A bout of volatility was witnessed as key benchmark indices extended gains after trimming intraday gains in early afternoon trade. The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently up 70.58 points or 0.25% at 27,800.25. The gains in the Sensex in percentage terms were higher than those for the 50-unit CNX Nifty. The Nifty was currently up 9.95 points or 0.12% at 8,370.80.
Shares of state-run banks witnessed a mixed trend. Shares of private sector banks edged lower. Telecom stocks edged higher.
Meanwhile, Labour Minister Bandaru Dattatreya was quoted as saying that the Employees' Provident Fund Organisation (EPFO) will invest about $800 million in equities in the current fiscal year starting from July 2015.
Prime Minister Narendra Modi has expressed dismay at the delay in vital infrastructure projects due to repeated litigation and has asked concerned departments to proactively pursue these matters judicially and highlight the difficulties faced by the people due to the non-completion of these projects, according to a statement from the Prime Minister's Office (PMO) yesterday, 24 June 2015.
Meanwhile, Reserve Bank of India Governor Raghuram Rajan was quoted as saying at a conference in Stockholm yesterday, 24 June 2015, that Indian financial markets have the strength to withstand any fallout of a Greek default on its repayment obligations.
Indian stocks may remain volatile today, 25 June 2015, as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire today, 25 June 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 92.57 crore yesterday, 24 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 13.52 crore yesterday, 24 June 2015, as per provisional data released by the stock exchanges.
In overseas stock markets, Asian stocks edged lower, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. US stocks edged lower yesterday, 24 June 2015, as investors weighed the renewed impasse in the Greece debt talks and digested domestic data.
At 12:15 IST, the S&P BSE Sensex was up 70.58 points or 0.25% at 27,800.25. The index gained 73.20 points at the day's high of 27,802.87 in early afternoon trade. The index fell 93.91 points at the day's low of 27,635.76 in early trade, its lowest level since 22 June 2015.
The CNX Nifty was up 9.95 points or 0.12% at 8,370.80. The index hit a high of 8,373.20 in intraday trade. The index hit a low of 8,329.50 in intraday trade, its lowest level since 22 June 2015.
The BSE Mid-Cap index was up 12.83 points or 0.12% at 10,630.21. The BSE Small-Cap index was up 7.18 points or 0.06% at 11,090.83. Both these indices underperformed the Sensex.
The market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,133 shares fell and 1,097 shares rose. A total of 119 shares were unchanged.
Shares of public sector banks were mixed. United Bank of India (down 1.64%), Central Bank of India (down 1.25%), Bank of Baroda (down 1.4%), Bank of India (down 0.56%), Indian Overseas Bank (down 0.26%) and Oriental Bank of Commerce (down 0.47%) edged lower. Corporation Bank (up 0.78%), Union Bank of India (up 0.36%), Andhra Bank (up 0.42%), Punjab National Bank (up 0.07%) and State Bank of India (up 0.32%) edged higher.
Canara Bank dropped as the stock turned ex-dividend today, 25 June 2015, for dividend of Rs 10.50 per share for the year ended 31 March 2015 (FY 2015). The stock was off 3.13% at Rs 296.80.
Shares of private banks edged lower. Axis Bank (down 0.11%), ICICI Bank (down 0.19%), Kotak Mahindra Bank (down 0.52%) and Yes Bank (down 0.35%) edged lower. HDFC Bank (up 0.05%) and IndusInd Bank (up 0.77%) edged higher.
Telecom stocks edged higher. Mahanagar Telephone Nigam (up 3.36%), Bharti Airtel (up 0.71%), Tata Teleservices (Maharashtra) (up 0.76%) and Idea Cellular (up 0.49%) edged higher. Reliance Communications (down 0.17%) edged lower.
Prime Minister Narendra Modi has expressed dismay at the delay in vital infrastructure projects due to repeated litigation and has asked concerned departments to proactively pursue these matters judicially and highlight the difficulties faced by the people due to the non-completion of these projects, according to a statement from the Prime Minister's Office (PMO) yesterday, 24 June 2015. The Prime Minister simultaneously complimented several state governments for the efforts that they were putting in to speed up infrastructure projects. The PMO said that the Prime Minister reviewed the progress of key infrastructure projects worth over Rs 60000 crore in the railway, road, power, coal, petroleum, and renewable energy sectors spread over several states including Jammu and Kashmir, Punjab, Haryana, Bihar, Jharkhand, Odisha, Chhattisgarh, Arunachal Pradesh, Tripura, Maharashtra and Karnataka.
