A bout of volatility was witnessed as the barometer index, the S&P BSE Sensex, once again slipped into the red from green after reversing intraday losses in morning trade. The Sensex was currently off 46.83 points or 0.17% at 27,484.58. The market breadth indicating the overall health of the market was negative. In overseas markets, Asian stocks edged lower after a setback for US stocks overnight.
Bank stocks edged higher on renewed buying. United Spirits dropped amid volatility after the company reported a massive net loss for Q4 March 2015. Reliance Power edged higher after the company reported a small increase in bottom line in Q4 March 2015.
Earlier, the Sensex hit its lowest level in almost two weeks and the 50-unit CNX Nifty hit its lowest level in more than a week as these two key benchmark indices extended initial losses.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire tomorrow, 28 May 2015.
Foreign portfolio investors bought shares worth a net Rs 114.81 crore yesterday, 26 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 123.85 crore yesterday, 26 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged lower after a setback for US stocks overnight. US stocks declined sharply yesterday, 26 May 2015, as a sharp increase in the dollar spurred global investors to dump riskier assets such as equities and commodities.
At 11:15 IST, the S&P BSE Sensex was down 46.83 points or 0.17% at 27,484.58. The index lost 167.69 points at the day's low of 27,363.72 in early trade, its lowest level since 15 May 2015. The index rose 17.62 points at the day's high of 27,549.03 in morning trade.
The CNX Nifty was down 24.35 points or 0.29% at 8,315. The index hit a low of 8,277.95 in intraday trade, its lowest level since 18 May 2015. The index hit a high of 8,334.85 in intraday trade.
The BSE Mid-Cap index was down 8.73 points or 0.08% at 10,601.23. The BSE Small-Cap index was down 10.43 points or 0.09% at 11,155.22. The decline in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 1,104 shares fell and 961 shares rose. A total of 91 shares were unchanged.
Bank stocks edged higher on renewed buying. Among public sector banks, IDBI Bank (up 4.87%), Union Bank of India (up 4.48%), Syndicate Bank (up 2.03%), Bank of India (up 1.96%), Indian Overseas Bank (up 1.44%), Oriental Bank of Commerce (up 2.03%), Bank of Baroda (up 0.97%), Corporation Bank (up 1.17%) and State Bank of India (up 0.31%) edged higher. Central Bank of India (down 0.32%) edged lower.
Punjab National Bank (PNB) was up 1.33% at Rs 152.35. PNB announced after market hours yesterday, 26 May 2015, that the additional charge of the Managing Director & CEO of the bank vested with Gauri Shankar has been extended by three months effective from 9 May 2015 or till the date of appointment of regular MD & CEO or until further orders, whichever is earlier. Gauri Shankar, executive director was vested with additional charge of Managing Director & CEO of the bank for a period of three months, effective from 9 February 2015 to 9 May 2015 as per Government order dated 9 February 2015.
Among private sector banks, Axis Bank (up 1.62%), Yes Bank (up 0.6%), ICICI Bank (up 0.34%), IndusInd Bank (up 0.28%) and HDFC Bank (up 0.36%) edged higher. Kotak Mahindra Bank (down 0.05%) edged lower.
United Spirits dropped amid volatility after the company reported a massive net loss for Q4 March 2015. The stock was off 1.03% at Rs 3,579.65. The stock hit a high of Rs 3,658 and a low of Rs 3,501.40 so far during the day. United Spirits reported net loss of Rs 1799.28 crore for Q4 March 2015, lower than net loss of Rs 5380.10 crore in Q4 March 2014. Total income rose 10.95% to Rs 2125.68 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 26 May 2015.
Meanwhile, the company's board of directors at its meeting held yesterday, 26 May 2015 did not recommend any dividend on the equity shares of the company for the year ended 31 March 2015 (FY 2015) due to losses reported by the company for FY 2015.
Reliance Power (RPower) edged higher after the company reported a small increase in bottom line in Q4 March 2015. The stock was up 2.05% at Rs 54.65. RPower's consolidated net profit rose 2.8% to Rs 276.47 crore on 20.1% increase in total income to Rs 1680.77 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 26 May 2015.
Meanwhile, the government yesterday, 26 May 2015, named former finance secretary and economist Vijay Kelkar to head a panel that will recast the public-private-partnership (PPP) model of infrastructure development in which the government partners with private firms. The Kelkar committee will review the PPP policy and suggest a better risk-sharing mechanism between private developers and the government after analysing such projects in different sectors and the existing framework of risk-sharing. It will also propose design changes to contractual arrangements of the PPP in line with the review and international best practices and suggest measures to improve capacity-building in government for implementation of the PPP projects. The committee will submit a report in three months.
In overseas markets, Asian stocks edged lower today, 27 May 2015, after a setback for US stocks overnight. Key indices in China, Japan, Hong Kong, Singapore, South Korea and Indonesia were off 0.02% to 1.53%. In Taiwan, the Taiwan Weighted was up 0.25%.
Inflation in Japan won't hit a sustained 2% pace this year and any pickup in prices could take considerable time, the Bank of Japan (BoJ) said in minutes of its April board meeting released yesterday, 26 May 2015.
US stocks declined sharply yesterday, 26 May 2015, as a sharp increase in the dollar spurred global investors to dump riskier assets such as equities and commodities. Meanwhile, Richmond Federal Reserve Bank President Jeffrey Lacker said yesterday, 26 May 2015, that he still hasn't decided whether to vote for an interest-rate increase at the central bank's June 16-17 meeting. Mr. Lacker, who is a voter on this year's Federal Open Market Committee and often has expressed concern about the inflationary risks of the Fed's unconventional policies, reportedly said he will make the call based on incoming data between now and then.
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