Key benchmark indices hovered in a narrow range in the negative zone in morning trade. The barometer index, the S&P BSE Sensex was currently down 66.85 points or 0.24% at 28,303.99. The market breadth indicating the overall health of the market was positive.
Earlier, the key benchmark indices had edged lower in early trade on negative Asian stocks.
In overseas stock markets, Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 185.42 crore yesterday, 23 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 276.69 crore yesterday, 23 July 2015, as per provisional data.
At 10:18 IST, the S&P BSE Sensex was down 66.85 points or 0.24% at 28,303.99. The index lost 111.72 points at the day's low of 28,259.12 in early trade, its lowest level since 22 July 2015. The index rose 31.80 points at the day's high of 28,402.64 in early trade.
The CNX Nifty was down 15.75 points or 0.18% at 8,574.05. The index hit a high of 8,589.15 in intraday trade. The index hit a low of 8,560.55 in intraday trade, its lowest level since 22 July 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,187 shares gained and 724 shares fell. A total of 78 shares were unchanged.
The BSE Mid-Cap index was up 40.71 points or 0.36% at 11,256.90. The BSE Small-Cap index was up 33.94 points or 0.29% at 11,770.07. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1055 crore by 10:15 IST compared with Rs 386 crore by 09:30 IST.
Auto stocks fell. Tata Motors (down 1.23%), Maruti Suzuki India (down 0.28%), Mahindra & Mahindra (M&M) (down 1.21%), Eicher Motors (down 0.14%), Ashok Leyland (down 0.85%), Bajaj Auto (down 0.06%) and Hero MotoCorp (down 0.34%) declined. TVS Motor Company rose 0.4%.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 23 July 2015, that the Southwest Monsoon has been vigorous over Saurashtra, Kutch & Diu and active over Gangetic West Bengal, Odisha, Jharkhand, Gujarat region, Vidarbha and Chhattisgarh during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 23 July 2015. Region wise, the rainfall was 13% below the LPA in South Peninsula, 12% below the LPA in Central India, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 23 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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, the India Meteorological Department (IMD) said in its weekly monsoon report issued yesterday, 23 July 2015, that the rainfall was below normal by 12% over the country as a whole during the period from 16 July 2015 to 22 July 2015. Region wise, the rainfall was 20% below the Long Period Average (LPA) in Northwest India, 12% below the LPA in Central India, 11% below the LPA in South Peninsula and 3% below the LPA in East & Northeast India during that period.
The IMD expects rainfall to be above normal over northwest & central parts of the country on many days during the period from 23 July 2015 to 29 July 2015. Near normal rainfall is likely over eastern & northeastern parts of the country during 23 to 29 July 2015. Rainfall is likely to be below normal over interior peninsula till 4 August 2015, as per IMD's Extended Range Forecast.
Asian stocks edged lower today, 24 July 2015 after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.08% to 1.08%. In China, the Shanghai Composite index rose 1.07%.
China's factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed today, 24 July 2015. The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, the lowest reading since April last year. It was the fifth straight month below 50, the level which separates contraction from expansion. June's final reading was 49.4. China's Caixin Media Co is publishing the PMI for the first time this month after replacing HSBC as the sponsor of the survey.
The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.4 in July from a final 50.1 in June, suggesting economic growth is picking up after an expected slump in the second quarter.
US equities edged lower for the third consecutive session yesterday, 23 July 2015 as weak earnings from industrial bellwethers weighed on the market.
In US economic data, the weekly employment data yesterday, 23 July 2015 showed that initial jobless claims declined 26,000 to a seasonally-adjusted 255,000, the lowest since November 1973.
In Europe, Greece yesterday, 23 July 2015 reportedly moved another step closer to receiving its third bailout package, after the country's parliament approved a second set of economic overhauls required by lenders. The legislative approval is a precondition by the Greece's international creditors for starting official negotiations on the 86-billion-euro ($94.51 billion) aid program, aimed at helping the country stave off a debt default and get back on an economic-growth track.
Meanwhile, officials from the lender institutions the European Commission, the European Central Bank and the International Monetary Fund (formerly known as the Troika) will be in Athens today, 24 July 2015 to open detailed discussions with the Greek government.
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