Oil and gas stocks led gains as key benchmark indices witnessed a sudden surge in early afternoon trade. Key indices surged after media reports suggested that the Rajya Sabha Select Committee on the Goods and Services Tax (GST) bill presented its report in the Rajya Sabha today, 22 July 2015. The broad market depicted strength. There were nearly two gainers against every loser on BSE. The barometer index, the S&P BSE Sensex, was currently up 263.22 points or 0.93% at 28,445.36.
Shares of index heavyweight and housing finance major HDFC edged higher. Metal and mining stocks declined. Capital goods stocks edged higher.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 226.88 crore yesterday, 21 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 146.32 crore yesterday, 21 July 2015, as per provisional data released by the stock exchanges.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit one-week low in early trade amid weakness in Asian stocks.
In overseas stock markets, Asian stocks edged lower amid disappointing results from technology and industrial heavyweights in the US. US stocks edged lower yesterday, 21 July 2015, after disappointing quarterly reports from IMB and United Technologies Corp.
At 12:20 IST, the S&P BSE Sensex was up 263.22 points or 0.93% at 28,445.36. The index jumped 275.07 points at the day's high of 28,457.21 in early afternoon trade. The index lost 111.23 points at the day's low of 28,070.91 in early trade, its lowest level since 15 July 2015.
The CNX Nifty was up 79.20 points or 0.93% at 8,608.65. The index hit a high of 8,613.05 in intraday trade. The index hit a low of 8,498.65 in intraday trade, its lowest level since 15 July 2015.
The market breadth indicating the overall health of the market was quite strong. There were nearly two gainers against every loser on BSE. 1,639 shares gained and 852 shares fell. A total of 112 shares were unchanged.
The BSE Mid-Cap index was up 92.81 points or 0.84% at 11,183.40. The BSE Small-Cap index was up 87.47 points or 0.76% at 11,664.29. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 1235 crore by 12:15 IST, compared with turnover of Rs 824 crore by 11:30 IST.
Index heavyweight Reliance Industries gained 3.4% to Rs 1041.80. The stock hit high of Rs 1,044.40 and low of Rs 1,005.15 so far during the day.
Index heavyweight and housing finance major HDFC advanced 2.35% to Rs 1,340.45. The stock hit high of Rs 1,342.50 and low of Rs 1,304.40 so far during the day.
Metal and mining stocks declined. Hindustan Zinc (down 1.27%), Jindal Steel & Power (down 1.16%), Hindalco Industries (down 1.67%), Tata Steel (down 0.49%), Steel Authority of India (Sail) (down 0.35%) and National Aluminium Company (down 0.79%) edged lower. NMDC (up 0.09%), JSW Steel (up 0.2%) and Hindustan Copper (up 0.08%) rose.
Vedanta fell 3.73% to Rs 131.50. The stock extended its recent losses. The stock had lost 4.74% to settle at Rs 136.60 yesterday, 21 July 2015.
Capital goods stocks edged higher. ABB India (up 0.59%), Bharat Heavy Electricals (Bhel) (up 0.63%), Bharat Electronics (up 1.13%), Crompton Greaves (up 1.12%), L&T (up 1.03%), Siemens (up 0.06%) rose. BEML (down 2.15%) and Thermax (down 0.06%) fell.
Meanwhile, the Rajya Sabha Select Committee on the Goods and Services Tax (GST) bill presented its report in the Rajya Sabha today, 22 July 2015, according to media reports. Both the Lok Sabha and the Rajya Sabha saw early adjournments today, 22 July 2015, as the opposition parties continued their attack on the government demanding the resignations of external affairs minister Sushma Swaraj, Rajasthan chief minister Vasundhara Raje and Madhya Pradesh chief minister Shivraj Chouhan.
The government is looking forward to push through key reforms bills in the monsoon session of the Parliament which began yesterday, 21 July 2015.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 21 July 2015, that the Southwest Monsoon was active over Andaman & Nicobar Islands, West Madhya Pradesh and Konkan & Goa during past 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 7% below the Long Period Average (LPA) until 21 July 2015. Region wise, the rainfall was 14% below the LPA in Central India, 12% below the LPA in South Peninsula, 6% below the LPA in East & Northeast India and 8% above the LPA in Northwest India until 21 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif 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.
Asian stocks edged lower today, 22 July 2015, amid disappointing results from technology and industrial heavyweights in the US. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan and South Korea fell by 0.39% to 1.19%. Key benchmark indices in China and Indonesia rose 0.02% to 0.12%.
Chinese business sentiment fell sharply in July, suggesting that recent dramatic falls in company share prices had severely dented optimism. The MNI China Business Indicator fell 8.8% to 48.8 in July, below the 50 score which marks optimism. The reading matches the April level, which was the lowest since January 2009. The index had jumped 7.6% in June to 53.5. MNI, a part of Deutsche Bse Group, surveys 200 companies listed on the Shanghai and Shenzhen stock exchanges.
Trading in US index futures indicated a weak opening of US stocks later in the global day today, 22 July 2015, after Apple Inc.'s forecast disappointed investors. Trading in US index futures indicated that the Dow could slide 75 points at the opening bell. US stocks dropped yesterday, 21 July 2015 on weak earnings from bellwethers International Business Machines Corp. (IBM) and United Technologies Corp.
In Europe, Standard & Poor's yesterday, 21 July 2015, upgraded Greece's sovereign credit rating by two notches and revised its outlook to stable from negative, citing euro zone countries' initial agreement to start negotiations with Athens on a third bailout.
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