After seeing a bout of initial volatility, key benchmark indices languished in negative zone in morning trade. The barometer index, the S&P BSE Sensex, was currently trading below the psychological 29,000 mark, having alternately moved above and below that level in intraday trade so far. The Sensex had settled above the psychological 29,000 mark after registering decent gains during the previous trading session on Monday, 13 April 2015. The Sensex was currently off 65.12 points or 0.22% at 28,979.32. The market breadth indicating the overall health of the market was strong. Bank stocks edged higher on renewed buying.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 417.01 crore during the previous trading session on Monday, 13 April 2015, as per provisional data as per provisional data released by the stock exchanges. The stock market was closed yesterday, 14 April 2015, for a holiday. Domestic institutional investors (DIIs) bought shares worth a net Rs 46.42 crore on Monday, 13 April 2015, as per provisional data.
On the macro front, the latest data showed easing of consumer price inflation last month. Meanwhile, Prime Minister Narendra Modi early this week said India is trying to introduce an element of transparency and predictability in taxation system.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged higher. The recent rise in global crude oil prices will raise concerns pertaining to India's fiscal deficit, current account deficit and fuel price inflation. However, gains in rupee against the dollar will mitigate the negative impact of higher crude oil price. Gains in local currency will reduce the cost of imports. India imports about 80% of its crude oil requirements.
In overseas markets, Asian stocks edged lower after latest data showed that China's annual economic growth slowed to a six-year low in the first quarter. Most US stocks edged higher yesterday, 14 April 2015, as crude oil prices rose.
At 10:18 IST, the S&P BSE Sensex was down 65.12 points or 0.22% at 28,979.32. The index gained 50.17 points at the day's high 29,094.61 of at onset of the trading session, its highest level since 13 March 2015. The index fell 89.38 points at the day's low of 28,955.06 in morning trade.
The CNX Nifty was down 23.95 points or 0.27% at 8,810.05. The index hit a high of 8,844.80 in intraday trade, its highest level since 13 March 2015. The index hit a low of 8,804.45 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,271 shares gained and 785 shares fell. A total of 75 shares were unchanged.
The BSE Mid-Cap index was up 39.27 points or 0.35% at 11,166.69. The BSE Small-Cap index was up 59.01 points or 0.49% at 12,001.04. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1476 crore by 10:15 IST compared with turnover of Rs 642 crore by 09:25 IST.
Bank stocks edged higher. Among PSU bank stocks, State Bank of India (SBI) (up 1.17%), Punjab National Bank (up 1.36%), Bank of Baroda (up 0.46%), Canara Bank (up 1.53%), Bank of India (up 1.54%) and Union Bank of India (up 1.04%) gained.
Among private bank stocks, HDFC Bank (up 0.78%), IndusInd Bank (up 1.23%), Yes Bank (up 1.91%), and Federal Bank (up 1.39%) rose.
ICICI Bank advanced 1.28%. ICICI Bank yesterday, 14 April 2015, cut its home loan rate for both existing as well as new borrowers by 25 basis points (bps) to 9.9%, according to reports.
Axis Bank rose 0.51%. Axis Bank yesterday, 14 April 2015, cut its home loan rate by 20 basis points (bps) to 9.95%, according to reports.
Kotak Mahindra Bank rose 0.99%. Kotak Mahindra Bank announced after market hours on Monday, 13 April 2015, that it has reduced its base rate by 0.15% to 9.85% per annum with effect from 16 April 2015. All categories of loan (other than the exceptions permitted by the Reserve Bank of India) will be priced with reference to the revised base rate.
DCB Bank jumped 5.99% after net profit rose 61.06% to Rs 62.94 crore on 24.54% growth in total income to Rs 425.11 crore in Q4 March 2015 over Q4 March 2014. The Q4 result was announced on Tuesday, 14 April 2015. The stock market was closed on that day on the occasion of Dr. Baba Saheb Ambedkar Jayanti.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.4425, compared with closing of 62.5225 during the previous trading session on Monday, 13 April 2015. The foreign exchange market was closed yesterday, 14 April 2015, on the occasion of Dr. Baba Saheb Ambedkar Jayanti.
