After seeing an initial rally, key benchmark indices extended gains in morning trade. The barometer index, the S&P BSE Sensex, and, the 50-unit CNX Nifty, both, hit their highest level in nearly three weeks. The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. The Sensex was currently up 237.46 points or 0.87% at 27,553.63. In overseas markets, Asian stocks edged higher on reports Greece has submitted new last-minute proposals aimed at appeasing its international creditors.
Realty stocks edged higher on renewed buying. Indiabulls Real Estate jumped after the company said that its board of directors approved preferential allotment of shares of the company to the promoter group entities. Dr Reddy's Laboratories edged higher after the company announced the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as over-the-counter (OTC) product by the company.
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) sold shares worth a net Rs 106.12 crore during previous trading session on Friday, 19 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 447.55 crore on Friday, 19 June 2015, as per provisional data.
Meanwhile, weekly data released by the Ministry of Agriculture after trading hours on Friday, 19 June 2015, showed that the sowing of Kharif crops is gathering pace.
In overseas stock markets, Asian markets edged higher, with investors encouraged by signs of a compromise in Greece's debt talks with its creditors. US stocks edged lower during the previous trading session on Friday, 19 June 2015, as the persistent deadlock in Greek debt talks turned investors cautious heading into the weekend.
Also Read
At 10:15 IST, the S&P BSE Sensex was up 237.46 points or 0.87% at 27,553.63. The index jumped 247.08 points at the day's high of 27,563.25 in morning trade, its highest level since 2 June 2015. The index rose 100.86 points at the day's low of 27,417.03 in early trade.
The CNX Nifty was up 76.65 points or 0.93% at 8,301.60. The index hit a high of 8,303.35 in intraday trade, its highest level since 2 June 2015. The index hit a low of 8,257.40 in intraday trade.
The BSE Mid-Cap index was up 67.36 points or 0.64% at 10,554.48. The BSE Small-Cap index was up 92.76 points or 0.85% at 11,035.55. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. 1,317 shares rose and 563 shares fell. A total of 87 shares were unchanged.
Realty stocks edged higher on renewed buying. Unitech (up 1.05%), Oberoi Realty (up 1.75%), Sobha (up 1.94%), Mahindra Lifespace Developers (up 2.16%), Prestige Estates (up 1.78%), Godrej Properties (up 0.48%), Housing Development & Infrastructure (up 1.24%) and DLF (up 0.61%) edged higher. D B Realty (down 1%) edged lower.
Indiabulls Real Estate jumped after the company said that its board of directors approved the preferential allotment of shares of the company to the promoter group entities. The stock was up 11.53% at Rs 46.90. Indiabulls Real Estate yesterday, 21 June 2015, said that to augment the long-term resources of the company for meeting funding requirements for its business purposes and as a reflection of confidence that the promoters have in the future of the company, the board of directors of the company at its meeting held on Saturday, 20 June 2015, inter alia, approved the preferential offer and issue of up to 3.67 crore equity shares of Rs 2 each and up to 4.36 crore warrants, convertible into equivalent number of equity shares of Rs 2 each, to the promoter group entities at an issue/conversion price of Rs 67 per share, which is a premium of 59.33% based on the closing market price of Rs 42.05 at BSE on Friday, 19 June 2015. The total equity investments by the promoters would amount to Rs 538 crore in the company post conversion of warrants, Indiabulls Real Estate said.
Dr Reddy's Laboratories edged higher after the company announced the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as over-the-counter (OTC) product by the company. The stock was up 1.05% at Rs 3,415. The announcement was made after market hours on Friday, 19 June 2015. HAiROOTZ comes from the same branch of business that markets MINTOP, the No. 1 dermatologist recommended brand in the country, Dr Reddy's Laboratories said in a statement.
Infosys was up 0.72% at Rs 1,003.90. The stock hit a high of Rs 1,010 and a low of Rs 997.50 so far during the trading session. A total of 114.84 crore shares issued as bonus shares in the ratio of 1 share for every share held in the company on the record date were admitted for trading on the bourses today, 22 June 2015.
