A range bound movement was witnessed as key benchmark indices languished in negative zone in mid-morning trade. The barometer index, the S&P BSE Sensex, continued to hover below the psychological 28,000 level after falling below that mark in early trade. The market breadth indicating the overall health of the market was negative. The Sensex was currently off 285.94 points or 1.02% at 27,781.37.
Realty stocks edged lower. Cement stocks also dropped. Tata Motors dropped after reporting weak global wholesales in July 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 403.76 crore during the previous trading session on Friday, 14 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 179.20 crore on Friday, 14 August 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged lower. US stocks closed higher during the previous trading session on Friday, 14 August 2015, after a string of upbeat economic reports.
At 11:20 IST, the S&P BSE Sensex was down 285.94 points or 1.02% at 27,781.37. The index fell 328.18 points at the day's low of 27,739.13 in early trade. The index rose 28.66 points at the day's high of 28,095.97 at the onset of the trading session.
The CNX Nifty was down 73 points or 0.86% at 8,445.55. The index hit a low of 8,428.05 in intraday trade. The index hit a high of 8,530.60 in intraday trade, its highest level since 11 August 2015.
The BSE Mid-Cap index was up 1.27 points or 0.01% at 11,455.05, outperforming the Sensex. The BSE Small-Cap index was down 7.48 points or 0.06% at 11,759.30. The decline in this index was lower than Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 1,281 shares declined and 1,044 shares rose. A total of 71 shares were unchanged.
Realty stocks edged lower. Unitech (down 6.23%), DLF (down 2.67%), Housing Development & Infrastructure (down 2.72%), D B Realty (down 2.15%), Indiabulls Real Estate (down 1.69%), Prestige Estates Projects (down 1.01%) and Oberoi Realty (down 0.06%) edged lower. Godrej Properties (up 3.77%) and Sobha (up 1.49%) edged higher.
Cement stocks edged lower. Ambuja Cements (down 1.48%), UltraTech Cement (down 0.91%), ACC (down 0.86%) and Shree Cement (down 0.43%) edged lower.
Grasim Industries was off 0.81%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Tata Motors dropped after reporting weak global wholesales in July 2015. The stock was off 0.84% at Rs 352.35. The stock hit a high of Rs 355 and a low of Rs 345.75 so far during the day. Tata Motors' global wholesales including Jaguar Land Rover (JLR), dropped 8% to 73,535 units in July 2015 over July 2014. The announcement was made after market hours on Friday, 14 August 2015. Global wholesales of commercial vehicles fell 3% to 30,278 units in July 2015 over July 2014. Global wholesales of passenger vehicles dropped 12% to 43,257 units in July 2015 over July 2014.
Meanwhile, investors continue to watch the progress of the monsoon rains which will have a bearing on food prices and rural income. India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 16 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 10% below the Long Period Average (LPA) until 16 August 2015. Region wise, the rainfall was 20% below the LPA in South Peninsula, 13% below the LPA in East & Northeast India, 9% below the LPA in Central India and 1% above the LPA in Northwest India until 16 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.
In overseas markets, Asian stocks edged lower today, 17 August 2015. Key indices in China, Hong Kong, Taiwan, Singapore, and South Korea were off 0.13% to 1.11%. In Japan, the Nikkei 225 was up 0.36%. Indonesian stock market was shut due to holiday.
Japan's economy contracted in the April-June quarter, but managed to perform slightly better than expected, data released today, 17 August 2015 showed. Gross domestic product (GDP) shrank 1.6% on an annualized basis in the April-June quarter.
US stocks closed higher during the previous trading session on Friday, 14 August 2015, after a string of upbeat economic reports.
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