Key benchmark indices were currently trading slightly lower after alternately swinging between positive and negative terrain near the flat line in early trade. The barometer index, the S&P BSE Sensex was currently down 24.68 points or 0.09% at 28,077.04. The market breadth indicating the overall health of the market was strong. Weakness in Asian stocks weighed on sentiment.
Power Grid Corporation of India rose after announcing good Q1 results. Tata Steel and Sun Pharmaceutical Industries dropped ahead of their Q1 results today, 11 August 2015.
In overseas markets, Asian stocks edged lower. US stocks edged higher yesterday, 10 August 2015, buoyed by remarks from one Federal Reserve official suggesting a September interest-rate hike may not be a done deal, as well as from a bounce-back in Chinese equities.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 14.43 crore yesterday, 10 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 50.05 crore yesterday, 10 August 2015, as per provisional data.
At 9:25 IST, the S&P BSE Sensex was down 24.68 points or 0.09% at 28,077.04. The index fell 52.72 points at the day's low of 28,049 in early trade. The index gained 103.40 points at the day's high of 28,205.12 in early trade.
The CNX Nifty was down 15.85 points or 0.19% at 8,509.75. The index hit a low of 8,505.80 in intraday trade. The index hit a high of 8,556.25 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 943 shares gained and 495 shares fell. A total of 66 shares were unchanged.
The BSE Mid-Cap index was up 58.07 points or 0.5% at 11,613.47. The BSE Small-Cap index was up 46.22 points or 0.38% at 12,101.21. Both these indices outperformed the Sensex.
Shares of Cipla rose 0.15%. The stock turned ex-dividend today, 11 August 2015 for dividend of Rs 2 per share for the year ended 31 March 2015.
Tata Steel shed 1% ahead of its Q1 results today, 11 August 2015.
Sun Pharmaceutical Industries dropped 0.56% ahead of its Q1 results today, 11 August 2015.
State Bank of India (SBI) rose 1.52% ahead of its Q1 results today, 11 August 2015.
NMDC declined 1.44% ahead of its Q1 results today, 11 August 2015.
Power Grid Corporation of India rose after announcing good Q1 results. The stock rose 0.58%. The company's net profit rose 20.23% to Rs 1366.51 crore on 17.49% rise in total income to Rs 4787.96 crore in Q1 June 2015 over Q1 June 2014. The company announced Q1 results yesterday, 10 August 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a daily report issued on 10 August 2015 that for the country as a whole, cumulative rainfall during this year's monsoon season was 9% below the Long Period Average (LPA) until 10 August 2015. Region wise, the rainfall was 22% below the LPA in South Peninsula, 11% below the LPA in East & Northeast India, 8% below the LPA in Central India and 2% above the LPA in Northwest India until 10 August 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.
Among key macro economic announcements, the government is scheduled to unveil the consumer price index (CPI) data for the month of July 2015 and industrial production data for June 2015 at 17:30 IST tomorrow, 12 July 2015. The CPI inflation accelerated to 5.4% in June 2015 from 5.01% in May 2015. Industrial production rose 2.7% in May 2015, compared with a revised growth of 3.4% in April 2015.
The government will release data on inflation based on the wholesale price index (WPI) for July 2015 at around 12:00 noon on Friday, 14 August 2015. The WPI inflation continued to be in negative zone for the eighth straight month in June 2015. The WPI inflation stood at negative 2.4% in June 2015, unchanged from the level in May 2015.
Asian stocks edged lower today, 11 August 2015. Key indices in China, Taiwan, Indonesia, Japan and Singapore fell by 0.23% to 0.62%. Key benchmark indices in South Korea and Hong Kong rose by 0.13% to 0.98%.
China reportedly devalued the yuan today, 11 August 2015 after a run of poor economic data, guiding the currency to its lowest point in almost three years. The central bank described the move as a one-off depreciation of nearly 2%, based on a new way of managing the exchange rate that better reflected market forces. Since China's trade in goods continues to post relatively large surpluses, the yuan's real effective exchange rate is still relatively strong versus various global currencies, and is deviating from market expectations. Therefore, it is necessary to further improve the yuan's midpoint pricing to meet the needs of the market, it reportedly said.
US stocks edged higher yesterday, 10 August 2015, buoyed by remarks from one Federal Reserve official suggesting a September interest-rate hike may not be a done deal, as well as from a bounce-back in Chinese equities.
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