Key benchmark indices swung between gains and losses near the flat line after sliding into the red from decent gains in mid-afternoon trade. The market breadth indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex was currently down 6.08 points or 0.02% at 28,701.67. Realty and capital goods stocks declined.
Global rating agency, Moody's Investors Service today, 9 April 2015, changed India's outlook to positive from stable, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 479.18 crore yesterday, 8 April 2015, as per provisional data. Domestic institutional investors (DIIs) bought shares worth a net Rs 382.54 crore yesterday, 8 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output.
In overseas markets, European markets edged higher. Asian markets declined. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.
At 14:20 IST, the S&P BSE Sensex was down 6.08 points or 0.02% at 28,701.67. The index gained 167.33 points at the day's high of 28,875.08 in early trade, its highest level since 19 March 2015. The index fell 85.31 points at the day's low of 28,622.44 in morning trade.
The CNX Nifty was down 4.25 points or 0.05% at 8,710.15. The index hit a low of 8,682.45 in intraday trade. The index hit a high of 8,764.60 in intraday trade, its highest level since 19 March 2015.
The BSE Mid-Cap index was down 20.45 points or 0.19% at 11,001.72. The fall was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 14.39 points or 0.12% at 11,649.77. The index outperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive. On BSE, 1,337 shares declined and 1,360 shares rose. A total of 98 shares were unchanged.
Capital goods stocks dropped. Havells India (down 2.04%), ABB India (down 1.55%), L&T (down 0.74%), Thermax (down 2.25%), Crompton Greaves (down 0.23%) and Siemens (down 0.78%) declined.
Realty stocks declined. Sobha (down 1.69%), Unitech (down 1.14%), Housing Development & Infrastructure (HDIL) (down 1.2%), Godrej Properties (down 0.38%), Anant Raj (down 1.72%), Phoenix Mills (down 0.97%), Oberoi Realty (down 2.41%) and Prestige Estates (down 2.08%), edged lower.
DLF declined 2.15%. The company said after market hours yesterday, 8 April 2015, that it has on 8 April 2015,fiiled an appeal before the Securities Appellate Tribunal against the order dated 26 February 2015 passed by the Adjudicating Officer, SEBI under Section 15HA and HB of the SEBI Act 1992 imposing a cumulative penalty of Rs 26 crore. A copy of the appeal has been served on SEBI. The appeal would come up for hearing before the Securities Appellate Tribunal in due course.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.2225, compared with closing of 62.24 during the previous trading session.
Brent crude oil futures edged higher after yesterday's sharp losses, that was triggered by a shock jump in US crude inventories and record Saudi output. Brent for May settlement was up 94 cents at $56.49 a barrel. Brent for May settlement was down $3.55 a barrel or 6% at $55.55 a barrel during previous trading session.
A 10.95 million-barrel surge in US crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures yesterday, 8 April 2015.
Arvind Subramanian, the chief economic adviser at the finance ministry reportedly said today, 9 April 2015, India's summer monsoon rains are expected to be normal this year, Monsoon rains are vital for India's farm sector, which accounts for 14% of the $2 trillion economy, as half of the country's farmland lacks irrigation. Weak monsoon rains have cut farm output in the past, stoking inflation. Arvind Subramanian also said inflation is not expected to run up in the medium term due to the recent unseasonal rains, which have damaged over 10 million hectares (24.7 million acres) of crops.
Moody's Investors Service today, 9 April 2015, changed India's outlook to positive, saying there was an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years.
Moody's said it expected structural advantages, supported by relatively benign global commodity prices and liquidity conditions, will keep India's growth higher than that of its peers over the rating horizon. The ratings agency affirmed India's Baa3 rating.
In overseas markets, European markets were higher today, 9 April 2015 after positive economic data in Germany. Key indices in Germany, UK, and France were up 0.41% to 0.59%.
Meanwhile, Germany's exports picked up in February after a weaker start to the year, data from the federal statistics office showed today, 9 April 2015. Exports increased by 1.5% in February compared with January, according to calendar and seasonally adjusted data, following a 2.1% drop in January, Destatis said. Imports rose by 1.8% on the month in February after a 0.2% decline in the first month of the year.
German industrial production was up by 0.2% in February from the previous month on a price, seasonally and working day adjusted basis, compared to the expectation of a 0.1% gain, latest data released by the Federal Statistical Office (Destatis) today 9 April 2015 showed. The output had contracted 0.4% in January.
Asian markets declined today, 9 April 2015. Key indices in China, Indonesia, South Korea, Taiwan, and Singapore fell by 0.02% to 0.93%. Key indices in Hong Kong and Japan rose by 0.75% to 2.7%.
Trading in US index futures indicates that the Dow Jones industrial average could fall 56 points at the opening bell today, 9 April 2015. US stocks posted modest gains yesterday, 8 April 2015, after a volatile session following the minutes of Federal Reserve's last meeting.
Minutes of the Federal Reserve's last meeting showed the Fed was still on course to hike interest rates this year. Fed officials acknowledged risks from overseas and a weak start to the year at their March meeting but remained confident enough in the strength of the recovery to continue laying the groundwork for an interest rate hike later this year, the minutes showed.
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