Key benchmark indices were range bound in morning trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 206.72 points or 0.75% at 27,912.07. Most metal shares edged higher. Realty shares were in demand.
Foreign portfolio investors sold shares worth a net Rs 170.68 crore yesterday, 30 July 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 499.65 crore yesterday, 30 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian shares were mixed. It was a fairly flat finish to overnight trading in US market, with some mediocre corporate results overshadowing news that the US economy gained momentum in the second quarter.
At 10:16 IST, the S&P BSE Sensex was up 206.72 points or 0.75% at 27,912.07. The index rose 260.17 points at the day's high of 27,965.52 at the onset of trading session, its highest level since 27 July 2015. The index gained 109.16 points at the day's low of 27,814.51 at the onset of trading session.
The CNX Nifty was up 45.50 points or 0.54% at 8,467.30. The index hit a high of 8,489.30 in intraday trade, its highest level since 27 July 2015. The index hit a low of 8,448 in intraday trade.
The BSE Mid-Cap index was up 83.32 points or 0.75% at 11,241.72. The BSE Small-Cap index was up 76.34 points or 0.65% at 11,800.22. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,312 shares rose and 699 shares fell. A total of 78 shares were unchanged.
Most metal shares edged higher. Jindal Steel & Power (up 2.27%), Hindalco Industries (up 1.58%), Vedanta (up 1.58%), Hindustan Copper (up 1.02%), Bhushan Steel (up 0.95%), Tata Steel (up 0.54%), National Aluminum Company (up 0.42%) and Hindustan Zinc (up 0.25%), edged higher. Steel Authority of India (down 0.34%), NMDC (down 0.39%) and JSW Steel (down 1.09%), edged lower.
Realty shares were in demand. Unitech (up 3.65%), Sobha (up 2.98%), DLF (up 2.56%), Sunteck Realty (up 2.24%), Parsvnath Developers (up 2.12%), Peninsula Land (up 1.80%), Housing Development and Infrastructure (HDIL) (up 1.07%), Prestige Estates Projects (up 0.88%), Godrej Properties (up 0.86%), Indiabulls Real Estate (up 0.80%), Anant Raj (up 0.62%), D B Realty (up 0.40%), Oberoi Realty (up 0.33%) and Phoenix Mills (up 0.32%), edged higher.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower amid concerns over global oil supply glut.. Brent for September settlement was currently off 16 cents at $53.15 a barrel. The contract had fallen 7 cents or 0.13% to settle at $53.31 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 weekly report issued yesterday, 30 July 2015, that the rainfall was above normal by 21% over the country as a whole during the period from 23 to 29 July 2015. A deep depression caused extremely heavy rainfall over Gujarat and south Rajasthan during the second half of the week. Region wise, the rainfall was 68% above the Long Period Average (LPA) in Central India, 33% above LPA in Northwest India, 50% below LPA in South Peninsula and 22% below LPA in East & Northeast India during the period from 23 to 29 July 2015.
As per IMD's extended range forecast till 19 August 2015, rainfall activity is likely to be normal to above normal over Central and Northwest India till 9 August 2015. Rainfall activity is likely to be normal to above normal over northeast and adjoining east India from 5 to 14 August 2015.
For the country as a whole, cumulative rainfall during the period from 1 to 29 July 2015 was 15% below LPA. Region wise, the rainfall was 46% below the LPA in South Peninsula, 16% below the LPA in East & Northeast India, 13% below the LPA in Central India and 5% above the LPA in Northwest India during the period 1 to 29 July 2015. July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops.
The IMD in its separate daily monsoon update issued yesterday, 30 July 2015, said that the southwest monsoon was vigorous over West Rajasthan and was active over Gangetic West Bengal and East Rajasthan during past 24 hours until 8:30 IST. For the country as a whole, cumulative rainfall during this year's monsoon season was 4% below the Long Period Average (LPA) until 30 July 2015. Region wise, the rainfall was 19% below the LPA in South Peninsula, 9% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 30 July 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.
Asian shares were mixed. Key benchmark indices in China, Singapore, Taiwan and South Korea were down by 0.42% to 1.31%. Key benchmark indices in Hong Kong, Indonesia and Japan were up 0.01% to 1.58%.
It was a fairly flat finish to overnight trading in US market, with some mediocre corporate results overshadowing news that the US economy gained momentum in the second quarter. Solid consumer spending offset a drag from weak business investment in the June quarter, resulting in the United States' gross domestic product (GDP) rising by an annualised rate of 2.3%. Media reports suggested that should strengthen the Federal Reserve's case to start raising interest rates this year, albeit at a gradual pace.
A separate report by the US Labor Department revealed fewer Americans than expected filed claims for jobless benefits last week. Applications for unemployment payments rose by 12,000 to 267,000 in the week up to 25 July 2015. The prior week's figure of 255,000 jobless claims marked a 40-year low.
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