Volatility ruled the roost as the barometer index, the S&P BSE Sensex, recovered from lower level after erasing a lion's portion of intraday gains in mid-morning trade. The 50-unit CNX Nifty regained positive zone after slipping into the red from green. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 96.98 points or 0.35% at 27,773.02. Small-cap stocks were demand. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 2% to 20% for quite a few stocks.
Shares of metal companies edged higher. Shares of public sector oil marketing companies (PSU OMCs) edged higher after crude oil prices declined.
Foreign portfolio investors bought shares worth a net Rs 17488.73 crore yesterday, 21 April 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1364.83 crore on yesterday, 21 April 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks were mixed. US stocks closed mixed yesterday, 21 April 2015, as the Nasdaq jumped back above 5,000 but the Dow was dragged lower by mixed earnings news.
At 11:16 IST, the S&P BSE Sensex was up 96.98 points or 0.35% at 27,773.02. The index jumped 151.62 points at the day's high of 27,827.66 in early trade. The index gained 11.74 points at the day's low of 27687.78 in mid-morning trade.
The CNX Nifty was up 19.80 points or 0.24% at 8,397.55. The index hit a high of 8,423.20 in intraday trade. The index hit a low of 8,367.75 in intraday trade.
The BSE Mid-Cap index was up 38.56 points or 0.37% at 10,545.27. The BSE Small-Cap index was up 68.01 points or 0.60% at 11,400.90. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,366 shares rose and 824 shares fell. A total of 99 shares were unchanged.
Shares of most metal companies edged higher. Jindal Steel & Power (up 1.28%), National Aluminum Company (up 1.27%), Hindustan Copper (up 1.22%), JSW Steel (up 0.89%), Sesa Sterlite (up 0.61%), Bhushan Steel (up 0.38%) and Hindalco Industries (up 0.23%), edged higher. NMDC (down 0.31%), Hindustan Zinc (down 0.63%) and Steel Authority of India (down 0.88%) edged lower.
Tata Steel rose 0.63% to Rs 350.20. Shares of Electrosteel Steels were off 1.02% at Rs 3.90. With respect to news titled, "Tata Steel, Vedanta looking to buy Electrosteel Steel; Electrosteel Steel management looking to sell off company due to debt burden of Rs 6000 Crs," Tata Steel clarified during trading hours today, 22 April 2015, that currently there is nothing to disclose under the obligations of Clause 36 of the Listing Agreement on the current media speculation. The board of directors and the management of Tata Steel is committed to making disclosures at the appropriate time so as to eliminate any asymmetry of information. The company has robust disclosure standards and follows a policy of not commenting on market rumours, Tata Steel added.
Shares of public sector oil marketing companies (PSU OMCs) edged higher after crude oil prices declined. BPCL (up 1.60%), Indian Oil Corporation (up 1.52%) and HPCL (up 1.40%), edged higher. A decline in crude oil prices will reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
Brent crude oil futures dropped after a Saudi-led coalition yesterday, 21 April 2015, announced the end of its nearly month-long military operation against Houthi rebels in Yemen. Brent crude for May settlement was off 45 cents at $61.63 a barrel. The contract had fallen $1.37 a barrel or 2.16% to settle at $62.08 a barrel during the previous trading session.
Finance minister Arun Jaitley will reportedly meet his state counterparts today, 22 April 2015, to discuss the roadmap for rolling out GST from April 2016. The government plans to get the Constitutional Amendment Bill on GST passed during the ongoing session of Parliament. The government had tabled the Constitution Amendment Bill for GST in the Lok Sabha during the winter session of parliament.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Meanwhile, global markets are closely monitoring developments with regard to Greece. Greece needs to agree on a range of economic overhauls with the lenders in order to receive the next much-needed tranche of bailout and avoid running out of cash. 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.
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