Key indices were highly volatile in early trade. The barometer index, the S&P BSE Sensex was currently off 32.64 points or 0.11% at 29,426.50. The market breadth indicating the overall health of the market was strong.
Mahindra & Mahindra dropped after reporting poor auto sales in February 2015. Sun Pharmaceutical Industries advanced after the company and GlaxoSmithKline (GSK) announced that their respective wholly owned subsidiaries have reached an agreement related to GSK's Opiates business in Australia.
Asian stock markets were mixed today, 3 March 2015.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, 2 March 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 180.35 crore yesterday, 2 March 2015, as per provisional data.
At 9:20 IST, the S&P BSE Sensex was down 32.64 points or 0.11% at 29,426.50. The index gained 43.48 points at the day's high of 29,502.62 in early trade. The index slipped 77.97 points at the day's low of 29,381.17 in early trade.
The CNX Nifty was down 26.70 points or 0.3% at 8,930.05. The index hit a high of 8,966.10 in intraday trade. The index hit a low of 8,926.10 in intraday trade.
The BSE Mid-Cap index was up 37.38 points or 0.34% at 10,990.31. The BSE Small-Cap index was up 25.47 points or 0.22% at 11,396.27. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 775 shares gained and 451 shares fell. A total of 43 shares were unchanged.
Mahindra & Mahindra (M&M) fell 1.95% at Rs 1,252.60. M&M after market hours yesterday, 2 March 2015, said that the company's auto sales declined 10% to 38,033 units in February 2015 over February 2014. Domestic sales fell 11% to 34,918 units in February 2015 over February 2014. Exports rose 10% to 3,115 units in February 2015 over February 2014.
Speaking on the monthly performance; Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said that looking at the overall Union Budget 2015-16 proposals including planned spend on infrastructure and social reforms, the company expects positive sentiments going forward. Further, with an expected revision in lending rates in the RBI policy in early April, the industry should see better times ahead, Pravin Shah said.
Separately, M&M during market hours yesterday, 2 March 2015, said that the company's total tractor sales fell 35% to 11,437 units in February 2015 over February 2014. Domestic sales declined 38% to 10,267 units in February 2015 over February 2014. Exports rose 13% to 1,170 units in February 2015 over February 2014.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, Mahindra & Mahindra said that the industry continues to witness de-growth with negative sentiments and low crop output during February 2015.
Sun Pharmaceutical Industries (Sun Pharma) rose 2.21% at Rs 944.30. Sun Pharma and GlaxoSmithKline (GSK) announced that their respective wholly owned subsidiaries have reached an agreement related to GSK's Opiates business in Australia. The current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) and its portfolio of opiates products along with inventory, will transfer to a subsidiary of Sun Pharma. The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain. All employees from both sites will also be offered employment by Sun with the Opiates business.
Both Sun Pharma and GSK believe that the future of the Opiates business will be secured as part of Sun Pharma, a company with a global footprint. The transaction will allow GSK to simplify its operations in Australia and allow it to focus on delivering its innovative product portfolio that will be central to the company's growth strategy in this country.
The financial terms of the transaction are confidential. The transaction closure is subject to customary closing conditions and requisite regulatory and other approvals, and is expected to close by August 2015.
The index of Eight Core Infrastructure Industries rose at moderate pace of 1.8% January 2015, compared with 2.4% growth recorded in December 2014, data showed yesterday, 2 March 2015. Meanwhile, the cumulative growth stood at 4.1% in April-January 2014-15.
Asian stock markets were mixed today, 3 March 2015. Key indices in China, Japan, and Taiwan were off 0.19% to 0.92%. Key indices in Hong Kong, Singapore, South Korea, and Indonesia were up 0.02% to 0.72%.
The Reserve Bank of Australia (RBA) today, 3 March 2015, left the official cash rate on hold at 2.25%. Most economists were expecting a cut.
US stocks closed higher yesterday, 2 March 2015, with the Nasdaq above the psychologically key level of 5,000 for the first time since March 2000 and the Dow and S&P 500 at records as investors cheered US economic data and an interest rate cut in China.
Outlays for US construction projects declined 1.1% in January to a seasonally adjusted annual rate $971.4 billion, led by public spending, the US Commerce Department said yesterday, 2 March 2015.
In Europe, Greece is reportedly preparing to tap its final pension reserves at the country's central bank if needed to avert a devastating default to the International Monetary Fund (IMF) and keep the government going over the next two weeks.
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