A bout of volatility was witnessed as key benchmark indices recovered from lower level after in early afternoon trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 71.52 points or 0.26% at 27,530.75.
Index heavyweight and cigarette maker ITC tumbled. Most power generation stocks declined. Punjab National Bank (PNB) reversed gains registered during the previous trading session.
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 July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire tomorrow, 30 July 2015.
Foreign portfolio investors sold shares worth a net Rs 1375.66 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 665.05 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, most Asian shares were mixed as investors looked ahead to the tone of the US Federal Reserve statement due later in the day. US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies.
At 12:24 IST, the S&P BSE Sensex was up 71.52 points or 0.26% at 27,530.75. The index jumped 132.42 points at the day's high of 27,591.65 at the onset of trading session. The index gained 10.86 points at the day's low of 27,470.09 in early trade.
The CNX Nifty was up 20.80 points or 0.25% at 8,357.80. The index hit a high of 8,374.90 in intraday trade. The index hit a low of 8,338.45 in intraday trade.
The BSE Mid-Cap index was up 48.02 points or 0.44% at 11,022.02. The BSE Small-Cap index was up 75.35 points or 0.65% at 11,598.28. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,501 shares rose and 980 shares fell. A total of 116 shares were unchanged.
Index heavyweight and cigarette maker ITC was down 3.31% to Rs 300.95. The stock hit a high of Rs 312.20 and a low of Rs 300.70 so far during the day.
Most power generation stocks declined. Tata Power (down 3.1%), Reliance Power (down 2.6%), GMR Infrastructure (down 1.96%), JSW Energy (down 1.85%), Reliance Infrastructure (down 1.54%), NTPC (down 1.35%) and Adani Power (down 0.37%), edged lower. Jaiprakash Power Ventures (up 0.34%), CESC (up 0.39%), NHPC (up 1.33%) and Torrent Power (up 2.07%), edged higher.
Punjab National Bank (PNB) was down 3.87% to Rs 136.50. The stock had jumped 4.95% yesterday, 28 July 2015, shrugging off weak Q1 June 2015 results. The bank's net profit fell 48.7% to Rs 720.71 crore on 4.73% rise in total income to Rs 13432.05 crore in Q1 June 2015 over Q1 June 2014. The result was announced during trading hours yesterday, 28 July 2015.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower amid concerns over global oil supply glut. Brent for September settlement was currently off 17 cents at $53.13 a barrel. The contract had fallen 17 cents or 0.32% to settle at $53.30 a barrel during the previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon was vigorous over West Rajasthan and Gujarat state and was active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 28 July 2015. Region wise, the rainfall was 17% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 28 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. 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 shares were mixed today, 29 July 2015, as investors looked ahead to the tone of the US Federal Reserve statement due later in the day. Key benchmark indices in Singapore, South Korea, Japan and Taiwan were down by 0.07% to 0.22%. Key benchmark indices in China, Hong Kong and Indonesia were up by 0.24% to 1.81%.
Japan's retail sales rose 0.9% year-on-year, far outpacing a 0.5% increase seen, and a third straight increase spurred by higher nominal wages and tourists flocking to the country on a weaker yen.
US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies. It was a reversal of five straight days of losses for US stock indexes.
Meanwhile, the latest data showed that US consumer confidence deteriorated this month. The Conference Board, a market research group, said its index of consumer confidence fell to 90.9 this month from a downwardly revised 99.8 in June. Meanwhile, the Case-Shiller home-price index for May showed that home prices rose 1.1% but after seasonal adjustments, the reading showed a decline of 0.2%.
A two-day policy meeting of the Federal Reserve Open Market Committee (FOMC) concludes today, 29 July 2015. The US central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come later this year. Investors are looking ahead to the latest Fed statement to see if policymakers would give any indication on the timing of an initial rate hike.
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