Infosys during market hours today, 22 June 2015, said that it has completed the implementation of its Smart Oilfield Services Solution for SAP ERP at FTS International (FTSI), the largest private well completion company in North America, allowing the company to achieve a significant milestone in its strategic business transformation.
Infosys after market hours on Friday, 19 June 2015, said that Sharjah Islamic Bank (SIB), a leading Sharia-compliant bank in the Middle East has selected Infosys' Finacle e-Banking and Mobile Banking solutions to enhance customer service and deliver new-age channel banking experiences. With Finacle, SIB will be able to offer its customers a wide range of features for secure account management and aggregation, fund transfer, payment and financial management, Infosys said in a statement.
Separately, Infosys said after market hours on Friday, 19 June 2015, that Hrvatska Postanska Banka (HPB), a leading state-owned financial institution in Croatia, has selected the Finacle Payments solution to deliver bespoke payment offerings and superior customer experience. The new solution will enable HPB to streamline its payments operations and simultaneously serve its target markets in a cost-effective and flexible manner. The Finacle solution will also help HPB to comply with Single Euro Payments Area (SEPA) requirements and support Croatia's harmonization process with European Union regulations and Payment Service Directive, the company said in a statement.
Meanwhile, Infosys also bagged a multi-year IT managed services deal from New York-based wellness company NBTY. As part of the deal, Infosys will provide development and support services for NBTY's IT systems. NBTY is a manufacturer, marketer, distributor and retailer of vitamins and nutritional supplements. The announcement was made after market hours on Friday, 19 June 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 21 June 2015, that the southwest monsoon has further advanced into some more parts of Chhattisgarh, remaining parts of Odisha and West Bengal and some parts of Jharkhand. Conditions are favourable for further advance of southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand, entire Bihar, Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3-4 days, the IMD said. The Southwest monsoon was vigorous over Odisha, Vidarbha, Coastal Andhra Pradesh, Telangana and South Interior of Karnataka and active over Konkan & Goa and Coastal Karnataka during the past 24 hours ending at 830 hrs, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 11% above the Long Period Average (LPA) until 20 June 2015. Region wise, the southwest monsoon was 22% above the LPA in Central India, 20% above the LPA in South Peninsula, 5% above the LPA in East & Northeast India and 13% below the LPA in Northwest India until 20 June 2015.
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.
Meanwhile, weekly data released by the Ministry of Agriculture after trading hours on Friday, 19 June 2015, showed that the sowing of Kharif crops is gathering pace. However, total acreage for Kharif crops remains lower than corresponding period in the previous year. The total sown area for Kharif crops as on 19 June 2015 stood at 91.61 lakh hectares compared with 98.88 lakh hectares at this time last year.
In the global commodities market, Brent crude oil prices edged higher in volatile trade. Brent for August settlement was currently up 1 cent at $63.03 a barrel. The contract had fallen $1.24 a barrel or 1.92% to settle at $63.02 a barrel during the previous trading session on Friday, 19 June 2015.
The decline in global crude oil prices and deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In overseas stock markets, Asian markets edged higher today, 22 June 2015, with investors encouraged by signs of a compromise in Greece's debt talks with its creditors. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up 0.44% to 1.52%. In Indonesia, the Jakarta Composite was off 0.36%. Chinese stock market was shut for a holiday.
US stocks closed lower on Friday, 19 June 2015, as investors eyed developments in the Greece debt negotiations amid quarterly options expirations.
European leaders have intensified their efforts to reach a deal over the Greek debt crisis, ahead of an emergency Brussels summit today, 22 June 2015, to break the deadlock. Greece is still struggling to reach a reform agreement with its lenders, which would unlock the next portion of bailout money needed to repay 1.6 billion euros ($1.82 billion) to IMF by the end of June.
Powered by Capital Market - Live News