A range bound movement was witnessed as key benchmark indices languished in negative zone in early afternoon trade. The 50-unit CNX Nifty was currently trading below the psychological 8,000 mark, after falling below that level in early trade. The Nifty had regained the psychological 8,000 mark after registering modest gains yesterday, 15 June 2015. The barometer index, the S&P BSE Sensex, was currently off 113.94 points or 0.43% at 26,472.61. The market breadth indicating the overall health of the market was weak. In overseas markets, Asian stocks edged lower as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the global day also prompted caution.
Pharma stocks declined. Cement stocks also dropped.
Meanwhile, data released by the Ministry of Commerce & Industry today, 16 June 2015, showed that India's merchandise exports fell 20.19% at $22.35 billion in May 2015 over May 2014.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 604.86 crore yesterday, 15 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 650.47 crore yesterday, 15 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged lower as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the day also prompted caution. US stocks edged lower yesterday, 15 June 2015, after the collapse of weekend talks over Greece's bailout plan and on disappointing economic data.
At 12:17 IST, the S&P BSE Sensex was down 113.94 points or 0.43% at 26,472.61. The index fell 125.06 points at the day's low of 26,461.49 in morning trade. The index rose 10.73 points at the day's high of 26,597.28 at the onset of the trading session.
Also Read
The Nifty was down 39.45 points or 0.49% at 7,974.45. The index hit a low of 7,972.75 in intraday trade. The index hit a high of 8,010.50 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,365 shares fell and 864 shares rose. A total of 120 shares were unchanged.
The BSE Mid-Cap index was down 17.33 points or 0.17% at 10,103.47. The BSE Small-Cap index was down 37.16 points or 0.35% at 10,581.24. The decline in both these indices was lower than the Sensex's fall in percentage terms.
Pharma stocks declined. Cipla (down 1.31%), Dr Reddy's Laboratories (down 1.3%), Cadila Healthcare (down 0.53%), Lupin (down 1.41%), Divi's Laboratories (down 0.26%), and Sun Pharmaceutical Industries (down 0.01%) declined. Glenmark Pharmaceuticals rose 2.28%.
Aurobindo Pharma gained 1.23% after the company announced after market hours yesterday, 15 June 2015, that it has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Extended Phenytoin Sodium Capsules USP, 100mg. The approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Dilantin of Parke-Davis Division of Pfizer Inc. Phenytoin Sodium Extended Capsules is an anti-epileptic product and indicated for the control of seizures and prevention and treatment of seizures occurring during or following neurosurgery. The product has an estimated market size of $125 million in the United States for the twelve months ending April 2015, according to IMS.
Cement stocks dropped. ACC (0.18%), Shree Cement (down 0.77%), Ambuja Cements (down 0.37%), declined. UltraTech Cement rose 0.05%.
Grasim Industries declined 0.27%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Meanwhile, data released by the Ministry of Commerce & Industry today, 16 June 2015, showed that India's merchandise exports fell 20.19% to $22.35 billion in May 2015 over May 2014. Merchandise exports registered a fall of 17.21% to $44.40 billion during the two-month period April-May 2015 over the corresponding period in the previous year.
Imports fell 16.52% to $32.75 billion in May 2015 over May 2014. Oil imports fell 40.97% to $8.54 billion in May 2015 over May 2014. Non-oil imports fell 2.24% to $24.21 billion in May 2015 over May 2014. The trade deficit declined to $10.40 billion in May 2015 from $11.23 billion in May 2014.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 15 June 2015, that the Southwest Monsoon was active over Arunachal Pradesh, Gangetic West Bengal, Odisha, Konkan & Goa, Vidarbha and Telangana during past 24 hours ending at 0830 hrs. The conditions are becoming favourable for further advance of southwest monsoon into some more parts of West Bengal and Odisha, remaining parts of Coastal Andhra Pradesh, Bay of Bengal and some parts of Jharkhand and Bihar during next 3-4 days, 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 14 June 2015. Region wise, the southwest monsoon was 20% above the LPA in East & Northeast India, 12% above the LPA in Central India, 1% above normal in South Peninsula and 6% below the LPA in Northwest India until 14 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 lower today, 16 June 2015, as financial markets braced for the possibility of Greece defaulting on its debt, while a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the day also prompted caution. Key benchmark indices in China, Singapore, Hong Kong, Taiwan, Japan, and South Korea shed by 0.5% to 2.93%. In Indonesia, the Jakarta Composite was up 0.4%.
US stocks edged lower yesterday, 15 June 2015, after the collapse of weekend talks over Greece's bailout plan and on disappointing economic data. The losses followed a breakdown in talks between Greece and its creditors over the weekend. The lack of progress in negotiations has rattled investors and raised fears of a default on Greece's debt and a possible exit from the currency bloc.
Among US macroeconomic data, US industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth. Industrial output slipped 0.2% last month after declining 0.5% in April, In a separate report, the New York Fed said its Empire State general business conditions index dropped to a reading of minus 1.98 in June from 3.09 in May.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy begins today, 16 June 2015. The FOMC meeting is being keenly watched for further indication of the timing of an expected rate hike by the US central bank later this calendar year.
In Europe, European Central Bank President Mario Draghi yesterday, 15 June 2015, raised pressure on the Greek government to come to an agreement with its international creditors to unlock financing. While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government to take the necessary steps, Draghi was quoted as saying. Greece has a debt repayment of 1.6 billion euros ($1.8 billion) due at the end of this month to the International Monetary Fund after the European nation bundled all its four June repayments into one.
Powered by Capital Market - Live News