A bout of volatility was witnessed as key benchmark indices pared gains in afternoon trade after hitting fresh intraday high in early afternoon trade. The barometer index, the S&P BSE Sensex was currently up 169.54 points or 0.59% at 28,686.13. The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. The BSE Small-Cap index rose 1.55%. The BSE Mid-Cap index gained 0.74%. Both these indices outperformed the Sensex.
Bank stocks were higher. FMCG shares advanced.
Meanwhile, ICICI Bank announced before market hours reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015. SBI, Axis Bank and HDFC Bank have also cut lending rates as per media reports.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit their highest level in almost three weeks in early afternoon trade.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 143.98 crore yesterday, 7 April 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 326.06 crore yesterday, 7 April 2015, as per provisional data.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015.
In overseas markets, European markets were higher today, 8 April 2015. Asian markets were mixed. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
At 13:16 IST, the S&P BSE Sensex was up 169.54 points or 0.59% at 28,686.13. The index gained 223.63 points at the day's high of 28,740.22 in afternoon trade, its highest level since 19 March 2015. The index rose 50.02 points at the day's low of 28,566.61 in mid-morning trade.
The CNX Nifty was up 52.30 points or 0.6% at 8,712.60. The index hit a high of 8,730.50 in intraday trade, its highest level since 19 March 2015. The index hit a low of 8,679.80 in intraday trade.
The BSE Mid-Cap index was up 81.50 points or 0.74% at 11,032.04. The BSE Small-Cap index was up 177.46 points or 1.55% at 11,608.54. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. On BSE, 1,701 shares gained and 835 shares fell. A total of 122 shares were unchanged.
Bank stocks were mostly higher. Among public sector banks, UCO Bank (up 3.6%), Indian Overseas Bank (up 1.17%), Syndicate Bank (up 1.61%), Andhra Bank (up 1.83%), Punjab National Bank (up 1.76%), Corporation Bank (up 2.79%), and Allahabad Bank (up 0.7%) edged higher. Bank of Baroda (down 0.71%) and United Bank of India (down 0.85%) edged lower.
State Bank of India (SBI) rose 0.92% at Rs 274.45. SBI has reportedly lowered its base rate by 15 basis points (bps) to 9.85% from 10%.
Among private sector banks, Karnataka Bank (up 0.08%), South Indian Bank (up 0.19%) edged higher. ING Vysya Bank (down 0.27%), Kotak Mahindra Bank (down 0.39%), Federal Bank (down 1.07%), Yes Bank (down 1.09%), and IndusInd Bank (down 0.33%) edged lower.
HDFC Bank rose 0.3% at Rs 1,036.90. HDFC Bank reportedly lowered its base rate by 15 bps to 9.85%
ICICI Bank fell 0.39% at Rs 316.20. ICICI Bank announced before market hours reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015.
Axis Bank fell 0.53% at Rs 555.95. Axis Bank reportedly cut its base rate by 20 bps to 9.95%
FMCG stocks advanced. Emami (up 4.62%), Marico (up 3.72%), Dabur India (up 2.1%), Godrej Consumer Products (up 2.32%), Hindustan Unilever (up 0.44%), and Britannia Industries (up 0.66%) edged higher. Nestle India (down 0.6%) edged lower.
Colgate-Palmolive (India) rose 0.28% at Rs 2,106.45. The stock turned ex-dividend today, 8 April 2015, for third interim dividend of Rs 8 per share for the year ended 31 March 2015.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.3025, compared with its close of 62.2525 during the previous trading session.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015. Brent for May settlement was down 80 cents at $58.30 a barrel. Brent for May settlement was up 98 cents or 1.68% at $59.10 a barrel yesterday, 7 April 2015.
Data from the American Petroleum Institute (API) showed US crude stocks surged 12.2 million barrels last week against expectations for a increase of 3.4 million barrels.
Adding to that supply, Saudi oil minister Ali al-Naimi reportedly said late yesterday, 7 April 2015, that Saudi output would likely remain around 10 million barrels per day (bpd) after posting a record high of 10.3 million bpd in March.
In overseas markets, European markets were higher today, 8 April 2015. Key indices in France and UK were up 0.08% to 0.69%. In Germany, the DAX was off 0.24%.
Asian markets were mixed today, 8 April 2015. Key indices in Indonesia, Singapore, and Taiwan fell by 0.24% to 0.73%. Key indices in China, Hong Kong, Japan, and South Korea rose by 0.6% to 3.31%.
The Bank of Japan kept monetary policy steady today, 8 April 2015, suggesting that policymakers remain unfazed by slowing inflation and recent signs of weakness in the economy. As widely expected, the BOJ left unchanged its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen ($666 billion) through purchases of government bonds and risky assets.
Japan posted its biggest current account surplus in almost three and a half years in February, the finance ministry said today, 8 April 2015, helped by the higher value in yen terms of income from overseas investments and a smaller trade deficit. The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.44 trillion in February before seasonal adjustment, the data showed, the highest since September 2011.
Trading in US index futures indicates that the Dow Jones industrial average could gain 28 points at the opening bell today, 8 April 2015. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
The Federal Reserve should be extraordinarily patient and hold off on raising interest rates until the second half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reportedly said yesterday, 7 April 2015. Kocherlakota reportedly said that it would be 'appropriate' for the Fed to "defer the initial interest-rate increase until the second half of 2016," and then raise the benchmark federal funds rate to roughly 2% by the end of 2017.
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