A bout of volatility was witnessed as the barometer index the S&P BSE Sensex, recovered from lower level after erasing almost entire intraday gains in morning trade. The 50-unit CNX Nifty regained positive zone after reversing intraday gains. The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. The Sensex was currently up 84.60 points or 0.31% at 27,542.18.
Pharma shares edged lower. Capital goods stocks were mixed. Index heavyweight and engineering & construction major L&T rose after the company said that its construction division won orders worth Rs 1711 crore across various business segments in this month.
Earlier, key indices trimmed gains soon after extending gains after opening with an upward gap.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 521.23 crore yesterday, 26 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 687.09 crore yesterday, 26 March 2015, as per provisional data.
In overseas markets, Asian stocks were mixed. US stocks edged lower yesterday, 26 March 2015, as a better-than-expected report on weekly jobless claims did little to alleviate concerns of a marked slowdown in the US economy during the first quarter.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures declined after sharp gains in the previous session as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased.
At 11:15 IST, the S&P BSE Sensex was up 84.60 points or 0.31% at 27,542.18. The index jumped 236.83 points at the day's high of 27,694.41 at the onset of the trading session. The index rose 1.10 points at the day's low of 27,458.68 in morning trade.
The 50-unit CNX Nifty was up 18.60 points or 0.22% at 8,360.75. The index hit a high of 8,413.20 in intraday trade. The index hit a low of 8,336.05 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,119 shares declined and 1,102 shares rose. A total of 95 shares were unchanged.
The BSE Mid-Cap index was up 4.26 points or 0.04% at 10,359.29. The BSE Small-Cap index was up 31.44 points or 0.3% at 10506. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 1119 crore by 11:15 IST compared with turnover of Rs 640 crore by 10:15 IST.
Capital goods stocks were mixed. ABB India (down 1.32%), Bharat Electronics (down 0.2%), Crompton Greaves (down 0.66%), Siemens (down 0.39%) and Thermax (down 0.24%) declined. Punj Lloyd (up 1.23%), Bharat Heavy Electricals (Bhel) (up 0.63%) and BEML (up 0.96%) gained.
Index heavyweight and engineering & construction major L&T rose after the company said that its construction division won orders worth Rs 1711 crore across various business segments in this month. The stock was up 2.08% at Rs 1,670. The announcement was made during market hours today, 27 March 2015.
Pharma shares edged lower. Dr Reddy's Laboratories (down 2.22%), Glenmark Pharmaceuticals (down 2.96%), Lupin (down 1.25%), Ranbaxy Laboratories (down 1.72%), Sun Pharmaceutical Industries (down 1.72%), and Wockhardt (down 2.84%) declined. Cipla (up 0.42%) and Aurobindo Pharma (up 1.42%) rose.
Cadila Healthcare rose 1% after the company said it has purchased 50% shares of Zydus BSV Pharma from Bharat Serums and Vaccines and after the purchase of the additional stake Zydus BSV has become 100% subsidiary of Cadila Healthcare. The announcement was made after market hours yesterday, 26 March 2015.
Sesa Sterlite rose 1.78%. Sesa Sterlite during market hours today, 27 March 2015, said that the merger of Goa Energy with Sesa Sterlite became effective from 24 March 2015. Since Goa Energy is a wholly owned subsidiary of the company no new shares are issued pursuant to the merger, Sesa Sterlite said.
Bajaj Auto fell 0.83%. Bajaj Auto yesterday, 26 March 2015, launched the Pulsar RS 200 bike in the super-sport segment priced at Rs 1,18,500 and Rs 1,30,268 for the non ABS and ABS versions respectively, ex-showroom Maharashtra.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.6225, compared with its close of 62.68 during the previous trading session.
Brent crude oil futures declined after sharp gains in the previous session as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased. Brent for May settlement was off $1.03 a barrel at $58.16 a barrel. The contract had gained $2.71 a barrel or 4.79% to settle at $59.19 a barrel yesterday, 26 March 2015. Global oil prices had surged yesterday, 26 March 2015, as air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies.
Asian stocks were mixed today, 27 March 2015. Key benchmark indices in Japan, Hong Kong, Taiwan and South Korea fell by 0.09% to 1.73%. Key benchmark indices in China, Indonesia and Singapore rose by 0.31% to 0.7%.
Trading in US index futures indicated that the Dow could rise 39 points at the opening bell today, 27 March 2015. US stocks edged lower yesterday, 26 March 2015, as a better-than-expected report on weekly jobless claims did little to alleviate concerns of a marked slowdown in the US economy during the first quarter.
In economic data, the number of people who applied for US unemployment benefits fell by 9,000 to 282,000 in the seven days from March 15 to March 21. The average of new claims over the past month, meanwhile, dipped below the key 300,000 threshold for the first time since late February. The four-week average dropped by 7,750 to 297,000, the Labor Department said yesterday, 26 March 2015.
In Europe, Greece is locked in talks with the IMF and European creditors on a deal on economic reforms that would unlock 7.2 billion euros in aid. Greece needs the funding as it faces several major debt repayments in early April.
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