Key benchmark indices held firm in afternoon trade as European stocks edged higher in early trade there. Further fall in crude oil prices boosted sentiment. India imports 80% of its crude oil requirements and fall in crude oil prices augurs well for the economy. The barometer index, the S&P BSE Sensex was currently up 121.96 points or 0.43% at 28,358.35. The market breadth indicating the overall health of the market was strong.
Pharma shares were mixed. Telecom stocks were mixed.
Earlier, the barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their highest level in 2-1/2 weeks in morning trade.
In the global commodities markets, Brent crude oil futures edged lower touching fresh multi-month lows after disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 93.74 crore on Friday, 7 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 34.08 crore on Friday, 7 August 2015, as per provisional data.
In overseas markets, European stocks edged higher in early trade. Asian stocks were mixed. US stocks edged lower on Friday, 7 August 2015, as a solid US jobs report for July raised chances for an increase in interest rates by the Federal Reserve as soon as September.
At 13:18 IST, the S&P BSE Sensex was up 121.96 points or 0.43% at 28,358.35. The index gained 181.20 points at the day's high of 28,417.59 in morning trade, its highest level since 23 July 2015. The index fell 8.12 points at the day's low of 28,228.27 in early trade.
The CNX Nifty was up 38.70 points or 0.45% at 8,603.30. The index hit a high of 8,621.55 in intraday trade, its highest level since 23 July 2015. The index hit a low of 8,564.45 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,674 shares gained and 1,084 shares fell. A total of 110 shares were unchanged.
The BSE Mid-Cap index was up 88.90 points or 0.77% at 11,646.42. The BSE Small-Cap index was up 61.14 points or 0.51% at 12,165.61. Both these indices outperformed the Sensex.
Pharma shares were mixed. Glenmark Pharmaceuticals (up 3.39%), Cipla (up 0.54%), Dr Reddy's Laboratories (up 0.52%) and Aurobindo Pharma (up 1.52%) rose.
Sun Pharmaceutical Industries (down 0.7%), Cadila Healthcare (down 0.7%), GlaxoSmithKline Pharmaceuticals (down 1.61%) and Wockhardt (down 0.65%) fell.
Lupin rose 1.71%. Lupin announced after market hours on Friday, 7 August 2015, the opening of its new Center of Excellence for Inhalation Research in Coral Springs, Florida. Bringing 45 highly skilled positions to Broward County, Lupin's South Florida expansion recognizes the steady growth of Florida's life sciences industry and the economic potential it holds for the state. Lupin's new facility will focus on the research and development of inhalation products for the treatment of asthma, allergic rhinitis, chronic obstructive pulmonary diseases and other lung diseases.
Divi's Laboratories jumped 5.56%. Net profit of Divi's Laboratories rose 44.81% to Rs 243.18 crore on 26.13% rise in net sales to Rs 806.91 crore in Q1 June 2015 over Q1 June 2014. The result was announced on Saturday, 8 August 2015.
Divi's Laboratories reported a forex gain of Rs 21 crore in Q1 June 2015 as against a forex gain of Rs 1 crore in Q1 June 2014.
Divi's Laboratories' board of directors at its meeting held on Saturday, 8 August 2015, recommended 1:1 bonus issue of shares i.e. one equity share for every share held as on record date.
Telecom stocks were mixed. Bharti Airtel (up 0.09%), MTNL (up 0.13%) and Reliance Communications (up 0.61%) rose. Idea Cellular (down 1.38%) and Tata Teleservices (Maharashtra) (down 3.23%) fell.
Telecom regulator Telecom Regulatory Authority of India (TRAI) on Friday, 7 August 2015, made it mandatory for telecom operators to provide information to mobile data users regarding data used after every 10 MB of data usage to all mobile data users except users of special data packs. TRAI has also directed telecom operators to give information to users of various special data packs whenever the limit of data usage reaches 50%, 90% and 100% of data available in the account of the subscriber or when the data balance available in the account of the subscriber reaches 500 MB, 100 MB and 10 MB. Further, telecom operators will have to inform mobile data users about the details of tariff applicable after exhausting the data limit when the data limit reaches 90% or the data balance available in the account reaches 10 MB. For an international roaming customer, telecom operators will be required to send alerts, cautioning him to deactivate data service if he does not intend to use data services. All these requirements will have to be implemented by 1 November 2015.
