Index heavyweights Reliance Industries (RIL), ITC and HDFC led losses for key benchmark indices. Benchmark indices registered small losses after alternately moving between positive and negative zone in intraday trade. The overall movement for the benchmark indices was within a relatively narrow range during the trading session. The barometer index, the S&P BSE Sensex, fell below the psychological 28,000 mark soon after surpassing that level in mid-afternoon trade. The market breadth indicating the overall health of the market was positive. The Sensex fell 28.29 points or 0.1% to settle at 27,932.90. In overseas stock markets, European stocks edged lower, with energy shares falling after Iran reached a historic nuclear deal and as cautiousness set in over Greece's bailout deal.
Auto stocks were mixed. Realty stocks declined. Shares of state-run coal miner Coal India hit record high
On macro front, the data released by the government during market hours today, 14 July 2015, showed that inflation based on the wholesale price index (WPI) remained in negative zone last month. Data released by the government after trading hours yesterday, 13 July 2015, showed increase in consumer price inflation last month.
Key benchmark indices today, 14 July 2015, snapped a 2-day winning streak.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 552.18 crore from the secondary equity market yesterday, 13 July 2015, as per data from National Securities Depository (NSDL). Domestic institutional investors (DIIs) sold shares worth a net Rs 171.55 crore yesterday, 13 July 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, European stocks edged lower, with energy shares falling after Iran reached a historic nuclear deal and as cautiousness set in over Greece's bailout deal. Asian stocks ended on a mixed note. US stocks closed sharply higher yesterday, 13 July 2015, as investors were relieved that Greece and its creditors reached an agreement for a third bailout program, averting a potential 'Grexit'.
The S&P BSE Sensex fell 28.29 points or 0.1% to settle at 27,932.90, its lowest closing level since 10 July 2015. The index lost 107.23 points at the day's low of 27,853.96 in early afternoon trade. The index gained 57.40 points at the day's high of 28,018.59 in mid-afternoon trade, its highest level since 8 July 2015.
The 50-unit CNX Nifty fell 5.55 points or 0.07% to settle at 8,454.10, its lowest closing level since 10 July 2015. The index hit a low of 8,424.10 in intraday trade. The index hit a high of 8,480.25 in intraday trade, its highest level since 7 July 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,558 shares gained and 1,276 shares fell. A total of 119 shares were unchanged.
The BSE Mid-Cap index rose 15.06 points or 0.14% to settle at 11,042.47. The BSE Small-Cap index rose 41.80 points or 0.36% to settle to settle at 11,521.92. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2887 crore, higher than turnover of Rs 2545.13 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Auto index (down 0.93%), the S&P BSE Realty index (down 0.56%) and the S&P BSE Bankex (down 0.55%) underperformed the Sensex. The S&P BSE IT index (up 0.89%), the S&P BSE Metal index (up 0.7%), the S&P BSE Teck index (up 0.68%), the S&P BSE Oil & Gas index (up 0.64%), the S&P BSE Healthcare index (up 0.64%), the S&P BSE Consumer Durables index (up 0.53%), the S&P BSE Power index (up 0.32%), the S&P BSE FMCG index (up 0.25%) and the S&P BSE Capital Goods index (up 0.16%) outperformed the Sensex.
Index heavyweight and housing finance major HDFC fell 0.82% to Rs 1,313. The stock hit high of Rs 1,323 and low of Rs 1,310.
Index heavyweight and cigarette major ITC declined 1.03% to Rs 311.30. The stock hit a high of Rs 316.35 and low of Rs 310.50.
Shares of public sector oil companies (PSU OMCs) rose as crude oil prices edged lower. Indian Oil Corporation (up 2.9%), BPCL (up 1.89%) and HPCL (up 3.07%) edged higher.
Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Shares of upstream oil companies declined along with crude oil prices. ONGC (down 0.4%), Reliance Industries (RIL) (down 1.16%) and Cairn India (down 0.79%) declined. Oil India rose 0.16%. Lower crude oil prices would result in lower realizations from crude sales for oil exploration firms
Bank stocks were mixed. Among private bank stocks, HDFC Bank (down 0.5%), IndusInd Bank (down 0.42%) and ICICI Bank (down 0.93%) declined. Axis Bank rose 0.03%.
