Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex was currently up 112.02 points or 0.39% at 28,558.14. The market breadth indicating the overall health of the market was strong.
Cement major ACC declined ahead of its Q2 June 2015 results today, 17 July 2015. Capital goods and power stocks gained.
In overseas markets, Asian stocks rose helped by a rise in Chinese shares. US stocks gained yesterday, 16 July 2015, with the Nasdaq Composite Index hiting a record high after earnings reports from eBay and Netflix boosted optimism.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 745.81 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 98.51 crore yesterday, 16 July 2015, as per provisional data.
At 9:27 IST, the S&P BSE Sensex was up 112.02 points or 0.39% at 28,558.14. The index gained 130.20 points at the day's high of 28,576.32 in early trade. The index rose 22.70 points at the day's low of 28,468.82 in early trade.
The CNX Nifty was up 24.35 points or 0.28% at 8,632.40. The index hit a high of 8,635.75 in intraday trade. The index hit a low of 8,613.95 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,048 shares gained and 379 shares fell. A total of 47 shares were unchanged.
The BSE Mid-Cap index was up 26.01 points or 0.23% at 11,224.25, underperforming the Sensex. The BSE Small-Cap index was up 78.58 points or 0.67% at 11,744.01, outperforming the Sensex.
Cement major ACC declined 1.52% ahead of its Q2 June 2015 results today, 17 July 2015.
Tata Motors declined 0.48%. The company after market hours yesterday, 16 July 2015, announced that its global wholesales, including Jaguar Land Rover (JLR), remained flat on year-on-year basis at 76,602 units in June 2015. Global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range remained flat on year-on-year basis at 31,083 units in June 2015. Global wholesales of all passenger vehicles rose 3% to 45,519 units in June 2015 over June 2014. Global wholesales of Tata Motors passenger vehicles rose 29% to 10,611 units in June 2015 over June 2014.
Global wholesales for Jaguar Land Rover (JLR) stood at 34,908 vehicles (including CJLR wholesales) in June 2015. Jaguar wholesales were 7,087 vehicles while Land Rover wholesales were 27,821 vehicles in June 2015. CJLR is a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.
Tata Steel rose 0.19%. Tata Steel's European unit, Tata Steel Europe after market hours in India yesterday, 16 July 2015, announced the next stage in its plans to refocus its speciality and bar business on high-value markets such as aerospace. The proposed changes would result in a reduction in employee numbers, mainly at its Rotherham-based bar business. The company has identified 720 positions which will potentially become redundant. This business has been underperforming in the face of commodity-grade steel being imported to the UK due to the strong pound and high electricity costs which are more than double those of key European competitors, Tata Steel Europe said in a statement.
Meanwhile, with respect to news article titled "Tata Steel averts major industrial action in UK", Tata Steel clarified after market hours yesterday, 16 July 2015, that the trade unions have confirmed that their ballots on the UK Company pension scheme were in favour of proposed modifications to the scheme. Tata Steel UK, an indirect subsidiary of Tata Steel, will now proceed with the completion of the statutory consultation process and continue to engage with the trade unions on this and all other relevant matters, Tata Steel said.
Asian Paints rose 0.41%. The company after market hours yesterday, 16 July 2015, clarified that discussions are continuing with the state government of Karnataka to setup another manufacturing facility for paints and intermediaries at Mysuru district in Karnataka. This is also subject to availability of required land, due diligence and obtaining necessary regulatory and other approvals, Asian Paints said.
IndusInd Bank fell 0.35%. The bank launched customer responsive service called QuickPay, allowing the bank customers to send money instantly to their personal contacts and/or business parties through SMS, E-mail and social media platforms, without having beneficiary bank account details. The sender can go to the bank website and transfer money to the recipient instantly, by just filling the E-mail Id or Mobile Number of the receiver. Moreover, customers can choose to send E-Gift Cards through the QuickPay platform to anyone, anywhere, anytime, IndusInd Bank said. The bank will also soon launch its Wallet-based payment app, it added. The announcement was made after market hours yesterday, 16 July 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 16 July 2015, that the Southwest Monsoon has been vigorous over Jharkhand and active over Nagaland, Manipur, Mizoram & Tripura, Gangetic West Bengal, Odisha, Bihar, East Uttar Pradesh and Himachal Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 16 July 2015. Region wise, the southwest monsoon was 12% above the LPA in Northwest India, 4% below the LPA in East & Northeast India, 13% below the LPA in South Peninsula and 15% below the LPA in Central India until 16 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, Asian stocks rose today, 17 July 2015, helped by a rise in Chinese shares. Key benchmark indices in Taiwan and Japan rose 0.03% to 0.44%. South Korea's Kospi fell 0.6%.
China's Shanghai Composite rose 1.39%. In Hong Kong, the Hang Seng index rose 0.98%.
US stocks gained yesterday, 16 July 2015, with the Nasdaq Composite Index hitting a record high after earnings reports from eBay and Netflix boosted optimism.
In Europe, Europe moved to re-open funding to Greece's stricken economy yesterday, 16 July 2015, after the parliament in Athens approved a new bailout program in a fractious vote that left the government without a majority. The European Central Bank increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday, 20 July 2015.
European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB on Monday, 20 July 2015, and clear its arrears with the International Monetary Fund.
Meanwhile, the European Central Bank left interest rates unchanged at record low in its monetary policy yesterday, 16 July 2015.
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