Divergent trend was witnessed among the key benchmark indices in early trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex was currently off 24.66 points or 0.09% at 27,705.55. The 50-unit CNX Nifty was currently up 14.45 points or 0.17% at 8,367.55.
Lupin dropped amid volatility after the company said that its board of directors at a meeting held yesterday, 22 June 2015, approved in principle, the raising of funds up to Rs 7500 crore through issue of securities i.e., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. as may be appropriate.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday, 25 June 2015.
In overseas stock markets, Asian markets were higher today, 23 June 2015. US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 651.31 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.03 crore during previous trading session, as per provisional data.
At 9:17 IST, the S&P BSE Sensex was down 24.66 points or 0.09% at 27,705.55. The index gained 109.61 points at the day's high of 27,839.82 in early trade. The index fell 35.32 points at the day's low of 27,694.89 in early trade.
The CNX Nifty was up 14.45 points or 0.17% at 8,367.55. The index hit a high of 8,383.60 in intraday trade. The index hit a low of 8,352.90 in intraday trade.
The BSE Mid-Cap index was up 28.12 points or 0.26% at 10,671.81. The BSE Small-Cap index was up 43.30 points or 0.39% at 11,138.80. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 537 shares rose and 407 shares fell. A total of 34 shares were unchanged.
Lupin dropped amid volatility after the company said that its board of directors at a meeting held yesterday, 22 June 2015, approved in principle, the raising of funds up to Rs 7500 crore through issue of securities i.e., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. as may be appropriate. The stock was down 0.34% at Rs 1,805. The stock hit a high of Rs 1,817 and a low of Rs 1,799.85 so far during the day. The announcement was made before market hours today, 23 June 2015. Enabling approval of the shareholders to the above shall be sought at the Annual General Meeting scheduled for 23 July 2015, Lupin said.
Grasim Industries was down 0.13% at Rs 3,398.30. The stock hit a high of Rs 3,415.95 and a low of Rs 3,394.25 so far during the day. Grasim Industries before market hours today, 23 June 2015 said that with the onset of monsoon, the availability of water has improved and accordingly the operations at the company's staple fibre plant at Nagda have started to resume the production in a phased manner, with immediate effect. It may be recalled that Grasim Industries on 24 April 2015, announced about suspension of production at the company's staple fibre plant at Nagda.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 22 June 2015, that the southwest monsoon has further advanced into some more parts of Gujarat region, Madhya Pradesh, most parts of Chhattisgarh and Jharkhand and some parts of Bihar. Conditions are favourable for further advance of Southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3 days, the IMD said. The Southwest Monsoon has been vigorous over Madhya Maharashtra, Vidarbha, Chhattisgarh and South Interior Karnataka and active over Gangetic West Bengal, Odisha, Jharkhand, West Madhya Pradesh and North Interior Karnataka during past 24 hours ending at 0830 hrs, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 16% above the Long Period Average (LPA) until 21 June 2015. Region wise, the southwest monsoon was 32% above the LPA in Central India, 30% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 21 June 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.
In overseas stock markets, Asian markets were higher today, 23 June 2015. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up 0.12% to 1.45%. Key indices in China and Indonesia were off 0.08% to 2.44%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.6 in June from a final reading of 49.2 in May, HSBC Holdings PLC said today, 23 June 2015. The reading is still below 50, which separates expansion from contraction.
US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
US existing home sales rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released yesterday, 22 June 2015. Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported.
In Europe, Greece's economy minister has reportedly spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days", as per reports. Greece is up against a June 30 deadline to make a 1.6 bililon ($1.8 billion) repayment to the International Monetary Fund, with larger payments to the European Central Bank falling due next month.
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