Key benchmark indices hovered in negative zone in morning trade, with the barometer index, the S&P BSE Sensex hitting fresh intraday low. The 50-unit CNX Nifty was hovering below the psychological 8,000 mark after falling below that level at onset of the day's trading session. The barometer index, the S&P BSE Sensex was currently down 142.11 points or 0.54% at 26,250.27. The market breadth indicating the overall health of the market was negative.
Pharmaceutical shares gained as the rupee edged lower against the dollar.
The 50-unit CNX Nifty fell below the psychological 8,000 mark at onset of the day's trading session on weak Asian stocks.
In overseas markets, Asian stocks edged lower today, 31 August 2015 after top Federal Reserve officials kept the door open for an interest rate hike in September. US stocks ended on a mixed note on Friday, 28 August 2015 as fears about a global economic slowdown due to China tested sentiment.
On the macro front, the government will release the gross domestic product (GDP) data for Q1 June 2015 at 17:30 IST today, 31 August 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 56.41 crore 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.
At 10:18 IST, the S&P BSE Sensex was down 142.11 points or 0.54% at 26,250.27. The index gained 77.04 points at the day's high of 26,469.42 in opening 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 down 40.95 points or 0.51% at 7,961. The index hit a high of 8,009.25 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 was negative. On BSE, 991 shares declined and 856 shares rose. A total of 74 shares were unchanged.
The BSE Mid-Cap index was up 25.22 points or 0.23% at 10,784.63, outperforming the Sensex. The BSE Small-Cap index was off 8.28 points or 0.08% at 10,984.54. The fall in this index was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 451 crore by 10:15 IST compared with turnover of Rs 127 crore by 09:25 IST.
Index heavyweight and engineering and construction major L&T rose 0.19% to Rs 1,620.05. The stock hit high of Rs 1,621.95 and low of Rs 1,605.30 so far during the day. L&T during market hours today, 31 August 2015 said that the Water & Effluent Treatment Strategic Business Group of L&T Construction has won turnkey orders worth Rs 1489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (nagaur). The scope of the packages includes the construction of a 5310 ML raw water reservoir, a 250 MLD Water treatment plant, raw water and clear water pumping stations, mild steel and ductile iron pipelines, electro-mechanical and instrumentation and other allied Works including operation and maintenance.
Pharmaceutical shares gained as the rupee edged lower against the dollar. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Cadila Healthcare (up 0.31%), Cipla (up 1.44%), Dr Reddy's Laboratories (up 0.38%), Glenmark Pharmaceuticals (up 1.5%), Lupin (up 0.71%), GlaxoSmithKline Pharmaceuticals (up 0.73%) rose. Wockhardt shed 1.05%.
Sun Pharmaceutical Industries rose 1.2%. With regard to news item titled "A class action suit filed against a Sun Pharma subsidiary arm Caraco Pharmaceutical Laboratories in US by workers", Sun Pharmaceutical Industries clarified after market hours on Friday, 28 August 2015 that the aforesaid news item is regarding a decision from the 6th US Circuit Court of Appeals in a class action lawsuit by some former employees of the company's US subsidiary company in US following the shut down of company's subsidiary's Michigan facility. Sun Pharmaceutical Industries said that there is no material impact of the said judgement on the operations/performance of the company.
Aurobindo Pharma gained 2.07%. Aurobindo Pharma on Saturday, 29 August 2015 said that it has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg. The approved abbreviated new drug application (ANDA) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Evista Tablets 60mg of Eli Lilly. Raloxifene Hydrochloride Tablets are indicated for treatment and prevention of osteoporosis in postmenopausal women. The product has an estimated market size of $404 million in the United States for the twelve months ended June 2015 according to IMS data.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 66.32, compared with closing of 66.1675 during the previous trading session.
On the macro front, the government will release the gross domestic product (GDP) data 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.
In the global commodities markets, Brent crude oil futures edged lower. Brent for October settlement was currently off $1.09 a barrel at $48.96 a barrel. The contract had gained $2.49 a barrel or 5.23% to settle at $50.05 a barrel on Friday, 28 August 2015.
Meanwhile, 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 the land ordinance will not be reissued. The decision follows protests by opposition parties demanding that the government withdraw the executive order allowing companies to obtain land without the owner's consent in some cases. The ordinance, first issued in December and repromulgated thrice, lapses today, 31 August 2015.
Asian stocks edged lower today, 31 August 2015 after top Federal Reserve officials kept the door open for an interest rate hike in September. Key benchmark indices in China, Singapore, Taiwan, Hong Kong, Japan, and South Korea fell by 0.36% to 2.61%. In Indonesia, the Jakarta Composite rose 0.78%.
Japan's 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 206 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 joined other central bank officials Saturday on a panel at the Kansas City Fed's annual retreat in Jackson Hole and reportedly said there is "good reason" to expect inflation to rise and stabilize as the American economy grows stronger.
Meanwhile, global ratings agency Moody's slashed its 2016 growth forecast for the Group of 20 economies to 2.8% from 3.1% due to the hit from a slowing Chinese economy.
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