A bout of volatility was witnessed as key benchmark indices regained positive zone after reversing intraday gains in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently trading above the psychological 28,000 level. Earlier, the Sensex had regained the psychological 28,000 level after falling below that mark in early trade. A rally took the Sensex past the psychological 28,000 level yesterday, 1 July 2015. The market breadth indicating the overall health of the market was strong. The Sensex was currently up 5.46 points or 0.02% at 28,026.33.
Metal shares were mixed. Cement shares declined. Shares of National Buildings Construction Corporation (NBCC) after winning a new orders.
Foreign portfolio investors bought shares worth a net Rs 75.03 crore yesterday, 1 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 52.12 crore yesterday, 1 July 2015, as per provisional data released by the stock exchanges.
Earlier, the S&P BSE Sensex hit its highest level in more than 10 weeks at the onset of trading session.
In overseas markets, Asian stocks edged higher. Chinese shares slumped. US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
At 12:16 IST, the S&P BSE Sensex was up 5.46 points or 0.02% at 28,026.33. The index rose 95.09 points at the day's high of 28,115.96 at the onset of trading session, its highest level since 20 April 2015. The index fell 59.79 points at the day's low of 27,961.08 in morning trade.
The CNX Nifty was up 8.35 points, or 0.10% at 8,461.40. The index hit a high of 8,479.25 in intraday trade. The index hit a low of 8,437.20 in intraday trade.
The BSE Mid-Cap index was up 63.69 points or 0.59% at 10,883. The BSE Small-Cap index was up 89.38 points or 0.80% at 11,325.06. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,440 shares rose and 937 shares fell. A total of 108 shares were unchanged.
Cement shares declined. Shree Cement (down 0.41%), Ambuja Cements (down 0.27%) and UltraTech Cement (down 0.27%), edged lower. ACC was up 0.50.
Grasim Industries was down 0.60%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Metal shares were mixed. Jindal Steel & Power (up 3.81%), Bhushan Steel (up 0.87%), Steel Authority of India (up 0.85%), National Aluminum Company (up 0.50%), Hindustan Copper (up 0.47%) and JSW Steel (up 0.39%), edged higher. Tata Steel (down 0.16%), NMDC (down 0.25%), Hindalco Industries (down 0.31%), Vedanta (down 0.51%) and Hindustan Zinc (down 1.64%), edged lower.
National Buildings Construction Corporation (NBCC) was up 1.11% after the company said it secured Project Management Consultancy (PMC) business of Rs 914.54 crore from various clients in the month of June 2015. The announcement was made during trading hours today.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 1 July 2015, that the Southwest Monsoon was active over Sub-Himalayan West Bengal & Sikkim and Uttarakhand during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 13% above the Long Period Average (LPA) until 1 July 2015. Region wise, the southwest monsoon was 28% above the LPA in Northwest India, 20% above the LPA in Central India, 15% above the LPA in South Peninsula and 1% below the LPA in East & Northeast India until 1 July 2015.
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 market, Asian stocks edged higher today, 2 July 2015. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.04% to 0.95%.
China's Shanghai Composite was down 6.26%. China's securities regulator has relaxed rules on margin trading -- borrowed funds that fuelled a spectacular stock market rally -- after measures including an interest rate cut failed to stop equities falling. Margin investors only need to deposit a small proportion of the value of their trade, generating bigger profits for a given amount of money put down -- but also bigger losses. Authorities tightened rules on the practice in June in an attempt to curb enhanced market risks, but the move was among the triggers for the recent heavy falls in Chinese shares.
US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
US private employers hired the most workers in six months in June and factory activity picked up, providing fresh evidence the economy was gathering solid momentum after contracting at the start of the year. The brightening growth outlook in the US was also bolstered by other data yesterday showing auto sales remained strong in June 2015 and construction spending rose in May 2015 to its highest level in just over 6-1/2 years.
In Europe, Greece proposed of a reworked deal yesterday, 1 July 2015, as Athens continued to seek a bailout that would keep it in the eurozone. Even though the proposal for budget cuts and policy overhauls from Greek Prime Minister Alexis Tsipras was dismissed by European officials Wednesday, 1 July 2015, markets were cheered by news of the latest offer. The proposals were contained in a letter dated June 30, in which Mr Tsipras offered to accept a draft proposal disclosed on the commission's website this weekend with a handful of changes.
Greece defaulted on a payment to the International Monetary Fund on Tuesday, 30 June 2015.
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