M&M nudges higher after launching New Age XUV500

After extending losses in afternoon trade, key benchmark indices came off the day's low in mid-afternoon trade. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was currently off 269.69 points or 0.96% at 27,687.81.

Key benchmark indices edged lower today, 25 May 2015, after comments from Federal Reserve Chairwoman Janet Yellen on Friday, 22 May 2015, indicated that the US central bank is on track to raise interest rates this year. Higher US interest rates will reduce the attraction of riskier emerging-markets assets.

Auto stocks were mixed. Mahindra & Mahindra edged higher after the company today, 25 May 2015, unveiled the New Age XUV500.

Foreign portfolio investors bought shares worth a net Rs 211.42 crore during the previous trading session on Friday, 22 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 237.62 crore on Friday, 22 May 2015, as per provisional data released by the stock exchanges.

Earlier, the Sensex and the 50-unit CNX Nifty, both, hit their lowest level in almost a week in afternoon trade as these two key benchmark indices extended intraday losses.

Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month May 2015 series to June 2015 series. The near month May 2015 F&O contracts expire on Thursday, 28 May 2015.

In overseas markets, European stocks edged lower, weighed by more concerns about the state of Greece's finances, although trading is set to be limited with stock markets in UK and Germany remaining shut for holidays. Chinese stocks rallied for a fifth straight day today, 25 May 2015, leading Asian markets mostly higher. US stocks ended modestly lower during the previous trading session on Friday, 22 May 2015, after Federal Reserve Chairwoman Janet Yellen said she still expected the central bank to raise interest rates sometime this year.

At 14:15 IST, the S&P BSE Sensex was down 269.69 points or 0.96% at 27,687.81. The index lost 332.92 points at the day's low of 27,624.58 in afternoon trade, its lowest level since 19 May 2015. The index fell 54.21 points at the day's high of 27,903.29 in early trade.

The CNX Nifty was down 72.20 points or 0.85% at 8,386.75. The index hit a low of 8,369.75 in intraday trade, its lowest level since 19 May 2015. The index hit a high of 8,441.95 in intraday trade.

The BSE Mid-Cap index was up 7.76 points or 0.07% at 10,627.57, outperforming the Sensex. The BSE Small-Cap index was down 11.70 points or 0.1% at 11,195.96. The decline in this index was lower than the Sensex's decline in percentage terms.

The market breadth indicating the overall health of the market was negative. On BSE, 1,426 shares fell and 1,061 shares rose. A total of 110 shares were unchanged.

Auto stocks were mixed. Tata Motors (down 0.81%), Hero MotoCorp (down 0.6%), Bajaj Auto (down 0.15%) and Maruti Suzuki India (down 0.17%) edged lower. Eicher Motors (up 2.38%) and TVS Motor Company (up 1.61%) edged higher.

Mahindra & Mahindra (M&M) edged higher after the company today, 25 May 2015, unveiled the New Age XUV500. The stock was up 0.43% at Rs 1,260.15. The New Age XUV500 will now be available in six variants viz. W4, W6, W8 AWD and all the new W10 and W10 AWD. It will be competitively priced at Rs 11.21 lakh (ex-showroom New Delhi) for the W4 variant. The New Age XUV500 will be launched in the cities of Mumbai, Bangalore, Chennai, Kolkata, Hyderabad, Chandigarh, Ahmedabad, Bhopal, Cochin and Lucknow from 26 to 29 May 2015, M&M said in a statement.

CEAT advanced after the company reported strong Q4 earnings. The stock was up 2.53% at Rs 791.45. CEAT's consolidated net profit rose 50.4% to Rs 93.91 crore on 2.1% growth in total income to Rs 1488.64 crore in Q4 March 2015 over Q4 March 2014. The result was announced after trading hours on Friday, 22 May 2015.

In overseas markets, European stocks edged lower, weighed by more concerns about the state of Greece's finances, although trading is set to be limited with stock markets in UK and Germany remaining shut for holidays. France's CAC 40 index was off 0.75%.

Over the weekend Greece raised doubts that it would have the money it is due to repay to the International Monetary Fund (IMF) next month. This news comes despite months of negotiations between Greece's leftist-led government and creditorsthe European Union and the IMF. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the IMF between June 5-19.

Stocks in Spain edged lower after regional and municipal elections held yesterday, 24 May 2015, showed voters punishing the governing Popular Party by giving weighty support to two upstart parties. The IBEX-35 was off 1.87%.

Chinese stocks rallied for a fifth straight day today, 25 May 2015, leading Asian markets mostly higher. Key indices in Japan, Singapore and Taiwan were up 0.07% to 0.74%. In Indonesia, Jakarta Composite index was off 0.53%. Korean and Hong Kong markets were closed for the Buddha's Birthday holiday.

In mainland China, the Shanghai Composite index was up 3.35%. China's Ministry of Finance today, 25 May 2015, announced that it would cut import duties on cosmetics, shoes and clothes by 50% on average, as part of a plan to boost domestic consumption and sustain economic growth.

US stocks ended modestly lower during the previous trading session on Friday, 22 May 2015, after Federal Reserve Chairwoman Janet Yellen said she still expected the central bank to raise interest rates sometime this year. Yellen said in a speech delivered in Providence, R.I., discussing the US economic outlook on Friday, 22 May 2015, that the central bank is on track to raise interest rates this year but will likely proceed cautiously because the job market hasn't fully healed, inflation is low and growth has again disappointed.

The US stock market remains closed today, 25 May 2015, for the Memorial Day Holiday.

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