High volatility was witnessed as key benchmark indices erased a lion's portion of intraday gains after extending intraday gains in morning trade. The market breadth indicating the overall health of the market was positive. The Sensex was currently up 44.32 points or 0.16% at 27,774.53. In overseas stock markets, Asian stocks edged higher on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy.
Bank stocks edged higher in volatile trade. Cement stocks also gained. Sun TV Network edged lower on reports that the Prime Minister's Office (PMO) has found merit in the Home Ministry's decision to deny the broadcaster security clearance for Sun TV Network's 33 channels.
Earlier, the Sensex and, the 50-unit CNX Nifty, both, hit their highest level in three weeks in morning trade as these two indices extended intraday gains after seeing initial volatility.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote the adoption of clean and safe energy in India, according to a joint press statement issued by SoftBank, Bharti and Foxconn yesterday, 22 June 2015. SoftBank Chairman & CEO Masayoshi Son and Bharti Enterprises Chairman Sunil Bharti Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday, 25 June 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 651.31 crore during previous trading session, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 94.03 crore during previous trading session, as per provisional data.
In overseas stock markets, Asian stocks edged higher on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy. US stocks edged higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
At 11:16 IST, the S&P BSE Sensex was up 44.32 points or 0.16% at 27,774.53. The index jumped 152.45 points at the day's high of 27,882.66 in morning trade, its highest level since 2 June 2015. The index fell 63.62 points at the day's low of 27,666.59 in early trade.
The CNX Nifty was up 11.80 points or 0.14% at 8,364.90. The index hit a high of 8,398.45 in intraday trade, its highest level since 2 June 2015. The index hit a low of 8,334.95 in intraday trade.
The BSE Mid-Cap index was up 9.27 points or 0.09% at 10,652.96, underperforming the Sensex. The BSE Small-Cap index was up 23.54 points or 0.21% at 11,119.04, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,197 shares rose and 974 shares fell. A total of 88 shares were unchanged.
Bank stocks edged higher in volatile trade. Union Bank of India (up 4.22%), Punjab National Bank (up 3.81%), Bank of Baroda (up 2.32%), United Bank of India (up 2.45%), State Bank of India (up 1.18%), Bank of India (up 1.09%), IDBI Bank (up 0.78%) and Indian Overseas Bank (up 0.39%) edged higher.
Central Bank of India was up 0.84% at Rs 102.60. The stock hit a high of Rs 103.35 and a low of Rs 101.40 so far during the day. Central Bank of India turned ex-dividend today, 23 June 2015, for final dividend of Rs 0.50 per share for the year ended 31 March 2015 (FY 2015).
Indian Bank was off 0.65% at Rs 153.50 as the stock turned ex-dividend today, 23 June 2015, for dividend of Rs 4.20 per share for the year ended 31 March 2015 (FY 2015).
UCO Bank was off 1.92% at Rs 58.90 as the stock turned ex-dividend today, 23 June 2015, for final dividend of Rs 2 per share for the year ended 31 March 2015 (FY 2015).
Among private sector banks, HDFC Bank (up 0.81%), Yes Bank (up 0.7%), IndusInd Bank (up 0.5%), ICICI Bank (up 0.1%) and Axis Bank (up 0.17%) edged higher. Kotak Mahindra Bank (down 0.1%) edged lower.
City Union Bank was up 1.43% at Rs 102.80. City Union Bank announced after market hours yesterday, 22 June 2015, that the board of directors of the bank at its meeting held on 22 June 2015 resolved to seek shareholders' approval for an enabling resolution to raise equity capital including premium upto Rs 500 crore through Qualified Institutions Placement (QIP) as and when necessary subject to the applicable laws and regulations including the guidelines issued by SEBI and RBI. The board has also finalized the agenda for annual shareholders meeting to be held in the month of August 2015.
Cement stocks edged higher. UltraTech Cements (up 2.15%), ACC (up 0.95%) and Shree Cement (up 1.12%) edged higher. Ambuja Cements (down 0.13%) edged lower.
