A bout of volatility was witnessed as key benchmark indies trimmed gains after extending intraday gains in mid-morning trade. The market breadth indicating the overall health of the market once again turned negative from positive in early afternoon trade. The 50-unit CNX Nifty was currently hovering above the psychological 8,000 mark, having alternately moved above and below that mark in intraday trade so far. Earlier, the Nifty had fallen below the psychological 8,000 mark in early trade. The Nifty had settled just a tad above the psychological 8,000 mark after registering modest gains during the previous trading session on Friday, 28 August 2015. The barometer index, the S&P BSE Sensex, was currently up 7.36 points or 0.03% at 26,399.74.
Realty stocks depicted a mixed trend after the Ministry of Housing and Urban Poverty Alleviation said a total of 305 cities and towns have been identified in nine states for beginning construction of houses for the urban poor under the central government's Housing for All (Urban) Mission. Housing finance stocks saw mixed trend.
In overseas markets, Asian stocks were mixed. US stocks ended on a mixed note during the previous trading session on Friday, 28 August 2015, as fears about a global economic slowdown due to China tested sentiment.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 56.41 crore during the previous trading session on Friday, 28 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 847.43 crore on Friday, 28 August 2015, as per provisional data released by the stock exchanges.
At 12:23 IST, the S&P BSE Sensex was up 7.36 points or 0.03% at 26,399.74. The index jumped 112.35 points at the day's high of 26,504.73 in mid-morning trade. The index fell 166.67 points at the day's low of 26,225.71 in morning trade, its lowest level since 27 August 2015.
The CNX Nifty was up 7.10 points or 0.09% at 8,009.05. The index hit a high of 8,043.60 in intraday trade. The index hit a low of 7,954.30 in intraday trade, its lowest level since 27 August 2015.
The market breadth indicating the overall health of the market once again turned negative from positive in early afternoon trade. On BSE, 1,171 shares declined and 1,123 shares gained. A total of 98 shares were unchanged. Earlier, the breadth had turned positive from negative in mid-morning trade.
The BSE Mid-Cap index was up 23.47 points or 0.22% at 10,782.88. The BSE Small-Cap index was up 7.06 points or 0.06% at 10,999.88. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1046 crore by 12:15 IST compared with turnover of Rs 748 crore by 11:15 IST.
Realty stocks depicted a mixed trend after the Ministry of Housing and Urban Poverty Alleviation said a total of 305 cities and towns have been identified in nine states for beginning construction of houses for the urban poor under the central government's Housing for All (Urban) Mission. DLF (down 1%), Indiabulls Real Estate (down 1.28%), D B Realty (down 0.36%), Sobha (down 0.31%) and Oberoi Realty (down 0.82%) declined. Godrej Properties (up 4.74%), Parsvnath Developers (up 1.1%), Unitech (up 0.17%) and Housing Development and Infrastructure (up 0.08%) rose.
Housing finance stocks were mixed. LIC Housing Finance (up 0.9%), Dewan Housing Finance Corporation (up 3.49%) and Can Fin Homes (up 0.42%) rose. HDFC (down 0.13%) and Gruh Finance (down 0.95%) fell.
The Ministry of Housing and Urban Poverty Alleviation yesterday, 30 August 2015, said that within two months of the launch of the Housing for All (Urban) Mission, 15 states have signed Memorandum of Agreement (MoA) with the Ministry of Housing and Urban Poverty Alleviation, committing themselves to implement six mandatory reforms essential for making a success of the housing mission in urban areas. 305 cities and towns also have been identified in nine of these states for beginning construction of houses for the urban poor, the government said. Under the Housing for All initiative of the Central Government, 2 crore houses are targeted to be built for the poor in urban areas by the year 2022, coinciding with the 75 year of India's Independence.
Under the urban housing mission, central government will provide an assistance in the range of Rs 1 lakh to Rs 2.30 lakh per house under different components of the scheme including redevelopment of slums using land as resource, Credit linked Subsidy Scheme, Affordable Housing in Partnership and Beneficiary led individual construction/improvement.
Godrej Consumer Products edged higher after the Reserve Bank of India notified increase in the ceiling on investment by foreign portfolio investors to 40% of the company's paid-up capital from 35% earlier. The stock was up 2.95%. Foreign institutional investors (FIIs) have now been allowed to buy up to 40% stake in Godrej Consumer Products (GCPL) under the portfolio investment scheme (PIS). Total holding of FIIs in GCPL stood at 28.71% as on 30 June 2015.
On the macro front, the government will release the data on gross domestic product (GDP) for Q1 June 2015 at 17:30 IST today, 31 August 2015. India's GDP grew 7.5% in Q4 March 2015 over Q4 March 2014.
Meanwhile, investors continue to watch the performance of the monsoon rains which will have a bearing on food prices and rural income. India's weather office India Meteorological Department (IMD), said in a daily report issued yesterday, 30 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 12% below the Long Period Average (LPA) until 30 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 15% below the LPA in Central India, 9% below the LPA in Northwest India and 4% below the LPA in East & Northeast India until 30 August 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.
Prime Minister Narendra Modi on Sunday, 30 August 2015, said in his monthly radio address Mann Ki Baat that the land ordinance will not be reissued. The ordinance, first issued in December and repromulgated thrice, lapses on 31 August 2015.
In overseas markets, Asian stocks were mixed today, 31 August 2015. Key benchmark indices in Singapore and Japan were off 0.7% to 1.28%. Key benchmark indices in South Korea, Indonesia and Taiwan were up 0.2% to 1.94%.
Chinese stocks fell on media reports that China will avoid massive share purchases after an over $200 million two-month spree to support stocks, which sparked concerns about another round of a stock market sell-off. In mainland China, the Shanghai Composite was off 0.82%. In Hong Kong, the Hang Seng index was up 0.34%.
Meanwhile, Chinese authorities have detained a journalist at a Chinese financial-news magazine for allegedly concocting and spreading false information related to securities and futures trading, the official Xinhua News Agency has said, according to media reports. Meanwhile, China's Ministry of Public Security has punished nearly 200 people for spreading online rumors in connection with recent major news events, in a government crackdown on politically sensitive discourse. The sweep targeted people who spread false Internet rumors regarding events such as the stock-market turmoil and deadly explosions earlier this month in the port city of Tianjin, according to news reports.
In Japan, industrial output unexpectedly fell in July, trade ministry data showed today, 31 August 2015. The 0.6% decline in output in July follows a 1.1% rise in June. Output fell in July as companies produced less smartphone parts, computers and cars, the data showed.
Trading in US index futures indicated that the Dow could slide 162 points at the opening bell today, 31 August 2015. US stocks ended on a mixed note on Friday, 28 August 2015, as fears about a global economic slowdown due to China tested sentiment.
Over the weekend, Federal Reserve Vice Chairman Stanley Fischer said at the Kansas City Fed's annual retreat in Jackson Hole that there is "good reason" to expect inflation to rise and stabilize as the American economy grows stronger.
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