A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, was slightly higher while the 50-unit CNX Nifty was marginally lower. The Sensex was currently up 34.32 points or 0.13% at 26,405.30. The Nifty was currently off 5.20 points or 0.07% at 7,960.15. The market breadth indicating the overall health of the market was weak.
Metal and mining stocks declined across the board. Realty stocks also edged lower. Index heavyweight Reliance Industries (RIL) edged higher as the company's annual general meeting (AGM) began.
Earlier during the trading session, key benchmark indices had bounced back in volatile trade. Earlier, the Sensex had hit its lowest level in 34 weeks and the 50-unit CNX Nifty hit its lowest level in more than 33 weeks in early trade.
In overseas markets, Asian stocks were mixed. US stocks closed higher yesterday, 11 June 2015, adding to strong gains made a day earlier, as retail sales provided more evidence of a strengthening economy.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 622.89 crore yesterday, 11 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 589.29 crore yesterday, 11 June 2015, as per provisional data.
At 11:15 IST, the S&P BSE Sensex was up 34.32 points or 0.13% at 26,405.30. The index rose 89.66 points at the day's high of 26,460.64 in morning trade. The index fell 63.42 points at the day's low of 26,307.56 in early trade, its lowest level since 17 October 2014.
The CNX Nifty was down 5.20 points or 0.07% at 7,960.15. The index hit a high of 7,987.85 in intraday trade. The index hit a low of 7,940.85 in intraday trade, its lowest level since 21 October 2014.
The market breadth indicating the overall health of the market was weak. On BSE, 1,282 shares declined and 820 shares rose. A total of 90 shares were unchanged.
The BSE Mid-Cap index was off 2.45 points or 0.02% at 10,085.62. The BSE Small-Cap index was off 44.23 points or 0.42% at 10,567.95. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 805 crore by 11:15 IST compared with turnover of Rs 483 crore by 10:15 IST.
Index heavyweight Reliance Industries (RIL) edged higher as the company's annual general meeting (AGM) began. The stock was up 1% at Rs 886.15. The stock hit high of Rs 892.10 and low of Rs 878.85 so far during the day.
Tata Motors fell 1.24%. Tata Motors' British luxury car unit Jaguar Land Rover (JLR) yesterday, 11 June 2015, announced that the company retailed a total of 38,017 vehicles in May 2015. Land Rover delivered a solid performance in the month, with 32,412 vehicles and Jaguar retailed 5,605 vehicles, JLR said in a statement. Sales of the all-new Discovery Sport continued strong, retailing 5,624 in May 2015.
JLR said that the company plans 50 product actions over the next five years, of which twelve will be in 2015 alone. JLR has ambitious plans for sustainable growth and profitability, the company said.
Metal and mining stocks declined across the board. Vedanta (down 2.13%), JSW Steel (down 1.92%), Tata Steel (down 0.69%), Steel Authority of India (Sail) (down 1.23%), National Aluminium Company (down 0.84%), Hindustan Zinc (down 0.4%), Jindal Steel & Power (down 2.39%), Hindalco Industries (down 1.93%), NMDC (down 1.9%) and Hindustan Copper (down 1.19%) edged lower.
Realty stocks fell. DLF (down 2.46%), Indiabulls Real Estate (down 3.67%), Housing Development and Infrastructure (down 4.9%), Sobha (down 1.12%), Godrej Properties (down 1.49%), and Parsvnath Developers (down 0.24%) declined. Unitech (up 1.95%) and Oberoi Realty (up 1.8%) rose.
The Reserve Bank of India (RBI) yesterday, 11 June 2015, announced that the scheme under which External Commercial Borrowings (ECB) can be raised by eligible borrowers for low cost affordable housing projects under the approval route will continue for the current financial year.
On the macro front, the government is scheduled to unveil industrial production data for April 2015 at 17:30 IST today, 12 June 2015. Industrial output growth touched a five-month low of 2.1% in March from a revised 4.9% in February on the back of an across-the-board slowdown in production.
The government is also scheduled to unveil the consumer price index (CPI) data for the month of May 2015 at 17:30 IST today, 12 June 2015. Consumer price index-based retail inflation eased to a four-month low of 4.87% in April from a revised 5.25% in March.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 11 June 2015, that the Southwest Monsoon has been active over Assam & Meghalaya, Nagaland, Manipur, Mizoram & Tripura and Sub-Himalayan West Bengal & Sikkim during past 24 hours.
In its weekly report, the IMD said that conditions are becoming favourable for advance of monsoon over remaining parts of south peninsula and some parts of east India during next one week, the IMD said. The rainfall is likely to be above normal over many parts of south Peninsula and adjoining areas of east and central India during next two weeks. As per IMD's Extended Range Forecast (next 20 days), rainfall would be above normal over Indo Gangetic plains during the third week of June 2015. Over north eastern states, the rainfall intensity would be above normal during next 5 days and near normal/below normal thereafter.
For the country as a whole, cumulative rainfall during this year's monsoon season has been 100% of the Long Period Average (LPA) until 10 June 2015. Region wise, the southwest monsoon has been 31% below the LPA in Central India, 13% below the LPA in Northwest India, 2% below the LPA South Peninsula and 24% above the LPA in east & northeast India
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 were mixed today, 12 June 2015. Key benchmark indices in China, Singapore, Hong Kong and Indonesia rose by 0.2% to 0.81%. Key benchmark indices in Japan, South Korea and Taiwan fell by 0.01% to 0.31%.
US stocks closed higher yesterday, 11 June 2015, adding to strong gains made a day earlier, as retail sales provided more evidence of a strengthening economy. In economic data, sales at US retailers climbed 1.2% in May and rose for the third month in a row, offering more evidence of springtime rebound in consumer spending after a winter lull.
The number of people who applied for US unemployment benefits rose slightly in the first week of June but remained near a 15-year low amid a sharp upsurge in hiring over the past few years. Initial jobless claims edged up by 2,000 to 279,000 in the seven days from May 31 to June 6, the government said yesterday, 11 June 2015.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015. The FOMC meeting is being keenly watched for further indication of the timing of an expected rate hike by the US central bank later this calendar year.
In Europe, the International Monetary Fund reportedly pulled out of talks with debt-stricken Greece yesterday, 11 June 2015, after it accused Athens of failing to compromise over labour market and pension reforms. Greece deferred a payment to the International Monetary Fund last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
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