A bout of volatility was witnessed as key benchmark indices trimmed losses in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently off 38.64 points or 0.14% at 28,466.29. The market breadth indicating the overall health of the market was positive.
Auto stocks edged higher. Bajaj Auto dropped in volatile after the company reported strong Q1 June 2015 results. Mahindra & Mahindra (M&M) edged higher after the company launched the New Thar CRDe, its popular true blue off-roader yesterday, 22 July 2015. Telecom stocks edged lower.
Earlier, the Sensex and 50-unit CNX Nifty, both, hit their highest level in nearly 14 weeks amid initial volatility.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 450.32 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 351.77 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, Asian stocks edged higher after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp.
At 12:15 IST, the S&P BSE Sensex was down 38.64 points or 0.14% at 28,466.29. The index fell 119.73 points at the day's low of 28,385.20 in early afternoon trade. The index gained 73.40 points at the day's high of 28,578.33 in early trade, its highest level since 17 April 2015.
The CNX Nifty was down 14.70 points or 0.17% at 8,618.80. The index hit a low of 8,589.95 in intraday trade. The index hit a high of 8,654.75 in intraday trade, its highest level since 17 April 2015.
The BSE Mid-Cap index was up 4.93 points or 0.04% at 11,239.49. The BSE Small-Cap index was up 84.86 points or 0.73% at 11,761.02. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,476 shares gained and 1,054 shares fell. A total of 106 shares were unchanged.
Auto stocks edged higher. TVS Motor Company (up 1.16%) and Tata Motors (up 0.51%) edged higher. Eicher Motors (down 1.72%) and Hero MotoCorp (down 0.75%) edged lower.
Mahindra & Mahindra (M&M) edged higher after the company launched the New Thar CRDe, its popular true blue off-roader yesterday, 22 July 2015. The stock was up 1.38% at Rs 1,360. The stock hit a high of Rs 1,360.80 and a low of Rs 1,347 so far during the day. The announcement was made after market hours yesterday, 22 July 2015. Targeted at the off-roading enthusiasts and people wanting to make a unique style statement, the New Thar CRDe will come with enhanced exteriors, and all new interiors with added comfort and convenience features, all of which will take the legendary off-roader to the next level, M&M said. The Thar CRDe, reflects the company's legendary tough and rugged DNA like no other model and is the most favoured recreational 4x4 vehicle among enthusiasts, it added. Over the years, the Thar has played a significant role in shaping the lifestyle vehicle segment in India, M&M said.
Shares of car major Maruti Suzuki India rose 1.08% to Rs 4,234.45. The stock hit record high of Rs 4,243.90 in intraday trade so far. The stock hit a low of Rs 4,190 in intraday trade so far.
Shares of commercial vehicles maker Ashok Leyland rose 1.35% to Rs 82.50. The stock hit record high of Rs 83.10 in intraday trade so far. The stock hit a low of Rs 81.70 in intraday trade so far.
Bajaj Auto dropped amid volatility after the company reported strong Q1 June 2015 results. The stock was off 3.75% at Rs 2,521. The stock hit a high of Rs 2,655 and a low of Rs 2,510 so far during the day. Bajaj Auto's net profit jumped 37.13% to Rs 1014.80 crore on 10.57% increase in total income to Rs 6050.30 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 23 July 2015.
Bajaj Auto's earnings before interest, taxation, depreciation and amortization (EBITDA) before marked-to-market gain/loss rose 14% to Rs 1190 crore in Q1 June 2015 over Q1 June 2014. EBITDA margin improved to 21.1% in Q1 June 2015 from 19.7% in Q1 June 2014. Bajaj Auto said that its strategy for growth in markets across the globe and increase of share in the domestic motorcycle market has yielded desired results in Q1 June 2015. Growth has been achieved without any compromise on margins, the company said.
The company's exports rose 17% to Rs 2634 crore in Q1 June 2015 over Q1 June 2014. Bajaj Auto's marketshare in domestic motorcycle market expanded 300 basis points to 18% in Q1 June 2015 from 15% in Q4 March 2015.
Telecom stocks edged lower. Bharti Airtel (down 1.17%), Mahanagar Telephone Nigam (down 0.76%), Tata Teleservices (Maharashtra) (down 1.62%) and Idea Cellular (down 0.06%) edged lower. Reliance Communications (up 0.58%) edged higher.
Bharti Infratel edged lower amid volatility after the company reported strong Q1 earnings. The stock was down 1.27% at Rs 433.75. The stock hit a high of Rs 441 and a low of Rs 433.30 so far during the day. Bharti Infratel's consolidated net profit rose 24% to Rs 576 crore on 6% growth in revenue to Rs 3016 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 22 July 2015.
Bharti Infratel's EBITDA (earnings before interest, taxation, depreciation and amortization) rose 10% to Rs 1302 crore in Q1 June 2015 over Q1 June 2014.
Commenting on the company's Q1 performance, Mr. Akhil Gupta, Chairman of Bharti Infratel said that the company continues to partner with all the operators to rollout data networks at fast pace and continues to maintain highest service quality and uptime.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower after data released by the US government yesterday, 22 July 2015, showed a surprise increase in US crude inventories last week. Brent for September settlement was currently off 16 cents at $55.97 a barrel. The contract had fallen 91 cents or 1.59% to settle at $56.13 a barrel during previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was currently hovering at 63.70, compared with its close of 63.58 during the previous trading session.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 22 July 2015, that the Southwest Monsoon was active over Gujarat State and Konkan & Goa 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 22 July 2015. Region wise, the rainfall was 13% below the LPA in Central India, 12% below the LPA in South Peninsula, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 22 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.
In overseas stock markets, Asian stocks edged higher today, 23 July 2015, after Greece's parliament passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. Key indices in Japan, China, Hong Kong, Indonesia and Singapore were up 0.02% to 2.18%. Key indices in Taiwan and South Korea were off 0.03% to 1.43%.
US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp. US home resales rose in June to their highest level in nearly 8-1/2 years. The National Association of Realtors said yesterday, 22 July 2015, existing home sales increased 3.2% to an annual rate of 5.49 million units.
In Europe, Greece's parliament today, 23 July 2015, passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. The measures were supported by a majority of lawmakers, with backing from opposition parties.
Powered by Capital Market - Live News
