A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in mid-afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently up 49.41 points or 0.18% at 27,779.62. In overseas stock markets, Asian and European stocks edged higher, buoyed by expectations that a long-awaited deal between debt-burdened Greece and its creditors was firmly taking shape.
Auto stocks were mixed. Ashok Leyland edged higher after the company said it has received orders worth $82.06 million in Senegal. Realty stocks edged lower.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote renewable energy projects in India. SoftBank Chairman & CEO Masayoshi Son and Bharti Enterprises Chairman Sunil Bharti Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Earlier, the Sensex and, the 50-unit CNX Nifty, both, hit their highest level in three weeks in morning trade as these two indices extended intraday gains after seeing initial volatility.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday, 25 June 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 651.31 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.03 crore during previous trading session, as per provisional data.
In overseas stock markets, Asian and European stocks edged higher on enduring hopes that Greece will strike a deal with its international creditors to avert bankruptcy. US stocks edged higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
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At 14:18 IST, the S&P BSE Sensex was up 49.41 points or 0.18% at 27,779.62. The index jumped 152.45 points at the day's high of 27,882.66 in morning trade, its highest level since 2 June 2015. The index fell 63.62 points at the day's low of 27,666.59 in early trade.
The CNX Nifty was up 25.95 points or 0.31% at 8,379.05. The index hit a high of 8,398.45 in intraday trade, its highest level since 2 June 2015. The index hit a low of 8,334.95 in intraday trade.
The BSE Mid-Cap index was up 1.11 points or 0.01% at 10,644.80, underperforming the Sensex. The BSE Small-Cap index was up 35.02 points or 0.32% at 11,130.52, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,350 shares rose and 1,194 shares fell. A total of 131 shares were unchanged.
Auto stocks were mixed. Eicher Motors (down 0.54%), Tata Motors (down 0.53%) and Bajaj Auto (down 0.3%) edged lower. TVS Motor Company (up 0.16%), Mahindra & Mahindra (up 0.87%) and Maruti Suzuki India (up 0.76%) edged higher.
Hero MotoCorp was down 1.54% at Rs 2,540.80. The stock hit a high of Rs 2,713.70 and a low of Rs 2,537 so far during the day. With regard to news article titled "Hero picks up majority stake in Mybox, enters electronics biz", Hero MotoCorp clarified during market hours today, 23 June 2015, that the news pertains to the investment by Munjal family. The company has no information about this investment, Hero MotoCorp said.
Ashok Leyland edged higher after the company said it has received orders worth $82.06 million in Senegal. The stock was up 1.63% at Rs 71.55. The announcement was made during market hours today, 23 June 2015. Ashok Leyland said that DAKAR DEM DIKK, a public transport organization under the aegis of the Ministry of Transport, Senegal, has commissioned a comprehensive logistics program with Ashok Leyland, that comprises supply of 475 buses, genuine spares, assistance in development of workshops, training and consultancy on fleet management and structuring of vehicle tracking and monitoring systems.
Realty stocks edged lower. Indiabulls Real Estate (down 2.65%), D B Realty (down 1.96%), Unitech (down 1.23%), Housing Development & Infrastructure (down 0.42%), Sobha (down 0.08%) and Oberoi Realty (down 0.56%) edged lower. DLF (up 2.53%), Prestige Estates (up 1.48%) and Godrej Properties (up 1.07%) edged higher.
Bharat Heavy Electricals (Bhel) was off 0.28% at Rs 245.80. The stock hit a high of Rs 250.80 and a low of Rs 245 so far during the day. Bhel during market hours today, 23 June 2015, said that the company has achieved one more milestone by successfully commissioning a 250 megawatts (MW) coal-based thermal plant in Assam. The unit has been commissioned at the upcoming Bongaigaon Thermal Power Station (TPS) in Assam.
NMDC was off 0.79% at Rs 118.85. The stock hit a high of Rs 120.95 and a low of Rs 118.40 so far during the day. The Union Steel & Mines Minister Narendra Singh Tomar has said that the company needs to bring more parity in its physical and financial performance. To achieve the target of producing 75 million tonnes per annum (MTPA) iron ore by 2019-20, there needs to be visible incremental increase in production in consecutive years, Tomar said. Tomar visited the head office of NMDC in Hyderabad yesterday, 22 June 2015, and met officers and employees of the company and reviewed its performance in a meeting.
Tomar advised NMDC to get a strategic plan prepared for long term vision. He further said that delay in execution and commissioning of the ongoing projects needs to be curtailed at the earliest. Nagarnar Steel Plant, Kumarswamy Mechanised Mines, Deposit 11-b and pellet plant projects must be put on fast track to be completed in time, Tomar said. Performance in respect of financial parameters like gross operating margin, PAT, per employee profit etc. has scope for improvement, Tomar stressed.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote the adoption of clean and safe energy in India, according to a joint press statement issued by SoftBank, Bharti and Foxconn yesterday, 22 June 2015. Subject to certain conditions, all three companies will jointly invest in the venture, according to the joint press release. SBG Cleantech will be a harbinger of solar and wind energy. Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has great potential to be a major solar market, according to the joint statement.
SoftBank Chairman & CEO Masayoshi Son said that India offers vast potential and with this partnership, the goal is to create a market-leading ?clean energy company to fuel India's growth with clean and renewable sources of energy. Bharti Enterprises Chairman Sunil Bharti Mittal said that the Bharti group is participating in the renewable energy venture which has the potential to transform the Indian economy.
SoftBank's Son and Bharti's Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Meanwhile, concerns of a likely spike in food prices have receded due to above-average rains during the initial part of the June-September southwest monsoon season. For the country as a whole, the cumulative rainfall during this year's monsoon season was 16% above the Long Period Average (LPA) until 21 June 2015. Region wise, the southwest monsoon was 32% above the LPA in Central India, 30% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 21 June 2015.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 22 June 2015, that the southwest monsoon has further advanced into some more parts of Gujarat region, Madhya Pradesh, most parts of Chhattisgarh and Jharkhand and some parts of Bihar. Conditions are favourable for further advance of Southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3 days, the IMD said. The Southwest Monsoon was vigorous over Madhya Maharashtra, Vidarbha, Chhattisgarh and South Interior Karnataka and active over Gangetic West Bengal, Odisha, Jharkhand, West Madhya Pradesh and North Interior Karnataka during past 24 hours ending at 0830 hrs, the IMD said.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas stock markets, European stocks gained today, 23 June 2015, buoyed by expectations that a long-awaited deal between debt-burdened Greece and its creditors was firmly taking shape. Key indices in France, Germany and UK rose by 0.14% to 0.92%.
European leaders held an emergency summit yesterday, 22 June 2015, to discuss Greece's debt crisis. Greece's economy minister reportedly spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days", as per reports. Greece needs a deal to unlock new financing ahead of a 1.54 billion euro ($1.75 billion) debt payment due to the International Monetary Fund at the end of June.
Eurozone economic growth hit a four-year high in June, according to the latest PMI survey data released today, 23 June 2015. Markit's flash Eurozone composite PMI, based on around 85% of usual monthly survey replies, rose from 53.6 in May to 54.1 in June, its highest since May 2011.
Asian markets edged higher today, 23 June 2015, on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy. Key indices in China, Japan, Indonesia, Hong Kong, Taiwan, Singapore and South Korea were up 0.01% to 2.16%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.6 in June from a final reading of 49.2 in May, HSBC Holdings PLC said today, 23 June 2015. The reading is still below 50, which separates expansion from contraction.
US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
US existing home sales rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released yesterday, 22 June 2015. Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported.
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