More than two gainers against every loser on BSE

Volatility ruled the roost in the morning trade as Key benchmark indices alternately swung between positive and negative terrain. While the barometer index, the S&P BSE Sensex, was currently trading a tad higher for the day, the 50-unit CNX Nifty was trading with small losses. The Sensex was currently up 8.42 points or 0.03% at 27,965.91. The Nifty was off 6.30 points or 0.07% at 8,484.70. The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 2% to about 19% for quite a few stocks. Asian stocks were in red. Trading in US index futures indicated a weak opening of US stocks later in the global day today, 1 April 2015.

Shares of natural gas production companies were mixed after the government cut natural gas price. IT stocks dropped after HCL Technologies warned of adverse cross currency impact on the company's revenue and EBIT in Q3 March 2015 in pre-quarter earnings update issued after trading hours yesterday, 31 March 2015.

On the macro front, the Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) recorded 1.4% growth in February 2015 over February 2014, data released by the government after trading hours yesterday, 31 March 2015 showed.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 356.07 crore yesterday, 31 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 283.71 crore yesterday, 31 March 2015, as per provisional data.

Brent crude oil futures edged lower, extending previous trading session's decline. For India, the decline in global crude oil prices along with deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.

In overseas markets, Asian stock markets were lower today, 1 April 2015, following a mixed bag of economic data releases. US stocks registered sizable losses yesterday, 31 March 2015, amid fears that first-quarter earnings will disappoint.

Meanwhile, India's stock markets remain closed tomorrow, 2 April 2015, on account of Mahavir Jayanti. The stock market remains closed again on Friday, 3 April 2015, on account of Good Friday.

At 10:18 IST, the S&P BSE Sensex was up 8.42 points or 0.03% at 27,965.91. The index gained 35.47 points at the day's high of 27,992.96 in early trade. The index fell 68.47 points at the day's low of 27,889.02 in early trade.

The CNX Nifty was down 6.30 points or 0.07% at 8,484.70. The index hit a high of 8,490.85 in intraday trade. The index hit a low of 8,464.75 in intraday trade.

The BSE Mid-Cap index was up 77.15 points or 0.73% at 10,669.37. The BSE Small-Cap index was up 106.91 points or 0.98% at 10,997.36. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. 1,248 shares gained and 508 shares fell. A total of 58 shares were unchanged.

Shares of natural gas production companies were mixed after the government cut natural gas price. ONGC (up 0.07%) and Oil India (up 0.32%) edged higher. Reliance Industries (down 0.25%) edged lower. Shares of Cairn India were unchanged at Rs 213.85.

The Petroleum Planning & Analysis Cell under the Ministry of Petroleum & Natural Gas after trading hours yesterday, 31 March 2015, notified price of domestic natural gas at $4.66 per million metric British thermal unit (MMBTU) on gross calorific value basis for the six months period from 1 April 2015 to 30 September 2015. The gas price is lower by 7.72% from the price of $5.05 per MMBTU for the period from 1 November 2014 to 31 March 2015.

Meanwhile, data released by the government after trading hours yesterday, 31 March 2015, showed that total natural gas production in India declined 8.1% in February 2015 over February 2014 and crude oil production declined 1.9% in February 2015 over February 2014.

IT stocks dropped after HCL Technologies warned of adverse cross currency impact on the company's revenue and EBIT in Q3 March 2015 in pre-quarter earnings update issued after trading hours yesterday, 31 March 2015. Infosys (down 1.94%), Wipro (down 0.72%), CMC (down 0.71%), TCS (down 0.46%), MindTree (down 0.23%), and Oracle Financial Services Software (down 0.23%) edged lower. Tech Mahindra (up 1.12%) and MphasiS (up 0.81%) edged higher.

HCL Technologies dropped after the company in a pre-quarter earnings update issued after market hours yesterday, 31 March 2015, said that the company's revenues and EBIT in Q3 March 2015 to be reported in US dollar would have adverse impact of about 280 basis points (bps) and 80 bps respectively in Q3 March 2015 as dollar continued to strengthen against almost all global currencies during the quarter ended 31 March 2015. The stock was off 3.02% at Rs 950.05. In spite of the adverse impact of exchange rate movement, the company is confident of achieving EBIT in the range of about 21 to 22% in Q3 March 2015, HCL Technologies said.

HCL Technologies expects to post foreign exchange loss of about $5.5 million in Q3 March 2015, covering both cash flow hedges and mark-to-market of the foreign currency assets and liabilities. This foreign exchange gain or loss would continue to be reported below EBIT, HCL Technologies said. The treasury income (net) for the quarter is expected to be around $32 million being the same level as reported in the previous quarter, HCL Technologies said.

The company expects effective tax rate for the year ending 30 June 2015 to be in the previously guided range of 21% to 22%.

Brent crude oil futures edged lower, extending previous trading session's decline. Brent for May settlement was off 8 cents at $55.03 a barrel. The contract had declined $1.18 a barrel or 2.09% to settle at $55.11 a barrel during previous trading session.

On the macro front, the Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) recorded 1.4% growth in February 2015 over February 2014, data released by the government after trading hours yesterday, 31 March 2015 showed. Its cumulative growth during April to February, 2014-15 was 3.8%.

In overseas markets, Asian stock markets edged lower today, 1 April 2015, following a mixed bag of economic data releases. Key indices in Japan, Taiwan, Singapore, South Korea, and Indonesia were off 0.11% to 1.11%. Key indices in China and Hong Kong were up 0.59% to 1.39%.

China's official March manufacturing purchasing manager's index (PMI) unexpectedly edged up to 50.1 in March from February's 49.9, a tad above the 50-mark that that separates growth from contraction.

In Japan, the headline big manufacturers index remained unchanged from the previous quarter at +12, the Bank of Japan's Tankan survey showed today, 1 April 2015.

Trading in US index futures indicated that the Dow could fall 107.50 points at the opening bell today, 1 April 2015. US stocks closed lower yesterday, 31 March 2015, giving back most of Monday's major gains, as investors eyed mixed economic data.

The influential monthly US nonfarm payroll data is due on Friday, 3 April 2015, when the US stock market is closed on account of Good Friday. The US government will announce the payroll report for March 2015 on 3 April 2015.

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