Key benchmark indices staged a recovery in afternoon trade, with the barometer index, the S&P BSE Sensex, moving into the green from red. The 50-unit CNX Nifty was currently a tad lower for the day. The Sensex was currently up 22.59 points or 0.08% at 27,554. The Nifty was currently off 5.20 points or 0.06% at 8,334.15. The intraday recovery for key benchmark indices materialized as European stocks rose amid the easing of tensions around the Greek situation. The market breadth indicating the overall health of the market was negative.
Metal shares were mixed. FMCG shares were mixed. State-run GAIL (India) slips ahead of Q4 results.
Earlier, the Sensex hit its lowest level in almost two weeks and the 50-unit CNX Nifty hit its lowest level in more than a week as these two key benchmark indices extended initial losses.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire tomorrow, 28 May 2015.
Foreign portfolio investors bought shares worth a net Rs 114.81 crore yesterday, 26 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 123.85 crore yesterday, 26 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged higher amid the easing of tensions around the Greek situation. Asian stocks were mixed. US stocks declined sharply yesterday, 26 May 2015, as a sharp increase in the dollar spurred global investors to dump riskier assets such as equities and commodities.
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At 13:15 IST, the S&P BSE Sensex was up 22.59 points or 0.08% at 27,554. The index rose 24.92 points at the day's high of 27,556.33 in afternoon trade. The index lost 167.69 points at the day's low of 27,363.72 in early trade, its lowest level since 15 May 2015.
The Nifty was down 5.20 points or 0.06% at 8,334.15. The index hit a high of 8,335.55 in intraday trade. The index hit a low of 8,277.95 in intraday trade, its lowest level since 18 May 2015.
The BSE Mid-Cap index was down 25.58 points or 0.24% at 10,584.38. The BSE Small-Cap index was down 2.27 points or 0.02% at 11,163.38. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was negative. On BSE, 1,342 shares fell and 1,059 shares rose. A total of 102 shares were unchanged.
State-run GAIL (India) was off 1.20% to Rs 383.65 ahead of Q4 March 2015 results today, 27 May 2015. The stock hit a high of Rs 388.95 and a low of Rs 379.45 so far during the day.
Bharat Forge fell 3.03% to Rs 1,237.90. The company announced during trading hours today, 27 May 2015, that Alstom Bharat Forge Power, a joint venture between the company and Alstom commenced production at its new turbine and generator manufacturing facility at Sanand in Gujarat. Set up over an area of 1.85 lakh square meters, the site boasts an annual capacity of 4,000 megawatts, producing equipment for several major power projects in India.
Metal shares were mixed. Jindal Steel & Power (down 5.13%), Vedanta (down 2.1%), Bhushan Steel (down 1.03%), Hindustan Zinc (down 0.9%), Tata Steel (down 0.86%), Hindalco Industries (down 0.82%) and Steel Authority of India (down 0.38%) edged lower. JSW Steel (up 0.41%), Hindustan Copper (up 0.49%), National Aluminum Company (up 0.52%) and NMDC (up 0.81%) edged higher.
FMCG shares were mixed. Britannia Industries (up 2.93%), Bajaj Corp (up 2.59%), Nestle India (up 1.47%), GlaxoSmithKline Consumer Healthcare (up 0.8%), Jyothy Laboratories (up 0.59%), Godrej Consumer Products (up 0.34%) and Procter & Gamble Hygiene & Health Care (up 0.19%) edged higher. Tata Global Beverages (down 0.07%), Hindustan Unilever (down 0.32%), Dabur India (down 1.3%), Colgate Palmolive (India) (down 1.88%) and Marico (down 4.37%) edged lower.
Meanwhile, the government yesterday, 26 May 2015, named former finance secretary and economist Vijay Kelkar to head a panel that will recast the public-private-partnership (PPP) model of infrastructure development in which the government partners with private firms. The Kelkar committee will review the PPP policy and suggest a better risk-sharing mechanism between private developers and the government after analysing such projects in different sectors and the existing framework of risk-sharing. It will also propose design changes to contractual arrangements of the PPP in line with the review and international best practices and suggest measures to improve capacity-building in government for implementation of the PPP projects. The committee will submit a report in three months.
The Reserve Bank of India (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 2 June 2015.
In overseas markets, European stocks edged higher today, 27 May 2015, amid the easing of tensions around the Greek situation. Key benchmark indices in UK, France and Germany were up 0.19% to 0.52%.
Greece's finance minister, Yanis Varoufakis, yesterday, 26 May 2015, said that Athens will be able to make its next payment to the International Monetary Fund on 5 June 2015 because it will have reached an agreement with its creditors by then. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the IMF between June 5-19.
German consumer sentiment is set to increase again in June, GfK market research group said in its monthly survey today, 27 May 2015. The forward-looking GfK consumer sentiment index is set to rise to 10.2 points in June from 10.1 points in May, the survey showed.
Asian stocks were mixed today, 27 May 2015. Key benchmark indices in Hong Kong, Singapore, South Korea and Indonesia were off 0.49% to 1.68%. Key benchmark indices in Japan, China and Taiwan were up 0.17% to 0.63%.
Inflation in Japan won't hit a sustained 2% pace this year and any pickup in prices could take considerable time, the Bank of Japan (BoJ) said in minutes of its April board meeting released yesterday, 26 May 2015.
US stocks declined sharply yesterday, 26 May 2015, as a sharp increase in the dollar spurred global investors to dump riskier assets such as equities and commodities. Meanwhile, Richmond Federal Reserve Bank President Jeffrey Lacker said yesterday, 26 May 2015, that he still hasn't decided whether to vote for an interest-rate increase at the central bank's June 16-17 meeting. Mr. Lacker, who is a voter on this year's Federal Open Market Committee and often has expressed concern about the inflationary risks of the Fed's unconventional policies, reportedly said he will make the call based on incoming data between now and then.
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