Volatility ruled the roost in early trade as the key benchmark indices cut losses after reversing initial gains. The barometer index, the S&P BSE Sensex regained the psychological 27,000 mark after hitting an intraday low below that level at onset of the day's trading session. The Sensex was currently down 196.08 points or 0.72% at 27,055.02. The market breadth indicating the overall health of the market was weak. Asian stocks were mixed today, 14 May 2015.
In macro economic data, the government will today, 14 May 2015 unveil data on inflation based on the wholesale price index (WPI) for April 2015.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 71.20 crore yesterday, 13 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 254 crore yesterday, 13 May 2015, as per provisional data.
At 9:28 IST, the S&P BSE Sensex was down 196.08 points or 0.72% at 27,055.02. The index lost 302.48 points at the day's low of 26,948.62 in early trade. The index rose 42.89 points at the day's high of 27,293.99 at onset of day's trading session.
The CNX Nifty was down 68.60 points or 0.83% at 8,166.85. The index hit a high of 8,232.80 in intraday trade. The index hit a low of 8,137.30 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 733 shares declined and 421 shares gained. A total of 38 shares were unchanged.
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The BSE Mid-Cap index was off 19.18 points or 0.18% at 10,414.69. The BSE Small-Cap index was off 23.61 points or 0.22% at 10,849.24. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 208 crore by 09:30 IST.
HDFC Bank (down 1.24%), HDFC (down 1.21%) and Infosys (down 1.16%) edged lower from the Sensex pack.
GAIL (India) shed 0.75%. Indian Oil Corporation fell 1.6%. Adani Enterprises slipped 0.22%. GAIL (India) announced after market hours yesterday, 13 May 2015 that the company and Indian Oil Corporation have signed memorandum of understanding (MoU) with Dhamra LNG Terminal (DLTPL), a company owned by Adani Enterprises. DLTPL's project shall be an onshore LNG regasification terminal having initial capacity of 5 million tonnes per annum (MTPA), at Dhamra Port in Bhadrak district of Odisha. Dhamra is an all-weather deep water port.
As per the terms of MoU, Indian Oil Corporation and GAIL (India) would reserve regasification capacity in the Terminal to supply regasified LNG in the emerging gas markets in the eastern part of the country. Indian Oil Corporation and GAIL (India) would also have the option to hold equity in DLTPL at a later date.
Lupin fell 3.05%. The company after market hours yesterday, 13 May 2015 announced the acquisition of 100% equity stake in Medquimica Industria Farmaceutica S.A., Brazil, (Medquimica) subject to certain closing conditions. The acquisition marks Lupin's foray into the high growth Brazilian market and would also shore up its position in the Latin American pharmaceuticals market given the company's acquisition of Laboratorios Grin in Mexico last fiscal, Lupin said in a statement.
Incorporated in 1975, Medquimica is a broad based pharmaceutical company engaged in the development, manufacturing & commercialization of branded generics, pure generics and OTC products.
The government will today, 14 May 2015 unveil data on inflation based on the wholesale price index (WPI) for April 2015. The WPI based inflation dipped to minus 2.3% in March 2015 compared with minus 2.1% in February 2015.
Prime Minister Narendra Modi's three nation official visit to China, Mongolia and Republic of Korea begins today, 14 May and ends on 19 May 2015. In China, Prime Minister will visit Xian, Beijing and Shanghai from 14 May to 16 May 2015. He will hold bilateral meetings with China's leadership and participate in cultural and business events. PM will attend an event organized by the Indian community in China. Prime Minister's official engagements in Mongolia will be on 17 May 2015. This is the first ever visit by a Prime Minister of India to Mongolia. Prime Minister's visit to Republic of Korea will be on 18 May to 19 May 2015. PM will hold bilateral discussions with President Park Geun-hye and meet with important business leaders in Seoul.
The Budget session of Parliament concluded yesterday, 13 May 2015. The first phase of the budget session was held from February 23-March 20. In the second part, the Lok Sabha functioned from April 20-May 13. The Rajya Sabha, which was prorogued after the first part, met again on April 23 and sat till May 13. The government, under pressure from the opposition, was forced to defer its plans to legislate land acquisition and goods and services tax (GST) laws. The government has referred the Land Acquisition Bill, which was introduced in Lok Sabha on 11 May 2015 to a joint committee of both Lok Sabha and Rajya Sabha. The GST Bill, passed by the Lok Sabha last week, will be reportedly sent to a select committee of the Rajya Sabha. Both these panels are expected to submit their reports in the next session, reports indicated. Besides the Land Acquisition Bill and the GST Bill, a united Opposition had last week forced the government to refer another Bill related to regulating the real estate sector to a Select Committee of the Rajya Sabha. The three Bills will now be introduced in the monsoon session of Parliament in July 2015.
The amended Land Acquisition Bill seeks to scrap the consent clause for acquiring land for five sectors industrial corridors, public private partnership projects, rural infrastructure, affordable housing and defence. The bill also exempts projects in these five areas from social impact assessments and allows the purchase of irrigated multi-cropped land and other types of agricultural land.
The Lok Sabha on 6 May 2015, passed the Constitution Amendment Bill in respect of goods and services tax (GST). A constitutional amendment bill needs to be approved by a two-thirds majority in both houses of Parliament and ratified by half the state legislative assemblies before coming into effect. While the Bharatiya Janata Party-led National Democratic Alliance found it easy to pass the GST bill in the Lok Sabha where it is in a majority, the real test will come in the Rajya Sabha where the ruling alliance is in a minority, with 62 members in a 245-member house.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Asian stocks were mixed today, 14 May 2015. Key benchmark indices in Singapore, Hong Kong and South Korea rose by 0.12% to 0.78%. Key benchmark indices in China, Taiwan and Japan fell by 0.04% to 1.03%.
US stocks surrendered early gains to end the session on a flat note yesterday, 13 May 2015 as investors stood on the sidelines waiting for the next round of economic data at the end of earnings season.
In economic data, US retail sales were unchanged in April as households cut back on purchases of cars and other big-ticket items and import prices fell for a 10th straight month in April and business inventories barely rose in March.
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