Key indices edge higher in volatile trade

A bout of volatility was witnessed as key benchmark indices bounced into positive terrain in early afternoon trade. The S&P BSE Sensex and the CNX Nifty hit their highest levels in 3-1/2 weeks. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 75.78 points or 0.27% at 27,763.08.

Cement shares were mixed. Metal stocks were trading higher.

Foreign portfolio investors sold shares worth a net Rs 202.12 crore yesterday, 18 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 618.54 crore yesterday, 18 May 2015, as per provisional data released by the stock exchanges.

In overseas markets, Chinese shares rose on signs of fresh investment from Beijing. US stocks edged higher yesterday, 18 May 2015, as both the Dow industrials and the S&P 500 reached all-time highs.

At 12:16 IST, the S&P BSE Sensex was up 75.78 points or 0.27% at 27,763.08. The index rose 85.06 points at the day's high of 27,772.36 in morning trade, its highest level since 24 April 2015. The index fell 109.63 points at the day's low of 27,577.67 in morning trade.

The CNX Nifty was up 20.50 points or 0.24% at 8,394.15. The index hit a high of 8,400.95 in intraday trade, its highest level since 24 April 2015. The index hit a low of 8,335.20 in intraday trade.

The BSE Mid-Cap index was up 60.47 points or 0.57% at 10,727.54. The BSE Small-Cap index was up 94.77 points or 0.85% at 11,242.49. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was strong. On BSE, 1,483 shares rose and 872 shares fell. A total of 101 shares were unchanged.

Cement shares were mixed. UltraTech Cement (up 1.7%) and ACC (up 0.37%), edged higher. Ambuja Cements (down 0.37%) and Shree Cement (down 0.86%), edged lower.

Grasim Industries was up 0.12%. Grasim holds majority stake in UltraTech Cement.

Metal stocks were trading higher. Bhushan Steel (up 3.06%), Vedanta (up 2.74%), Hindustan Zinc (up 1.57%), JSW Steel (up 1.40%), Tata Steel (up 0.74%), Jindal Steel & Power (up 0.69%), Hindustan Copper (up 0.56%), Steel Authority of India (up 0.52%) and Hindalco Industries (up 0.47%), edged higher. National Aluminum Company (down 0.50%) and NMDC (down 1.46%), edged lower.

In overseas markets, Chinese stocks led gains in Asian stocks. Key benchmark indices in Japan, South Korea and Taiwan were up by 0.34% to 1.15%. Key benchmark indices in Indonesia and Singapore were off 0.10% to 0.22%.

Chinese shares edged higher on signs of fresh investment from Beijing. In mainland China, the Shanghai Composite index was up 2.60%. Hong Kong's Hang Seng index was up 0.28%. China yesterday, 18 May 2015, approved a batch of railway projects and said it would speed up reform in the finance sector. China's state-planning agency approved six rail projects with a total investment of 243.8 billion yuan ($39.3 billion).

Meanwhile, China's State Council yesterday, 18 May 2015, released guidelines on capital-market reform priorities, touching on areas such as the Shenzhen-Hong Kong Stock Connect and further liberalizing interest rate and boosting the yuan's global status.

US stocks edged higher yesterday, 18 May 2015, as both the Dow industrials and the S&P 500 reached all-time highs. At the closing bell, the Dow Jones Industrial Average gained 26 points, or 0.1%, to 18,299, a new closing peak. The S&P 500 index rose 6 points, or 0.3%, to 2,129, its ninth record close of the year. The Nasdaq Composite Index gained 30 points, or 0.6%, to 5,078, still shy of its 24 April record of 5,092.

Investors will get a closer look at the US Federal Reserve's thoughts about interest rates and economic data when the minutes of the Federal Open Market Committee meeting from its meeting held in late April 2015 are released tomorrow, 20 May 2015.

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