Key benchmark indices extended gains and hit fresh intraday high in afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their highest level in almost a week. The Sensex was currently trading above the psychological 28,000 level, after surpassing that level after a higher opening. The market breadth indicating the overall health of the market was quite strong, with almost two gainers for every loser on BSE. The Sensex was currently up 136.80 points or 0.49% at 28,112.66. The BSE Small-Cap index was up 1.31%, outperforming the Sensex. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 3% to about 19% for quite a few stocks.
Brent crude oil futures dropped. Fall in crude oil prices augur well for India as the country imports 80% of its crude oil requirements.
Power generation shares edged higher on renewed buying. Shares of power finance companies also gained. Shares of auto components maker Motherson Sumi Systems scaled record high.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 240.34 crore yesterday, 30 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 651.67 crore yesterday, 30 March 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower, extending previous trading session's small decline. For India, the decline in global crude oil prices along with deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
In overseas markets, European shares edged higher. Asian stocks were mixed. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
At 13:16 IST, the S&P BSE Sensex was up 136.80 points or 0.49% at 28,112.66. The index jumped 136.92 points at the day's high of 28,112.78 in afternoon trade, its highest level since 25 March 2015. The index rose 50.41 points at the day's low of 28,026.27 in early trade.
The CNX Nifty was up 40.05 points or 0.47% at 8,532.35. The index hit a high of 8,535.10 in intraday trade, its highest level since 25 March 2015. The index hit a low of 8,499.85 in intraday trade.
The BSE Mid-Cap index was up 80.24 points or 0.76% at 10,639.76. The BSE Small-Cap index was up 141.86 points or 1.31% at 10,937.26. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with almost two gainers for every loser on BSE. 1,667 shares gained and 855 shares fell. A total of 100 shares were unchanged.
The total turnover on BSE amounted to Rs 1671 crore by 13:15 IST.
Power generation shares edged higher on renewed buying. Tata Power Company (up 3.35%), Reliance Infrastructure (up 0.65%), CESC (up 1.39%), Reliance Power (up 0.88%), Jaiprakash Power Ventures (up 0.49%), Adani Power (up 1.58%), edged higher. NTPC (down 0.92%) and JSW Energy (down 0.51%) fell.
Among power finance companies, shares of REC (up 1.16%) and Power Finance Corporation (up 0.69%) gained.
Power equipment major Bharat Heavy Electricals (Bhel) shed 0.5%. Bhel during market hours today, 31 March 2015, said that the company's 28 megawatts (MW) Nyaborongo-1 hydro electric power plant set up in Rwanda has been inaugurated by Paul Kagame, President, Republic of Rwanda. Bhel has successfully constructed and commissioned the 24 MW hydro power project in the African Region. The project is owned by the Govt. of Rwanda and has been jointly financed under the Govt. of India's Line of Credit and Govt. of Rwanda's own funds. The project has been built by the Govt. of Rwanda under its plan of providing electricity to 70% of the population by 2017 from the current levels of just 17%.
Bhel's scope of work for the Nyaborongo-I project included design, engineering, manufacturing, supply, erection, testing and commissioning of the complete hydro-mechanical and electro-mechanical packages.
Auto components maker Motherson Sumi Systems gained 2.59% to Rs 511 after scaling a record high of Rs 514.95 in intraday trade today, 31 March 2015.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.61, compared with its close of 62.68 during previous trading session.
Brent crude oil futures edged lower, extending previous trading session's small decline. Brent for May settlement was off 53 cents at $55.76 a barrel. The contract had declined 12 cents or 0.21% to settle at $56.29 a barrel during previous trading session.
In overseas markets, European shares edged higher today, 31 March 2015. Key benchmark indices in UK and France were up 0.12% to 0.16%. In Germany, the DAX fell 0.08%.
German retail sales fell in February on a monthly basis for the first time since September, data from the statistics office showed today, 31 March 2015. Retail sales dropped by 0.5% on the month in real terms in Europe's largest economy. On an annual basis, retail sales expanded by 3.6%, reaching the highest real growth in any February since 2000, the statistics office Destatis said.
Asian stocks were mixed. Key indices in Hong Kong, Taiwan, South Korea, and Indonesia were up 0.34% to 1.1%. Key indices in China, Japan and Singapore were off 0.19% to 1.05%.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell today, 31 March 2015. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
Meanwhile, Fed Vice Chairman Stanley Fischer today, 31 March 2015, said that Fed policy makers should start thinking further ahead.
The influential monthly US nonfarm payroll data is due on Friday, 3 April 2015, when the US stock market is closed on account of Good Friday. The US government will announce the payroll report for March 2015 on 3 April 2015.
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