A bout of volatility was witnessed as key benchmark indices trimmed gains after hitting fresh intraday high in early afternoon trade. The broad market depicted strength. There were more than two gainers against every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 246.49 points or 0.89% at 27,809.92. The BSE Mid-Cap index was up 1.23%. The BSE Small-Cap index was up 1%. Both these indices outperformed the Sensex.
Indian stocks edged higher today, 30 July 2015, after news reports suggested that the Union Cabinet has approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee.
Shares of car major Maruti Suzuki India hit a record high. Power generation stocks were in demand. IT shares also edged higher.
Foreign portfolio investors sold shares worth a net Rs 186.24 crore yesterday, 29 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 642.69 crore yesterday, 29 July 2015, as per provisional data released by the stock exchanges.
Indian stocks may remain volatile today, 30 July 2015, as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire today, 30 July 2015.
In overseas markets, Asian stocks depicted a mixed trend. US stocks ended higher yesterday, 29 July 2015, after the Federal Reserve's latest policy statement flagged a nagging concern about low inflation, which could give officials a reason to delay raising rates.
At 12:15 IST, the S&P BSE Sensex was up 246.49 points or 0.89% at 27,809.92. The index jumped 291.03 points at the day's high of 27,854.46 in early afternoon trade, its highest level since 27 July 2015. The index gained 86.54 points at the day's low of 27,649.97 at the onset of the trading session.
The CNX Nifty was up 75 points or 0.90% at 8,450.05. The index hit a high of 8,458.90 in intraday trade, its highest level since 27 July 2015. The index hit a low of 8,408.90 in intraday trade.
The BSE Mid-Cap index was up 135.85 points or 1.23% at 11,207.27. The BSE Small-Cap index was up 116.09 points or 1% at 11,735.11. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong. There were more than two gainers against every loser on BSE. 1,728 shares rose and 776 shares fell. A total of 99 shares were unchanged.
Maruti Suzuki India (MSIL) was up 0.69% to Rs 4,303.50. The stock hit a record high of Rs 4,360 in intraday trade. The company after market hours yesterday, 29 July 2015, announced that Maruti Suzuki Dzire attained the 10 lakh cumulative sales mark this month. Launched in 2008, Maruti Suzuki Dzire has been a category leader and has helped Maruti Suzuki strengthen its presence in the the entry sedan segment, MSIL said in a statement.
Power generation stocks were in demand. GMR Infrastructure (up 8.60%), Reliance Infrastructure (up 4.77%), Jaiprakash Power Ventures (up 4.75%), Torrent Power (up 4.08%), Reliance Power (up 2.94%), Adani Power (up 2.26%), NTPC (up 2.11%), JSW Energy (up 1.89%), CESC (up 1.65%) and Tata Power (up 1.02%), edged higher.
NHPC was up 1.59% to Rs 19.20. The company's net profit rose 24.53% to Rs 767.17 crore on 0.05% growth in total income to Rs 2218.80 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 29 July 2015.
IT shares edged higher. HCL Technologies (up 2.31%), MindTree (up 1.47%), Hexaware Technologies (up 1.45%), Persistent Systems (up 1.06%), Tech Mahindra (up 0.70%), Wipro (up 0.68%), Infosys (up 0.35%), Oracle Financial Services Software (up 0.25%) and MphasiS (up 0.15%), edged higher. CMC (down 0.19%) and TCS (down 0.30%), edged lower.
Meanwhile, the Union Cabinet yesterday, 29 July 2015, reportedly approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee. The Cabinet agreed to the recommendation made by the Select Committee on compensation to states to win over support of regional parties like TMC of West Bengal and Odisha's BJD, in getting the landmark Constitution Amendment approved by the Upper House where the ruling NDA does not have a majority. The Cabinet decided that the modalities for levy of 1% tax over and above the GST rate by states as well as the ''band'' rate would be finalised while framing the rules, reports added.
The Cabinet yesterday, 29 July 2015, reportedly also approved a proposal to set up a fund to kick-start stranded infrastructure projects and a bill to replace the Consumer Protection Act, 1986, which would bring e-commerce companies under the consumer protection and competition laws, aimed at safeguarding the interests of online shoppers. The National Investment and Infrastructure Fund (NIIF), announced in the Union Budget and approved by the Cabinet, will have an initial authorized capital of Rs 20000 crore and a government contribution of up to 49%, according to news reports. NIIF will function as a sovereign fund and will seek equity participation from overseas investors as well.
The Cabinet also reportedly approved a proposal to allow foreign investment in alternative investment funds announced in this year's Union Budget.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 29 July 2015, that the Southwest monsoon was vigorous over Rajasthan and Gujarat state and was active over Gangetic West Bengal during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 29 July 2015. Region wise, the rainfall was 18% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, near normal in Central India and 12% above the LPA in Northwest India until 29 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 markets, Asian shares depicted a mixed trend today, 30 July 2015. Key benchmark indices in China, Hong Kong, Singapore and South Korea were off 0.24% to 1.05%. Key benchmark indices in Indonesia, Japan and Taiwan were up 0.29% to 1.08%.
US stocks ended higher yesterday, 29 July 2015, after the Federal Reserve's latest policy statement flagged a nagging concern about low inflation, which could give officials a reason to delay raising rates. After a two-day policy meeting, the Fed said in a statement yesterday, 29 July 2015, that the world's top economy had expanded "moderately" in recent months and the jobs market had strengthened, but it noted continued "soft" business investment and exports. The Fed left room for a September rate hike.
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