Key benchmark indices extended gains and hit fresh intraday high in morning trade. The barometer index, the S&P BSE Sensex, was currently up 255.16 points or 0.96% at 26,736.41. The market breadth indicating the overall health of the market was strong with over three gainers for every loser.
Capital goods gained on renewed buying. Shares of PSU OMCs (public sector oil marketing companies) fell after crude oil prices rose.
Earlier, key benchmark indices had opened on a firm note trade tracking positive Asian stocks.
In overseas markets, Asian stocks edged higher today, 10 June 2015 after index compiler MSCI signaled Chinese shares will eventually be included in global benchmarks after a few issues related to market accessibility are resolved, a development that could attract more portfolio capital to the region. US stocks ended yesterday's choppy session virtually unchanged, after the main indexes gave up earlier modest gains.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 645.02 crore yesterday, 9 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 692.29 crore yesterday, 9 June 2015, as per provisional data.
At 10:15 IST, the S&P BSE Sensex was up 255.16 points or 0.96% at 26,736.41. The index gained 288.25 points at the day's high of 26,769.50 in morning trade, its highest level since 8 June 2015. The index rose 12.04 points at the day's low of 26,493.29 at onset of the day's trading session.
The CNX Nifty was up 75.10 points or 0.94% at 8,097.50. The index hit a high of 8,109.05 in intraday trade, its highest level since 8 June 2015. The index hit a low of 8,023.80 in intraday trade.
The market breadth indicating the overall health of the market was strong with over three gainers for every loser. On BSE, 1,351 shares gained and 421 shares fell. A total of 55 shares were unchanged.
The BSE Mid-Cap index was up 123.60 points or 1.22% at 10,284.85. The BSE Small-Cap index was up 107.46 points or 1.01% at 10,769.31. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 434 crore by 10:15 IST compared with Rs 199 crore by 09:30 IST.
Capital goods gained on renewed buying. ABB India (up 1.13%), Bharat Heavy Electricals (Bhel) (up 2.94%), BEML (up 1.5%), Bharat Electronics (up 1.58%), Crompton Greaves (up 2.02%), Punj Lloyd (up 2.58%), L&T (up 2.49%), Siemens (up 1.59%) and Thermax (up 0.65%) gained.
Shares of PSU OMCs (public sector oil marketing companies) fell after crude oil prices rose. HPCL (down 0.67%) and BPCL (down 0.91%) edged lower. Indian Oil Corporation rose 0.1%.
Higher crude oil prices will increase under recovery of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities market, Brent crude oil prices edged higher. Brent for July settlement was up 32 cents at $65.20 a barrel. The contract had gained $2.19 a barrel or 3.49% to settle at $64.88 a barrel during the previous trading session.
Higher crude oil prices could increase fiscal deficit and current account deficit and stoke fuel price inflation.
Asian stocks edged higher today, 10 June 2015 after index compiler MSCI signaled Chinese shares will eventually be included in global benchmarks after a few issues related to market accessibility are resolved, a development that could attract more portfolio capital to the region. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan and Indonesia rose by 0.21% to 1.42%. Key benchmark indices in South Korea and China fell 0.45% to 0.5%.
Global stock-index compiler MSCI Inc yesterday, 9 June 2015 said that it had decided not to include China's A-shares in its global benchmarks until some market issues are worked out. MSCI offered a list of some issues it would discuss with the regulators, including the allocation of investing quotas for large investors, capital mobility and details over beneficial ownership. However, recognizing the significant progress to date and ongoing reform efforts, China A-shares will remain on the 2016 review list for potential inclusion into Emerging Markets, MSCI said.
US stocks ended yesterday's choppy session virtually unchanged, after the main indexes gave up earlier modest gains.
In economic data, US job openings surged to a record high in April and small business confidence perked up in May, suggesting the economy was regaining speed after stumbling at the start of the year. Other data yesterday, 9 June 2015 showed a solid rise in wholesale inventories in April, in part as oil prices stabilized.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015.
In Europe, the UK industrial production data for the month of April 2015 is scheduled to be announced today, 10 June 2015.
Meanwhile, the head of the Eurogroup reportedly said yesterday, 9 June 2015 that Greece and its creditors were not yet on the verge of a deal to resolve Athens' cash crunch. Greece is rapidly running out of cash but its creditors are unwilling to release any more funds to support it until Athens agrees to reforms that they believe are essential if it is to balance its budget and stabilize its debt. Greece deferred a payment to the International Monetary Fund last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
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