Key benchmark indices cut losses after a weak opening triggered by negative Asian stocks. The barometer index, the S&P BSE Sensex, dropped below the psychological 28,000 mark in early trade. The Sensex was currently down 199.91 points or 0.71% at 27,971.78. The market breadth indicating the overall health of the market was negative.
In overseas markets, Asian stocks edged lower today, 8 July 2015 amid worries about the sell-off in the Chinese stock markets and the Greek debt crisis. US stocks ended with modest gains yesterday, 7 July 2015 as speculation grew that Greece's crisis would be contained.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 23.54 crore yesterday, 7 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.71 crore yesterday, 7 July 2015, as per provisional data.
At 9:30 IST, the S&P BSE Sensex was down 199.91 points or 0.71% at 27,971.78. The index lost 295.11 points at the day's low of 27,876.58 in early trade. The index fell 140.24 points at the day's high of 28,031.45 in early trade.
The CNX Nifty was down 71.20 points or 0.84% at 8,439.60. The index hit a high of 8,448.90 in intraday trade. The index hit a low of 8,417.50 in intraday trade.
The market breadth indicating the overall health of the market was negative. On BSE, 916 shares declined and 515 shares rose. A total of 54 shares were unchanged.
The BSE Mid-Cap index was off 45.31 points or 0.41% at 10,974.68. The BSE Small-Cap index was off 40.84 points or 0.36% at 11,457.48. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 375 crore by 09:25 IST.
Shares of Hindalco Industries lost 2.8%. With respect to news article titled, "PIL on Hindalco: I-T Dept filed report, estimates that Hindalco dealing with unaccounted cash worth Rs 200 crore - Hindalco paid Rs 7 crore in kickbacks to environment ministry", Hindalco Industries clarified after market hours yesterday, 7 July 2015, that there was nothing new in the allegations and the matter is already under investigation. The company reiterated that neither the diary nor the cash recovered belongs to the company. The Central Bureau of Investigation (CBI) had raided Hindalco's offices in four cities as part of its investigations into alleged illegalities in the allocation of two coal blocks in Odisha.
Crompton Greaves (CG) rose 1.39%. The company announced after market hours yesterday, 7 July 2015, that it has signed a global supply agreement with cement major Lafarge for electrical motors. This important agreement positions CG as one of the select few preferred global suppliers for Lafarge, CG said in a statement. With over 40,000 CG-made motors running in various cement factories, CG is one of the major motor suppliers to the industry.
Cairn India lost 3.54% after turning ex-dividend today, 8 July 2015, for a final dividend of Rs 4 per share for the year ended 31 March 2015.
CMC shed 0.69%. On a consolidated basis, CMC's net profit fell 20.25% to Rs 56.28 crore on 0.93% rise in income from operations to Rs 672.24 in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 7 July 2015.
Reliance Industries (RIL) slipped 0.34%. RIL announced after market hours on Monday, 6 July 2015, that it is proposing to sell 3.25 crore shares of NW18, (representing 3.10% of the equity capital of NW18) to bring down the aggregate shareholding of the promoter and promoter group to 75% and increase the public shareholding to 25% as mandated by Clause 40A of the listing agreement pursuant to Securities. Contract (Regulation) Rules, 1957.
Network 18 Media & Investments (NW18) said the floor price for the proposed Offer for Sale (OFS) of its shares by Shinano Retail is fixed at Rs 53.40 per share. The announcement was made after trading hours yesterday, 7 July 2015.
The OFS will take place today, 8 July 2015, exclusively through Shinano Retail's broker through a sale on the separate window provided by the BSE and NSE for this purpose. The OFS will open on 9:15 IST and close on 15:30 IST today, 8 July 2015. Shinano Retail will declare floor price at 17:00 IST on Tuesday, 7 July 2015.
In this regard, Shinano Retail (effectively 100% owned by Reliance Industrial Investments and Holdings, a wholly owned subsidiary of RIL), a promoter group company of NW18, had issued a notice of Offer for Sale (OFS) of 3.25 crore shares of NW18 through the stock exchange mechanism.
Shares of IndusInd Bank slipped 1.34%. Shares allotted by the private sector bank to institutional investors under Qualified Institutional Placement (QIP) were admitted for trading on the bourses today, 8 July 2015. A total of 5.12 crore shares were admitted for trading. IndusInd Bank had priced the issue of shares to institutional investors at Rs 845 per share. The bank had raised Rs 4327.97 crore from the issue of shares to institutional investors late last month.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 7 July 2015, that the Southwest Monsoon was active over Gangetic West Bengal, Jharkhand, Bihar, West Uttar Pradesh, Uttarakhand and Haryana, Chandigarh & Delhi and was normal over Nagaland, Manipur, Mizoram & Tripura, East Uttar Pradesh, Himachal Pradesh, West Rajasthan and Chhattisgarh during the past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 2% below the Long Period Average (LPA) until 7 July 2015. Region wise, the southwest monsoon was 12% above the LPA in Northwest India, 5% below the LPA in Central India and 4% below the LPA each in South Peninsula and East & Northeast India until 7 July 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, 8 July 2015 amid worries about the sell-off in the Chinese stock markets and the Greek debt crisis. Key benchmark indices in China, Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.17% to 4.2%.
Meanwhile, the People's Bank of China said it will provide ample liquidity to the nation's stock market to guard against systemic risk, it said in a statement on its website today, 8 July 2015.
US stocks ended with modest gains yesterday, 7 July 2015 as speculation grew that Greece's crisis would be contained.
Meanwhile, investors are now looking ahead to the minutes from the Federal Reserve's June meeting, which are set to be released today, 8 July 2015.
In economic data, the US trade deficit rose 2.9% in May, mostly because the US exported fewer aircraft and other manufactured goods.
Another data released by the US Department of Labor yesterday, 7 July 2015 showed that job openings at US workplaces rose to a record high of 5.36 million in May (data go back to the end of 2000) from 5.33 million in April.
In Europe, following the emergency euro zone summit in Brussels yesterday, 7 July 2015, European leaders gave debt-stricken Greece a final deadline of Sunday to reach a new bailout deal and avoid Greece's exit from the euro zone. Representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday, 12 July 2015 to decide Greece's fate. The talks were organized after Greeks voted in a referendum on Sunday, 5 July 2015 against a bailout that carried stringent austerity measures.
Greek Prime Minister Alexis Tsipras yesterday, 7 July 2015 reportedly promised to work for a socially just deal that would bring a "final exit" from the crisis, return Greece to growth and restructure Greek debt to make it viable.
Meanwhile, euro-area finance chiefs will reportedly discuss Greece's request on a conference call today, 8 July 2015 when the country's banking system will remain shuttered for an eighth business day. The renewed contacts offer the European Central Bank a justification for not pulling the plug on Greek banks.
Greece's last bailout expired last Tuesday and Greece missed a euro 1.6 billion payment to the IMF.
Greece is due to pay 3.5 billion euros ($3.9 billion) to the ECB on 20 July 2015. If it misses that payment, the ECB is widely expected to cut off emergency funding to Greek banks, a move that would likely lead to their collapse.
Powered by Capital Market - Live News
