After a range bound movement in positive zone in morning trade, key benchmark indices extended intraday gains in mid-morning trade. The 50-unit CNX Nifty hit one-week high. The barometer index, the S&P BSE Sensex, fell below psychological 28,000 level after surpassing that mark in mid-morning trade. The market breadth indicating the overall health of the market was strong. The Sensex was currently up 288.37 points or 1.04% at 27,993.72. The BSE Mid-Cap index was up 1.13%, outperforming the Sensex.
Auto stocks were in demand. IT shares also edged higher.
Foreign portfolio investors sold shares worth a net Rs 170.68 crore yesterday, 30 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 499.65 crore yesterday, 30 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher after data overnight showed the US economy picked up its pace in the second quarter. US stocks ended little changed after witnessing high intraday volatility yesterday, 30 July 2015, after the latest data showed the US economy picked up its pace in the second quarter, leaving the Federal Reserve on track to raise interest rates as soon as September.
At 11:16 IST, the S&P BSE Sensex was up 288.37 points or 1.04% at 27,993.72. The index jumped 316.93 points at the day's high of 28,022.28 in mid-morning trade, its highest level since 27 July 2015. The index gained 109.16 points at the day's low of 27,814.51 in opening trade.
The CNX Nifty was up 74.65 points or 0.89% at 8,496.45. The index hit a high of 8,503.45 in intraday trade, its highest level since 24 July 2015. The index hit a low of 8,448 in intraday trade.
The BSE Mid-Cap index was up 126.04 points or 1.13% at 11,284.44, outperforming the Sensex. The BSE Small-Cap index was up 99.06 points or 0.84% at 11,822.94, underperforming the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,537 shares rose and 814 shares fell. A total of 96 shares were unchanged.
Auto stocks were in demand. Mahindra & Mahindra (M&M) (up 2.90%), Hero MotoCorp (up 2.32%), Escorts (up 2.25%), Tata Motors (up 1.56%), Maruti Suzuki (India) (up 0.97%), Bajaj Auto (up 0.94%), TVS Motor Company (up 0.57%) and Ashok Leyland (up 0.48%), edged higher. Eicher Motors was down 0.91%.
IT shares edged higher. HCL Technologies (up 2.14%), Oracle Financial Services Software (up 1.43%), MindTree (up 1.21%), Persistent Systems (up 0.96%), Hexaware Technologies (up 0.79%), Wipro (up 0.69%), Tech Mahindra (up 0.41%), TCS (up 0.34%), CMC (up 0.28%), Infosys (up 0.18%) and MphasiS (up 0.13%), edged higher.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower amid concerns over global oil supply glut. Brent for September settlement was currently off 29 cents at $53.02 a barrel. The contract had fallen 7 cents or 0.13% to settle at $53.31 a barrel during the previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in a weekly report issued yesterday, 30 July 2015, that the rainfall was above normal by 21% over the country as a whole during the period from 23 to 29 July 2015. A deep depression caused extremely heavy rainfall over Gujarat and south Rajasthan during the second half of the week. Region wise, the rainfall was 68% above the Long Period Average (LPA) in Central India, 33% above LPA in Northwest India, 50% below LPA in South Peninsula and 22% below LPA in East & Northeast India during the period from 23 to 29 July 2015.
As per IMD's extended range forecast till 19 August 2015, rainfall activity is likely to be normal to above normal over Central and Northwest India till 9 August 2015. Rainfall activity is likely to be normal to above normal over northeast and adjoining east India from 5 to 14 August 2015.
For the country as a whole, cumulative rainfall during the period from 1 to 29 July 2015 was 15% below LPA. Region wise, the rainfall was 46% below the LPA in South Peninsula, 16% below the LPA in East & Northeast India, 13% below the LPA in Central India and 5% above the LPA in Northwest India during the period 1 to 29 July 2015. July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops.
The IMD in its separate daily monsoon update issued yesterday, 30 July 2015, said that the southwest monsoon was vigorous over West Rajasthan and was active over Gangetic West Bengal and East Rajasthan during past 24 hours until 8:30 IST. For the country as a whole, cumulative rainfall during this year's monsoon season was 4% below the Long Period Average (LPA) until 30 July 2015. Region wise, the rainfall was 19% below the LPA in South Peninsula, 9% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 30 July 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 markets, Asian stocks edged higher after data overnight showed the US economy picked up its pace in the second quarter. Key benchmark indices in China, Taiwan, South Korea, Hong Kong, Indonesia and Japan were up 0.16% to 1.33%. Singapore's Straits Times was down 1.41%.
China recorded a service trade deficit of $14.9 billion in June, down from $18.3 billion in May, official data showed today, 31 July 2015. For the first six months of the year, the country saw a service trade deficit of $91.6 billion, the State Administration of Foreign Exchange said in a statement on its website. China had a merchandise trade surplus of $47.6 billion in June and a surplus of $255.4 billion in the January-June period, according to the foreign-exchange regulator's data.
Consumer prices in Japan gained 0.4% on year in June, the Ministry of Internal Affairs and Communications said today, 31 July 2015. The price rise was lower from 0.5% in May. Meanwhile, the unemployment rate in Japan came in at a seasonally adjusted 3.4% in June.
US stocks ended little changed after witnessing high intraday volatility a choppy trading session yesterday, 30 July 2015, after the latest data showed the US economy picked up its pace in the second quarter, leaving the Federal Reserve on track to raise interest rates as soon as September. Solid consumer spending offset a drag from weak business investment in the June quarter, resulting in the United States' gross domestic product (GDP) rising by an annualised rate of 2.3%. A separate report by the US Labor Department revealed fewer Americans than expected filed claims for jobless benefits last week. Applications for unemployment payments rose by 12,000 to 267,000 in the week up to 25 July 2015. The prior week's figure of 255,000 jobless claims marked a 40-year low.
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