High volatility was witnessed as key indices traded in positive terrain in morning trade after a volatile start. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex was currently up 104.30 points or 0.38% at 27,611.
Realty stocks advanced. HPCL shrugs off weak Q4 results. Hindustan Copper dropped after the company reported weak Q4 results.
Foreign portfolio investors sold shares worth a net Rs 792.54 crore yesterday, 28 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 683.29 crore yesterday, 28 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher today, 29 May 2015. US stock markets edged lower yesterday, 28 May 2015 as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment.
At 10:15 IST, the S&P BSE Sensex was up 104.30 points or 0.38% at 27,611. The index rose 132.53 points at the day's high of 27,639.24 in morning trade. The index fell 39.48 points at the day's low of 27,467.23 in early trade.
The CNX Nifty was up 36.75 points or 0.44% at 8,355.75. The index hit a high of 8,360.90 in intraday trade. The index hit a low of 8,305.70 in intraday trade.
The BSE Mid-Cap index was up 102.20 points or 0.97% at 10,662.24. The BSE Small-Cap index was up 80.28 points or 0.72% at 11,225.32. Both these indices outperformed the Sensex.
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The market breadth indicating the overall health of the market was strong. On BSE, 1,099 shares rose and 650 shares fell. A total of 74 shares were unchanged.
Realty stocks advanced. Mahindra Lifespace Developers (up 1.94%), Anant Raj (up 0.95%), Housing Development & Infrastructure (up 0.82%), Indiabulls Real Estate (up 2.59%), DLF (up 1.05%), Sobha (up 1.64%), Prestige Estates (up 0.33%) and Unitech (up 0.36%) edged higher. Oberoi Realty (down 0.33%) and Godrej Properties (down 0.53%) edged lower.
HPCL shrugs off weak Q4 results. The stock was up 5.16% at Rs 669.70. HPCL's net profit fell 53.09% to Rs 2162.39 crore on 30.17% decline in total income to Rs 45093.35 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 28 May 2015.
The company's net profit rose 57.65% to Rs 2733.26 crore on 7.37% decline in total income to Rs 207794.60 crore in the year ended March 2015 over the year ended March 2014.
HPCL said that Average Gross Refining Margins were reported at $2.84 per barrel in the year ended March 2015 as against $3.43 per barrel during the year ended March 2014.
The prices of PDS Kerosene and Domestic LPG are subsidized as per the scheme approved by the Government of India. During the current year ended March 2015, subsidy amounting to Rs 636.99 crore (April - March 2014: Rs 635.14 crore) has been accounted at the subsidy rates as approved by the Government.
Based on the approval received from Government of India, the company has accounted for budgetary support amounting to Rs 5057.94 crore for the period April - March 2015 (April - March 2014: Rs 15215.45 crore) against under-recoveries on sale of sensitive petroleum products for the period April - March 2015.
During the year ended March 2015, discount from upstream oil companies, viz., ONGC and GAIL (India), amounting to Rs 10862.21 crore (April - March 2014: Rs 16770.77 crore). In respect of crude oil, PDS Kerosene & Domestic LPG purchased from them has been accounted.
Hindustan Copper dropped after the company reported weak Q4 results. The stock was off 0.48% at Rs 62. The stock hit a high of Rs 62.90 and a low of Rs 61.90 so far during the day. Hindustan Copper's net profit fell 80.57% to Rs 26.60 crore on 49.30% decline in total income to Rs 272.71 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 28 May 2015.
The company's net profit fell 76.40% to Rs 67.60 crore on 31.66% decline in total income to Rs 1082.44 crore in the year ended March 2015 over the year ended March 2014.
The government is scheduled to announce the data on gross domestic product (GDP) growth for Q4 March 2015 today, 29 May 2015. India's GDP grew 7.5% in Q3 December 2014.
Meanwhile, economists expects the Reserve Bank of India (RBI) to cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review early next week. Economists expect rate cut from the central bank in an attempt to kick-start the economy which has been showing signs of decelerating. The 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 Tuesday, 2 June 2015.
In overseas markets, Asian stocks edged higher today, 29 May 2015. Key indices in China, Japan, Hong Kong, Taiwan, and South Korea were up 0.02% to 0.28%. Key indices in Singapore and Indonesia were off 0.19% to 0.57%.
Japan's industrial production rose more-than-expected in May, preliminary data showed yesterday, 28 May 2015. In a report, the Ministry of Economy, Trade and Industry said that industrial production rose to a seasonally adjusted 1% in May, from minus 0.8% in the preceding month.
US stock markets edged lower yesterday, 28 May 2015 as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment.
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