A range bound movement was witnessed as key benchmark indices hovered in positive zone in morning trade. The barometer index, the S&P BSE Sensex, failed to retain the psychological 26,000 level after piercing that mark in early trade. The Sensex was currently up 155.79 points or 0.61% at 25,897.35. The gains for the Sensex in percentage terms were higher than those for the 50-unit CNX Nifty. The Nifty was currently up 38.55 points or 0.49% at 7,847.55. A recovery in Asian stocks and gains in US index futures which indicated a recovery of US stocks later in the global day aided upmove for key equity benchmark indices in India.
The BSE Small-Cap index turned negative from positive in morning trade. The market breadth indicating the overall health of the market also turned negative from positive in morning trade.
Most realty shares were trading higher. Most metal shares declined.
There was massive selling of Indian stocks by foreign portfolio investors (FPIs) yesterday, 24 August 2015, when carnage was witnessed on the domestic bourses amid a sell off in global markets triggered by a rout in Chinese equities. FPIs sold shares worth a net Rs 5275.40 crore yesterday, 24 August 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 4097.83 crore yesterday, 24 August 2015, as per provisional data released by the stock exchanges.
In overseas markets, barring mainland China, other Asian stocks were trading higher. US stocks slid again yesterday, 24 August 2015, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear through investors.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month August 2015 series to September 2015 series. The near month August 2015 derivatives contracts are set to expire on Thursday, 27 August 2015.
At 10:16 IST, the S&P BSE Sensex was up 155.79 points or 0.61% at 25,897.35. The index jumped 383.27 points at the day's high of 26,124.83 at the onset of trading session. The index fell 32.35 points at the day's low of 25,709.21 in early trade.
The Nifty was up 38.55 points or 0.49% at 7,847.55. The index hit a high of 7,925.40 in intraday trade. The index hit a low of 7,797.60 in intraday trade.
The BSE Mid-Cap index was up 83.87 points or 0.81% at 10,438.61, outperforming the Sensex. The BSE Small-Cap index was down 2.77 points or 0.03% at 10,585.13, underperforming the Sensex.
The market breadth indicating the overall health of the market was weak. On BSE, 1,288 shares fell and 778 shares rose. A total of 53 shares were unchanged.
Larsen & Toubro (L&T) was down 0.70% to Rs 1,622. The company announced during trading hours today, 25 August 2015, that its Power Transmission & Distribution Business unit won orders worth Rs 1563 crore in both the international and domestic markets in July and August 2015.
Most realty shares were trading higher. Indiabulls Real Estate (up 12.41%), DLF (up 4.26%), Prestige Estates Projects (up 2.76%), Housing Development and Infrastructure (HDIL) (up 2.56%), Godrej Properties (up 1.51%), Sunteck Realty (up 0.91%), Anant Raj (up 0.60%), Sobha (up 0.41%) and Unitech (up 0.33%), edged higher. Parsvnath Developers (down 0.57%), Peninsula Land (down 1.71%), Phoenix Mills (down 2.05%), D B Realty (down 3.05%) and Oberoi Realty (down 3.75%), edged lower.
Most metal shares declined. Hindustan Copper (down 4.58%), Hindustan Zinc (down 2.24%), Steel Authority of India (down 1.89%), NMDC (down 1.29%), National Aluminum Company (down 1.02%) and Jindal Steel & Power (down 0.74%), edged lower. JSW Steel (up 0.36%), Tata Steel (up 0.85%), Hindalco Industries (up 1.33%) and Vedanta (up 1.87%) edged higher.
Meanwhile, Finance Minister Arun Jaitley yesterday, 24 August 2015, said that though the Indian economy is not impervious to global events, yet the growth in manufacturing and services sector, as reflected by the increase in indirect tax collections and a fair monsoon indicate that the economy is showing strong revival and growth.
India's weather office, the India Meteorological Department (IMD), said in a daily report issued yesterday, 24 August 2015, that for the country as a whole, cumulative rainfall during this year's monsoon season was 11% below the Long Period Average (LPA) until 24 August 2015. Region wise, the rainfall was 19% below the LPA in South Peninsula, 14% below the LPA in Central India, 6% below the LPA in East & Northeast India and 4% below the LPA in Northwest India until 24 August 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 markets, Asian stocks edged higher today, 25 August 2015. Key benchmark indices in Japan, Indonesia, Singapore, South Korea and Taiwan were up 0.73% to 3.01%.
Chinese stocks sank again as investors despaired at the lack of policy action from Beijing in response to recent data suggesting the downturn in the world's second-largest economy is deepening. In mainland China, the Shanghai Composite was down 4.33%. In Hong Kong, the Hang Seng index was up 1.62%. The Shanghai Composite index had plunged more than 8% in a single trading session yesterday, 24 August 2015, that sent shockwaves through global financial markets. After a year of heady gains, Chinese markets have been buffeted by increasing signs that economic growth is faltering in the world's second biggest economy.
Trading in US index futures indicated that the Dow could jump 354 points at the opening bell today, 25 August 2015. US stocks slid again yesterday, 24 August 2015, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear through investors. The Dow finished with a loss of 588 points, the eighth-worst single-day point decline and the second straight fall of more than 500.
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