A divergent trend was witnessed among the two key benchmark indices. The barometer index, the S&P BSE Sensex, was currently trading with small gains whereas the 50-unit CNX Nifty was trading with minuscule losses. The Sensex was currently up 15.01 points or 0.05% at 28,519.94. The Nifty was currently off 1.10 points or 0.01% at 8,632.40. The market breadth indicating the overall health of the market was strong.
Realty stocks edged higher. Cement stocks edged lower.
Earlier, the Sensex and 50-unit CNX Nifty, both, hit their highest level in nearly 14 weeks amid initial volatility.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 450.32 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 351.77 crore yesterday, 22 July 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, Asian stocks edged higher. US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp.
At 11:15 IST, the S&P BSE Sensex was up 15.01 points or 0.05% at 28,519.94. The index gained 73.40 points at the day's high of 28,578.33 in early trade, its highest level since 17 April 2015. The index fell 48.16 points at the day's low of 28,456.77 in early trade.
The CNX Nifty was down 1.10 points or 0.01% at 8,632.40. The index hit a high of 8,654.75 in intraday trade, its highest level since 17 April 2015. The index hit a low of 8,620.65 in intraday trade.
The BSE Mid-Cap index was up 23.93 points or 0.21% at 11,258.49. The BSE Small-Cap index was up 105.62 points or 0.9% at 11,781.78. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,542 shares gained and 812 shares fell. A total of 98 shares were unchanged.
Realty stocks edged higher. DLF (up 2.11%), Housing Development & Infrastructure (up 1.24%), Prestige Estates Projects (up 0.63%), Sobha (up 1.82%), D B Realty (up 0.58%), Oberoi Realty (up 0.02%) and Godrej Properties (up 0.07%) edged higher. Unitech (down 0.28%) and Mahindra Life Space Developers (down 1.19%) edged lower.
Indiabulls Real Estate was off 0.09% at Rs 55.65. The stock hit a high of Rs 56.45 and a low of Rs 54.40 so far during the day. Indiabulls Real Estate after market hours yesterday, 22 July 2015, the company has issued and allotted an aggregate of 3.67 crore equity shares at the issue price of Rs 67 per equity share and an aggregate of 4.36 crore warrants, convertible into equivalent number of equity shares of face value of Rs 2 each of the company at an exercise price of Rs 67 per equity share to the Promoter Group entities SG Infralands and SG Devbuild.
Cement stocks edged lower. Ambuja Cements (down 0.16%), UltraTech Cement (down 0.25%) and ACC (down 0.01%) edged lower. Shree Cement (up 0.22%) edged higher.
Grasim Industries was off 0.67% at Rs 3,706.40. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower after data released by the US government yesterday, 22 July 2015, showed a surprise increase in US crude inventories last week. Brent for September settlement was off 3 cents at $56.10 a barrel. The contract had fallen 91 cents or 1.59% to settle at $56.13 a barrel during previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent. A weak rupee raises the cost of imports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was currently hovering at 63.7225, compared with its close of 63.58 during the previous trading session.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 22 July 2015, that the Southwest Monsoon was active over Gujarat State and Konkan & Goa during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 22 July 2015. Region wise, the rainfall was 13% below the LPA in Central India, 12% below the LPA in South Peninsula, 6% below the LPA in East & Northeast India and 6% above the LPA in Northwest India until 22 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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 stock markets, Asian stocks edged higher today, 23 July 2015. Key indices in Japan, China, Hong Kong, Indonesia and Singapore were up 0.13% to 1.68%. Key indices in Taiwan and South Korea were off 0.04% to 1.43%.
US stocks edged lower yesterday, 22 July 2015, after disappointing earnings from Apple Inc. and Microsoft Corp. US home resales rose in June to their highest level in nearly 8-1/2 years. The National Association of Realtors said yesterday, 22 July 2015, existing home sales increased 3.2% to an annual rate of 5.49 million units.
In Europe, Greece's parliament yesterday, 22 July 2015, passed a second set of economic overhauls demanded by the nation's international creditors as a precondition for starting talks over a third bailout package. The measures were supported by a majority of lawmakers, with backing from opposition parties.
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