A bout of volatility was witnessed as key benchmark indices trimmed initial gains and hit fresh intraday low in morning trade. The barometer index, the S&P BSE Sensex was currently up 78.99 points or 0.28% at 28,595.58. The market breadth indicating the overall health of the market was quite strong, with almost three gainers for every loser on BSE. IT stocks gained on renewed buying.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 143.98 crore yesterday, 7 April 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 326.06 crore yesterday, 7 April 2015, as per provisional data.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit highest level in almost three-weeks.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015.
In overseas markets, Asian markets were mixed. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
At 10:20 IST, the S&P BSE Sensex was up 78.99 points or 0.28% at 28,595.58. The index gained 170.80 points at the day's high of 28,687.39 in early trade, its highest level since 19 March 2015. The index rose 78.99 points at the day's low of 28,595.58 in morning trade.
The CNX Nifty was up 30.65 points or 0.35% at 8,690.95. The index hit a high of 8,716.30 in intraday trade, its highest level since 19 March 2015. The index hit a low of 8,690.45 in intraday trade.
The BSE Mid-Cap index was up 68.70 points or 0.63% at 11,019.24. The BSE Small-Cap index was up 84.25 points or 0.74% at 11,515.33. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with almost three gainers for every loser on BSE. On BSE, 1,459 shares gained and 530 shares fell. A total of 73 shares were unchanged.
IT stocks gained on renewed buying. Infosys (up 0.88%), Tech Mahindra (up 2.62%), TCS (up 1.18%), HCL Technologies (up 1.37%) and Wipro (up 0.2%) gained.
Rural Electrification Corporation (REC) rose 0.32% to Rs 322.70. Bids were received for a total of 1.95 crore shares of REC till 9:45 IST compared to offer for sale of 4.93 crore shares by the government of India, as per the live bidding data from NSE. The company after market hours yesterday, 7 April 2015, fixed the floor price for offer for sale (OFS) of shares by its promoter viz. the Government of India (GoI) at Rs 315 per share. The floor price for the OFS is at a discount of 2.06% to the stock's closing price of Rs 321.65 yesterday, 7 April 2015. GoI after market hours on 6 April 2015, issued a notice for offer for sale (OFS) of upto 4.93 crore equity shares of the face value of Rs 10 each, representing 5% of the total paid up equity share capital of REC through a sale on the separate window provided by the stock exchanges. Retail investors will be allocated offer shares at a discount of 5% to the bid price. The offer takes place during trading hours on a separate window of the stock exchanges and commences today, 8 April 2015 at 9:15 IST and will close at 15:30 IST. The GoI currently holds 65.64% stake in REC (as per the shareholding pattern as on 31 December 2014).
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.30, compared with its close of 62.2525 during the previous trading session.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015. Brent for May settlement was down 86 cents at $58.24 a barrel. Brent for May settlement was up 98 cents or 1.68% at $59.10 a barrel yesterday, 7 April 2015
Data from the American Petroleum Institute (API) showed US crude stocks surged 12.2 million barrels last week against expectations for a increase of 3.4 million barrels.
Adding to that supply, Saudi oil minister Ali al-Naimi reportedly said late yesterday, 7 April 2015, that Saudi output would likely remain around 10 million barrels per day (bpd) after posting a record high of 10.3 million bpd in March.
Asian markets were mixed today, 8 April 2015. Key indices in Indonesia, Singapore, and Taiwan fell by 0.23% to 0.6%. Key indices in China, Hong Kong, Japan, and South Korea rose by 0.12% to 2.38%.
The Bank of Japan kept monetary policy steady today, 8 April 2015, suggesting that policymakers remain unfazed by slowing inflation and recent signs of weakness in the economy. As widely expected, the BOJ left unchanged its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen ($666 billion) through purchases of government bonds and risky assets.
Japan posted its biggest current account surplus in almost three and a half years in February, the finance ministry said today, 8 April 2015, helped by the higher value in yen terms of income from overseas investments and a smaller trade deficit. The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.44 trillion in February before seasonal adjustment, the data showed, the highest since September 2011.
Trading in US index futures indicates that the Dow Jones industrial average could gain 1 point at the opening bell today, 8 April 2015. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
The Federal Reserve should be extraordinarily patient and hold off on raising interest rates until the second half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reportedly said yesterday, 7 April 2015. Kocherlakota reportedly said that it would be 'appropriate' for the Fed to "defer the initial interest-rate increase until the second half of 2016," and then raise the benchmark federal funds rate to roughly 2% by the end of 2017.
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