Meanwhile, speaking at the launch of three major urban development initiatives viz. AMRUT (Atal Mission for Rejuvenation and Urban Transformation), Smart Cities Mission and Housing for All (Urban) at Vigyan Bhawan in New Delhi, Modi today, 25 June 2015, said that urbanization should be viewed as an opportunity and urban centres should be viewed as growth engines. Through AMRUT, the aim of the government is to give cities themselves the chance to plan their future growth, Modi said. The Prime Minister said urban and rural development in our country should be complimentary. One way of doing this was to ensure waste water management in urban areas, so that the treated water could be returned to rural areas for irrigation. Similarly, solid waste management could generate compost which could act as organic fertiliser for the surrounding rural areas.
Meanwhile, Reserve Bank of India Governor Raghuram Rajan was quoted as saying in Stockholm at the Riksbank Macroprudential Conference yesterday, 24 June 2015, that the progress of the monsoon thus far has been quite strong. Rajan also reportedly said at the conference that India needs to "create more growth" and needs to grow still faster. Rajan said developments in Greece could affect the financial markets. But he also said the Indian financial markets have the strength to withstand any fallout of a Greek default on its repayment obligations. India's foreign exchange reserves are at a record high and investors have a positive outlook on the country, he said.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update issued yesterday, 24 June 2015, that the southwest monsoon has further advanced into most parts of north Arabian Sea, Gujarat state, some more parts of Madhya Pradesh and East Uttar Pradesh, remaining parts of Bihar, most parts of Himachal Pradesh and Uttarakhand, entire Jammu & Kashmir and some parts of Punjab and East Rajasthan. Conditions are favourable for further advance of southwest monsoon into remaining parts of Arabian sea and entire country during next 48 hours, the IMD said. The southwest monsoon was vigorous over Saurashtra & Kutch and Madhya Maharashtra and active over Gangetic West Bengal, Jharkhand, Gujarat Region, Konkan & Goa and South interior Karnataka during past 24 hours until 8:30 IST, the IMD said.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 23% above the Long Period Average (LPA) until 23 June 2015. Region wise, the southwest monsoon was 51% above the LPA in Central India, 33% above the LPA in South Peninsula, 4% above the LPA in East & Northeast India and 7% below the LPA in Northwest India until 23 June 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 stock markets, Asian stocks edged lower today, 25 June 2015, tracking a negative lead from Wall Street after negotiations between Greece and its creditors hit a stalemate overnight. Key indices in China, Japan, Hong Kong, Singapore, South Korea and Indonesia were off 0.02% to 1.05%. In Taiwan, the Taiwan Weighted index was up 0.84%.
China yesterday, 24 June 2015, announced new measures to stimulate lending. China will remove the loan-to-deposit ratio requirement of 75%, in a bid to lend out more to a slowing economy, the State Council announced yesterday, 24 June 2015, according to media reports.
US stocks closed lower yesterday, 24 June 2015 as investors weighed the renewed impasse in the Greece debt talks and digested domestic data. The Commerce Department said yesterday, 24 June 2015 that US' gross domestic product fell at a 0.2% annual rate in the January-March quarter instead of the 0.7% pace of contraction it reported last month.
In Europe, Greece will restart crunch talks with its creditors today, 25 June 2015, in a bid to save Athens from default, after Greece's international creditors yesterday, 24 June 2015, rejected Greece's latest reform proposals. Meanwhile, a two-day European Union summit begins in Brussels today, 25 June 2015.
Greece needs a deal to unlock new financing ahead of a 1.54 billion euro ($1.75 billion) debt payment due to the International Monetary Fund (IMF) on 30 June 2015. On the same day, Greece's international bailout expires. A default on its international creditorsthe IMF and other eurozone governmentscould force Greece into a messy exit from the euro.
Powered by Capital Market - Live News
