Key benchmark indices slipped into the red from green in mid-morning trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently off 27.28 points or 0.1% at 27,537.38.
Bank stocks were mixed. State Bank of India dropped on turning ex-dividend today, 28 May 2015. Shares of public sector oil marketing companies (PSU OMCs) edged higher after overnight decline in global crude oil prices.
Indian stocks may remain volatile today, 28 May 2015, as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire today, 28 May 2015.
Foreign portfolio investors sold shares worth a net Rs 934.98 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 594.03 crore yesterday, 27 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks were mixed. US stocks edged higher yesterday, 27 May 2015, recovering most of the losses from the previous session on the back of a big rally in tech stocks, which propelled the Nasdaq Composite to a fresh record close.
At 11:15 IST, the S&P BSE Sensex was down 27.28 points or 0.1% at 27,537.38. The index fell 40.54 points at the day's low of 27,524.12 in mid-morning trade. The index rose 101.71 points at the day's high of 27,666.37 in early trade, its highest level since 26 May 2015.
The CNX Nifty was down 18.10 points or 0.22% at 8,316.50. The index hit a low of 8,314.85 in intraday trade. The index hit a high of 8,364.50 in intraday trade, its highest level since 26 May 2015.
The BSE Mid-Cap index was down 18.98 points or 0.18% at 10,597.49. The decline in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was up 1.19 points or 0.01% at 11,163.60, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,063 shares rose and 972 shares fell. A total of 98 shares were unchanged
Bank stocks were mixed. Among public sector banks, Canara Bank (up 0.47%), Syndicate Bank (up 1.29%), Central Bank of India (up 0.33%), Union Bank of India (up 0.12%), United Bank of India (up 0.61%), Andhra Bank (up 0.13%) and Indian Overseas Bank (up 0.23%) edged higher. Bank of India (down 1.67%), Punjab National Bank (down 1.24%), Bank of Baroda (down 0.78%), IDBI Bank (down 0.57%) and Oriental Bank of Commerce (down 0.76%) edged lower.
State Bank of India dropped on turning ex-dividend today, 28 May 2015. The stock was off 0.93% at Rs 278.05. SBI turned ex-dividend today, 28 May 2015, for a dividend of Rs 3.50 per share for the year ended 31 March 2015.
Among private sector banks, Axis Bank (up 0.35%), ICICI Bank (up 0.4%) and IndusInd Bank (up 0.22%) edged higher. Yes Bank (down 0.49%), Kotak Mahindra Bank (down 0.23%) and HDFC Bank (down 0.26%) edged lower.
Shares of public sector oil marketing companies (PSU OMCs) edged higher after overnight decline in global crude oil prices. BPCL was up 1.29% at Rs 807. The stock hit a high of Rs 815 and a low of Rs 796 so far during the day. BPCL is set to announce its Q4 March 2015 results today, 28 May 2015.
HPCL was up 0.38% at Rs 632.60. The stock hit a high of Rs 634.80 and a low of Rs 627.05 so far during the day. HPCL is set to announce its Q4 March 2015 results today, 28 May 2015.
Indian Oil Corporation was down 0.08% at Rs 358. The stock hit a high of Rs 361.25 and a low of Rs 356 so far during the day.
Decline in crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. A recovery in the rupee against the dollar after a recent steep slide has also eased concerns about higher crude import costs. Gains in local currency will reduce the cost of imports. The government has already decontrolled pricing of petrol and diesel.
Brent crude oil futures edged higher today, 28 May 2015, after previous trading session's decline. Brent for July settlement was up 44 cents at $62.50 a barrel. The contract had declined $1.66 a barrel or 2.6% to settle at $62.06 a barrel during previous trading session.
Decline in global crude oil prices and deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 63.885, compared with closing of 64.025 during the previous trading session.
Meanwhile, private weather forecaster Skymet yesterday, 27 May 2015, said that conditions are favorable for the onset of Southwest Monsoon in India. It expects monsoon to hit Kerala around 30 May 2015. The progress of monsoon over Peninsular India is expected to be delayed by a week, according to Skymet.
The government is scheduled to announce the data on India's gross domestic product (GDP) growth for Q4 March 2015 tomorrow, 29 May 2015. India's GDP grew 7.5% in Q3 December 2014.
The Reserve Bank of India (RBI) is scheduled to announce the outcome of its second bi-monthly monetary policy review for the year 2015-16 early next week. The announcement is due at 11:00 IST on Tuesday, 2 June 2015.
In overseas markets, Asian stocks were mixed today, 28 May 2015. Key indices in China, Hong Kong, Singapore and Indonesia were off 0.02% to 1.83%. Key indices in Japan, Taiwan and South Korea were up 0.21% to 0.6%.
US stocks edged higher yesterday, 27 May 2015, recovering most of the losses from the previous session on the back of a big rally in tech stocks, which propelled the Nasdaq Composite to a fresh record close.
Meanwhile, US treasury chief Jacob Lew yesterday, 27 May 2015, urged Greece and its creditors to double down in their efforts to reach a deal to solve the nation's debt crisis, saying no one should be complacent about the risks to the world economy from a Greek default and its possible exit from the eurozone. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the International Monetary Fund (IMF) between June 5-19.
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