A bout of volatility was witnessed in mid morning trade as key benchmark trimmed losses after extending intraday slide in morning trade. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, was currently off 6.11 points or 0.02% at 26,807.31.
Realty shares edged lower. Idea Cellular rose on reports that the company has raised data usage rates for its pre-paid customers in Delhi and the National Capital region (NCR) by up to 18% effective from 3 June 2015. Shares of state-run coal miner Coal India jumped.
Foreign portfolio investors bought shares worth a net Rs 511.90 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 772.04 crore yesterday, 4 June 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged lower after a steep slide for US stocks overnight. US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely.
At 11:15 IST, the S&P BSE Sensex was down 6.11 points or 0.02% at 26,807.31. The index rose 20.77 points at the day's high of 26,834.19 in morning trade. The index fell 94.98 points at the day's low of 26,718.44 in morning trade.
The 50-unit CNX Nifty was down 14.75 points or 0.18% at 8,115.90. The index hit a high of 8,137.60 in intraday trade. The index hit a low of 8,100.15 in intraday trade.
The BSE Mid-Cap index was up 35.73 points or 0.35% at 10,383.18. The BSE Small-Cap index was up 45.52 points or 0.42% at 10,869.25. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,148 shares rose and 968 shares fell. A total of 105 shares were unchanged.
Telecom stocks were mixed. Bharti Airtel was up 0.97%. Reliance Communications was down 1.08%.
Idea Cellular was up 2.24% at Rs 177.80. The company has reportedly raised data usage rates for its pre-paid customers in Delhi and the National Capital region (NCR) by up to 18%, effective 3 June 2015. While Idea has increased 3G data tariffs by over 18%, it has raised 2G tariffs by 11%, according to reports. The 1 GB pack of 3G with a validity of 28 days will now cost Rs 295 compared with Rs 249 earlier, while a 1 GB, 2G data pack with 28 days validity will now cost Rs 195 against Rs 175 earlier, reports added.
Shares of state-run coal miner Coal India jumped. The stock was up 4.39% at Rs 405.40.
Realty shares edged lower. Peninsula Land (down 5.69%), Anant Raj (down 2.87%), DLF (down 2.61%), Parsvnath Developers (down 1.98%), Prestige Estates Projects (down 1.45%), Unitech (down 1.37%), Housing Development and Infrastructure (HDIL) (down 1.29%), Indiabulls Real Estate (down 0.7%), Godrej Properties (down 0.51%), Sunteck Realty (down 0.46%) and D B Realty (down 0.24%) edged lower. Phoenix Mills (up 0.04%), Oberoi Realty (up 0.15%) and Sobha (up 0.78%) edged higher.
Meanwhile, the Ministry of Coal after trading hours yesterday, 4 June 2015, announced that the auction of ten coal mines in the third tranche will be held from 11 August 2015 to 17 August, 2015. The coal ministry has issued instructions to the Nominated Authority to conduct the auctions for these ten mines classified for iron & steel, cement and captive power plants. The Notice Inviting Tender (NIT) will be issued on Monday, 8 June 2015.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 4 June 2015, that the rainfall activity over Kerala has increased. The conditions continue to be favourable for onset of southwest monsoon over Kerala during next 48 hours, the IMD said. The rainfall will be mainly confined to North-East and southern peninsula for the next 10-15 days, IMD said.
The IMD said that for the country as a whole, cumulative rainfall during this year's monsoon has so far (upto 3 June) been 19% above the Long Period Average (LPA). The cumulative seasonal rainfall was excess in 16, normal in 3 and deficient to scanty in 17 sub-divisions.
In global commodity markets, Brent crude oil futures edged higher today, 5 June 2015. Brent for July settlement was up 15 cents at $62.18 a barrel. The contract had lost $1.77 a barrel or 2.77% to settle at $62.03 a barrel during the previous trading session.
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna today, 5 June 2015. The OPEC meeting is being closely watched for clues about the organization's next moves.
In overseas markets, Asian stocks edged lower today, 5 June 2015, after a steep slide for US stocks overnight. Key benchmark indices in Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan were down by 0.01% to 0.78%. China's Shanghai Composite was up 0.35%.
US stocks closed with sizable losses yesterday, 4 June 2015, weighed down in part by fresh Greek drama and US economic reports that helped make an interest-rate hike this year look more likely. Data showed the labour market tightening, with first-time applications for unemployment aid down last week and the number of people on benefit rolls hitting the lowest level since 2000, suggesting the Federal Reserve will remain on track to raise interest rates later this year. The data came ahead of Friday's key US jobs report. The International Monetary Fund has urged the Fed not to raise rates until there are clear signs of a pickup in wages and inflation.
In Europe, Greece delayed a debt payment to the International Monetary Fund (IMF) due today, 5 June 2015, and German Chancellor Angela Merkel said talks on a cash-for-reforms deal were still far from an agreement. Greece was supposed to pay the IMF about 300 million euros today, 5 June 2015, but said yesterday, 4 June 2015, it would bundle all the payments due this month into one. That means Greece now owes the fund 1.54 billion euros ($1.7 billion) by 30 June 2015. IMF rules allow borrowers to combine payments of principal due in a calendar month, but the provision has been used only once before -- by Zambia in the mid-1980s.
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