Key benchmark indices edged higher in early trade tracking gains in Asian markets and overnight rally on Wall Street. The barometer index, the S&P BSE Sensex was currently up 159.68 points or 0.63% at 25,613.14. The market breadth indicating the overall health of the market was strong.
HCL Technologies edged higher after the company announced entering into a partnership with Manchester United.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1573.42 crore yesterday, 2 September 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 880.27 crore yesterday, 2 September 2015, as per provisional data.
In overseas markets, Asian stocks were trading higher today, 3 September 2015. US stocks closed sharply higher yesterday, 2 September 2015, recovering a significant portion of their losses from the previous trading session.
At 9:18 IST, the S&P BSE Sensex was up 159.68 points or 0.63% at 25,613.14. The index rose 215.57 points at the day's high of 25,669.13 in early trade. The index rose 137.82 points at the day's low of 25,591.38 in early trade.
The CNX Nifty was up 54.25 points or 0.7% at 7,771.25. The index hit a high of 7,783.05 in intraday trade. The index hit a low of 7,765.65 in intraday trade.
The BSE Mid-Cap index was up 67.31 points or 0.64% at 10,504.38. The BSE Small-Cap index was up 97.22 points or 0.9% at 10,846.85. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 678 shares rose and 166 shares declined. A total of 32 shares were unchanged.
HCL Technologies edged higher after the company announced entering into a partnership with Manchester United. The stock was up 0.87% at Rs 957.75. The announcement was made after market hours yesterday, 2 September 2015. As part of this partnership, HCL Technologies and Manchester United will work together to explore and unveil a number of digital initiatives to transform the experience of the Club's 659 million global followers. As the first step, HCL will create a state-of-the-art United Xperience Lab to be housed within the iconic Old Trafford Stadium, which will make it the seventh such lab across the world. Within the lab, HCL and Manchester United will explore revolutionary ways in which the club uses technology to create a unified fan experience for supporters; and in the process set a new engagement benchmark in the world of sport, HCL Technologies said in a statement.
Manchester United is one of the most popular and successful sports teams in the world.
Among macro data, the Nikkei India Service PMI data for the month of August 2015 is due at 10:30 IST today, 3 September 2015. The seasonally adjusted Nikkei Services Business Activity Index rose back above the 50 no-change mark in July, posting 50.8 from 47.7 in June.
The Chief Economic Adviser (CEA) Dr Arvind Subramanian in a statement yesterday, 2 September 2015, with regard to recently released first quarter GDP data of the current financial year said that at a time of sharp declines in the price of oil, which led to sharp changes in indirect tax collections and subsidy payments, national income data have to be interpreted with care. Overall, economic growth is moving in the right direction, although its pace is still below what the economy needs but a pace that is expected to pick up in response to the ongoing reforms, Subramanian said. The real challenge that looms ahead appears not to be price inflation but possibly price deflation, he added.
Meanwhile, investors continue to watch the performance of the monsoon rains which will have a bearing on food prices and rural income. India's weather office India Meteorological Department (IMD), said in a daily report issued yesterday, 2 September 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 12% below the Long Period Average (LPA) until 2 September 2015. Region wise, the rainfall was 22% below the LPA in South Peninsula, 16% below the LPA in Central India, 11% below the LPA in Northwest India and 1% below the LPA in East & Northeast India until 2 September 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 markets, Asian stocks were trading higher today, 3 September 2015. Key benchmark indices in Taiwan, South Korea, Indonesia and Singapore were up 0.33% to 1.73%. China and Hong Kong markets were shut for a holiday.
US stocks closed sharply higher yesterday, 2 September 2015, recovering a significant portion of their losses from the previous trading session. The Federal Reserve's Beige Book presented a hazy picture for US economy. Several of the Fed's 12 districts reported increasing wage pressures caused by labor market tightening. Industries in three districts reported reduced demand due to a slowdown in China, the Fed's Beige Book showed.
Meanwhile, orders to US factories posted a modest gain in July, the Commerce Department said yesterday, 2 September 2015. Factory orders rose 0.4% in July while the increase was much larger 2.2% in June.
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