Volatility continued in morning trade as the key benchmark indices hit intraday high in positive zone. The barometer index, the S&P BSE Sensex was currently up 65.39 points or 0.25% at 26,436.37. The market breadth indicating the overall health of the market was negative.
Index heavyweight Reliance Industries (RIL) rose ahead of its 41st annual general meeting (AGM) in Mumbai today, 12 June 2015. IT stocks were mixed.
Volatility struck bourses in early trade as the key benchmark indices drifted higher after a lower start. The barometer index, the S&P BSE Sensex, hit its lowest level in 34 weeks and the 50-unit CNX Nifty hit its lowest level in 33 -1/2 weeks.
On macro front, the government will unveil industrial production data for April 2015 at 17:30 IST today, 12 June 2015. The government will also unveil the consumer price index (CPI) data for the month of May 2015 at 17:30 IST today, 12 June 2015.
In overseas markets, Asian stocks were mixed. US stocks closed higher yesterday, 11 June 2015 adding to strong gains made a day earlier, as retail sales provided more evidence of a strengthening economy.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 622.89 crore yesterday, 11 June 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 589.29 crore yesterday, 11 June 2015, as per provisional data.
At 10:15 IST, the S&P BSE Sensex was up 65.39 points or 0.25% at 26,436.37. The index rose 65.88 points at the day's high of 26,436.86 in morning trade. The index fell 63.42 points at the day's low of 26,307.56 in early trade, its lowest 17 October 2014.
The CNX Nifty was up 13 points or 0.16% at 7,978.35. The index hit a high of 7,981.15 in intraday trade. The index hit a low of 7,940.85 in intraday trade, its lowest level since 21 October 2014.
The market breadth indicating the overall health of the market was negative. On BSE, 956 shares declined and 763 shares rose. A total of 70 shares were unchanged.
The BSE Mid-Cap index was up 16.14 points or 0.16% at 10,104.21. The BSE Small-Cap index was off 30.55 points or 0.29% at 10,581.63. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 483 crore by 10:15 IST compared with Rs 231 crore by 09:30 IST.
Index heavyweight Reliance Industries (RIL) rose 1.19% to Rs 887.60. The stock hit high of Rs 892.10 and low of Rs 878.85 so far during the day. RIL is holding its 41st annual general meeting (AGM) in Mumbai today, 12 June 2015.
IT stocks were mixed. TCS (up 0.51%), Infosys (up 0.78%) and Hexaware Technologies (up 0.83%) rose. HCL Technologies (down 0.8%), Oracle Financial Services Software (down 0.83%) fell.
Wipro rose 0.54%. Wipro announced after market hours yesterday, 11 June 2015, that it will implement a next generation customer helpdesk management solution, powered by its artificial intelligence (Al) platform - Wipro HOLMES for Nexenta, the global leader in Open Source-driven Software-Defined Storage (OpenSDS). Wipro will also implement a Service Bot Workbench for Nexenta's internal Technical Team.
Wipro's solution will automate the creation of service tickets using Natural Language Processing (NLP) technologies. It will auto categorize tickets using intelligent algorithms and help Nexenta resolve issues using intelligent virtual bots and scripts. This will enable faster resolution of service tickets, enhance the overall user experience and improve productivity, the company said.
Tech Mahindra shed 0.84%. Tech Mahindra announced after market hours yesterday, 11 June 2015, the launch of its next generation cloud management platform mPAC (managed platform for adaptive computing) for hybrid IT management. It leverages technologies fro HP and VMTurbo suite of products. mPAC is the next generation cloud management platform which simplifies IT by transforming legacy datacenters into adaptive infrstructure enabling software defined datacenter. It aims to improve agility by reducing service deployment time from months to minutes, therby resulting in significant cost savings.
The government is scheduled to unveil industrial production data for April 2015 at 17:30 IST today, 12 June 2015. Industrial output growth touched a five-month low of 2.1% in March from a revised 4.9% in February on the back of an across-the-board slowdown in production.
The government is also scheduled to unveil the consumer price index (CPI) data for the month of May 2015 at 17:30 IST today, 12 June 2015. Consumer price index-based retail inflation eased to a four-month low of 4.87% in April from a revised 5.25% in March.
Meanwhile, the India Meteorological Department (IMD) said in its daily monsoon update yesterday, 11 June 2015, that the Southwest Monsoon has been active over Assam & Meghalaya, Nagaland, Manipur, Mizoram & Tripura and Sub-Himalayan West Bengal & Sikkim during past 24 hours.
The southwest monsoon has further advanced over remaining parts of south Arabian sea, many parts of central Arabian sea, most parts of Karnataka, remaining parts of Tamilnadu, some parts of south Andhra Pradesh, remaining parts of southwest Bay of Bengal, some parts of westcentral, more parts of eastcentral Bay of Bengal and entire northeastern States, IMD said in its weekly monsoon update yesterday, 11 June 2015. Conditions are becoming favourable for advance of monsoon over remaining parts of south peninsula and some parts of east India during next one week, the IMD said.
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 were mixed today, 12 June 2015. Key benchmark indices in China, Singapore, Hong Kong and Indonesia rose by 0.11% to 0.66%. Key benchmark indices in Japan, South Korea and Taiwan fell by 0.02% to 0.4%.
US stocks closed higher yesterday, 11 June 2015 adding to strong gains made a day earlier, as retail sales provided more evidence of a strengthening economy.
In economic data, sales at US retailers climbed 1.2% in May and rose for the third month in a row, offering more evidence of springtime rebound in consumer spending after a winter lull.
The number of people who applied for US unemployment benefits rose slightly in the first week of June but remained near a 15-year low amid a sharp upsurge in hiring over the past few years. Initial jobless claims edged up by 2,000 to 279,000 in the seven days from May 31 to June 6, the government said yesterday, 11 June 2015.
A two-day meeting of the Federal Open Market Committee (FOMC) to review US monetary policy is scheduled on 16-17 June 2015.
In Europe, the International Monetary Fund halted negotiations with debt-strapped Greece due to a lack of progress. Greece deferred a payment to the International Monetary Fund last week and needs to crack a deal or get another extension before its euro-area bailout package expires on 30 June 2015.
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