After a range bound movement in afternoon trade, key benchmark indices extended gains in mid-afternoon trade. The barometer index, the S&P BSE Sensex, hit one-week high. The 50-unit CNX Nifty hit its highest level in almost two weeks. The market breadth indicating the overall health of the market was positive. The Sensex was currently up 192.30 points or 0.70% at 27,516.30.
Cement shares were mixed. Capital goods shares were in demand. Telecom stocks were in demand.
Meanwhile, the Finance Ministry said in a statement issued yesterday, 17 May 2015, that the government has managed to better its target for containing the fiscal and revenue deficits in the last financial year.
Foreign portfolio investors sold shares worth a net Rs 38.31 crore during the previous trading session on Friday, 15 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 563.60 crore on Friday, 15 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged higher on the back of some robust corporate earnings. Asian stocks were mixed. US stocks closed mostly higher during the previous trading session on Friday, 15 May 2015.
At 14:15 IST, the S&P BSE Sensex was up 192.30 points or 0.7% at 27,516.30. The index jumped 217.18 points at the day's high of 27,541.18 in mid-afternoon trade, its highest level since 11 May 2015. The index gained 46.28 points at the day's low of 27,370.28 at the onset of trading session.
The CNX Nifty was up 63.85 points or 0.77% at 8,326.20. The index hit a high of 8,333.25 in intraday trade, its highest level since 5 May 2015. The index hit a low of 8,271.95 in intraday trade.
The BSE Mid-Cap index was up 60.71 points or 0.57% at 10,624.63, underperforming the Sensex. The BSE Small-Cap index was up 87.38 points or 0.79% at 11,128.17, outperforming the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,534 shares rose and 1,042 shares fell. A total of 124 shares were unchanged.
Telecom stocks were in demand. Reliance Communications (up 3.61%), Idea Cellular (up 1.27%), MTNL (up 1.14%) and Tata Teleservices (Maharashtra) (up 0.13%) edged higher.
Bharti Airtel was up 1.12%. Bharti Airtel announced on Saturday, 16 May 2015, that the company has received financing commitments of up to $2.5 billion from China Development Bank and Industrial and Commercial Bank of China. Subject to final agreements and requisite approvals, Bharti Airtel can draw these funds over a long availability period, depending on its financing requirements. These financing options will allow the company to diversify its global financing pool and access funds to invest in the growth of data networks across its global operations, Bharti Airtel said.
China Development Bank has committed financing of up to $2 billion with an average maturity of about nine years. This is the single largest bilateral commitment by China Development Bank to any telecom operator globally and the largest bilateral commitment to a private Indian company, Bharti Airtel said in a statement. Industrial and Commercial Bank of China has committed $500 million with an average life of about nine years, making it the largest and longest bilateral commitment to an Indian telecom operator, Bharti Airtel said.
Capital goods shares were in demand. BEML (up 2.71%), ALSTOM India (up 1.88%), Alstom T&D India (up 1.66%), Crompton Greaves (up 1.46%), Siemens (up 1.32%), Jindal Saw (up 1.25%), SKF India (up 1.13%), Lakshmi Machine Works (up 1%), Praj Industries (up 0.93%), Larsen & Toubro (up 0.58%), AIA Engineering (up 0.50%), Pipavav Defence and Offshore Engineering Company (up 0.42%), Thermax (up 0.34%), Bharat Heavy Electricals (up 0.20%) and Bharat Electronics (up 0.02%), edged higher. ABB India (down 0.37%), Punj Lloyd (down 0.64%), Suzlon Energy (down 0.78%) and Havells India (down 1.33%), edged lower.
Cement shares were mixed. UltraTech Cement (up 3.03%), Kakatiya Cement (up 1.95%), ACC (up 1.35%), HeidelbergCement India (up 1.34%), Ambuja Cements (up 0.98%), India Cements (up 0.44%), Mangalam Cement (up 0.34%) and Prism Cement (up 0.15%), edged higher.
The Ramco Cement (down 0.05%), Birla Corporation (down 0.25%), Saurastra Cement (down 0.36%), Dalmia Cement (Bharat) (down 0.56%), Shree Cement (down 1.30%) and J K Cement (down 2.90%) edged lower.
JK Lakshmi Cement was off 1.98% to Rs 336.35. JK Lakshmi Cement's net profit fell 88.56% to Rs 6.05 crore on 11.41% decline in total income to Rs 595.94 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours on Friday, 15 May 2015.
Meanwhile, the Finance Ministry announced yesterday, 17 May 2015, that the government has bettered its own financial targets during 2014-15. Based on provisional accounts for the year ended 31 March 2015 (2014-15), the fiscal deficit stood at 4% of GDP for 2014-15 as against the target of 4.1%. The fiscal deficit was 4.4% of GDP in 2013-14. The revenue deficit stood at 2.8% of GDP in 2014-15 as against target of 2.9%. The revenue deficit was 3.2% of GDP in 2013-14. The government's gross tax collections rose 9% to Rs 12.45 lakh crore in 2014-15.
Meanwhile, data released by the government after trading hours on Friday, 15 May 2015, showed that India's merchandise exports declined 13.96% to $22.05 billion in April 2015 over April 2014. Imports declined 7.48% to $33.04 billion in April 2015 over April 2014. Oil imports fell 42.65% to $7.44 billion in April 2015 over April 2014. Non-oil imports rose 12.58% to $25.60 billion in April 2015 over April 2014. The trade deficit for April 2015 was estimated at $10.99 billion, which was higher than trade deficit of $10.08 billion in April 2014.
Meanwhile, Prime Minister Narendra Modi arrived in Seoul today, 18 May 2014, for a two-day official visit to South Korea.
In overseas markets, European stocks edged higher today, 18 May 2015, on the back of some robust corporate earnings. Key benchmark indices in UK, France and Germany were up 0.24% to 0.76%.
Meanwhile, as per reports, Greece reportedly made last week's payment to the International Monetary Fund by the narrowest of margins. Canadian ratings service DBRS Inc. on Friday, 15 May 2015, cut its rating on Greece, citing uncertainty over whether it will be able reach an agreement with its creditors.
Asian stocks were mixed today, 18 May 2015. Key benchmark indices in South Korea, Japan, Indonesia and Taiwan were up 0.03% to 0.80%. Key benchmark indices in China, Hong Kong and Singapore were off 0.15% to 0.83%.
In Japan, the latest data showed that Japan's core machinery orders, excluding often volatile orders for electric power companies and ships, rose 2.9% in March from the previous month.
US stocks closed mostly higher Friday, 15 May 2015, with the S&P 500 index setting a record for the second straight session. Investors grappled with weaker-than-expected economic reports which left the timing of the Federal Reserve's next rate hike still uncertain for investors.
Meanwhile, the president of the Chicago Fed Charles Evans today, 18 May 2015, said in a speech prepared for delivery to a conference in Stockholm, Sweden that he sees no compelling reason for the US Federal Reserve to be in a hurry to tighten financial conditions. Evans said that the case could even be made that the US economy needed more accommodation at the moment, according to reports. Evans is one of only two Fed officials who think the US central bank should wait until 2016 to increase interest rates.
Investors will get a closer look at the US Federal Reserve's thoughts about interest rates and economic data when the minutes of the Federal Open Market Committee meeting from its meeting held in late April 2015 are released on Wednesday, 20 May 2015.
Powered by Capital Market - Live News
