A bout of volatility was witnessed in early trade as the key benchmark indices reversed initial gains. The barometer index, the S&P BSE Sensex was currently down 78.34 points or 0.28% at 28,108.72. The market breadth indicating the overall health of the market was positive. Asian stocks edged lower today, 4 August 2015 after downbeat economic data pressured Wall Street ahead of key US jobs data later this week that could provide a key clue to the timing of the US Federal Reserve's interest rate increase.
The Reserve Bank of India's (RBI)'s third bi-monthly monetary policy statement is due at 11:00 IST today, 4 August 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 350.41 crore yesterday, 3 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 33.36 crore yesterday, 3 August 2015, as per provisional data.
At 9:23 IST, the S&P BSE Sensex was down 78.34 points or 0.28% at 28,108.72. The index gained 77.66 points at the day's high of 28,264.72 in early trade. The index fell 79.68 points at the day's low of 28,107.38 in early trade.
The CNX Nifty was down 25.75 points or 0.3% at 8,517.30. The index hit a high of 8,565.15 in intraday trade. The index hit a low of 8,502.35 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 852 shares gained and 572 shares fell. A total of 55 shares were unchanged.
The BSE Mid-Cap index was up 9.66 points or 0.09% at 11,340.57. The BSE Small-Cap index was up 22.50 points or 0.19% at 11,963.70. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 381 crore by 09:25 IST.
Bharti Airtel rose 0.92% ahead of its Q1 June 2015 result today, 4 August 2015.
Hero MotoCorp gained 2.97%. Hero MotoCorp's net profit rose 33.33% to Rs 750.34 crore on 1.15% decline in total turnover (net sales plus other operating income) to Rs 6955.26 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 3 August 2015.
Commenting on the company's Q1 performance, Pawan Munjal, Chairman, Chief Executive Officer and Managing Director of Hero MotoCorp said that during Q1 June 2015, the company continued to strengthen its market leadership through a combination of new product launches and strategic marketing initiatives. Hero MotoCorp further expanded its already wide and diverse product portfolio with two new offerings - the Xtreme Sports and Passion Pro in this quarter. These products have witnessed a very poistive response, enabling it to fortify its leadership position. Strong demand for the company's products in the 125cc category has also been instrumental in driving volumes, Munjai said. Hero MotoCorp has lined up a slew of new launches including scooters and motorcycles as it moves into the festive season, Munjal said.
The Reserve Bank of India's (RBI)'s third bi-monthly monetary policy statement is due at 11:00 IST today, 4 August 2015. The RBI had cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25% after a monetary policy review on 2 June 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 3 August 2015, that the Southwest Monsoon was active over Arunachal Pradesh, Odisha, Jharkhand and Chhattisgarh during past 24 hours 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 3 August 2015. Region wise, the rainfall was 22% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, 7% below the LPA in Central India and 8% above the LPA in Northwest India until 3 August 2015.
India's weather office, the India Meteorological Department (IMD), after trading hours yesterday, 3 August 2015, announced that the rainfall over the country as a whole during second half of southwest monsoon season (August to September) is likely to be below normal with a probability of 86%. Quantitatively, the rainfall over the country as a whole during the second half of the season (August to September) is likely to be 84% of long period average (LPA), with a model error of plus/minus 8%. From April to July 2015, El Nino conditions have strengthened from weak to moderate level. Latest forecast from ESSO-IMD-IITM coupled model indicates 72% probability of El Nino conditions to become strong during remaining part of the monsoon season. Over the Indian Ocean, there is 86% probability of current neutral Indian Ocean Dipole conditions to continue during the monsoon season.
The rainfall during August 2015 is likely to be 90% of LPA, with a model error of plus/minus 9% as was forecasted in June. The season rainfall (June to September) over the country as a whole is likely to be deficient. The season rainfall (June to September) over the country as a whole is likely to be 88% of LPA with a model error of plus/minus 4% as was forecasted in June, the IMD said.
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.
Asian stocks edged lower today, 4 August 2015 after downbeat economic data pressured Wall Street ahead of key US jobs data later this week that could provide a key clue to the timing of the US Federal Reserve's interest rate increase. Key benchmark indices in Hong Kong, Japan, Singapore, Indonesia and South Korea fell by 0.09% to 0.32%. Key benchmark indices in China and Taiwan were up 0.33% to 1.34%.
US markets dropped yesterday, 3 August 2015 following weak economic data and a further slump in crude-oil prices
In US economic news, the Commerce Department yesterday, 3 August 2015 said personal spending by US consumers rose 0.2% in June, while personal income grew by 0.4%.
Another data showed that the Institute for Supply Management's index of national factory activity slipped to 52.7 in July, falling short of reading of 53.5 in June.
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