Kotak Mahindra Bank fell 0.93% after 91.28 crore bonus shares of the company were admitted for trading on the bourses today, 14 July 2015. Out of 91.28 crore bonus shares of Kotak Mahindra Bank admitted for trading today, 14 July 2015, 5.89 crore shares are under lock-in period until 21 April 2016.
Yes Bank fell 1.03%. Yes Bank during market hours today, 14 July 2015, said that the bank has received approval from the Reserve Bank of India to set up International Financial Services Centre Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). Establishing the IBU will propel the bank's growth plans further by providing access to international financial markets, as well as provide a comprehensive product suite to corporate clients requiring foreign currency funding, Yes Bank said.
Among PSU bank stocks, State Bank of India (SBI) (down 1.99%), Bank of Baroda (down 0.67%), Canara Bank (down 0.32%), Punjab National Bank (down 0.38%) and Bank of India (down 1.09%) fell. Union Bank of India rose 1.05%.
Coal India rose 3.29% to Rs 433.85. The stock hit high of Rs 435.25 in intraday trade, which is a record high for the stock. The stock hit a low of Rs 420.20 in intraday trade.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (up 0.05%), Maruti Suzuki India (up 0.23%), Hero MotoCorp (up 2.13%), Ashok Leyland (up 1.65%) and Bajaj Auto (up 0.22%) gained. Eicher Motors (down 1.89%) and TVS Motor Company (down 1.42%) edged lower.
Tata Motors fell on concerns of slowdown in China's luxury car market after Brilliance China Automotive Holdings, which makes BMW cars in China, issued a profit warning yesterday, 13 July 2015, citing slowing sales in the world's biggest car market. The stock dropped 4.31%. The majority of revenue for Tata Motors comes from its British luxury car unit Jaguar Land Rover.
Pharma stocks gained. Cipla (up 0.57%), Glenmark Pharmaceuticals (up 1.18%), GlaxoSmithKline Pharmaceuticals (up 0.53%), Aurobindo Pharma (up 0.43%) and Sun Pharmaceutical Industries (up 0.46%) rose. Wockhardt (down 0.69%) and Cadila Healthcare (down 0.62%) fell.
Dr Reddy's Laboratories (DRL) rose 0.48%. DRL after trading hours yesterday, 13 July 2015, announced that it had launched Memantine hydrochloride tablets USP, 5 mg and 10 mg, a therapeutic equivalent version of NAMENDA tablets (mamentine HCI) in the United States on 12 July 2015. The drug is used for treatment of dementia of the Alzheimer's type. The NAMENDA (mamentine HCI) tablets brand had US sales of approximately $1.4 billion for twelve months upto May 2015, as per IMS Health data.
Lupin rose 1.29% to Rs 1,915. The stock hit high of Rs 1,919.90 and low of Rs 1,879.30. Shares of Lupin turned ex-dividend today, 14 July 2015, for dividend of Rs 7.50 per share for the year ended 31 March 2015.
Realty stocks declined. Sobha (down 0.11%), Indiabulls Real Estate (down 2.9%), Unitech (down 0.64%), Housing Development & Infrastructure (HDIL) (down 1.65%), Oberoi Realty (down 0.61%), Phoenix Mills (down 0.08%), DLF (down 1.04%) and Godrej Properties (down 0.12%) edged lower.
Key benchmark indices today, 14 July 2015, snapped a 2-day winning streak. The Sensex had risen 387.53 points or 1.4% in the preceding two trading sessions to settle at 27,961.19 yesterday, 13 July 2015, from a recent low of 27,573.66 on 9 July 2015. The Sensex has risen 152.07 points or 0.54% in this month so far (till 14 July 2015). The Sensex has risen 433.48 points or 1.57% in this calendar year so far (till 14 July 2015). From a 52-week low of 24,892 on 14 July 2014, the Sensex has risen 3,040.90 points or 12.21%. The Sensex is off 2,091.84 points or 6.96% from a record high of 30,024.74 hit on 4 March 2015.
Meanwhile, in global commodities markets, Brent crude oil prices edged lower in choppy trade after Iran today, 14 July 2015, reached a historic nuclear deal with the US and five other world powers. The accord, which is expected to be signed off in Vienna today, 14 July 2015, aims to prevent Iran from producing nuclear weapons, in exchange for sanctions relief. The lifting of economic sanctions on Iran will allow the country to resume oil exports. Brent for August settlement was currently off $1.04 a barrel at $56.81 a barrel. The contract had declined 88 cents or 1.49% to settle at $57.85 a barrel during the previous trading session. The August Brent contract is set to expire on 16 July 2015. Brent for September settlement was currently off $1.04 a barrel at $57.11 a barrel.
