Key benchmark indices traded off the day's low in afternoon trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently off 38.97 points or 0.14% at 27,798.24.
Index heavyweight and cigarette major ITC declined. FMCG stocks fell. Banking stocks also edged lower.
Foreign portfolio investors bought shares worth a net Rs 123.49 crore yesterday, 20 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 103.58 crore yesterday, 20 May 2015, as per provisional data released by the stock exchanges.
Meanwhile, the finance ministry yesterday, 20 May 2015, constituted a three-member committee headed Justice A.P. Shah to look into the issue of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs).
Earlier, the Sensex and the 50-unit CNX Nifty had, both, hit four-week high amid initial volatility.
In the overseas market, European stocks edged lower after manufacturing activity in Germany grew at the slowest pace in three months in May. Asian stocks were mixed. US stocks ended a choppy trading session slightly lower yesterday, 20 May 2015, as modest post-Fed-minutes gains evaporated by the close of the trading day.
At 13:16 IST, the S&P BSE Sensex was down 38.97 points or 0.14% at 27,798.24. The index fell 124.48 points at the day's low of 27,712.73 in early afternoon trade, its lowest level since 19 May 2015. The index rose 74.23 points at the day's high of 27,911.44 in early trade, its highest level since 23 April 2015.
The CNX Nifty was down 9.45 points or 0.11% at 8,413.80. The index hit a low of 8,382.50 in intraday trade, its lowest level since 19 May 2015. The index hit a high of 8,446.35 in intraday trade, its highest level since 23 April 2015.
The BSE Mid-Cap index was down 59.29 points or 0.56% at 10,591.49. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was down 8.39 points or 0.07% at 11,198.46. The decline in this index was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 1,430 shares fell and 991 shares rose. A total of 95 shares were unchanged.
The total turnover on BSE amounted to Rs 2507 crore by 13:15 IST.
Index heavyweight and cigarette major ITC declined 1.82% to Rs 326.40. The stock hit a high of Rs 332.95 and low of Rs 326.10 so far during the day. ITC is scheduled to announce its Q4 March 2015 results tomorrow, 22 May 2015.
FMCG stocks fell. Marico (down 1.52%), Britannia Industries (down 1.38%), Nestle India (down 1.26%), Dabur India (down 1.01%), Jyothy Laboratories (down 0.18%), Bajaj Corp (down 0.55%), GlaxoSmithkline Consumer Healthcare (down 0.73%), Colgate-Palmolive (India) (down 0.33%) and Godrej Consumer Products (down 0.57%) declined.
Hindustan Unilever (up 0.93%), Tata Global Beverages (up 0.48%) and Procter & Gamble Hygiene and Health Care (up 0.39%) rose.
Banking stocks edged lower. Among PSU bank stocks, State Bank of India (SBI) (down 1.06%), Punjab National Bank (down 1.26%), Bank of Baroda (down 2.56%), Canara Bank (down 0.13%), Bank of India (down 0.41%) and Union Bank of India (down 0.28%) dropped.
Among private bank stocks, HDFC Bank (down 0.29%), IndusInd Bank (down 1.14%), and ICICI Bank (down 1.25%) declined. Kotak Mahindra Bank (up 0.07%) and Axis Bank (up 1.5%) rose.
Yes Bank was down 1.98% to Rs 857.50 on turning ex-dividend today, 21 May 2015 for final dividend of Rs 9 per share for the year ended 31 March 2015.
Tata Power Company fell 1.49%. With respect to media reports titled "Tata Power Renewable looking to buy wind, solar power assets", Tata Power Company during market hours today, 21 May 2015, clarified that the details mentioned by Rahul Shah, Chief Executive of Tata Power Renewable Energy in his interview are a repeat of what has been said on earlier occasions also and not a new development. Media reports had quoted Rahul Shah as saying that Tata Power Renewable Energy, a subsidiary of Tata Power Company, is set to expand its wind power generation capacity by 150 megawatts (MW) this fiscal.
Meanwhile, the finance ministry yesterday, 20 May 2015, constituted a three-member committee headed Justice A.P. Shah to look into the issue of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs). It may be recalled that Finance minister Arun Jaitley had on 7 May 2015 announced the constitution of a committee headed by Chairman of Law Commission of India Justice A.P. Shah to look into the issue of the levy of MAT on FIIs as well as other issues which are referred to it.
To begin with, the committee will examine the matter relating to levy of MAT on FIIs for the period prior to 1 April 2015. The committee will also examine all the related legal provisions, judicial/quasi judicial pronouncements and such other relevant aspects as it may consider appropriate, the finance ministry said in a statement. The committee has been requested to give its recommendations on the issue of levy of MAT on FIIs expeditiously. Since initially the committee would focus on the issue of MAT on FIIs for giving its report expeditiously, other issues to be referred to the committee will be notified in due course, the finance ministry said. The term of the committee will be for one year or such period as may be notified by the government from time to time.
In overseas markets, European stocks edged lower today, 21 May 2015, after manufacturing activity in Germany grew at the slowest pace in three months in May. Key benchmark indices in UK, France and Germany were off 0.05% to 0.63%.
Manufacturing activity in Germany grew at the slowest pace in three months in May, dampening optimism over the health of the euro zone's largest economy, preliminary data showed today, 21 May 2015. In a report, market research group Markit said that its preliminary German manufacturing purchasing managers' index declined to a seasonally adjusted 51.4 this month from a final reading of 52.1 in April. Separately, the preliminary services purchasing managers' index fell to a seasonally adjusted 52.9 this month from 54 in April.
In France, data compiler Markit said its preliminary composite purchasing managers index, surveying firms across the private sector, rose to 51 in May from 50.6 in April, moving further above the 50-point threshold between an expansion and contraction.
Asian stocks were mixed today, 21 May 2015. Key benchmark indices in Hong Kong, South Korea and Taiwan were off 0.17% to 1.1%. Key benchmark indices in Singapore, Indonesia, China and Japan were up 0.03% to 1.89%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, edged up to 49.1 in May, compared with a final reading of 48.9 in April, HSBC Holdings PLC said today, 21 May 2015. The reading was still below the key 50 mark, which separates expansion from contraction when compared with the previous month, said Markit, which releases the index with HSBC.
The preliminary PMI figure, also called the HSBC Flash China PMI, is based on 85% to 90% of total responses to HSBC's survey each month, and is issued about one week before the final PMI reading.
Meanwhile, China's State Council has unveiled a 10-year plan for upgrading the nation's manufacturing capacity so it can catch up with production powerhouses like Germany and fend off competition from other developing countries. The Ministry of Industry and Telecommunication Technology (MIIT), which led the creation of the Made in China 2025 plan, said the strategy is intended to give China an edge in innovation, green development and quality goods. The MIIT put the focus on 10 sectors, including high-end computerized machinery and robotics, aerospace equipment, renewable-energy cars and biological medicine.
US stocks ended a choppy trading session slightly lower yesterday, 20 May 2015, as modest post-Fed-minutes gains evaporated by the close of the trading day. Officials at the Fed's April policy meeting believed it would be premature to raise interest rates in June and that a bump in inflation was being offset by a weaker labour market and softer data, according to the minutes.
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