Key benchmark indices hovered in positive terrain in mid-morning trade. The gains were small. The barometer index, the S&P BSE Sensex was currently up 28.88 points or 0.1% at 28,736.63. The market breadth indicating the overall health of the market was positive.
Shares of Reliance Industries (RIL) extended yesterday's gains on reports that the company has discovered massive gas reserves at MJ-1 block in its KG-D6 basin. Bank stocks gained.
Global rating agency, Moody's Investors Service today, 9 April 2015, changed India's outlook to positive from stable, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 479.18 crore yesterday, 8 April 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 382.54 crore yesterday, 8 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output.
In overseas markets, Asian markets were mixed. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.
At 11:22 IST, the S&P BSE Sensex was up 28.88 points or 0.1% at 28,736.63. The index gained 167.33 points at the day's high of 28,875.08 in early trade, its highest level since 19 March 2015.. The index fell 85.31 points at the day's low of 28,622.44 in morning trade.
The CNX Nifty was up 9.75 points or 0.11% at 8,724.15. The index hit a high of 8,759.90 in intraday trade, its highest level since 19 March 2015.. The index hit a low of 8,682.45 in intraday trade.
The BSE Mid-Cap index was up 52.64 points or 0.48% at 11,074.81. The BSE Small-Cap index was up 65.13 points or 0.56% at 11,700.51. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,318 shares gained and 986 shares fell. A total of 101 shares were unchanged.
Bank stocks gained. Among public sector banks, UCO Bank (up 0.45%), Syndicate Bank (up 1.75%), Punjab National Bank (up 1.74%), Corporation Bank (up 1.91%), Allahabad Bank (up 1.53%), Bank of Baroda (up 1.42%), State Bank of India (SBI) (up 0.58%), Union Bank of India (up 1.4%), Canara Bank (up 1.65%), Bank of India (up 2.47%) and United Bank of India (up 0.52%) edged higher.
Among private sector banks, Axis Bank (up 1.7%), HDFC Bank (up 1.37%), ING Vysya Bank (up 2.86%), ICICI Bank (up 1.46%), Kotak Mahindra Bank (up 2.88%), Federal Bank (up 0.61%), Yes Bank (up 2.16%), and IndusInd Bank (up 2.96%) edged higher.
Shares of Reliance Industries (RIL) extended yesterday's gains on reports that the company has discovered massive gas reserves at MJ-1 block in its KG-D6 basin. The stock rose 1.68%. According to reports, gas discovery at MJ-1 in KG-D6 block may hold 1.4 trillion cubic feet of gas resources, roughly half of the reserves in the block's main gas fields.
Astra Microwave Products rose 6.66% after the company said that it has incorporated a wholly-owned subsidiary company in the name of Aelius Semiconductors Pte., Singapore with effect from 8 April 2015 to carry on the business in the areas of high end microwave integrated chip business and related areas. The announcement was made after market hours yesterday, 8 April 2015.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.25, compared with closing of 62.24 during the previous trading session.
Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output. Brent for May settlement was up 54 cents at $56.09 a barrel. Brent for May settlement was down $3.55 a barrel or 6% at $55.55 a barrel yesterday, 8 April 2015.
A 10.95 million-barrel surge in US crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures yesterday, 8 April 2015.
Moody's Investors Service today, 9 April 2015, changed India's outlook to positive, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.
Moody's said it expected structural advantages, supported by relatively benign global commodity prices and liquidity conditions, will keep India's growth higher than that of its peers over the rating horizon. The ratings agency affirmed India's Baa3 rating.
Asian markets were mixed today, 9 April 2015. Key indices in China, Indonesia, South Korea and Singapore fell by 0.11% to 1.01%. Key indices in Hong Kong, Taiwan, and Japan rose by 0.01% to 3.07%.
Trading in US index futures indicates that the Dow Jones industrial average could fall 15 points at the opening bell today, 9 April 2015. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.
Minutes of the Federal Reserve's last meeting showed the Fed was still on course to hike interest rates this year. Fed officials acknowledged risks from overseas and a weak start to the year at their March meeting but remained confident enough in the strength of the recovery to continue laying the groundwork for an interest rate hike later this year, the minutes showed.
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