Key benchmark indices regained positive zone in volatile trade after hitting intraday low in negative zone. The barometer index, the S&P BSE Sensex, was currently up 21.72 points or 0.08% at 28,244.80. The market breadth indicating the overall health of the market was positive.
Pharma shares edged higher on renewed buying. Pharma major Dr Reddy's Laboratories scaled a record high. FMCG stocks were mixed.
A bout of volatility was witnessed in early trade as the key benchmark indices regained positive zone after reversing initial gains.
In overseas markets, Asian stocks edged lower as jitters about China's economy and upcoming US jobs data kept buying appetite in check. US markets ended marginally higher yesterday, 5 August 2015 as investors digested conflicting economic data.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 447.90 crore yesterday, 5 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 189.11 crore yesterday, 5 August 2015, as per provisional data.
At 10:15 IST, the S&P BSE Sensex was up 21.72 points or 0.08% at 28,244.80. The index gained 91.32 points at the day's high of 28,314.40 in early trade. The index fell 43.05 points at the day's low of 28,180.03 in morning trade.
The CNX Nifty was up 5.70 points or 0.07% at 8,573.65. The index hit a high of 8,590.50 in intraday trade. The index hit a low of 8,552.35 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,304 shares gained and 907 shares fell. A total of 78 shares were unchanged.
The BSE Mid-Cap index was up 36.42 points or 0.32% at 11,580.88. The BSE Small-Cap index was up 56.23 points or 0.46% at 12,192.24. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 903 crore by 10:15 IST compared with Rs 320 crore by 09:30 IST.
Pharma shares edged higher on renewed buying. Cadila Healthcare (up 1.92%), Cipla (up 1.25%), Glenmark Pharmaceuticals (up 0.85%), Lupin (up 1.9%), Sun Pharmaceutical Industries (up 1.53%), GlaxoSmithKline Pharmaceuticals (up 0.35%), Aurobindo Pharma (up 2.52%) and Wockhardt (up 1.39%) rose.
Dr Reddy's Laboratories gained 2.56% to Rs 4,302.45 after scaling a record high of Rs 4,313.95 in intraday trade. Dr Reddy's Laboratories (Dr Reddy's Lab) during market hours today, 6 August 2015 said that it has entered into a strategic collaboration with Amgen - one of the world's leading independent biotechnology companies - to market and distribute three Amgen medicines in India in the areas of oncology and cardiology. Under the terms of the collaboration, Dr Reddy's shall perform a full range of regulatory and commercial services to seek approval and launch Kyprolis (carfilzomib), BLINCYTO (blinatumomab) and Repatha (evolocumab) in India. The collaboration leverages the capabilities of both companies, combining three of Amgen's innovative therapies with Dr Reddy's deep understanding of patient and physician needs in India.
FMCG stocks were mixed. Dabur India (up 2.37%), Marico (up 1.28%), Tata Global Beverages (up 0.25%), Colgate-Palmolive (India) (up 0.44%), Procter & Gamble Hygiene and Health Care (up 1.34%) and Bajaj Corp (up 0.8%) rose.
Nestle India (down 4.72%), Britannia Industries (down 0.09%), Jyothy Laboratories (down 0.2%), GlaxoSmithkline Consumer Healthcare (down 0.39%), Godrej Consumer Products (down 1.21%) and Hindustan Unilever (down 0.21%) fell.
Meanwhile, retirement fund manager Employees Provident Fund Organisation (EPFO) will reportedly enter the stock market through exchange-traded funds (ETFs) from today, 6 August 2015. As per the decision by the central board of EPFO, the retirement fund manager will reportedly invest up to 5% of its incremental corpus in ETFs in the current financial year ending 31 March 2016.
Meanwhile, India's weather office, the India Meteorological Department (IMD) said in a daily report issued yesterday, 5 August 2015, that the Southwest Monsoon has been vigorous over Marathawada and Vidarbha and active over Arunachal Pradesh, Assam & Meghalaya, Sub-Himalayan West Bengal & Sikkim, West Madhya Pradesh and Madhya Maharashtra during past 24 hours until 8:30 IST. For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 5 August 2015. Region wise, the rainfall was 21% below the LPA in South Peninsula, 9% below the LPA in East & Northeast India, 4% below the LPA in Central India and 5% above the LPA in Northwest India until 5 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.
Asian stocks edged lower today, 6 August 2015 as jitters about China's economy and upcoming US jobs data kept buying appetite in check. Key benchmark indices in China, Indonesia, Singapore, Taiwan, Hong Kong and South Korea fell by 0.07% to 1.44%. In Japan, the Nikkei 225 index rose 0.77%.
US markets ended marginally higher yesterday, 5 August 2015 as investors digested conflicting economic data. Activity in the services sector surged to a 10-year high of 60.3 in July, while private payroll growth was softer than expected.
In economic data, a report yesterday, 5 August 2015 showed that private employers added 185,000 jobs in July, down from the 229,000 jobs added in June.
Meanwhile, the pace of growth in the U.S. service sector soared in July, recording its best reading in a decade. The nonmanufacturing purchasing managers index rose to 60.3 in July from 56 in June, its highest reading since August 2005, the Institute for Supply Management said yesterday, 5 August 2015.
The influential monthly US nonfarm payroll report for July 2015 is due tomorrow, 7 August 2015. The report will be scrutinized for clues to the strength of the labor-market recovery. Investors have been parsing economic data, from inflation to wages, for clues about when the Fed might raise rates.
In Europe, Greece's Prime Minister Alexis Tsipras reportedly said yesterday, 5 August 2015, that Greece was close to concluding a deal with lenders on a multi-billion-euro bailout, which he said would end doubts over its place in the euro zone. An accord must be settled -- or a bridge loan agreed -- by 20 August 2015, when a 3.5 billion euro debt payment to the European Central Bank (ECB) falls due.
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