Volatility ruled the roost as key benchmark indices regained positive terrain after reversing intraday gains in morning trade. Earlier, key indices had surged in early trade. The barometer index, the S&P BSE Sensex was currently up 32.96 points or 0.12% at 28,479.08. The gains for the Sensex in percentage terms were higher than that of Nifty. The CNX Nifty was currently up 4.60 points or 0.05% at 8,612.65. The market breadth indicating the overall health of the market was positive.
IT stocks advanced. Capital goods stocks also edged higher.
Earlier, an initial rally took the Sensex and the 50-unit CNX Nifty to 13-week high in early trade.
In overseas markets, Asian stocks were mixed. US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 745.81 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 98.51 crore yesterday, 16 July 2015, as per provisional data released by the stock exchanges.
At 10:16 IST, the S&P BSE Sensex was up 32.96 points or 0.12% at 28,479.08. The index gained 130.20 points at the day's high of 28,576.32 in early trade, its highest level since 17 April 2015. The index fell 28.66 points at the day's low of 28,417.46 in morning trade.
The CNX Nifty was up 4.60 points or 0.05% at 8,612.65. The index hit a high of 8,642.95 in intraday trade, its highest level since 17 April 2015. The index hit a low of 8,593.15 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,042 shares gained and 902 shares fell. A total of 79 shares were unchanged.
The BSE Mid-Cap index was up 9.57 points or 0.09% at 11,207.81, underperforming the Sensex. The BSE Small-Cap index was up 49.80 points or 0.43% at 11,715.23, outperforming the Sensex.
Idea Cellular rose 0.61%. With respect to news titled "Bharti in talks to buy Idea & Vodafone towers for $1.6 bn", Idea Cellular clarified during market hours that news is speculative in nature.
IT stocks edged higher on renewed buying. Tech Mahindra (up 2.21%), HCL Technologies (up 0.77%), TCS (up 0.32%), Oracle Financial Services Software (up 1.21%), MphasiS (up 1.03%) Infosys (up 0.51%), and Wipro (up 0.45%) edged higher.
MindTree rose 3.51% after consolidated net profit rose 7.4% to Rs 138.20 crore on 6.9% growth in revenue to Rs 981.60 crore in Q1 June 2015 over Q4 March 2015. The Q1 result was announced after market hours yesterday, 16 July 2015.
MindTree said that the Board of Directors of the company has approved the acquisition of 100% equity interest in Bluefin Solutions ('Bluefin'), a leading UK based IT solutions provider specializing in SAP HANA solutions, in an all cash transaction for GBP 42.3 million, and the definitive agreements have also been signed on 16 July 2015. The consideration includes an upfront payment of GBP 34 million and earn out of GBP 8.3 million payable over the next three years.
MindTree's Board of Directors also approved the acquisition of 100% of the equity interest in Relational Solutions, Inc a US based IT solutions provider specializing in technology services to the consumer goods industry, in an all cash transaction for $10 million, and the definitive agreements have also been signed on 16 July 2015. The consideration includes an upfront payment of $7 million and earn out of $3 million payable over the next two years. This acquisition is subject to customary closing conditions and regulatory approvals, if any, MindTree said.
Capital goods stocks gained. Bharat Heavy Electricals (Bhel) (up 0.8%), Havells India (up 0.48%), ABB India (up 0.4%), Bharat Electronics (up 0.56%), L&T (up 0.3%), Thermax (up 1.04%), and Siemens (up 0.21%) gained.
Meanwhile, the India's weather office, the India Meteorological Department (IMD), said in a weekly monsoon report issued yesterday, 16 July 2015, that rainfall was below normal by 14% over the country as a whole during the period from 9 to 15 July 2015. Region wise, the rainfall was 39% below the Long Period Average (LPA) in South Peninsula, 32% below the LPA in Central India and 15% below the LPA in East & Northeast India during the period from 9 to 15 July 2015. Northwest India received above normal rainfall activity during the week with heavy to very heavy rainfall. The rainfall was 28% above the LPA in Northwest India during the period from 9 to 15 July 2015.
For the country as a whole, cumulative rainfall during the period from 1 to 15 July 2015 was 32% below Long Period Average (LPA). Region wise, the rainfall was 60% below the LPA in South Peninsula, 54% below the LPA in Central India, 15% below the LPA in East & Northeast India and 4% above the LPA in Northwest India during the period from 1 to 15 July 2015. The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops.
In a separate, daily monsoon update issued yesterday, 16 July 2015, the IMD said that the Southwest Monsoon was vigorous over Jharkhand and was active over Nagaland, Manipur, Mizoram & Tripura, Gangetic West Bengal, Odisha, Bihar, East Uttar Pradesh and Himachal Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 16 July 2015. Region wise, the rainfall was 15% below the LPA in Central India, 13% below the LPA in South Peninsula, 4% below the LPA in East & Northeast India and 12% above the LPA in Northwest India until 16 July 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 were mixed today, 17 July 2015. Key benchmark indices in Taiwan and South Korea shed by 0.09% to 0.8%. In Japan, the Nikkei 225 Average was up 0.2%.
Chinese stocks edged higher. In mainland China, the Shanghai Composite index was up 1.37%. In Hong Kong, the Hang Seng index was up 1.03%.
US stocks edged higher yesterday, 16 July 2015, with the Nasdaq Composite Index reaching a new closing high, as fears of a Greek exit from the eurozone subsided and Federal Reserve Chairwoman Janet Yellen wrapped up her semiannual two-day testimony before Congress. Stocks rose steadily as Federal Reserve Chairwoman Janet Yellen told the Senate Banking Committee yesterday, 16 July 2015, that she doesn't want to see inflation linger below 2% and that risks lie on tightening too early or too late. On Wednesday, 15 July 2015, Yellen repeated her intent to raise rates sometime this year because the US economy is looking better.
In Europe, the European Central Bank (ECB) yesterday, 16 July 2015, increased emergency funding for Greek lenders, although capital controls will have to remain in place to avoid a run on the banks when they reopen on Monday, 20 July 2015. European Union finance ministers also approved 7 billion euros ($7.6 billion) in bridge loans to Greece, allowing it to make a bond payment to the ECB on Monday, 20 July 2015, and clear its arrears with the International Monetary Fund. Greece's parliament yesterday, 16 July 2015, approved tough austerity measures needed for the country to receive financial aid.
Meanwhile, the European Central Bank left interest rates unchanged at record low after monetary policy review yesterday, 16 July 2015.
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