Brent crude oil futures edged higher. Brent for May settlement which expires today, 15 April 2015, was up 56 cents at $58.99 a barrel. The contract had risen 50 cents or 0.86% to settle at $58.43 a barrel during previous trading session. Brent for June settlement was up 44 cents to $60.25 a barrel.
On the macro front, data released by the government after market on Monday, 13 April 2015, showed that the all-India general CPI inflation slowed down to three-month low of 5.2% in March 2015 from 5.4% in February 2015. Food items were major contributors to the CPI inflation decline in March 2015.
Inflation based on the wholesale price index (WPI) is expected to remain in negative zone in March 2015. WPI inflation is expected at negative 2.2% for March 2015, as per the median estimate of a poll of economists carried out by Capital Market. WPI inflation was negative 2.1% in February 2015. The government will unveil data on WPI for March 2015 today, 15 April 2015.
India and Germany have decided to utilize the momentum generated by India's participation in the Hannover Messe in Germany to foster stronger ties between business and industry in both the countries in order to support India's 'Make in India' initiative, according to a joint statement issued by India and Germany yesterday, 14 April 2015, after Prime Minister Narendra Modi held bilateral talks with German Chancellor Angela Merkel in Berlin. India and Germany have also decided to take steps whereby Germany will support development of urban planning and infrastructure in India, including the development of smart cities in India, setting up peer-to-peer network of municipalities for direct collaboration and assistance in the area of affordable housing. Germany will also support modernization of the railway infrastructure in India, including setting up of semi high-speed and high-speed railways and training and skill development of personnel in the rail sector starting with signalling and telecommunications and a high-speed rail system. Germany will also support India's proposed objective of 175 Giga Watts (GW) of renewable energy by 2022 through technical and financial support for developing comprehensive solar rooftop and green energy corridor projects in India.
India and Germany also agreed to strengthen their efforts towards carrying on negotiations for an ambitious EU India Free Trade Agreement with a view to its early conclusion.
Modi on Monday, 13 April 2015, said India is trying to introduce an element of transparency and predictability in taxation system. In his speech at the inauguration of the Indo-German Business Summit in Hannover, Germany, Modi said that the government has fast tracked approvals in industry and infrastructure. This includes environmental clearances, extending the industrial licences, delicencing of defence items and simplification of cross-border trade. Meanwhile, Modi said in his remarks at the Community Reception in Berlin yesterday, 14 April 2015, that the time is right for India to emerge as a global manufacturing hub. The Prime Minister called for balanced growth in the Indian economy, with equal emphasis on agriculture, manufacturing and services.
Asian stocks edged lower today, 15 April 2015, after latest data showed that China's annual economic growth slowed to a six-year low in the first quarter, fanning expectations of more policy stimulus to avert a sharper slowdown of the world's second largest economy. Key benchmark indices in China, Taiwan, Japan, Hong Kong and Indonesia fell by 0.03% to 1.11%. Key benchmark indices in Singapore and South Korea rose by 0.14% to 0.47%.
China's economy expanded at its slowest pace in six years in the first quarter, weighed down by a slumping property market, industrial overcapacity and sluggish overseas demand, data released today, 15 April 2015 showed. China's gross domestic product rose 7% from a year earlier in the first quarter, slowing from 7.3% recorded in the fourth quarter of 2014 and 7.4% for all of last year.
Value-added industrial output in China rose 5.6% in March from a year earlier, slowing from 6.8% growth in the combined January-February period, data from the National Bureau of Statistics showed today, 15 April 2015. Month-on-month, industrial output increased 0.25% in March from February, when output rose 0.45% from January.
Trading in US index futures indicated that the Dow could fall 8 points at the opening bell today, 15 April 2015. US stocks ended yesterday, 14 April 2015 mostly higher, helped by energy stocks and quarterly earnings reports that topped modest expectations following worries about a strong dollar.
In US economic data, sales at US retailers rose in March by the largest amount in a year, rebounding after three straight monthly declines. US producer prices rose a seasonally adjusted 0.2% in March after four straight monthly declines, the Labor Department said yesterday, 14 April 2015.
In Europe, investors are awaiting the European Central Bank (ECB) rate decision to be declared later in the global day today, 15 April 2015.
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