Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. The market breadth indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit almost one-week low. The Sensex regained psychological 26,000 mark after falling below that mark for a brief period. The 50-unit CNX Nifty hit one-week low. The Sensex down 121.90 points or 0.47%, off about 60 points from the day's high and up about 45 points from the day's low.
Metal and mining stocks declined.
At 11:20 IST, the S&P BSE Sensex was down 121.90 points or 0.47% to 26,004.85. The index shed 135.43 points at the day's low of 25,991.32 in mid-morning trade, its lowest level since 22 July 2014. The index rose 55.08 points at the day's high of 26,181.83 in early trade.
The CNX Nifty was down 31.75 points or 0.41% to 7,758.70. The index hit a low of 7,750.70 in intraday trade, its lowest level since 21 July 2014. The index hit a high of 7,799.90 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,200 shares fell and 967 shares rose. A total of 87 shares were unchanged.
The BSE Mid-Cap index was down 8.07 points or 0.09% at 9,170.14, outperforming the Sensex. The BSE Small-Cap index was down 51.56 points or 0.51% at 9.985.61, underperforming the Sensex.
Coal India (down 2.76%), HDFC (down 1.43%) and Bajaj Auto (down 1.34%) edged lower from the Sensex pack.
Metal and mining stocks declined. Tata Steel (down 0.55%), Steel Authority of India (Sail) (down 0.91%), Sesa Sterlite (down 0.53%), JSW Steel (down 0.18%), Hindalco Industries (down 0.96%), National Aluminum Company (down 2.18%), NMDC (down 1.19%), Hindustan Zinc (down 1.73%) and Hindustan Copper (down 0.98%) declined.
Jindal Steel & Power (JSPL) declined 1.5%. The company after market on Friday, 25 July 2014, said that the Board of Directors of its subsidiary Jindal Power (JPL) at a meeting held on 28 April 2014 gave in-principle approval for sale of JPL's entire equity share in Kamala Hydro Electric Power Company. As and when some proposal is finalized, the same will be appropriately disclosed to stock exchanges, JSPL said. The company clarified this with respect to media reports, "Jindal Power seeks to sell entire stake in Arunachal hydro project".
Indiabulls Real Estate lost 2.01% after consolidated net profit fell 46.5% to Rs 38.85 crore on 18.8% rise in total income to Rs 623.48 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Friday, 25 July 2014. Indiabulls Real Estate said that total sales in terms of area stood at 5.2 lakh sq ft Q1 June 2014 compared to 15.6 lakh sq foot in Q1 June 2013. Total saleable area under construction stood at 30.20 million sq. ft. as on 30 June 2014, Indiabulls Real Estate said.
Raymond fell 1.7% after the company reported a consolidated net loss of Rs 32.85 crore in Q1 June 2014, lower than net loss of Rs 49.68 crore in Q1 June 2013. The result was announced after market hours on Friday, 25 July 2014. Raymond's net sales rose 25.4% to Rs 1096.09 crore in Q1 June 2014 over Q1 June 2013.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 48% to Rs 63 crore in Q1 June 2014 over Q1 June 2013. EBITDA margins rose to 6% in Q1 June 2014 from 5% in Q1 June 2013.
A bout of volatility was witnessed as key benchmark indices edged lower after opening higher. Key benchmark indices alternately swung between positive and negative terrain near the flat line in morning trade. Key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit almost one-week low.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month July 2014 series to August 2014 series. The near-month July 2014 F&O contracts expire on Thursday, 31 July 2014.
The stock markets remain closed tomorrow, 29 July 2014, on account of Ramzan Id.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 60.09, unchanged from its close of 60.11 on Friday, 25 July 2014.
Chinese stocks led gains in Asian stocks on Monday, 28 July 2014, on strong growth in profit at China's industrial comapnies in June 2014. Key benchmark indices in China, Hong Kong, Japan, and South Korea were up by 0.37% to 2.07%. Taiwan's Taiwan Weighted fell 0.23%.
Chinese industrial-company profits jumped the most last month since September, data yesterday showed. Profits at industrial companies in Asia's largest economy increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China's statistics bureau showed. It was the biggest gain since an 18.4% climb in September of last year and came after a private gauge of Chinese manufacturing advanced to an 18-month high.
Trading in US index futures indicated that the Dow could fall 19 points at the opening bell on Monday, 28 July 2014. US stocks fell on Friday, 25 July 2014, on disappointing earnings reports from Amazon and Visa and Starbucks.
Geopolitical tension remains as Israel resumed its offensive against Hamas militants in Gaza after a lull in fighting. As per reports, more than 1,000 Palestinians and 43 Israeli soldiers and two Israeli civilians have been killed so far after Israel launched its military offensive against Gaza on 8 July with the declared objective of stopping Hamas firing rockets into Israel.
Meanwhile, the US has released images to back its claim of Russia shelling across its border with Ukraine. As per reports, at least 13 people, including two children, were killed in fighting on Sunday, 27 July 2014, between pro-Russian rebels and Ukraine government forces in and near the Ukrainian city of Horlivka.
Russia is facing international pressure after Malaysia Airlines flight MH17 crashed in eastern Ukraine on 17 July, with pro-Russian rebels widely accused of shooting it down. All 298 people on board - most of them Dutch - died.
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