A bout of volatility was witnessed as key benchmark indices trimmed gains after hitting fresh intraday high in mid-afternoon trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, trimmed gains after both these key benchmark indices hit their highest level in almost a week. The Sensex was currently trading above the psychological 28,000 level, after surpassing that level after a higher opening. The market breadth indicating the overall health of the market was positive. The Sensex was currently up 132.81 points or 0.47% at 28,108.67. The BSE Small-Cap index was up 1.43%, outperforming the Sensex.
Brent crude oil futures dropped. Fall in crude oil prices augur well for India as the country imports 80% of its crude oil requirements.
Pharma stocks edged higher on renewed buying. Metal and mining stocks advanced after China unleashed new policy moves to rejuvenate a wobbly property market. Auto stocks advanced ahead of the release of monthly sales volume data for March 2015. L&T advanced after the company announced new order wins.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 240.34 crore yesterday, 30 March 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 651.67 crore yesterday, 30 March 2015, as per provisional data.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude oil futures edged lower, extending previous trading session's small decline. 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.
In overseas markets, European stocks reversed initial gains. Asian stocks were mixed. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
At 14:18 IST, the S&P BSE Sensex was up 132.81 points or 0.47% at 28,108.67. The index jumped 204.78 points at the day's high of 28,180.64 in mid-afternoon trade, its highest level since 25 March 2015. The index rose 50.41 points at the day's low of 28,026.27 in early trade.
The CNX Nifty was up 28.10 points or 0.33% at 8,520.40. The index hit a high of 8,550.45 in intraday trade, its highest level since 25 March 2015. The index hit a low of 8,499.85 in intraday trade.
The BSE Mid-Cap index was up 87.16 points or 0.83% at 10,646.68. The BSE Small-Cap index was up 154.11 points or 1.43% at 10,949.51. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with almost two gainers for every loser on BSE. 1,685 shares gained and 881 shares fell. A total of 102 shares were unchanged.
Metal and mining stocks advanced after China unleashed new policy moves to rejuvenate a wobbly property market. National Aluminium Company (up 4.47%), Hindustan Zinc (up 1.23%), NMDC (up 1.31%), Jindal Steel & Power (up 0.96%), JSW Steel (up 0.29%), Hindalco Industries (up 0.23%), and Tata Steel (up 0.14%) edged higher. Steel Authority of India (down 0.65%) edged lower.
China is the world's largest consumer of copper, steel, and aluminium.
Sesa Sterlite rose 1.22% at Rs 191.20. Sesa Sterlite announced after market hours yesterday, 30 March 2015, that the shareholders of the company, inter-alia have approved by requisite majority, the name change of the company from its present name - Sesa Sterlite to Vedanta, through Postal Ballot Results announced yesterday, 30 March 2015. Sesa Sterlite is the Indian subsidiary of London listed Vedanta Resources Plc which is a globally diversified natural resources company.
The name change will enable the company to position itself strategically, create much greater value and align our businesses to a unified messaging, Sesa Sterlite said. Tom Albanese, Group CEO, Vedanta, said that the company wants to strengthen the linkage between the global business and global stakeholders, which reflects the company's commitment to creating value through a growing portfolio of global operations. The planned change in name of the company will have no impact on the operations of subsidiary companies Cairn India, Hindustan Zinc (HZL) and Bharat Aluminium Co. (BALCO) and the divisions of Sesa Sterlite, it added.
Auto stocks advanced ahead of the release of monthly sales volume data for March 2015. Mahindra & Mahindra (up 0.33%), Tata Motors (up 3.26%), Maruti Suzuki India (up 1.67%), Eicher Motors (up 0.05%), Hero MotoCorp (up 0.32%) edged higher. Bajaj Auto (down 0.28%) and TVS Motor Company (down 1.22%) edged lower. Auto companies will start unveiling sales volume data for March 2015 starting tomorrow, 1 April 2015.
Ashok Leyland rose 0.74% at Rs 74.55 after the company after market hours yesterday, 30 March 2015, said that it has divested its entire stake of 100% ownership interest held in Avia Ashok Leyland Motors s.r.o. to a strategic investor as part of restructuring of investment in subsidiaries. The transaction has resulted in the cash realization of $10.96 million to the company, Ashok Leyland said. The relevant agreements to this effect have been signed and closing of the deal has been completed. Consequent to the above, Avia Ashok Leyland Motors s.r.o. has ceased to be a wholly-owned subsidiary of the company with immediate effect.
Separately, Ashok Leyland after market hours yesterday, 30 March 2015, said it has divested 48.5% equity stake held in Ashok Leyland Wind Energy (ALWEL) to a buyer and all the relevant agreements to this effect have been signed and closing of the deal has been completed. As part of the transaction, Ashok Leyland has also sold its windmill assets on slump sale basis. The company has made a profit of Rs 6 crore in these transactions, Ashok Leyland said. After the sale of 48.5% equity stake in ALWEL, Ashok Leyland's shareholding in ALWEL has come down from 60% to 11.5% and hence ALWEL has ceased to be a subsidiary of Ashok Leyland with immediate effect.
Pharma stocks edged higher on renewed buying. Cadila Healthcare (up 1.97%), Dr Reddy's Laboratories (up 1.83%), Aurobindo Pharma (up 1.74%), Sun Pharmaceutical Industries (up 1.63%), Ranbaxy Laboratories (up 1.57%), Divi's Laboratories (up 1.3%), Lupin (up 0.96%), Cipla (up 0.64%) and Glenmark Pharmaceuticals (up 0.1%) edged higher. Ipca Laboratories (down 0.94%) and GlaxoSmithkline Pharmaceuticals (down 0.08%) edged lower.
L&T advanced after the company announced new order wins. The stock was up 0.68% at Rs 1,739.90. L&T during market hours today, 31 March 2015, said that the company has secured a contract valued at Rs 1432 crore from the Ministry of Defence for the design and construction of seven offshore patrol vessels (OPVs) for the Indian Coast Guard (ICG).
Separately, L&T during market hours also announced that its construction division has secured orders worth Rs 2101 crore across various business segments in this month.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 62.5725, compared with its close of 62.68 during previous trading session.
Brent crude oil futures edged lower, extending previous trading session's small decline. Brent for May settlement was off $1.01 a barrel at $55.76 a barrel. The contract had declined 12 cents or 0.21% to settle at $56.29 a barrel during previous trading session.
In overseas markets, European stocks reversed their initial gains today, 31 March 2015. Key benchmark indices in France and Germany were up 0.19% to 0.19%. In UK, the FTSE 100 fell 0.19%.
German retail sales fell in February on a monthly basis for the first time since September, data from the statistics office showed today, 31 March 2015. Retail sales dropped by 0.5% on the month in real terms in Europe's largest economy. On an annual basis, retail sales expanded by 3.6%, reaching the highest real growth in any February since 2000, the statistics office Destatis said.
Asian stocks were mixed. Key indices in Hong Kong, Taiwan, South Korea, and Indonesia were up 0.18% to 1.14%. Key indices in China, Japan and Singapore were off 0.11% to 1.05%.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell today, 31 March 2015. US stocks edged higher yesterday, 30 March 2015, with the main indexes booking solid gains for the second straight session, driven by dovish comments from China's central-bank chief as well as a continued flurry of deal announcements.
Meanwhile, Fed Vice Chairman Stanley Fischer today, 31 March 2015, said that Fed policy makers should start thinking further ahead.
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
