A bout of volatility was witnessed as Key benchmark indices extended losses in morning trade after a weak opening. The barometer index, the S&P BSE Sensex was currently off 104.37 points or 0.37% at 27,853.13. The market breadth indicating the overall health of the market was positive
Cement stocks declined. Steel Authority of India advanced after the company signed a Memorandum of Understanding with ArcelorMittal to set up an automotive steel manufacturing facility under a joint venture arrangement in India.
Foreign portfolio investors bought shares worth a net Rs 211.42 crore on Friday, 22 May 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 237.62 crore on Friday, 22 May 2015, as per provisional data released by the stock exchanges.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire on Thursday, 28 May 2015.
In the overseas markets, Asian stock markets were higher today, 25 May 2015. US stock markets closed lower on Friday, 22 May 2015, failing to hold highs touched during the session, as investors eyed inflation data and Fed Chair Yellen's speech ahead of the long weekend.
At 10:15 IST, the S&P BSE Sensex was down 104.37 points or 0.37% at 27,853.13. The index lost 143.40 points at the day's low of 27,814.10 in morning trade, its lowest level since 21 May 2015. The index fell 54.21 points at the day's high of 27,903.29 in early trade.
The CNX Nifty was down 32.95 points or 0.39% at 8,426. The index hit a high of 8,441.95 in intraday trade. The index hit a low of 8,414.95 in intraday trade, its lowest level since 21 May 2015.
The BSE Mid-Cap index was up 14.78 points or 0.14% at 10,634.59. The BSE Small-Cap index was up 17.77 points or 0.16% at 11,225.43. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 903 shares rose and 855 shares fell. A total of 86 shares were unchanged.
Cement stocks declined. Ambuja Cements (down 1.74%), UltraTech Cement (down 1.02%) and ACC (down 0.83%) edged lower. Shree Cement (up 0.16%) edged higher.
Grasim Industries was off 0.34% at Rs 3,629.50. Grasim has exposure to cement sector through its subsidiary UltraTech Cement.
Grasim Industries before market hours today, 25 May 2015 said it has signed a business transfer agreement with Future Consumer Enterprise for the sale of its consumer products division, on a slump sale basis. The division is presently engaged in the manufacture of face care wipe, baby wipes and other products in baby/house care segments and for the financial year 2014-15, its net sales was at Rs 9.52 crore, against the total net sales of Rs 6252.34 crore at standalone level and Rs 32437.63 crore at consolidated level, Grasim said. The transaction is expected to be completed in June 2015, Grasim added.
Steel Authority of India (Sail) advanced after the company signed a Memorandum of Understanding (MoU) with ArcelorMittal to set up an automotive steel manufacturing facility under a joint venture arrangement in India. The stock was up 0.45% at Rs 66.45. The announcement was made after market hours on Friday, 22 May 2015. The MoU is the first step of a process to establish a JV between the two companies. The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to India's rapidly growing automotive sector.
Shares of Lupin were up 1.84% at Rs 1,767.60. Shares of Tata Power Company fell 1.06% at Rs 74.95. Lupin will replace Tata Power Company as a constituent in the 30-share S&P BSE Sensex index with effect from 22 June 2015.
In overseas markets, Asian stock markets were higher today, 25 May 2015. Key indices in Japan, China, Singapore and Taiwan were up 0.01% to 2.32%. In Indonesia, the IDX Composite was off 0.38%. Stock markets in Hong Kong and South Korea were shut for a holiday.
US stock markets closed lower on Friday, 22 May 2015, failing to hold highs touched during the session, as investors eyed inflation data and Fed Chair Yellen's speech ahead of the long weekend.
US Labor Department said on Friday, 22 May 2015 that US' consumer price index (CPI) gained 0.1% in April 2015 after increasing 0.2% in March.
Federal Reserve Chairwoman Janet Yellen said on Friday, 22 May 2015 that the central bank is on track to raise interest rates this year but will likely proceed cautiously because the job market hasn't fully healed, inflation is low and growth has again disappointed.
In Europe, risks regarding a potential Greek exit from the euro zone remained in the backdrop after the country's interior minister, Nikos Voutsis, threatened to default on loan repayments due to the International Monetary Fund.
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