Grasim Industries was up 0.54% at Rs 3,421. Grasim Industries before market hours today, 23 June 2015, announced that with the onset of monsoon, the availability of water has improved and accordingly the production at the company's staple fibre plant at Nagda will start in phased manner. Earlier, Grasim Industries had on 24 April 2015 announced phased shut down of the staple fibre plant at Nagda due to water shortage caused by deficient rains.
Sun TV Network edged lower on reports the Prime Minister's Office (PMO) has found merit in the Home Ministry's decision to deny the broadcaster security clearance for Sun TV Network's 33 channels. The stock was off 2.76% at Rs 324.10. The stock hit a high of Rs 327 and a low of Rs 311.95 so far during the day.
Meanwhile, Japan headquartered telecommunications and Internet major SoftBank Corp. (SoftBank), leading Indian business conglomerate Bharti Enterprises (Bharti) and Taiwan-based top design and manufacturing services provider Foxconn Technology Group (Foxconn) have announced the setting up of a joint venture under the name SBG Cleantech to promote the adoption of clean and safe energy in India, according to a joint press statement issued by SoftBank, Bharti and Foxconn yesterday, 22 June 2015. Subject to certain conditions, all three companies will jointly invest in the venture, according to the joint press release. SBG Cleantech will be a harbinger of solar and wind energy. Given its vast population, high irradiation, growing energy demand and power deficit, limited access to fossil fuels and a large number of unlit villages, India has great potential to be a major solar market, according to the joint statement.
SoftBank Chairman & CEO Masayoshi Son said that India offers vast potential and with this partnership, the goal is to create a market-leading ?clean energy company to fuel India's growth with clean and renewable sources of energy. Bharti Enterprises Chairman Sunil Bharti Mittal said that the Bharti group is participating in the renewable energy venture which has the potential to transform the Indian economy.
SoftBank's Son and Bharti's Mittal reportedly said at a news conference in New Delhi yesterday, 22 June 2015, that the joint venture would aim to generate 20 gigawatts of electricity, which would translate to around $20 billion worth of investments.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 22 June 2015, that the southwest monsoon has further advanced into some more parts of Gujarat region, Madhya Pradesh, most parts of Chhattisgarh and Jharkhand and some parts of Bihar. Conditions are favourable for further advance of Southwest monsoon into remaining parts of north Arabian sea, Gujarat state, Chhattisgarh, Jharkhand and Bihar, entire Uttarakhand, Himachal Pradesh, Jammu & Kashmir, most parts of Madhya Pradesh and some parts of Uttar Pradesh, Punjab, Haryana, Chandigarh & Delhi and Rajasthan during next 3 days, the IMD said. The Southwest Monsoon was vigorous over Madhya Maharashtra, Vidarbha, Chhattisgarh and South Interior Karnataka and active over Gangetic West Bengal, Odisha, Jharkhand, West Madhya Pradesh and North Interior Karnataka during past 24 hours ending at 0830 hrs, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 16% above the Long Period Average (LPA) until 21 June 2015. Region wise, the southwest monsoon was 32% above the LPA in Central India, 30% above the LPA in South Peninsula, 3% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 21 June 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 stock markets, Asian markets edged higher today, 23 June 2015, on a tide of optimism that Greece and its creditors can broker a deal to avert bankruptcy. Key indices in Japan, Hong Kong, Taiwan, Singapore and South Korea were up 0.53% to 1.69%. Key indices in China and Indonesia were off 0.04% to 0.25%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.6 in June from a final reading of 49.2 in May, HSBC Holdings PLC said today, 23 June 2015. The reading is still below 50, which separates expansion from contraction.
US stocks closed higher yesterday, 22 June 2015, following a global rally in equities, as investors cheered signs of progress in the Greece debt negotiations.
US existing home sales rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released yesterday, 22 June 2015. Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported.
In Europe, Greece's economy minister has reportedly spelled out the terms of new proposals to end deadlock on its debt crisis, amid hopes a deal can now be struck this week. Eurozone finance ministers have welcomed the plan, saying there could be a deal "within days", as per reports. Greece is up against a June 30 deadline to make a 1.6 bililon ($1.8 billion) repayment to the International Monetary Fund, with larger payments to the European Central Bank falling due next month.
Powered by Capital Market - Live News
