hours yesterday, 9 April 2015.
Biocon rose after the company announced that its Insulin Glargine has been approved by COFEPRIS, the Mexican health authority, through its partner PiSA Farmaceutica (PiSA). The stock rose 2.25%. The company made announcement yesterday, 9 April 2015. Biocon said that Mexico has been a very important market for the company since 2006, where it has been playing a significant role in enabling access to affordable rh-Insulin. Insulin Glargine will augment the affordable insulins therapy for diabetes management. 'GALACTUS' by PiSA is the first Insulin Glargine to be approved in Mexico as per the biocomparable approvals pathway defined in 2012, Biocon said.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.385, compared with closing of 62.245 during the previous trading session.
Brent crude oil futures edged higher, supported by strong economic data from Germany that lifted the oil demand outlook and as worries about a quick return of Iranian supplies eased. Brent for May settlement was up 23 a cents at $56.80 a barrel. The contract had risen $1.02 a barrel or 1.93% to settle at $56.57 a barrel during previous trading session.
The government will unveil industrial production data for February 2015 today, 10 April 2015.
Meanwhile, global credit rating agency Fitch Ratings yesterday, 9 April 2015, affirmed India sovereign credit rating at 'BBB-' with a stable outlook. The government's broad-based structural reform agenda has brought dynamism back to the Indian economy, after a couple of years of limited progress on the structural front, the rating agency said adding that India's sovereign ratings are constrained by limited improvement in India's fiscal position, which is a long standing key weakness. Implementation of the government's structural reform agenda and structurally lower inflation would improve the sovereign credit profile, as both would improve the investment climate and benefit real GDP growth, Fitch said in a statement.
The announcement from Fitch came hours after another global credit rating agency Moody's Investors Service raised India's credit rating outlook to positive from stable. The driver for the upgrade in rating outlook is Moody's view that India's growth will continue to outperform that of its peers over the medium-term. Moody's affirmed the Government of India's Baa3 issuer and senior unsecured ratings.
Meanwhile, Paris-based think tank Organisation for Economic Cooperation and Development (OECD) said yesterday, 9 April 2015, that India's economic expansion continues to firm up even as growth is easing in the neighboring China. The think tank's assessment is based on its Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to trend.
In overseas markets, Asian markets rose today, 10 April 2015, after news that Greece had made a 450 million euro loan payment to the International Monetary Fund. Key indices in China, South Korea, Taiwan, Singapore, and Hong Kong rose by 0.38% to 1.4%. Japan's Nikkei Average fell 0.09%. Indonesia's Jakarta Composite declined 0.07%.
China's consumer inflation stayed flat at 1.4% in March, while producer prices fell slightly less than projected, official data showed today, 10 April 2015, keeping pressure on profit margins at Chinese companies as Beijing struggles to stimulate growth. The producer price index (PPI) declined 4.6%, the National Bureau of Statistics (NBS) said today, 10 April 2015, extending a long-running factory deflation cycle that began in March 2012 to three years.
Trading in US index futures indicates that the Dow Jones industrial average could fall 21 points at the opening bell today, 10 April 2015. US stocks rose yesterday, 9 April 2015, helped by a rally in energy and health-care sectors.
On economic front, the US Labor Department said workers filing for first-time jobless benefits totalled 281,000 last week, fewer than what had forecast, and bringing the four-week average of claims to its lowest since 2000.
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