A range bound movement was witnessed as key benchmark indices hovered in positive zone in early afternoon trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 27.99 points or 0.1% at 27,673.14. The gains for the 50-unit CNX Nifty were higher in percentage terms than those for the Sensex. The Nifty was currently up 13.75 points or 0.16% at 8,332.15. The BSE Mid-Cap index was up 1.06%, outperforming the Sensex. In overseas markets, Asian stocks edged higher as investors push off concerns about a default in Greece until the outcome of a referendum on Sunday, 5 July 2015.
Telecom shares were in demand. IT shares were mixed. Tech Mahindra extended a steep slide registered during the previous trading session that was triggered by the company issuing a warning that the company's Q1 June 2015 results have some headwinds and tailwinds which could see a risk of marginal decline in both revenue and EBITDA (earnings before interest, taxation, depreciation and amortization) margin of the company on sequential basis. Power generation stocks were mixed.
Meanwhile, CEO of Airbus Defence and Space Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Foreign portfolio investors sold shares worth a net Rs 711.88 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 906.38 crore yesterday, 29 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher as investors push off concerns about a default in Greece until the outcome of a referendum on Sunday, 5 July 2015. US market tumbled yesterday, 29 June 2015, on fears that Greece's troubles could spread through the global financial system.
At 12:17 IST, the S&P BSE Sensex, was up 27.99 points or 0.1% at 27,673.14. The index jumped 117.80 points at the day's high of 27,762.95 at the onset of trading session, its highest level since 26 June 2015. The index fell 74.20 points at the day's low of 27,570.95 in early trade.
The 50-unit CNX Nifty was up 13.75 points or 0.16% at 8,332.15. The index hit a high of 8,356.45 in intraday trade, its highest level since 26 June 2015. The index hit a low of 8,298.95 in intraday trade.
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The BSE Mid-Cap index was up 111.22 points or 1.06% at 10,651.35. The BSE Small-Cap index was up 86.12 points or 0.79% at 11044.68. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE. 1,478 shares rose and 839 shares fell. A total of 91 shares were unchanged.
Telecom shares were in demand. Idea Cellular (up 3.37%), Bharti Airtel (up 1.78%), Tata Teleservices (Maharashtra) (up 1.23%), Reliance Communications (up 1.05%) and MTNL (up 0.63%), edged higher.
IT shares were mixed. Persistent Systems (up 4.63%), MphasiS (up 1.88%), MindTree (up 0.92%), Hexaware Technologies (up 0.49%) and Oracle Financial Services Software (up 0.13%), edged higher. Infosys (down 0.03%), CMC (down 0.4%), Wipro (down 0.83%), HCL Technologies (down 0.94%) and TCS (down 0.97%), edged lower.
Tech Mahindra extended a steep slide registered during the previous trading session that was triggered by the company issuing a warning that the company's Q1 June 2015 results have some headwinds and tailwinds which could see a risk of marginal decline in both revenue and EBITDA (earnings before interest, taxation, depreciation and amortization) margin of the company on sequential basis. The stock was down 1.68% at Rs 476.20.
In its business update, the company announced during trading hours yesterday, 29 June 2015, that a seasonally weak mobility business will be a drag on Q1 revenue and EBITDA of the company. H1 B visa costs will be another drag on margins, the company said. On the other hand, favourable currency movements could help both revenue and margins, the company said.
For the current financial year, the management's endeavour will be grow enterprise business in line or above industry. Improving EBITDA margin is one of the top priorities of the company for FY 2016, Tech Mahindra said. The company further said that the organic growth of the communications business of the company could remain subdued in FY 2016 due to delayed decision making. The deal pipeline of the communications business remains healthy, the company said.
Power generation stocks were mixed. Reliance Infrastructure (up 1.60%), Tata Power (up 1.17%), CESC (up 0.79%), GMR Infrastructure (up 0.50%), Torrent Power (up 0.50%), Adani Power (up 0.17%) and Jaiprakash Power Ventures (up 0.15%), edged higher. Reliance Power (down 0.11%), NTPC (down 1.59%) and JSW Energy (down 2.61%), edged lower.
