A divergent trend was witnessed between two key benchmark indices in mid-morning trade. While the barometer index, the S&P BSE Sensex, was currently trading a tad higher for the day, the 50-unit CNX Nifty was trading with small losses. The Sensex fell below the psychological 28,000 level soon after surpassing that mark in morning trade. The Sensex was currently up 20.94 points or 0.07% at 27,978.43. The Nifty was off 0.60 point or 0.01% at 8,490.40. The BSE Small-Cap index was up 1.19%, outperforming the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. Among the gainers from the constituents of the BSE Small-Cap index, gains ranged from 2% to about 19% for quite a few stocks. Asian stocks were in red. Trading in US index futures indicated a weak opening of US stocks later in the global day today, 1 April 2015.
L&T advanced after the company said it has secured a turnkey order from NTPC for setting up a greenfield ultra-supercritical thermal power plant in Khargone district of Madhya Pradesh on EPC basis. Maruti Suzuki India declined after the company said its total sales fell 1.6% to 1.11 lakh units in March 2015 over March 2014. Cement stocks edged higher.
On the macro front, the Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) recorded 1.4% growth in February 2015 over February 2014, data released by the government after trading hours yesterday, 31 March 2015 showed.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 356.07 crore yesterday, 31 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 283.71 crore yesterday, 31 March 2015, as per provisional data.
Brent crude oil futures edged lower as markets kept a close watch on US-Iran nuclear talks and the build-up in US oil supplies. For India, the decline in global crude oil prices along with deregulation of diesel price announced by the Indian government in October 2014 will help reduce the government's fuel subsidy burden and help contain its fiscal deficit. The steep slide in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement.
Meanwhile, Indian Oil Corporation (IOC) today, 1 April 2015, announced a reduction in retail selling price of diesel by Rs 1.21 per litre at Delhi (including state levies) with corresponding decline in price in other states. IOC announced reduction in petrol price by 49 paise per litre.
In overseas markets, Asian stock edged lower today, 1 April 2015, following a mixed bag of economic data releases. US stocks registered sizable losses yesterday, 31 March 2015, amid fears that first-quarter earnings will disappoint.
Meanwhile, India's stock markets remain closed tomorrow, 2 April 2015, on account of Mahavir Jayanti. The stock market remains closed again on Friday, 3 April 2015, on account of Good Friday.
At 11:15 IST, the S&P BSE Sensex was up 20.94 points or 0.07% at 27,978.43. The index gained 45.90 points at the day's high of 28,003.39 in morning trade. The index fell 68.47 points at the day's low of 27,889.02 in early trade.
The CNX Nifty was down 0.60 point or 0.01% at 8,490.40. The index hit a high of 8,497.65 in intraday trade. The index hit a low of 8,464.75 in intraday trade.
The BSE Mid-Cap index was up 81.04 points or 0.77% at 10,673.26. The BSE Small-Cap index was up 129.45 points or 1.19% at 11,019.90. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers against every loser on BSE. 1,463 shares gained and 657 shares fell. A total of 87 shares were unchanged.
L&T advanced after the company said it has secured a turnkey order from NTPC for setting up a greenfield ultra supercritical thermal power plant in Khargone district of Madhya Pradesh on EPC basis. The stock was up 0.76% at Rs 1,732. The announcement was made during market hours today, 1 April 2015.
Maruti Suzuki India declined after the company said its total sales fell 1.6% to 1.11 lakh units in March 2015 over March 2014. The stock was off 1.66% at Rs 3,638. The announcement was made during market hours today, 1 April 2015. Maruti Suzuki India's total domestic sales rose 1.4% to 1.03 lakh units in March 2015 over March 2014. Exports declined 29.3% to 7,836 units in March 2015 over March 2014.
Cement stocks edged higher on renewed buying. ACC (up 0.38%), Ambuja Cements (up 0.78%), and UltraTech Cement (up 0.27%) edged higher. Shree Cement (down 0.17%) edged lower. The core sector data released by the government after trading hours yesterday, 31 March 2015, showed that total cement production in India increased by 2.7 % in February 2015 over February 2014.
