Key benchmark indices surged in early trade on positive Asian stocks. The barometer index, the S&P BSE Sensex, regained the psychological 27,000 mark in opening trade. The S&P BSE Sensex was currently up 352.43 points or 1.31% at 27,229.91. The market breadth indicating the overall health of the market was strong. Asian stocks edged higher today, 13 May 2015 ahead of Chinese data on retail sales and industrial production.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1329.43 crore yesterday, 12 May 2015, as per provisional data as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1331.93 crore yesterday, 12 May 2015, as per provisional data.
At 9:26 IST, the S&P BSE Sensex was up 352.43 points or 1.31% at 27,229.91. The index jumped 371.57 points at the day's high of 27,249.05 in early trade. The index rose 112.01 points at the day's low of 26,989.49 in early trade.
The CNX Nifty was up 102 points or 1.26% at 8,228.95. The index hit a high of 8,240.95 in intraday trade. The index hit a low of 8,153.80 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,015 shares gained and 223 shares fell. A total of 30 shares were unchanged.
The BSE Mid-Cap index was up 160.29 points or 1.56% at 10,434.37, outperforming the Sensex. The BSE Small-Cap index was up 107.78 points or 1% at 10,886.48, underperforming the Sensex.
The total turnover on BSE amounted to Rs 228 crore by 09:30 IST.
GAIL (India) (up 3.19%), M&M (up 3.12%) and HDFC (up 2.22%) edged higher from the Sensex pack.
L&T rose 1.32%. With respect to news article titled "L&T, Hyundai Heavy Ink Pact to Build LNG Carriers", L&T clarified after market hours yesterday, 12 May 2015, that at this stage L&T and Hyundai Heavy Industries have only signed a Memorandum of Understanding to enable participation in expected GAIL tender for LNG carrier. This is in anticipation of a possible retendering by GAIL to invite bids from potential ship owners for chartering of LNG carriers.
Ashok Leyland fell 1.6%. The company's net profit fell 36.71% to Rs 229.97 crore on 46.6% rise in total income to Rs 4542.95 crore in Q4 March 2015 over Q4 March 2014. The result was announced after market hours yesterday, 12 May 2015.
Lupin rose 1.76% ahead of its Q4 March 2015 results today, 13 May 2015.
Data released by government after market hours yesterday, 12 May 2015 showed that industrial output growth touched a five-month low of 2.1% in March from 4.9% in February on the back of an across-the-board slowdown in production. Consumer price index-based retail inflation eased to a four-month low of 4.87% in April from 5.25% in March.
The government will unveil data on inflation based on the wholesale price index (WPI) for April 2015 tomorrow, 14 May 2015. The WPI based inflation dipped to minus 2.3% in March 2015 compared with minus 2.1% in February 2015.
Prime Minister Narendra Modi's three nation official visit to China, Mongolia and Republic of Korea begins tomorrow, 14 May and ends on 19 May 2015. In China, Prime Minister will visit Xian, Beijing and Shanghai from 14 May to 16 May 2015. He will hold bilateral meetings with China's leadership and participate in cultural and business events. PM will attend an event organized by the Indian community in China. Prime Minister's official engagements in Mongolia will be on 17 May 2015. This is the first ever visit by a Prime Minister of India to Mongolia. Prime Minister's visit to Republic of Korea will be on 18 May to 19 May 2015. PM will hold bilateral discussions with President Park Geun-hye and meet with important business leaders in Seoul.
Meanwhile, proceedings in parliament are being keenly watched. As per reports, the government, under pressure from the opposition, was forced to defer its plans to legislate land acquisition and goods and services tax (GST) laws. The government has reportedly referred the Land Acquisition Bill, which was introduced in Lok Sabha on 11 May 2015 to a joint committee of both Lok Sabha and Rajya Sabha. The GST Bill, passed by the Lok Sabha last week, will be reportedly sent to a select committee of the Rajya Sabha. Both these panels are expected to submit their reports in the next session, reports indicated. Besides the Land Acquisition Bill and the GST Bill, a united Opposition had last week forced the government to refer another Bill related to regulating the real estate sector to a Select Committee of the Rajya Sabha. The only hope for the three Bills will now be in the monsoon session of Parliament in July 2015 as the budget session ends today, 13 May 2015.
The amended Land Acquisition Bill seeks to scrap the consent clause for acquiring land for five sectors industrial corridors, public private partnership projects, rural infrastructure, affordable housing and defence. The bill also exempts projects in these five areas from social impact assessments and allows the purchase of irrigated multi-cropped land and other types of agricultural land.
The Lok Sabha on 6 May 2015, passed the Constitution Amendment Bill in respect of goods and services tax (GST). A constitutional amendment bill needs to be approved by a two-thirds majority in both houses of Parliament and ratified by half the state legislative assemblies before coming into effect. While the Bharatiya Janata Party-led National Democratic Alliance found it easy to pass the GST bill in the Lok Sabha where it is in a majority, the real test will come in the Rajya Sabha where the ruling alliance is in a minority, with 62 members in a 245-member house.
GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Asian stocks edged higher today, 13 May 2015 ahead of Chinese data on retail sales and industrial production. Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea rose by 0.07% to 0.6%. China's Shanghai Composite shed 0.15%.
US stocks declined for a second straight session yesterday, 12 May 2015 though losses were modest after indices recovered from a bout of selling linked to fluctuations in treasury yields.
Powered by Capital Market - Live News
