A range bound movement was witnessed as key benchmark indices hovered in positive zone in early afternoon trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently up 92.45 points or 0.33% at 27,768.49. 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 pharmaceutical companies were in demand. Capital goods stocks rose. Reliance Power gained after the company said that the Sasan Ultra Mega Power Project was commissioned 12 months ahead of schedule.
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 12:16 IST, the S&P BSE Sensex was up 92.45 points or 0.33% at 27,768.49. 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 13.85 points or 0.17% at 8,391.60. 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 38.04 points or 0.36% at 10,544.75. The BSE Small-Cap index was up 55.22 points or 0.49% at 11,388.11. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,423 shares rose and 978 shares fell. A total of 98 shares were unchanged.
Shares of pharmaceutical companies were in demand. Glenmark Pharmaceuticals (up 2.53%), IPCA Laboratories (up 2.29%), GlaxoSmithKline Pharmaceuticals (up 1.73%), Dr Reddy's Laboratories (up 1.49%), Aurobindo Pharma (up 1.29%), Wockhardt (up 1.24%), Cadila Healthcare (up 1.15%), Piramal Enterprises (up 1.02%), Cipla (up 0.84%), Strides Arcolab (up 0.84%), Divi's Laboratories (up 0.52%) and Lupin (up 0.15%) edged higher.
Sun Pharmaceutical Industries edged higher after foreign funds purchased bulk shares in secondary equity market on NSE yesterday, 21 April 2015. The stock was up 2.25% to Rs 973. Aranda Investment Maurtius Pte bought 2.01 crore of Sun Pharmaceutical Industries (Sun Pharma) at an average price of Rs 930.16 per share. Goldman Sachs (Singapore) Pte bought 5.12 crore of Sun Pharma at an average price of Rs 930.16 per share. Government of Singapore purchased 1.26 crore shares of Sun Pharma at an average price of Rs 930.16 per share. Japan's Daiichi Sankyo Company sold a total of 21.49 crore shares of Sun Pharma at an average price of Rs 931.58 per share in these bulk deals.
Shares of Sun Pharmaceutical Industries had slumped 8.86% yesterday, 21 April 2015, after Daiichi Sankyo announced that it had completed the sale of its entire stake in the Indian company. Daiichi Sankyo sold its entire holding of 21.49 crore shares of Sun Pharma. Earlier, Daiichi had received shares of Sun Pharma in March this year following the merger of Ranbaxy Laboratories with Sun Pharma. Meanwhile, with respect to news item titled "Daichi Sankyo to exit Company & Promoter Dilip Sanghvi may buy partial stake for 22500 crs," Sun Pharmaceutical Industries clarified during trading hours today, 22 April 2015, that promoter Dilip Shanghvi has neither purchased nor agreed to purchase any shares of the company in the said transaction.
Shares of most companies operating in the capital goods sector rose. Bharat Electronics (up 1.75%), Bharat Heavy Electricals (Bhel) (up 1.21%), BEML (up 1.16%), Suzlon Energy (up 1.15%), Punj Lloyd (up 0.99%), Larsen & Toubro (up 0.92%), Jindal Saw (up 0.91%), ALSTOM India (up 0.86%), ABB India (up 0.80%), Thermax (up 0.26%), Lakshmi Machine Works (up 0.22%), Siemens (up 0.18%), Praj Industries (up 0.16%) and Crompton Greaves (up 0.12%), edged higher. AIA Engineering (down 0.22%), SKF India (down 0.4%), Havells India (down 0.49%) and Alstom T&D India (down 0.69%) edged lower.
Reliance Power rose 1.56% to Rs 58.45. The company announced during trading hours today, 22 April 2015, that Sasan Ultra Mega Power Project (UMPP) achieved power station commercial operation by operating all six units comprising 3960 megawatts continuously for 24 hours. The Sasan UMPP is the largest integrated power plant cum coal mining project at a single location in the world involving investment of over Rs 27000 crore.
Meanwhile, the India Meteorological Department (IMD) will today, 22 April 2015, reportedly announce its first forecast of the June-September southwest monsoon for 2015. The forecast is crucial for the agriculture sector. India gets 70% of its annual rainfall in the southwest monsoon, which irrigates half the country's farmlands.
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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