Grasim Industries was up 0.3% at Rs 3,639.60. Grasim Industries has exposure to cement sector through its subsidiary UltraTech Cement.
Shares of steel makers were mixed after the core sector data released by the government after trading hours yesterday, 31 March 2015, showed that total steel production in India declined 4.4 % in February 2015 over February 2014. JSW Steel (down 0.32%) and Jindal Steel & Power (down 0.64%) edged lower. Steel Authority of India (up 0.44%) edged higher.
Tata Steel rose 0.35% at Rs 317.95. Tata Steel before market hours today, 1 April 2015, said that the company has divested its entire stake in Lanka Special Steels (LSSL) to E.B. Creasy & Company (EBCC) for a total consideration of LKR 433 million (around Rs 20.40 crore) in an all cash deal. LSSL is a wholly owned subsidiary of Tata Steel incorporated in Sri Lanka. It is engaged in the business of manufacturing and supplying hot dip galvanized wire and nail wire with an installed capacity of 14,400 metric tonnes per annum. It had an annual turnover of LKR 1,569 million (Rs 74 crore) in fiscal year ended March 2014.
Shares of Kotak Mahindra Bank were down 0.39% at Rs 1,308. Shares of ING Vysya Bank were up 0.56% at Rs 940.90.
Kotak Mahindra Bank before market hours today, 1 April 2015 said that the Reserve Bank of India (RBI) approved the scheme of amalgamation of ING Vysya Bank with Kotak Mahindra Bank. The Scheme of Amalgamation shall come into effect from 1 April 2015.
It may be recalled that Kotak Mahindra Bank and ING Vysya Bank had on 20 November 2014 announced an all-stock amalgamation of ING Vysya Bank with Kotak Mahindra Bank. As part of the scheme, 725 equity share of Rs 5 each of Kotak Mahindra Bank will be allotted for every 1,000 equity shares of Rs 10 each held in ING Vysya Bank.
Brent crude oil futures edged lower as markets kept a close watch on US-Iran nuclear talks and the build-up in US oil supplies. Brent for May settlement was off 14 cents at $54.97 a barrel. The contract had declined $1.18 a barrel or 2.09% to settle at $55.11 a barrel during previous trading session.
The ongoing nuclear talks between Iran and six world powers missed its deadline on Tuesday, but officials have agreed to continue talks in Switzerland for an extra day, according to media reports. A successful nuclear deal could pave the way for the lifting of sanctions against Iran, and release a large amount of stockpiled oil into an oversupplied global market, pressuring oil prices.
On the macro front, the Eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) recorded 1.4% growth in February 2015 over February 2014, data released by the government after trading hours yesterday, 31 March 2015 showed. Its cumulative growth during April to February, 2014-15 was 3.8%.
In overseas markets, Asian stock markets edged lower today, 1 April 2015, following a mixed bag of economic data releases. Key indices in Japan, Taiwan, Singapore, South Korea, and Indonesia were off 0.13% to 1.06%. Key indices in China and Hong Kong were up 0.59% to 1.37%.
China's official Purchasing Managers Index rose to 50.1 in March from 49.9 in February, although the HSBC China manufacturing PMI fell to a final reading of 49.6 in March from 50.7 in February.
In Japan, the Bank of Japan's tankan corporate sentiment survey showed the main index measuring sentiment among big manufacturers was unchanged at plus 12 from the December poll.
Trading in US index futures indicated that the Dow could fall 111 points at the opening bell today, 1 April 2015. US stocks registered sizable losses yesterday, 31 March 2015, amid fears that first-quarter earnings will disappoint.
Jeffrey Lacker, the president of the Federal Reserve Bank of Richmond and a voting member of the Federal Open Market Committee yesterday, 31 March 2015, said he expects solid growth and rising inflation this year, and as a result, would urge the US central bank to start raising interest rates relatively soon.
The influential monthly US nonfarm payroll data is due on Friday, 3 April 2015, when the US stock market is closed on account of Good Friday. The US government will announce the payroll report for March 2015 on 3 April 2015.
Powered by Capital Market - Live News
