The arrival of the southwest monsoon at the Kerala coast in southern India triggered further gains for key benchmark indices. The barometer index, the S&P BSE Sensex, was currently trading below the psychological 27,000 mark, after surpassing that level in mid-afternoon trade. The market breadth indicating the overall health of the market was strong. The Sensex was currently up 171.54 points or 0.64% at 26,984.96.
Power generation stocks were in demand. Shares of PSU banks were mixed. Private sector banks edged lower. PSU OMCs were in demand as crude oil prices dropped.
Meanwhile, the India Meteorological Department (IMD) announced that the southwest monsoon has set in over Kerala today, 5 June 2015, four days latter than the normal onset date of 1 June.
Foreign portfolio investors bought shares worth a net Rs 511.90 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 772.04 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower as investors tracked developments in Greece's attempt to hammer out a deal with creditors before running out cash. Asian stocks edged lower after a steep slide for US stocks overnight. US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely.
At 14:18 IST, the S&P BSE Sensex was up 171.54 points or 0.64% at 26,984.96. The index jumped 194.68 points at the day's high of 27,008.10 mid-afternoon trade, its highest level since 3 June 2015. The index fell 94.98 points at the day's low of 26,718.44 in morning trade.
More From This Section
The 50-unit CNX Nifty was up 55.50 points or 0.68% at 8,186.15. The index hit a high of 8,191 in intraday trade, its highest level since 3 June 2015. The index hit a low of 8,100.15 in intraday trade.
The BSE Mid-Cap index was up 50.14 points or 0.48% at 10,397.59, underperforming the Sensex. The BSE Small-Cap index was up 82.73 points or 0.76% at 10,906.46, outperforming the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,515 shares rose and 996 shares fell. A total of 129 shares were unchanged.
PSU OMCs were in demand as crude oil prices dropped. HPCL (up 1.26%) and Indian Oil Corporation (up 1%), edged higher. BPCL was down 0.10%.
Lower crude oil prices could decrease under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
PSU bank stocks were mixed. Andhra Bank (up 1.42%), United Bank of India (up 1.09%), Punjab and Sind Bank (up 1.03%), State Bank of India (up 1.01%), Bank of Baroda (up 0.90%), IDBI Bank (up 0.62%), Allahabad Bank (up 0.47%), Vijaya Bank (up 0.34%), Punjab National Bank (up 0.31%) and Syndicate Bank (up 0.27%) edged higher. UCO Bank (down 0.17%), Dena Bank (down 0.55%), Central Bank of India (down 0.59%), Corporation Bank (down 0.66%), Canara Bank (down 0.76%), Bank of India (down 0.87%), Bank of Maharashtra (down 0.96%) and Indian Bank (down 1.85%) edged lower.
Private sector banks edged lower. ICICI Bank (down 1.15%), IndusInd Bank (down 0.94%), Federal Bank (down 0.81%), Axis Bank (down 0.64%), HDFC Bank (down 0.31%) and Kotak Mahindra Bank (down 0.2%), edged lower. City Union Bank (up 0.34%) and Yes Bank (up 0.75%), edged higher.
Power generation stocks were in demand. JSW Energy (up 3.65%), NTPC (up 2.78%), Reliance Infrastructure (up 1.92%), NHPC (up 1.32%), Tata Power (up 1.28%), Adani Power (up 0.63%), CESC (up 0.58%), Torrent Power (up 0.36%) and Reliance Power (up 0.22%), edged higher. GMR Infrastructure (down 1.45%) and Jaiprakash Power Ventures (down 2.44%), edged lower.
Meanwhile, the Ministry of Coal after trading hours yesterday, 4 June 2015, announced that the auction of ten coal mines in the third tranche will be held from 11 August 2015 to 17 August 2015. The coal ministry has issued instructions to the Nominated Authority to conduct the auctions for these ten mines classified for iron & steel, cement and captive power plants. The Notice Inviting Tender (NIT) will be issued on Monday, 8 June 2015.
Meanwhile, the India Meteorological Department (IMD) announced that the southwest monsoon has set in over Kerala today, 5 June 2015, four days latter than the normal onset date of 1 June. The IMD said that the southwest monsoon has further advanced into entire south Arabian Sea, some parts of Central Arabian Sea, entire Lakshadweep area and Kerala, some parts of Coastal & South Interior Karnataka and Tamil Nadu, remaining parts of southeast Bay of Bengal and some parts of central & northeast Bay of Bengal.
The IMD said that conditions are favourable for further advance of southwest monsoon into some more parts of central Arabian Sea, Karnataka, remaining parts of Tamil Nadu, some parts of Rayalaseema and Coastal Andhra Pradesh, some more parts of central & north Bay of Bengal and southern parts of northeastern states during next 48 hours.
The IMD had yesterday, 4 June 2015, said in its weekly monsoon report that the rainfall will be mainly confined to North-East and southern peninsula over the next 10-15 days. The IMD said that for the country as a whole, cumulative rainfall during this year's monsoon has upto 3 June been 19% above the Long Period Average (LPA). The cumulative seasonal rainfall was excess in 16, normal in 3 and deficient to scanty in 17 sub-divisions.
The annual 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 global commodity markets, Brent crude oil futures edged lower on concerns that the oil producing countries' club will fail to cut output targets in an effort to support prices. Brent for July settlement was off 52 cents at $61.51 a barrel. The contract had lost $1.77 a barrel or 2.77% to settle at $62.03 a barrel during the previous trading session.
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna today, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
In overseas markets, European stocks edged lower today, 5 June 2015, as investors tracked developments in Greece's attempt to hammer out a deal with creditors before running out cash. Key indices in Germany, UK and France were off 0.80% to 1.21%.
Greece was due to repay 303.3 million euros ($341.85 million) to the International Monetary Fund on Friday, 5 June 2015. But Athens notified the IMF on Thursday, 4 June 2015, that it plans to bundle all its June loan repayments into one payment of around euro 1.6 billion due by the end of the month. This option has only been used once before, by Zambia. Greece was expected to have been able to make the payment, so the move is largely seen as a defiant gesture toward the international creditors.
Manufacturing orders in Germany picked up in April on the back of foreign demand, data from the country's economy ministry showed Friday. New orders were 1.4% higher on month in adjusted terms, surpassing median expectations of 0.5% growth in a Wall Street Journal survey of economists. On month, foreign orders grew by a robust 5.5%, with those from the eurozone rising by 6.8%. Non-eurozone foreign orders were up 4.7%, while domestic orders slipped 3.8%. Total data for March were also revised slightly upward, with the ministry now reporting a 1.1% monthly increase, beating the 0.9% rise originally reported.
Asian stocks edged lower today, 5 June 2015, after a steep slide for US stocks overnight. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were down by 0.09% to 1.06%. China's Shanghai Composite was up 1.54%.
US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely. Data showed the labour market tightening, with first-time applications for unemployment aid down last week and the number of people on benefit rolls hitting the lowest level since 2000, suggesting the Federal Reserve will remain on track to raise interest rates later this year. The data came ahead of Friday's key US jobs report. The International Monetary Fund has urged the Fed not to raise rates until there are clear signs of a pickup in wages and inflation.
Powered by Capital Market - Live News