Key benchmark indices registered small losses as index heavyweights HDFC, ITC and Reliance Industries (RIL) edged lower. The market breadth indicating the overall health of the market was negative. The barometer index, the S&P BSE Sensex, was provisionally off 44.76 points or 0.16% to 27,792.45. A divergent trend was witnessed among various index constituents.
Zee Entertainment Enterprises edged lower in volatile trade after announcing Q4 March 2015 results. Power generation stocks edged lower. FMCG stocks also declined.
Foreign portfolio investors bought shares worth a net Rs 123.49 crore yesterday, 20 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 103.58 crore yesterday, 20 May 2015, as per provisional data released by the stock exchanges.
Meanwhile, the finance ministry yesterday, 20 May 2015, constituted a three-member committee headed Justice A.P. Shah to look into the issue of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs).
Earlier, the Sensex and the 50-unit CNX Nifty had, both, hit four-week high amid initial volatility.
In the overseas market, European stocks edged lower after the latest data showed that the eurozone economy slowed for the second straight month in May. Asian stocks were mixed. US stocks ended a choppy trading session slightly lower yesterday, 20 May 2015, as modest post-Fed-minutes gains evaporated by the close of the trading day.
As per provisional closing, the S&P BSE Sensex was down 44.76 points or 0.16% to 27,792.45. The index fell 124.48 points at the day's low of 27,712.73 in early afternoon trade, its lowest level since 19 May 2015. The index rose 74.23 points at the day's high of 27,911.44 in early trade, its highest level since 23 April 2015.
The CNX Nifty was down 2.25 points or 0.03% at 8,421, as per provisional closing. The index hit a low of 8,382.50 in intraday trade, its lowest level since 19 May 2015. The index hit a high of 8,446.35 in intraday trade, its highest level since 23 April 2015.
The BSE Mid-Cap index was down 45.76 points or 0.43% at 10,605.02. The decline in this indices was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was down 12.14 points or 0.11% at 11194.71. The decline in this indices was lower than the Sensex's decline in percentage terms.
The market breadth indicating the overall health of the market was negative. On BSE, 1,510 shares fell and 1,179 shares rose. A total of 132 shares were unchanged.
The total turnover on BSE amounted to Rs 3706 crore, higher than turnover of Rs 2763.99 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC declined 1.50% to Rs 327.45. The stock hit a high of Rs 332.95 and low of Rs 326.10 during the day. ITC is scheduled to announce its Q4 March 2015 results tomorrow, 22 May 2015.
FMCG stocks declined. Britannia Industries (down 1.71%), Dabur India (down 1.52%), Marico (down 0.79%), GlaxoSmithKline Consumer Healthcare (down 0.54%), Godrej Consumer Products (down 0.51%), Nestle India (down 0.35%), Procter & Gamble Hygiene & Health Care (down 0.29%), Colgate Palmolive (India) (down 0.28%) and Jyothy Laboratories (down 0.02%) edged lower.
Tata Global Beverages (up 0.31%), Bajaj Corp (up 0.47%) and Hindustan Unilever (up 1.05%) edged higher.
Power generation stocks declined. GMR Infrastructure (down 2.14%), Adani Power (down 1.44%), Tata Power (down 1.36%), Reliance Infrastructure (down 1.06%), Jaiprakash Power Ventures (down 0.95%), Reliance Power (down 0.74%), NTPC (down 0.7%), Torrent Power (down 0.61%) and CESC (down 0.36%), edged lower. NHPC (up 0.52%) and JSW Energy (up 0.80%) edged higher.
Zee Entertainment Enterprises edged lower in volatile trade after announcing Q4 March 2015 results. The stock was off 0.77% at Rs 315.85. The stock hit a high of Rs 323.35 and a low of Rs 312.20. The company's consolidated net profit rose 6.06% to Rs 230.77 crore on 19.51% rise in total income to Rs 1403.47 crore in Q4 March 2015 over Q4 March 2014. The company announced results during market hours today, 21 May 2015.
Zee Entertainment Enterprises' advertising revenues rose 15% to Rs 669.70 crore in Q4 March 2015 over Q4 March 2014. Subscription revenues were Rs 510.80 crore in Q4 March 2015. Domestic subscription revenues stood at Rs 417.50 crore in Q4 March 2015. International subscription revenues stood at Rs 93.30 crore in Q4 March 2015.
