A range bound movement was witnessed as key benchmark indices retained positive zone in morning trade. The barometer index, the S&P BSE Sensex, was currently up 88.73 points or 0.32% at 27,546.31. The market breadth indicating the overall health of the market was positive.
IT stocks rose after global consulting and outsourcing firm Accenture raised its full year revenue growth forecast for the second time in a year. L&T rose after the company said that its construction division won orders worth Rs 1711 crore across various business segments in this month.
Earlier, key indices trimmed gains soon after extending gains after opening with an upward gap.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 521.23 crore yesterday, 26 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 687.09 crore yesterday, 26 March 2015, as per provisional data.
In overseas markets, Asian stocks were mixed today, 27 March 2015. US markets edged lower yesterday, 26 March 2015, as investors remained nervous amid concerns over poor earnings prospects and worries that the Federal Reserve is moving closer to a rate hike.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures declined after sharp gains in the previous session as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased.
At 10:17 IST, the S&P BSE Sensex was up 88.73 points or 0.32% at 27,546.31. The index jumped 236.83 points at the day's high of 27,694.41 at the onset of the trading session. The index rose 13.74 points at the day's low of 27,471.32 in morning trade.
The 50-unit CNX Nifty was up 21.55 points or 0.26% at 8,363.70. The index hit a high of 8,413.20 in intraday trade. The index hit a low of 8,345.90 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,069 shares gained and 868 shares fell. A total of 85 shares were unchanged.
The BSE Mid-Cap index was up 19.06 points or 0.18% at 10,374.09, underperforming the Sensex. The BSE Small-Cap index was up 40.18 points or 0.38% at 10,514.74, outperforming the Sensex.
The total turnover on BSE amounted to Rs 640 crore by 10:15 IST compared with turnover of Rs 250 crore by 09:30 IST.
IT stocks rose after global consulting and outsourcing firm Accenture raised its full year revenue growth forecast for the second time in a year. TCS (up 2.23%), Infosys (up 2.49%), HCL Technologies (up 1.41%), Oracle Financial Services Software (up 1.49%), Tech Mahindra (up 1.33%), Hexaware Technologies (up 3.2%) and MphasiS (up 0.13%) gained. Wipro shed 0.07%.
Accenture yesterday, 26 March 2015, said it expects revenue to grow 8-10% on a local-currency basis in the year ending August 2015. Earlier, the company had raised its revenue growth forecast to 5-8% in December from 4-7% for the full year. Accenture reported financial results for the second quarter of fiscal 2015 ended 28 February 2015, with net revenues of $7.5 billion, an increase of 5% in US dollars and 12% in local currency over the same period last year. Operating income was $1.02 billion, an increase of 7% over the same period last year, and operating margin was 13.6%, a year-over-year expansion of 30 basis points.
L&T rose after the company said that its construction division won orders worth Rs 1711 crore across various business segments in this month. The stock was up 1.15% at Rs 1,654.75. The announcement was made during market hours today, 27 March 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.62, compared with its close of 62.68 during the previous trading session.
Brent crude oil futures declined after sharp gains in the previous session as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased. Brent for May settlement was off 98 cents at $58.21 a barrel. The contract had gained $2.71 a barrel or 4.79% to settle at $59.19 a barrel yesterday, 26 March 2015. Global oil prices had surged yesterday, 26 March 2015, as air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies.
Asian stocks were mixed today, 27 March 2015. Key benchmark indices in China, Hong Kong, Indonesia and Singapore rose by 0.02% to 0.4%. Key benchmark indices in Japan, Taiwan and South Korea fell by 0.06% to 0.87%.
Trading in US index futures indicated that the Dow could rise 42 points at the opening bell today, 27 March 2015. US markets fell for the fourth consecutive session yesterday, 26 March 2015 as investors remained nervous amid concerns over poor earnings prospects and worries that the Federal Reserve is moving closer to a rate hike.
In economic data, the number of people who applied for US unemployment benefits fell by 9,000 to 282,000 in the seven days from March 15 to March 21. The average of new claims over the past month, meanwhile, dipped below the key 300,000 threshold for the first time since late February. The four-week average dropped by 7,750 to 297,000, the Labor Department said yesterday, 26 March 2015.
In Europe, Greece is locked in talks with the IMF and European creditors on a deal on economic reforms that would unlock 7.2 billion euros in aid. Greece needs the funding as it faces several major debt repayments in early April. On Wednesday, 25 March 2015 Greece's central bank Governor Yannis Stournaras reportedly said in London that further debt relief was needed to boost economic growth. Stournaras said exiting the single currency union wasn't an option for the Hellenic Republic, reports added.
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