Volatility ruled the roost as key benchmark indices recovered from lower level soon after erasing a lion's portion of intraday gains in afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently up 122.63 points or 0.46% at 26,936.05.
Pharma stocks edged higher. Auto stocks also edged higher.
Foreign portfolio investors bought shares worth a net Rs 511.90 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 772.04 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged lower as divisions remained between Greece and its international creditors over a deal to unlock bailout funds and as yields pushed higher across European bonds. Asian stocks edged lower after a steep slide for US stocks overnight. US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely.
At 13:15 IST, the S&P BSE Sensex was up 122.63 points or 0.46% at 26,936.05. The index jumped 178.40 points at the day's high of 26,991.82 in early afternoon trade, its highest level since 3 June 2015. The index fell 94.98 points at the day's low of 26,718.44 in morning trade.
The 50-unit CNX Nifty was up 26.55 points or 0.33% at 8,157.20. The index hit a high of 8,181.95 in intraday trade, its highest level since 3 June 2015. The index hit a low of 8,100.15 in intraday trade.
The BSE Mid-Cap index was up 49.63 points or 0.48% at 10,397.08. The BSE Small-Cap index was up 69.78 points or 0.64% at 10,893.51. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,431 shares rose and 967 shares fell. A total of 114 shares were unchanged.
Pharma stocks edged higher. Sun Pharmaceutical Industries (up 2.9%), Glenmark Pharmaceuticals (up 2.39%), Lupin (up 0.79%), Dr Reddy's Laboratories (up 1.17%), Strides Arcolab (up 0.05%), Cipla (up 0.59%), Ipca Laboratories (up 0.44%), GlaxoSmithkline Pharmaceuticals (up 0.31%) and Wockhardt (up 0.65%) edged higher.
Auto stocks edged higher. Hero MotoCorp (up 0.65%), Eicher Motors (up 0.94%), Maruti Suzuki India (up 0.49%) and Bajaj Auto (up 0.62%) edged higher. Tata Motors (down 1.8%) and TVS Motor Company (down 0.95%) edged lower.
Mahindra & Mahindra (M&M) was up 1.7% after the soft launch of its Sedan category vehicle E-verito at a rally of electric and hybrid vehicles in New Delhi. The event was organized by Department of Heavy Industry, the Ministry of Industries & Public Enterprises to inform public at large that the government has initiated the scheme Faster Adoption and Manufacturing of hybrid and electric vehicles (FAME India) in order to protect the environment and this scheme will help reduction in the use of fossil fuel, which is one of the main sources of GHG emission from road transport sector. M&M's E-verito is the first four-door pure electric model in the country.
Meanwhile, the Ministry of Coal after trading hours yesterday, 4 June 2015, announced that the auction of ten coal mines in the third tranche will be held from 11 August 2015 to 17 August 2015. The coal ministry has issued instructions to the Nominated Authority to conduct the auctions for these ten mines classified for iron & steel, cement and captive power plants. The Notice Inviting Tender (NIT) will be issued on Monday, 8 June 2015.
Meanwhile, private weather forecaster Skymet announced the arrival of the southwest monsoon in Kerala just a few minutes back.
The India Meteorological Department (IMD) yesterday, 4 June 2015, said in its weekly monsoon report that the rainfall will be mainly confined to North-East and southern peninsula over the next 10-15 days. The IMD said that for the country as a whole, cumulative rainfall during this year's monsoon has so far (upto 3 June) been 19% above the Long Period Average (LPA). The cumulative seasonal rainfall was excess in 16, normal in 3 and deficient to scanty in 17 sub-divisions.
In global commodity markets, Brent crude oil futures edged lower on concerns that the oil producing countries' club will fail to cut output targets in an effort to support prices. Brent for July settlement was off 31 cents at $61.72 a barrel. The contract had lost $1.77 a barrel or 2.77% to settle at $62.03 a barrel during the previous trading session.
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna today, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
In overseas markets, European stocks edged lower today, 5 June 2015, as divisions remained between Greece and its international creditors over a deal to unlock bailout funds and as yields pushed higher across European bonds. Key indices in Germany, UK and France were off 0.33% to 0.55%.
Greece yesterday, 4 June 2015, said it has opted to bundle its June loan repayments to the International Monetary Fund. Greece was supposed to pay the IMF about 300 million euro on Friday, 5 June 2015, but said it would bundle all the payments due this month into one. That means Greece now owes the fund 1.54 billion euros ($1.7 billion) by 30 June 2015. IMF rules allow borrowers to combine payments of principal due in a calendar month, but the provision has been used only once before -- by Zambia in the mid-1980s.
Manufacturing orders in Germany picked up in April on the back of foreign demand, data from the country's economy ministry showed Friday. New orders were 1.4% higher on month in adjusted terms, surpassing median expectations of 0.5% growth in a Wall Street Journal survey of economists. On month, foreign orders grew by a robust 5.5%, with those from the eurozone rising by 6.8%. Non-eurozone foreign orders were up 4.7%, while domestic orders slipped 3.8%. Total data for March were also revised slightly upward, with the ministry now reporting a 1.1% monthly increase, beating the 0.9% rise originally reported.
Asian stocks edged lower today, 5 June 2015, after a steep slide for US stocks overnight. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were down by 0.09% to 0.8%. China's Shanghai Composite was up 1.54%.
US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely. Data showed the labour market tightening, with first-time applications for unemployment aid down last week and the number of people on benefit rolls hitting the lowest level since 2000, suggesting the Federal Reserve will remain on track to raise interest rates later this year. The data came ahead of Friday's key US jobs report. The International Monetary Fund has urged the Fed not to raise rates until there are clear signs of a pickup in wages and inflation.
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