Key benchmark indices edged lower in early trade after the latest data showed the output of eight core infrastructure sector, carrying 38% weight in the Index of Industrial Production declined 0.4% in April 2015. Fall in most Asian stocks also dampened sentiment. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently down 165.09 points or 0.59% at 27,683.90.
Tata Motors rose after reporting good sales in May 2015. Sun Pharmaceutical Industries and AstraZeneca Pharma India (AZPIL) gained after they announced today, 2 June 2015, that AZPIL and Sun Pharma have entered into a distribution services agreement in India for AstraZeneca's brand Axcer, a new brand of ticagrelor, a drug used for the treatment of acute coronary syndrome
Meanwhile, economists expect the Reserve Bank of India (RBI) to cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review today, 2 June 2015. Economists expect rate cut from the central bank in an attempt spur growth. The RBI is scheduled to announce the outcome of its second bi-monthly monetary policy review for the year 2015-16 at 11:00 IST today, 2 June 2015.
Foreign portfolio investors bought shares worth a net Rs 113.47 crore yesterday, 1 June 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 49.34 crore yesterday, 1 June 2015, as per provisional data released by the stock exchanges.
Among overseas markets, Asian stocks edged lower. US stocks ended with modest gains yesterday, 1 June 2015, recovering part of last week's losses in a session marked by cautious trading as investors reacted to mixed economic data.
At 9:30 IST, the S&P BSE Sensex was down 165.09 points or 0.59% at 27,683.90. The index fell 219.76 points at the day's low of 27,629.23 in early trade. The index rose 53.54 points at the day's high of 27,902.53 in early trade.
The CNX Nifty was down 20.15 points or 0.24% at 8,413.25. The index hit a low of 8,394.85 in intraday trade. The index hit a high of 8,445.35 in intraday trade.
The BSE Mid-Cap index was down 13.15 points or 0.12% at 10,699.28. The BSE Small-Cap index was down 23.44 points or 0.21% at 11,256.34. The fall in both these indices was lower than Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 597 shares fell and 583 shares rose. A total of 57 shares were unchanged.
Coal India declined 0.37%. Coal India and its subsidiaries achieved 98% of targeted production at 40.97 million tonnes in May 2015. The announcement was made after market hours yesterday, 1 June 2015. Coal India achieved 96% of targeted offtake at 43.74 million tonnes in May 2015.
Tata Motors rose 0.5% after reporting good sales in May 2015. Tata Motors' total commercial and passenger vehicles sales (including exports) rose 5% to 39,496 units in May 2015 over May 2014. The company announced the sales data after market hours yesterday, 1 June 2015. Domestic sales of Tata commercial and passenger vehicles for May 2015 were at 34,818 units, unchanged from May 2014. Sales of Tata Motors passenger vehicles rose 21% to 11,138 units in May 2015 over May 2014. The growth trend was driven by the cars segment, specifically the new launches of Zest and Bolt and with positive early response to the new GenX Nano, Tata Motors said. The sales of the passenger cars rose 32% to 9,176 units in May 2015 over May 2014. The UV sales fell 15% to 1,962 units in May 2015 over May 2014. In the commercial vehicles, M&HCV sales rose 17% to 10,788 units in May 2015 over May 2014. The light & small commercial vehicle sales dropped 19% to 12,892 units in May 2015 over May 2014, reflecting the industry decline. These impacted the overall commercial vehicles sales for the company in the domestic market which dropped 6% to 23,680 units in May 2015 over May 2014. Exports rose 47% to 4,678 units in May 2015 over May 2014.
Sun Pharmaceutical Industries and AstraZeneca Pharma India (AZPIL) gained after they announced today, 2 June 2015, that AZPIL and Sun Pharma have entered into a distribution services agreement in India for AstraZeneca's brand Axcer, a new brand of ticagrelor, a drug used for the treatment of acute coronary syndrome (ACS). Sun Pharmaceutical Industries rose 0.41%. AstraZeneca Pharma India gained 0.41%. AZPIL already has a brand under the trademark Brilinta, for ticagrelor molecule, launched and marketed by AZPIL in India since 2012.
Sun Pharma will be promoting and distributing Axcer brand in India. This collaboration enables AstraZeneca to expand usage of this molecule through wider reach to physicians and thereby benefiting a greater number of ACS patients. It strengthens Sun Pharma's cardiology portfolio with the addition of a new patented therapy.
Reliance Industries (RIL) rose 0.5%. RIL said before market hours that Reliance Holdings USA Inc., a subsidiary of RIL signed definitive agreements for the sale of its entire holding of 49.9% interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners L.P. for a total consideration of approximately $1073 million.
On macro front, the output of eight core infrastructure sector, carrying 38% weight in the Index of Industrial Production (IIP), declined 0.4% in April 2015, after a 0.1% fall recorded in March 2015.
Meanwhile, the onset of monsoon in Kerala has been delayed. Private weather forecaster Skymet said yesterday, 1 June 2015, that it expects rains to commence in Kerala around 4 June 2015, three days after the scheduled onset date of 1 June.
A divergent trend was witnessed among the two key benchmark indices, with the barometer index, the S&P BSE Sensex, registering minuscule gains and the 50-unit CNX Nifty ending marginally lower for the day on Monday, 1 June 2015. The S&P BSE Sensex rose 20.55 points or 0.07% to settle at 27,848.99, its highest closing level since 22 May 2015.
Asian stocks edged lower today, 2 June 2015. Key indices in China, Singapore, Hong Kong and South Korea were off 0.04% to 1.21%. Key indices in Taiwan and Japan rose by 0.07% to 0.11%.
US stocks ended with modest gains yesterday, 1 June 2015, recovering part of last week's losses in a session marked by cautious trading as investors reacted to mixed economic data.
Among macro data in US, a report from ISM showed the pace of manufacturing growth rose in May. Other data showed construction spending surged in April but consumer spending was unexpectedly flat in April.
Powered by Capital Market - Live News