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.
On macro front, the rate of inflation based on the consumer price index (CPI) accelerated to 5.4% in June 2015 from 5.01% in May 2015, data released by the government after trading hours yesterday, 13 July 2015, showed. The increase in CPI was driven by food price inflation. Consumer Food Price Index (CFPI) surged to 5.48% in June 2015 from 4.8% in May 2015.
Meanwhile, data released by the government during trading hours today, 14 July 2015, showed that the rate of inflation based on the wholesale price index (WPI) stood at negative 2.4% in June 2015 compared with a reading of minus 2.36% in May 2015. Build up inflation rate in the financial year so far was 1.42% compared to a build up rate of 1.5% in the corresponding period of the previous year. Meanwhile, the government revised upwards the reading on WPI for April 2015 to minus 2.43% from a reading of minus 2.65% reported on 14 May 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 13 July 2015, that the Southwest Monsoon was active over West Uttar Pradesh, Haryana, Chandigarh & Delhi, Punjab and Jammu & Kashmir during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 13 July 2015. Region wise, the southwest monsoon was 26% above the LPA in Northwest India, 7% below the LPA in East & Northeast India, 8% below the LPA in Central India and 12% below the LPA in South Peninsula and until 13 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif 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 markets, European stocks edged lower today, 14 July 2015, with energy shares falling after Iran reached a historic nuclear deal and as cautiousness set in over Greece's bailout deal. Key indices in UK, Germany and France were off 0.11% to 0.42%. In Spain, the IBEX 35 index was off 0.35%. In Italy, the FTSE MIB index was off 0.84%.
In Greece, Prime Minister Alexis Tsipras faces a tough battle to win support in parliament for a third bailout of the country. By Wednesday, 15 July 2015, Greece's Parliament has to pass pension overhauls and sales tax increases that the country's voters overwhelmingly rejected in a referendum held on 5 July 2015. If the deal fails, Greece's banks face collapse and the country could then be forced to leave the euro. Eurozone leaders yesterday, 13 July 2015, reached an agreement for a third bailout program for cash-strapped Greece, averting a potential 'Grexit'. After a 17-hour meeting, eurozone leaders agreed on a package of reform measures in principle for the debt-laden country, paving the way for formal negotiations on financial aid through the eurozone's bailout fund, the European Stability Mechanism, or ESM.
The left-wing Syriza party won elections in January on a promise to end austerity. Greece has already received two bailouts totalling euro 240 billion since 2010. Greek banks have been closed for two weeks, with withdrawals at cash machines limited to 60 euro per day, and will remain closed until after Wednesday, 15 July 2015.
Parliaments in several eurozone states also have to approve the bailout deal for Greece.
Meanwhile, finance ministers from all 28 European Union countries are holding a scheduled meeting in Brussels today, 14 July 2015, where they will discuss the situation in Greece.
In UK, Bank of England Governor Mark Carney today, 14 July 2015, said that the time "is moving closer" for an increase in UK interest rates. When policy makers begin the rate-hike cycle, the pace of increases will be gradual, Carney said, speaking at a Treasury committee meeting. The benchmark interest rate is 0.5%, where it's stood since March 2009.
In Germany, a survey showed that economic sentiment deteriorated further in July. The ZEW think tank said today, 14 July 2015, its indicator of economic expectations dropped for the fourth month, to a reading of 29.7 from 31.5 in June, the lowest level since November 2014, when the indicator stood at 11.5.
Meanwhile, the latest data in Germany showed that the annual inflation rate eased to 0.1% in June from 0.7% in May.
Factory output across the eurozone fell in May. The European Union's statistics agency said that production by factories, mines and utilities during May was down 0.4% from April, but up 1.6% from the same month in 2014.
Asian stocks ended on a mixed note today, 14 July 2015. Key benchmark indices in Japan, Singapore, Taiwan and Indonesia were up 0.09% to 1.47%. In South Korea, the Seoul Composite was off 0.11%.
Chinese stocks edged lower in volatile trade. In mainland China, the Shanghai Composite lost 1.16%. In Hong Kong, the Hang Seng index lost 0.41%.
US stocks closed sharply higher yesterday, 13 July 2015, as investors were relieved that Greece and its creditors reached an agreement for a third bailout program, averting a potential 'Grexit'.
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