Key benchmark indices firmed up in the range bound market in mid morning trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 51.06 points or 0.18% at 28,071.93.
Most auto stocks were trading higher. Telecom shares were in demand.
Foreign portfolio investors bought shares worth a net Rs 75.03 crore yesterday, 1 July 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 52.12 crore yesterday, 1 July 2015, as per provisional data released by the stock exchanges.
Earlier, the S&P BSE Sensex hit its highest level in more than 10 weeks at the onset of trading session.
In overseas markets, Asian stocks edged higher. US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
At 11:16 IST, the S&P BSE Sensex was up 51.06 points or 0.18% at 28,071.93. The index rose 95.09 points at the day's high of 28,115.96 at the onset of trading session, its highest level since 20 April 2015. The index fell 59.79 points at the day's low of 27,961.08 in morning trade.
The CNX Nifty was up 19.05 points, or 0.23% at 8,472.10. The index hit a high of 8,477.50 in intraday trade. The index hit a low of 8,437.20 in intraday trade.
The BSE Mid-Cap index was up 92.68 points or 0.86% at 10,911.99. The BSE Small-Cap index was up 108.79 points or 0.97% at 11,344.47. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,435 shares rose and 729 shares fell. A total of 98 shares were unchanged.
Most auto stocks were trading higher. Hero MotoCorp (HMCL) was up 1.36%. The company announced after market hours yesterday, 1 July 2015, that despite the sluggish market sentiment and the slowing rural economy, the company sold 5.42 lakh vehicles in June 2015 as against 5.41 lakh units in June 2014. As the industry had built up stocks due to the sluggish market, HMCL reduced inventories in Q1 June 2015. The company's retails are currently better than dispatches, HMCL added. In the month of June 2015, HMCL introduced two new models in the market in quick succession - Passion Pro and Xtreme Sports. Going forward, the company has lined up a slew of launches across segments in scooters and motorcycles, leading up to the festive season, HMCL said in a statement.
Ashok Leyland was up 1.35%. The company announced after market hours yesterday, 1 July 2015 said that its total sales rose 41% to 10,461 units in June 2015 over June 2014. Sales of medium & heavy commercial vehicles (M&HCV) rose 46% to 8,048 units in June 2015 over June 2014. Sales of light commercial vehicles (LCV) rose 26% to 2,413 units in June 2015 over June 2014.
TVS Motor Company was up 3.95%. The company announced after market hours yesterday, 1 July 2015 said that its total sales rose 8% to 2.22 lakh in June 2015 over June 2014. The company's total exports rose 26% to 43,025 units in June 2015 over June 2014. Sales of two-wheelers rose 7% to 2.11 lakh units in June 2015 over June 2014. TVS Motor Company's total sales rose 9% to 6.38 lakh units in Q1 June 2015 over Q1 June 2014. Total two wheeler sales rose 9% to 6.08 lakh units in Q1 June 2015 over Q1 June 2014. Total three wheeler sales rose 21% to 0.30 lakh units in Q1 June 2015 over Q1 June 2014.
Tata Motors was down 0.66%. The company announced after market hours yesterday, 1 July 2015, that its total commercial and passenger vehicles sales (including exports) rose 6% to 40,870 units in June 2015 over June 2014. The company's domestic sales of Tata commercial and passenger vehicles rose 3% to 35,823 units in June 2015 over June 2014. Sales of Tata Motors passenger vehicles rose 30% to 10,281 units in June 2015 over June 2014. In the commercial vehicles, Sales of medium & heavy commercial vehicles (M&HCV) rose 18% to 11,450 units in June 2015 over June 2014. Sales of light & small commercial vehicles (L&SCV) dropped 18% to 14,092 units in June 2015 over June 2014. The company's sales from exports rose 32% to 5,047 units in June 2015 over June 2014.
Maruti Suzuki India was down 0.05% at Rs 4,032. The company's total sales rose 1.8% to 1.14 lakh units in June 2015 over June 2014. Total domestic sales rose 1.6% to 1.02 lakh units in June 2015 over June 2014. Total exports rose 2.7% to 12,130 units in June 2015 over June 2014. The company announced the monthly sales data during trading hours yesterday, 1 July 2015.
Telecom shares were in demand. Tata Teleservices (Maharashtra) (up 2.10%), Idea Cellular (up 1.59%), MTNL (up 1.20%) and Reliance Communications (up 0.96%), edged higher.
Bharti Airtel was down 0.91%. Bharti Airtel before market hours today, 2 July 2015, announced that as on date the company has completed the sale of tower assets in 5 African countries. The agreements for the sale of tower assets in two African countries have lapsed. The process for the sale of tower assets in 6 African countries is currently on and that the management hopes to have the finality in the coming few months on the transactions proposed, subject to availability of all approvals and completion of the conditions precedent. The total proceeds from the transactions already concluded are over $1.3 billion which would be utilised for reducing the debt.
The India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 1 July 2015, that the Southwest Monsoon was active over Sub-Himalayan West Bengal & Sikkim and Uttarakhand during the past 24 hours until 8:30 IST.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 13% above the Long Period Average (LPA) until 1 July 2015. Region wise, the southwest monsoon was 28% above the LPA in Northwest India, 20% above the LPA in Central India, 15% above the LPA in South Peninsula and 1% below the LPA in East & Northeast India until 1 July 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.
Asian stocks edged higher. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were up by 0.04% to 1.09%. China's Shanghai Composite was down 2.20%.
US stocks finished higher yesterday, 1 July 2015, as investors looked beyond the latest developments in Greece and focused on economic data.
US private employers hired the most workers in six months in June and factory activity picked up, providing fresh evidence the economy was gathering solid momentum after contracting at the start of the year. The brightening growth outlook in the US was also bolstered by other data yesterday showing auto sales remained strong in June 2015 and construction spending rose in May 2015 to its highest level in just over 6-1/2 years.
In Europe, Greece proposed of a reworked deal yesterday, 1 July 2015, as Athens continued to seek a bailout that would keep it in the eurozone.
Even though the proposal for budget cuts and policy overhauls from Greek Prime Minister Alexis Tsipras was dismissed by European officials Wednesday, 1 July 2015, markets were cheered by news of the latest offer. The proposals were contained in a letter dated June 30, in which Mr Tsipras offered to accept a draft proposal disclosed on the commission's website this weekend with a handful of changes.
Greece defaulted on a payment to the International Monetary Fund on Tuesday, 30 June 2015.
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