Key benchmark indices gyrated above and below the flat line in mid-morning trade. The barometer index, the S&P BSE Sensex, was currently trading below the psychological 29,000 mark after hitting an intraday high above that level at onset of the day's trading session. The Sensex was currently up 5.42 points or 0.02% at 28,884.80. The market breadth indicating the overall health of the market was strong with close to two gainers for every loser. The BSE Small-Cap index was up 1.06%.
Capital goods stocks were in demand. GAIL (India) dropped after a foreign brokerage reportedly downgraded the stock to "underperform" from "neutral".
Earlier, strong industrial production data for February 2015 which was released after trading hours on Friday, 10 April 2015 triggered a positive start on Indian bourses. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their highest level in over four weeks.
The stock market remains closed tomorrow, 14 April 2015, on account of Dr. Baba Saheb Ambedkar Jayanti.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 362.79 crore on Friday, 10 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 135.18 crore on Friday, 10 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures were slightly higher.
In overseas markets, Asian stocks edged higher today, 13 April 2015 following the positive lead from Wall Street on Friday, 10 April 2015. US stocks ended the session higher on Friday, 10 April 2015 after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
At 11:22 IST, the S&P BSE Sensex was up 5.42 points or 0.02% at 28,884.80. The index gained 125.65 points at the day's high of 29,005.03 at onset of the day's trading session, its highest level since 13 March 2015. The index fell 35.44 points at the day's low of 28,843.94 in morning trade.
The CNX Nifty was up 1.75 points or 0.02% at 8,782.10. The index hit a high of 8,803.70 in intraday trade, its highest level since 13 March 2015. The index hit a low of 8,762.10 in intraday trade.
The market breadth indicating the overall health of the market was strong with almost two gainers for every loser. On BSE, 1,542 shares gained and 787 shares fell. A total of 104 shares were unchanged.
The BSE Mid-Cap index was up 73.90 points or 0.67% at 11,166.92. The BSE Small-Cap index was up 126.09 points or 1.06% at 11,972.42. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1160 crore by 11:25 IST compared with Rs 726 crore by 10:15 IST.
Capital goods stocks were in demand. ABB India (up 3.35%), Bharat Heavy Electricals (Bhel) (up 1.79%), BEML (up 0.84%), Crompton Greaves (up 0.51%), ALSTOM India (up 1.29%) and Punj Lloyd (up 1.22%) gained. Bharat Electronics (down 2.06%), Siemens (down 0.64%) and Thermax (down 0.1%) fell.
Engineering and construction major L&T rose 0.75% to Rs 1,774.65. The stock hit high of Rs 1,784.30 and low of Rs 1,773.50 so far during the day. L&T on Saturday, 11 April 2015 said that the company and France based AREVA have signed a memorandum of understanding (MoU) for cooperation to maximize localization for the EPR Nuclear Power plant to be built at Jaitapur, Maharashtra. AREVA's EPR nuclear reactor is a third generation advanced pressurized water reactor, L&T said in a statement.
GAIL (India) fell 3.31% to Rs 386.45 after a foreign brokerage reportedly downgraded the stock to "underperform" from "neutral". The brokerage reportedly said that India's LNG demand has fallen with a drop in oil prices, which has hit GAIL (India)'s gas trading business. It added that RasGas prices are linked to 60-month average oil, which is a key drag on the company's petchem profitability. RasGas Company is one of the world's premier integrated liquefied natural gas (LNG) enterprises.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.395, compared with closing of 62.32 during the previous trading session.
Brent crude oil futures were slightly higher. Brent for May settlement was up 10 cents at $57.97 a barrel. The contract had risen $1.30 a barrel or 2.29% to settle at $57.87 a barrel during previous trading session. Brent for June settlement was up 5 cents at $59 a barrel.
Index of industrial production (IIP) increased 5% in February 2015 compared with the revised growth of 2.8% in January 2015, government data released after market hours on Friday, 10 April 2015 showed. The IIP growth for January 2015 has been scaled up to 2.8% at the first revision compared with 2.6% reported provisionally. Meanwhile, the growth in November 2014 was also been revised sharply upwards to 5.2% at its second and final revision compared with -3.9% at the first revision and 3.8% released provisionally.
Inflation based on the consumer price index (CPI) is expected to remain steady at 5.4% in March 2015, as per the median estimate of a poll of economists carried out by Capital Market. CPI inflation stood at 5.4% in February 2015. The government will unveil data on CPI for March 2015 after trading hours today, 13 April 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 at 12:10 IST tomorrow, 14 April 2015.
Prime Minister, Narendra Modi, on Saturday, 11 April 2015 made a strong pitch for India's permanent membership at the United Nations Security Council, and expressed confidence that the world would soon recognize and accept India's capabilities. The Prime Minister in remarks at the Community Reception at the Carrousel de Louvre in Paris, said he was confident, based on his experience of ten months of his Government, that the hopes and expectations of all Indians would be fulfilled. He spoke of some initiatives of the new Government, including the success of the Pradhan Mantri Jan Dhan Yojana, direct cash transfer of LPG subsidy, and coal block auctions. He said the "Make in India" initiative had aroused tremendous interest in France. He said that at the crux of all policies of his Government, was the vision to generate jobs for India's youth. He said India's demographic dividend was its biggest strength.
Asian stocks edged higher today, 13 April 2015 following the positive lead from Wall Street on Friday, 10 April 2015. Key benchmark indices in China, Singapore, Taiwan, Hong Kong and South Korea rose by 0.32% to 1.84%. Key benchmark indices in Indonesia and Japan fell 0.04% to 0.65%.
China's exports fell sharply in March while imports slumped once again, suggesting to economists that the world's second largest economy is being hit with sluggish demand at home and abroad. China's exports slid 15% from a year earlier in March while imports dropped 12.7%, according to data released today, 13 April 2015 by the General Administration of Customs.
Japanese core machinery orders fell 0.4% in February on a seasonally adjusted basis from the previous month, government data showed today, 13 April 2015. The fall followed a 1.7% decline in January.
Economic growth of developing markets in the East Asia-Pacific region is likely to improve this year in most countries but slow as a whole due to a drag exerted by China, the World Bank said. China's pace of growth will slow to 7.1% in 2015 from 7.4% a year earlier, the World Bank said. Growth in the developing markets of the East Asia-Pacific region, including China, Indonesia and the Philippines, will slow to 6.7% this year from 6.9% in 2014, it added. Growth in the region as a whole including developed markets like South Korea and Singapore will remain flat at 6%.
Trading in US index futures indicated that the Dow could fall 10 points at the opening bell today, 13 April 2015. US stocks ended the session higher on Friday, 10 April 2015 after US conglomerate General Electric said it plans to sell assets and buy back up to $50 billion of its stock.
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