NHPC was down 0.51%. The company announced after trading hours yesterday, 29 June 2015, that consequent upon sudden increase in water level in Unit 3 & 4 on 28 June 2015, the Chutak Power Station is under complete shutdown. The de-watering pumps are in operation and the level of water is decreasing, the company said.
Meanwhile, CEO of Airbus Defence and Space Bernhard Gerwert expressed Airbus's keen interest in becoming a partner in the "Make in India" initiative through a cluster approach with regional partners, according to a statement issued by Indian Prime Minister's Office today, 30 June 2015. Bernhard held a meeting with Prime Minister Narendra Modi today, 30 June 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 29 June 2015, that the Southwest Monsoon was vigorous over East Uttar Pradesh and active over Arunachal Pradesh, Uttarakhand and East Madhya Pradesh during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 18% above the Long Period Average (LPA) until 29 June 2015. Region wise, the southwest monsoon was 28% above the LPA in Central India, 24% above the LPA in Northwest India, 22% above the LPA in South Peninsula and 3% above the LPA in East & Northeast India until 29 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.
In overseas markets, Asian stocks edged higher today, 30 June 2015, as investors push off concerns about a default in Greece until the outcome of a referendum on Sunday, 5 July 2015. Key benchmark indices in Hong Kong, Indonesia, Taiwan, Japan, Singapore and South Korea were up 0.67% to 1.35%.
China's Shanghai Composite recovered sharply after an in initial slide and was currently up 4.89%. China said late on Monday, 29 June 2015, it is preparing to allow pension funds managed by local governments to invest in the stock market for the first time, potentially channelling hundreds of billions of yuan into the sagging equity market.
Separately, a China Securities Regulatory Commission (CSRC) spokesperson said in a blog posting yesterday, 29 June 2015, evening that risks from brokerages' margin financing business are also controllable.
US market tumbled yesterday, 29 June 2015, on fears that Greece's troubles could spread through the global financial system.
In Europe, investors continue to monitor developments in Greece which looks set to default on its payment to the International Monetary Fund that is due today, 30 June 2015. Greece's international bailout also expires on 30 June 2015. Global rating agency S&P yesterday, 29 June 2015, cut Greece's credit rating by one level, saying the probability of the country leaving the euro area is now 50%. Greece shut down its banking system, ordering lenders to stay closed for six days starting Monday, 29 June 2015, to avoid a run on the country's banks and the nation's central bank moved to impose controls to prevent money from flooding out of the country. Negotiations between Greece and its creditors deteriorated over the weekend after Greece's Prime Minister Alexis Tsipras on Friday, 26 June 2015, unexpectedly called for a referendum on whether to accept reform measures demanded by the country's lenders.
Tsipras was quoted as saying yesterday, 29 June 2015, that regional leaders didn't have the nerve to kick Greece out of the euro and that a "no" vote in the July 5 referendum will strengthen the country's bargaining position. European Central Bank Executive Board member Benoit Coeure said in a newspaper interview yesterday, 29 June 2015, that a "yes" decision will prompt euro zone members to "find the means, under one form or another, to honor their commitments".
Tsipras has called a referendum on Sunday, 5 July 2015, on whether the country should accept creditors' bailout terms. Greeks will be asked to decide whether to accept reform measures demanded by the country's lenders that would ultimately unlock about euro 15.3 billion in funds. A "no" vote by Greeks could force the country out of the eurozone and push the country into what could be the darkest chapter of its six-year debt crisis.
Meanwhile, Puerto Rico's governor Alejandro Garc Padilla yesterday, 29 June 2015, laid out a plan to seek restructuring of the government's approximately $72 billion in debt, while also vowing to make Puerto Rico more economically competitive. A key point in the proposal is to get permission for Puerto Rico to go through bankruptcy as Detroit did in 2013, something that current law prohibits. Puerto Rico is a United States territory located in the northeastern Caribbean, east of the Dominican Republic, and west of both the United States Virgin Islands and the British Virgin Islands.
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