Zee's non-operational income jumped 263.9% to Rs 56.40 crore in Q4 March 2015 over Q4 March 2014.
Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 13.1% to Rs 270.80 crore in Q4 March 2015 over Q4 March 2014.
The board of directors of the company today, 21 May 2015, approved the transfer of Ditto TV business division of the company to a wholly-owned subsidiary of the company under a Business Transfer Agreement on a net asset value (NAV) based valuation effective 1 June 2015. This subsidiary will handle and will be responsible for besides Ditto TV, digital properties (websites, apps etc.) of the Group and monetization of digital revenues across platforms/geographies.
Meanwhile, the finance ministry yesterday, 20 May 2015, constituted a three-member committee headed Justice A.P. Shah to look into the issue of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs). It may be recalled that Finance minister Arun Jaitley had on 7 May 2015 announced the constitution of a committee headed by Chairman of Law Commission of India Justice A.P. Shah to look into the issue of the levy of MAT on FIIs as well as other issues which are referred to it.
To begin with, the committee will examine the matter relating to levy of MAT on FIIs for the period prior to 1 April 2015. The committee will also examine all the related legal provisions, judicial/quasi judicial pronouncements and such other relevant aspects as it may consider appropriate, the finance ministry said in a statement. The committee has been requested to give its recommendations on the issue of levy of MAT on FIIs expeditiously. Since initially the committee would focus on the issue of MAT on FIIs for giving its report expeditiously, other issues to be referred to the committee will be notified in due course, the finance ministry said. The term of the committee will be for one year or such period as may be notified by the government from time to time.
In overseas markets, European stocks edged lower today, 21 May 2015, after the latest data showed that the eurozone economy slowed for the second straight month in May. Key benchmark indices in France and Germany were off 0.37% to 0.39%. UK's FTSE 100 was up 0.04%
Eurozone composite PMI declined to 3-month low of 53.4 in May 2015. Eurozone flash manufacturing PMI jumped to 13-month high of 52.3, while Eurozone flash services PMI dropped to 4-month low of 53.3.
Manufacturing activity in Germany grew at the slowest pace in three months in May, dampening optimism over the health of the euro zone's largest economy, preliminary data showed today, 21 May 2015. In a report, market research group Markit said that its preliminary German manufacturing purchasing managers' index declined to a seasonally adjusted 51.4 this month from a final reading of 52.1 in April. Separately, the preliminary services purchasing managers' index fell to a seasonally adjusted 52.9 this month from 54 in April.
In France, data compiler Markit said its preliminary composite purchasing managers index, surveying firms across the private sector, rose to 51 in May 2015, from 50.6 in April 2015, moving further above the 50-point threshold between an expansion and contraction.
Asian stocks were mixed today, 21 May 2015. Key benchmark indices in Hong Kong, South Korea and Taiwan were off 0.22% to 1.1%. Key benchmark indices in Singapore, Indonesia, China and Japan were up 0.01% to 1.89%.
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, edged up to 49.1 in May, compared with a final reading of 48.9 in April, HSBC Holdings PLC said today, 21 May 2015. The reading was still below the key 50 mark, which separates expansion from contraction when compared with the previous month, said Markit, which releases the index with HSBC.
The preliminary PMI figure, also called the HSBC Flash China PMI, is based on 85% to 90% of total responses to HSBC's survey each month, and is issued about one week before the final PMI reading.
Meanwhile, China's State Council has unveiled a 10-year plan for upgrading the nation's manufacturing capacity so it can catch up with production powerhouses like Germany and fend off competition from other developing countries. The Ministry of Industry and Telecommunication Technology (MIIT), which led the creation of the Made in China 2025 plan, said the strategy is intended to give China an edge in innovation, green development and quality goods. The MIIT put the focus on 10 sectors, including high-end computerized machinery and robotics, aerospace equipment, renewable-energy cars and biological medicine.
US stocks ended a choppy trading session slightly lower yesterday, 20 May 2015, as modest post-Fed-minutes gains evaporated by the close of the trading day. Officials at the Fed's April policy meeting believed it would be premature to raise interest rates in June and that a bump in inflation was being offset by a weaker labour market and softer data, according to the minutes.
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