Key benchmark indices sharply pared losses after hitting fresh intraday low in mid morning trade. The Sensex and the Nifty, both, recovered from their lowest levels in more than three weeks. The BSE Mid-Cap index and the BSE Small-Cap index turned positive. The market breadth indicating the overall health of the market turned positive from negative. The barometer index, the S&P BSE Sensex, was currently down 43 points or 0.15% at 27,843.21.
Shares of capital goods companies were mixed. Shares of real estate developers edged higher after sliding in the previous trading session.
Foreign portfolio investors sold shares worth a net Rs 1506.86 crore yesterday, 20 April 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 962.50 crore on yesterday, 20 April 2015, as per provisional data released by the stock exchanges.
At 11:16 IST, the S&P BSE Sensex was down 43 points or 0.15% at 27,843.21. The index rose 90.72 points at the day's high of 27,976.93 in early trade. The index fell 199.14 points at the day's low of 27,687.07 in mid-morning trade, its lowest level since 30 March 2015.
The CNX Nifty was down 17.85 points or 0.21% at 8,430.25. The index hit a high of 8,469.35 in intraday trade. The index hit a low of 8,382.65 in intraday trade, its lowest level since 30 March 2015.
The BSE Mid-Cap index was up 20.07 points, or 0.19% at 10,574.03. The BSE Small-Cap index was up 7.45 points or 0.07% at 11,377.04. Both theses indices outperformed the Sensex.
The market breadth indicating the overall health of the market turned positive from negative. On BSE, 1,090 shares fell and 1,069 shares rose. A total of 99 shares were unchanged.
Shares of capital goods companies were mixed. Alstom T&D India (up 1.76%), Bharat Heavy Electricals (up 0.89%), Thermax (up 0.87%), BEML (up 0.77%), Suzlon Energy (up 0.76%), Larsen & Toubro (up 0.63%), Bharat Electronics (up 0.56%), Praj Industries (up 0.56%), Siemens (up 0.42%) and Lakshmi Machine Works (up 0.13%), edged higher.
ALSTOM India (down 0.27%), Havells India (down 0.31%), Jindal Saw (down 0.7%), Pipavav Defence and Offshore Engineering Company (down 0.74%), Punj Lloyd (down 0.98%), SKF India (down 1.87%), ABB India (down 2%), AIA Engineering (down 2.03%) and Crompton Greaves (down 2.7%), edged lower.
Shares of real estate developers edged higher after sliding in the previous trading session. Housing Development and Infrastructure (HDIL) (up 3.87%), Oberoi Realty (up 1.98%), Sobha (up 1.39%), Godrej Properties (up 1.30%), D B Realty (up 1.17%), Prestige Estates (up 0.94%), Indiabulls Real Estate (up 0.57%), Peninsula Land (up 0.52%), Anant Raj (up 0.50%), Unitech (up 0.30%) and Phoenix Mills (up 0.21%), edged higher. DLF (down 1.67%), Parsvnath Developers (down 1.95%) and Sunteck Realty (down 4.54%), edged lower.
The BSE Realty index declined 2.78% to 1,656.78 yesterday, 20 April 2015.
In global market, the People's Bank of China (PBOC) on Sunday, 19 April 2015, announced reduction in reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5% to be effective from 20 April 2015. Meanwhile, China Securities Regulatory Commission (CSRC) on Saturday, 18 April 2015, stressed that there was no desire to suppress the hot stock market after unveiling a raft of measures on Friday, 17 April 2015, to curb margin trading. Meanwhile, the Shanghai and Shenzhen stock exchanges on Friday, 17 April 2015, issued rules that would make it easier for investors to short, or bet against, stocks. To short a stock, an investor borrows shares and sells them, hoping the price will fall and so allow them to repay with cheaper shares. It has been difficult to short stocks in China even as valuations soared because it has been virtually impossible to borrow shares.
US stocks rallied yesterday, 20 April 2015, posting their biggest advance in three weeks, as better-than-expected earnings from companies helped deliver a dollop of confidence to global-equity markets after a rout in stocks on Friday, 17 April 2015.
Meanwhile, global markets are closely monitoring developments with regard to Greece. Eurozone finance ministers are scheduled to hold a meeting on Friday, 24 April 2015, to discuss the state of negotiations between Greece and its international creditors. The country's Syriza-led government has been locked in negotiations with its international creditors since coming to power in late January, with progress slow. Greece needs to strike a deal within the next few months to secure billions of euros in bailout aid to avoid defaulting on its debts and potentially exiting the euro.
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