Key benchmark indices lost ground after a sudden slide in morning trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit one-week low. The Sensex was currently down 109.72 points or 0.38% at 28,689.97. The market breadth indicating the overall health of the market was weak. Losses ranged from 2% to about 8% for quite a few stocks for the constituents of the BSE Small-Cap index. Global crude oil prices surged overnight.
Pharma shares declined. PSU OMCs declined as global crude oil prices surged yesterday, 15 April 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 108 crore yesterday, 15 April 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 60.18 crore yesterday, 15 April 2015, as per provisional data.
In overseas markets, most Asian stocks edged higher after overnight gains for US markets. US stocks edged higher yesterday, 15 April 2015, as better-than-expected earnings and a jump in oil prices invigorated stock market bulls.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower after a sharp surge overnight. The recent rise in global crude oil prices will raise concerns pertaining to India's fiscal deficit, current account deficit and fuel price inflation. India imports about 80% of its crude oil requirements.
At 10:19 IST, the S&P BSE Sensex was down 109.72 points or 0.38% at 28,689.97. The index lost 119.44 points at the day's low of 28,680.25 in morning trade, its lowest level since 9 April 2015. The index gained 76.54 points at the day's high of 28,876.23 in opening trade.
The CNX Nifty was down 40.80 points or 0.47% at 8,709.40. The index hit a low of 8,702.55 in intraday trade, its lowest level since 9 April 2015. The index hit a high of 8,760 in intraday trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,325 shares declined and 799 shares rose. A total of 66 shares were unchanged.
The BSE Mid-Cap index was off 52.16 points or 0.47% at 11,018.60. The BSE Small-Cap index was off 65.37 points or 0.55% at 11,836.02. The decline in both these indices was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 750 crore by 10:15 IST compared with turnover of Rs 245 crore by 09:25 IST.
Pharma shares declined. Lupin (down 2.4%), Cipla (down 0.96%), Dr Reddy's Laboratories (down 1.13%), Glenmark Pharmaceuticals (down 0.53%), Wockhardt (down 0.09%) and GlaxoSmithKline Pharmaceuticals (down 0.22%) declined. Cadila Healthcare (up 0.84%) and Aurobindo Pharma (up 1.6%) rose.
Sun Pharmaceutical Industries fell 0.97%. Sun Pharmaceutical Industries and the Technion - Israel institute of technology, after market hours yesterday, 15 April 2015, announced that their respective subsidiaries have entered into an exclusive worldwide research and license agreement. This agreement aims at the development of a joint project, based on new findings by Nobel Prize laureate Distinguished Professor Aaron Ciechanover, Dr. Gila Maor and Professor Ofer Binah, that can potentially lead to the development of novel anti-cancer drugs. The pre-clinical research was funded thus far by Dr. Alfred Mann, Sun Pharma said.
PSU OMCs declined as global crude oil prices surged yesterday, 15 April 2015. HPCL (down 2.1%), BPCL (down 0.75%), and Indian Oil Corporation (down 1.27%) declined. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Meanwhile, PSU OMCs announced a reduction in retail selling price of petrol and diesel after trading hours yesterday, 15 April 2015. Indian Oil Corporation (IOCL) announced a reduction in retail selling price of petrol by 80 paise per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of petrol in Delhi will become Rs 59.20 per litre. IOCL announced a reduction in retail selling price of diesel by Rs 1.30 per litre at Delhi (including state levies) with corresponding price revision in other states. With this change, the price of diesel in Delhi will become Rs 47.20 litre. The reduction in petrol and diesel prices became effective from the midnight of 15/16 April 2015.
Since the last reduction in petrol and diesel prices on 2 April 2015, the trend of international prices of petrol and diesel and the rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease, IOCL said. The movement of prices in international oil market and the rupee-dollar exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes, IOCL said.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.3825, compared with closing of 62.375 during the previous trading session.
Brent crude oil futures edged lower after a sharp surge overnight. Brent for June settlement was off 26 cents at $63.06 a barrel. The contract had surged $3.51 a barrel or 5.86% to settle at $63.32 a barrel during previous trading session. The surge in global crude oil prices yesterday, 15 April 2015, was driven by a smaller-than-expected increase in US crude stockpiles as well as forecast of higher demand from the International Energy Agency.
Prime Minister Narendra Modi yesterday, 15 April 2015, said during joint press interaction with Prime Minister of Canada Stephen Harper at Ottawa, Canada, that India's agreement on procurement of uranium from Canada for India's civilian nuclear power plants launches a new era of bilateral nuclear cooperation between the two countries. Modi sought Canada's cooperation and investment in energy, infrastructure, manufacturing, Smart Cities, and agro-industry and Research and Education in India. Modi is currently on an official visit to Canada.
Asian stocks edged higher today, 16 April 2015 tracking overnight gains in US markets. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia and South Korea rose by 0.21% to 1.95%. Key benchmark indices in Japan and Singapore fell 0.23% to 0.27%.
Trading in US index futures indicated that the Dow could rise 22 points at the opening bell today, 16 April 2015. US stocks edged higher yesterday, 15 April 2015, as better-than-expected earnings and a jump in oil prices invigorated stock market bulls.
In economic news, the Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth. Meanwhile, a gauge of confidence among home builders rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released yesterday, 15 April 2015
St. Louis Fed President James Bullard, speaking at the annual Hyman Minsky conference yesterday, 15 April 2015, made a case for raising interest rates soon, arguing the level needs to be appropriate for the coming boom for the US economy.
In Europe, the European Central Bank (ECB), as expected, left official interest rates unchanged after a monetary policy review yesterday, 15 April 2015. The bank's refi rate remains at 0.05%, while the interest rate on its marginal lending facility stands at 0.3% and the deposit rate at minus 0.2%. ECB President Mario Draghi said in a news conference that the bank's stimulus efforts are beginning to take hold in the European economy and batted away concerns in financial markets that the bank may have to end its more than 1 trillion ($1.1 trillion) asset purchase program early.
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