A range bound movement was witnessed as key benchmark indices hovered in positive zone in morning trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently up 66.93 points or 0.24% at 27,796.60. The gains for the Sensex were higher than those for the 50-unit CNX Nifty in percentage terms. The Nifty was currently up 7.70 points or 0.09% at 8,368.55.
IT stocks edged lower. Auto stocks edged higher.
Prime Minister Narendra Modi has expressed dismay at the delay in vital infrastructure projects due to repeated litigation and has asked concerned departments to proactively pursue these matters judicially and highlight the difficulties faced by the people due to the non-completion of these projects, according to a statement from the Prime Minister's Office (PMO) yesterday, 24 June 2015.
Meanwhile, Reserve Bank of India Governor Raghuram Rajan was quoted as saying at a conference in Stockholm yesterday, 24 June 2015, that the Indian financial markets have the strength to withstand any fallout of a Greek default on its repayment obligations.
Indian stocks may remain volatile today, 25 June 2015, as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire today, 25 June 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 92.57 crore yesterday, 24 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 13.52 crore yesterday, 24 June 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, Asian stocks edged lower, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. US stocks edged lower yesterday, 24 June 2015, as investors weighed the renewed impasse in the Greece debt talks and digested domestic data.
At 10:15 IST, the S&P BSE Sensex was up 66.93 points or 0.24% at 27,796.60. The index gained 70.66 points at the day's high of 27,800.33 in morning trade. The index fell 93.91 points at the day's low of 27,635.76 in early trade, its lowest level since 22 June 2015.
The CNX Nifty was up 7.70 points or 0.09% at 8,368.55. The index hit a high of 8,368.90 in intraday trade. The index hit a low of 8,329.50 in intraday trade, its lowest level since 22 June 2015.
The BSE Mid-Cap index was down 3.61 points or 0.03% at 10,613.77. The BSE Small-Cap index was up 2.81 points or 0.03% at 11,086.46. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 883 shares rose and 839 shares fell. A total of 71 shares were unchanged.
IT stocks edged lower. MindTree (down 2.06%), HCL Technologies (down 1.62%), Wipro (down 0.63%), Oracle Financial Services Software (down 0.26%), TCS (down 0.37%) and CMC (down 0.34%) edged lower. Infosys (up 0.2%) edged higher.
Tech Mahindra was off 0.63% at Rs 542.45. The stock hit a high of Rs 547.65 and a low of Rs 541.20 so far during the day. Tech Mahindra said before market hours today, 25 June 2015, that the company has been selected by Circle Health after a competitive procurement process to become a chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom, the company said in a statement. The deal was signed yesterday, 24 June 2015, and is worth a projected 50 million pounds over the 10 years, Tech Mahindra said.
Auto stocks edged higher. Eicher Motors (up 0.92%), Bajaj Auto (up 1.17%), Hero MotoCorp (up 1.06%), Maruti Suzuki India (up 0.05%), TVS Motor Company (up 0.1%) and Tata Motors (up 0.02%) edged higher. Mahindra & Mahindra (down 0.74%) edged lower.
DLF was down 0.61% at Rs 113.70. The stock hit a high of Rs 114.75 and a low of Rs 112.80 so far during the day. With regard to news item titled "DLF to transfer all its Bengaluru assets to Blackstone. DLF to also give partial stake in Chennai property to Blackstone. DLF still negotiating valuation for Chennai property", DLF during market hours today, 25 June 2015, clarified that the news item is a speculative news and being a responsible corporate, the company would keep exchanges informed in case of any specific developments and the company shall continue to do so as part of its obligation under Clause 36 of Listing Agreement.
Prime Minister Narendra Modi has expressed dismay at the delay in vital infrastructure projects due to repeated litigation and has asked concerned departments to proactively pursue these matters judicially and highlight the difficulties faced by the people due to the non-completion of these projects, according to a statement from the Prime Minister's Office (PMO) yesterday, 24 June 2015. The Prime Minister simultaneously complimented several state governments for the efforts that they were putting in to speed up infrastructure projects. The PMO said that the Prime Minister reviewed the progress of key infrastructure projects worth over Rs 60000 crore in the railway, road, power, coal, petroleum, and renewable energy sectors spread over several states including Jammu and Kashmir, Punjab, Haryana, Bihar, Jharkhand, Odisha, Chhattisgarh, Arunachal Pradesh, Tripura, Maharashtra and Karnataka.
Meanwhile, Reserve Bank of India Governor Raghuram Rajan was quoted as saying in Stockholm at the Riksbank Macroprudential Conference yesterday, 24 June 2015, that the progress of the monsoon thus far has been quite strong. Rajan also reportedly said at the conference that India needs to "create more growth" and needs to grow still faster. Rajan said developments in Greece could affect the financial markets. But he also said the Indian financial markets have the strength to withstand any fallout of a Greek default on its repayment obligations. India's foreign exchange reserves are at a record high and investors have a positive outlook on the country, he said.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 24 June 2015, that the southwest monsoon has further advanced into most parts of north Arabian Sea, Gujarat state, some more parts of Madhya Pradesh and East Uttar Pradesh, remaining parts of Bihar, most parts of Himachal Pradesh and Uttarakhand, entire Jammu & Kashmir and some parts of Punjab and East Rajasthan. Conditions are favourable for further advance of southwest monsoon into remaining parts of Arabian sea and entire country during next 48 hours, the IMD said. The southwest monsoon was vigorous over Saurashtra & Kutch and Madhya Maharashtra and active over Gangetic West Bengal, Jharkhand, Gujarat Region, Konkan & Goa and South interior Karnataka during past 24 hours until 8:30 IST, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 23% above the Long Period Average (LPA) until 23 June 2015. Region wise, the southwest monsoon was 51% above the LPA in Central India, 33% above the LPA in South Peninsula, 4% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 23 June 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 stock markets, Asian stocks edged lower today, 25 June 2015, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. Key indices in Japan, Hong Kong, South Korea and Indonesia were off 0.01% to 0.36%. Key indices in China, Singapore and Taiwan were up 0.03% to 0.85%.
US stocks closed lower yesterday, 24 June 2015 as investors weighed the renewed impasse in the Greece debt talks and digested domestic data. The Commerce Department said yesterday, 24 June 2015 that US' gross domestic product fell at a 0.2% annual rate in the January-March quarter instead of the 0.7% pace of contraction it reported last month.
In Europe, Greek PM Alexis Tsipras held intense talks with international creditors yesterday, 24 June 2015, in efforts to find a solution to Greece's debt crisis, as per reports. Mr Tsipras has criticised lenders for rejecting his latest reform proposals, which they say are not viable, reports added. Late night talks with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) ended without agreement.
Greece needs a deal to unlock new financing ahead of a 1.54 billion euro ($1.75 billion) debt payment due to the International Monetary Fund at the end of June.
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