Key benchmark indices cut initial losses triggered by weak Asian stocks. Sentiment was impacted after Greece on Sunday, 4 July 2015, rejected austerity measures demanded in return for bailout money. The barometer index, the S&P BSE Sensex hit intraday low below the psychological 28,000 mark at onset of the day's trading session. The Sensex was currently down 218.35 points or 0.78% at 27,874.44. The market breadth indicating the overall health of the market was weak. Asian stocks edged lower today, 6 July 2015 as Greece voted against accepting further austerity, increasing the risk of the country's exit from the euro zone.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 356.29 crore on Friday, 3 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 220.61 crore on Friday, 3 July 2015, as per provisional data.
At 9:23 IST, the S&P BSE Sensex was down 218.35 points or 0.78% at 27,874.44. The index lost 315.21 points at the day's low of 27,777.58 at onset of the day's trading session. The index fell 146.11 points at the day's high of 27,946.68 in early trade.
The CNX Nifty was down 56.15 points or 0.66% at 8,428.75. The index hit a high of 8,443.80 in intraday trade. The index hit a low of 8,386.15 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 915 shares declined and 320 shares rose. A total of 44 shares were unchanged.
The BSE Mid-Cap index was off 90.48 points or 0.83% at 10,779.52. The BSE Small-Cap index was off 89.63 points or 0.79% at 11,213.95. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 210 crore by 09:25 IST.
ACC shed 0.3%. ACC said after market hours on Friday, 3 July 2015 that the limestone mining operations at company's Chaibasa cement works has been suspended on account of requirement of further clearances from the Government of Jharkhand. The company is in discussion with the concerned authorities in this regard and expects that limestone mining operations would resume shortly, ACC said. Cement grinding continues with transfer of clinker from sister works/purchase of clinker, it added. The impact of the closure of the mining operations at Chaibasa is not expected to be material, ACC said.
JSW Steel fell 1.54% after turning ex-dividend today, 6 July 2015, for dividend of Rs 11 per share for the year ended 31 March 2015.
Vedanta fell 2.26% after turning ex-dividend today, 6 July 2015, for final dividend of Rs 2.35 per share for the year ended 31 March 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 5 July 2015, that the Southwest Monsoon has been Active over Arunachal Pradesh and Sub-Himalayan West Bengal & Sikkim and Normal over Assam & Meghalaya, Gangetic West Bengal, Jharkhand, Bihar and Coastal Karnataka during past 24 hours ending at 08:30 IST.
Meanwhile, the weekly data released by the Ministry of Agriculture after trading hours on Friday, 3 July 2015, showed that the sowing of Kharif crops is gathering pace. The total sown area for Kharif crops as on 3 July 2015 stood at 306.06 lakh hectares compared with 194.25 lakh hectares at this time last year.
Asian stocks edged lower today, 6 July 2015 as Greece voted against accepting further austerity, increasing the risk of the country's exit from the euro zone. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.83% to 2.98%.
In China, the Shanghai Composite index rose 2.19% after China's government and central bank launched a wave of drastic policies over the weekend to help save the markets, including the People's Bank of China vowing "liquidity support" to the state-backed margin-finance entity, as well as a reported suspension of initial public offerings.
Trading in US index futures indicated that the Dow could slide 165 points at the opening bell today, 6 July 2015 after Greece voted to reject the terms of its current bailout agreement. US markets were closed on Friday, 3 July 2015 in observance of the Independence Day holiday.
In Economic data, US Markit PMI Composite index for the month of June is due today, 6 July 2015.
In Europe, Greeks overwhelmingly voted against their international creditors' conditions for further bailout aid, in a result that could deepen the rift between Greece and the rest of Europe and push the country closer to bankruptcy and an exit from the euro.
More than 61% of Greeks voted no in Sunday's referendum on austerity measures and other overhauls that European and International Monetary Fund officials had demanded in recent talks.
Meanwhile, the European Central Bank's Governing Council is reportedly due to meet in Paris today, 6 July 2015 to discuss on whether to keep supporting Greece's lenders. Seperately, European Union leaders have also reportedly called a euro-area summit tomorrow, 7 July 2015 to discuss their next move as investors fear "Grexit" could encourage anti-euro sentiment in other countries.
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