TRAI also said that service providers should activate mobile data service only with the explicit consent of the subscriber through a toll free short code 1925. The data services could also be deactivated through the toll free short code 1925. Data services through Special Tariff Voucher or Combo Voucher or add-on pack will be deemed to have been activated with consent till the expiry of the validity period of the voucher/pack or on the consumption of entire data, whichever is earlier. All these requirements will have to be implemented by 1 September 2015.
In the global commodities markets, Brent crude oil futures edged lower touching fresh multi-month lows after disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy. Brent for September settlement was currently off 8 cents at $48.53 a barrel. The contract had declined 91 cents or 1.84% to settle at $48.61 a barrel during the previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a daily report issued on 9 August 2015 that for the country as a whole, cumulative rainfall during this year's monsoon season was 9% below the Long Period Average (LPA) until 9 August 2015. Region wise, the rainfall was 22% below the LPA in South Peninsula, 11% below the LPA in East & Northeast India, 8% below the LPA in Central India and 3% above the LPA in Northwest India until 9 August 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.
The weekly data released by the Ministry of Agriculture after trading hours on Friday, 7 August 2015, showed a pick up in the sowing of Kharif crops. The total sown area for Kharif crops as on 7 August 2015 stood at 847.40 lakh hectares compared with 808.40 lakh hectares at this time last year.
Meanwhile, the Ministry of Water Resources announced in its weekly report issued after trading hours on Friday, 7 August 2015, that the Water storage available in 91 important reservoirs of the country as on 6 August 2015 was 78.366 BCM which is 50% of total storage capacity of these reservoirs. This storage is 93% of the storage of corresponding period of last year and 99% of storage of average of last ten years. The present storage position during current year is better than the storage position of last year and is also better than the storage of average of last ten years. tates having better storage than last year for corresponding period are Himachal Pradesh, Punjab, Rajasthan, Jharkhand, West Bengal, Tripura, Uttar Pradesh, Uttarakhand, Madhya Pradesh, and Tamil Nadu. States having lesser storage than last year for corresponding period are Odisha, Gujarat, Maharashtra, Chhattisgarh, (Two combined project in both states), Andhra Pradesh, Telangana, Karnataka, Kerala.
Among key macro economic announcements, the government is scheduled to unveil the consumer price index (CPI) data for the month of July 2015 and industrial production data for June 2015 at 17:30 IST on Wednesday, 12 July 2015. The CPI inflation accelerated to 5.4% in June 2015 from 5.01% in May 2015. Industrial production rose 2.7% in May 2015, compared with a revised growth of 3.4% in April 2015.
The government will release data on inflation based on the wholesale price index (WPI) for July 2015 at around 12:00 noon on Friday, 14 August 2015. The WPI inflation continued to be in negative zone for the eighth straight month in June 2015. The WPI inflation stood at negative 2.4% in June 2015, unchanged from the level in May 2015.
European stocks edged higher in early trade today, 10 August 2015. Key benchmark indices in France and Germany were up by 0.2% to 0.22%. In UK, the FTSE 100 fell 0.4%.
Asian stocks were mixed today, 10 August 2015. Key benchmark indices in Taiwan and Japan rose by 0.29% to 0.41%. Key indices in Indonesia, South Korea, and Hong Kong fell by 0.2% to 0.79%. Markets in Singapore are closed for a holiday.
China's Shanghai Composite jumped 4.92%. China's exports in July slid 8.3% from a year earlier, reversing a gain of 2.8% in June, customs data released Saturday, 8 August 2015 showed. Imports fell for the ninth month in a row, dropping 8.1%, after a decline of 6.1% in June. And on Sunday, 9 August 2015, the government announced factory prices in July extended more than three years of declines, with the producer-price index taking its biggest year-over-year tumble in nearly six years. China's producer price deflation deepened to 5.4% in July, sending wholesale prices to their lowest since late 2009.
Japan posted 12 straight monthly balance of payments gains in June, taking the half-year surplus to its highest in five years as overseas income and tourism receipts prospered. June's current account surplus was 558.6 billion yen ($4.5 billion) Ministry of Finance data showed today, 10 August 2015.
US stocks edged lower on Friday, 7 August 2015, as a solid US jobs report for July raised chances for an increase in interest rates by the Federal Reserve as soon as September.
The US Department of Labor said on Friday, 7 August 2015, employers added 215,000 jobs in July, slightly above market expectations. The unemployment rate held at a seven-year low of 5.3% and there were signs that wages were beginning to pick up.
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