Volatility continued as key benchmark indices regained strength in mid-morning trade after trimming initial gains in morning trade. The barometer index, the S&P BSE Sensex was currently up 134.31 points or 0.47% at 28,650.90. The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. The BSE Small-Cap index rose 1.53%, outperforming the Sensex.
Capital goods stocks rose. Realty stocks gained after the Union Cabinet chaired by the Prime Minister, Narendra Modi, yesterday, 7 April 2015, gave its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013
Foreign portfolio investors (FPIs) bought shares worth a net Rs 143.98 crore yesterday, 7 April 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 326.06 crore yesterday, 7 April 2015, as per provisional data.
Earlier, the Sensex and the 50-unit CNX Nifty, both, hit highest level in almost three-weeks.
In the foreign exchange market, the rupee edged lower against the dollar.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015.
In overseas markets, Asian markets were mixed. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
At 11:20 IST, the S&P BSE Sensex was up 134.31 points or 0.47% at 28,650.90. The index gained 170.80 points at the day's high of 28,687.39 in early trade, its highest level since 19 March 2015. The index rose 50.02 points at the day's low of 28,566.61 in mid-morning trade.
The CNX Nifty was up 44.25 points or 0.51% at 8,704.55. The index hit a high of 8,716.30 in intraday trade, its highest level since 19 March 2015. The index hit a low of 8,679.80 in intraday trade.
The BSE Mid-Cap index was up 101.33 points or 0.93% at 11,051.87. The BSE Small-Cap index was up 174.64 points or 1.53% at 11,605.72. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was quite strong, with more than two gainers for every loser on BSE. On BSE, 1,604 shares gained and 659 shares fell. A total of 87 shares were unchanged.
Realty stocks gained after the Union Cabinet chaired by the Prime Minister, Narendra Modi, yesterday, 7 April 2015, gave its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013 pending in the Rajya Sabha, and approved amendments proposed in the Bill. Sobha (up 4.53%), DLF (up 1.05%), Indiabulls Real Estate (up 4.4%), Unitech (up 7.02%), Housing Development & Infrastructure (HDIL) (up 6.77%), Godrej Properties (up 0.98%), Oberoi Realty (up 2.32%), Phoenix Mills (up 1.26%), Anant Raj (up 5.63%), and Prestige Estates (up 0.39%) edged higher.
The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, to promote fair play in real estate transactions and to ensure timely execution of projects.
The Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector. The Bill contains provisions of registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority; functions and duties of promoters and allottees; establishment of Real Estate Regulatory Authority; establishment of fast track dispute resolution mechanism through adjudication; establishment of a Real Estate Appellate Tribunal; offences and penalties etc.
These measures are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide 'Housing for All by 2022', through enhanced private participation.
Meanwhile, ICICI Bank announced before market hours reduction in base rate by 0.25% to 9.75% per annum with effect from 10 April 2015.
SBI and HDFC Bank have also cut lending rates as per media reports. Fall in lending rates could spur demand for properties, which is mainly driven by finance.
Capital goods stocks rose. ABB India (up 0.43%), L&T (up 0.63%), %), BEML (up 0.51%), Bharat Heavy Electricals (Bhel) (up 0.9%), Crompton Greaves (up 3%), Thermax (up 1.6%) and Siemens (up 1.85%) gained.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 62.355, compared with its close of 62.2525 during the previous trading session.
Brent crude oil futures edged lower as industry data showed a larger-than-expected weekly build in US stockpiles and as Saudi Arabia reported record output in March 2015. Brent for May settlement was down 78 cents at $58.32 a barrel. Brent for May settlement was up 98 cents or 1.68% at $59.10 a barrel yesterday, 7 April 2015
Data from the American Petroleum Institute (API) showed US crude stocks surged 12.2 million barrels last week against expectations for a increase of 3.4 million barrels.
Adding to that supply, Saudi oil minister Ali al-Naimi reportedly said late yesterday, 7 April 2015, that Saudi output would likely remain around 10 million barrels per day (bpd) after posting a record high of 10.3 million bpd in March.
Asian markets were mixed today, 8 April 2015. Key indices in Indonesia, Singapore, and Taiwan fell by 0.21% to 0.66%. Key indices in China, Hong Kong, Japan, and South Korea rose by 0.12% to 2.71%.
The Bank of Japan kept monetary policy steady today, 8 April 2015, suggesting that policymakers remain unfazed by slowing inflation and recent signs of weakness in the economy. As widely expected, the BOJ left unchanged its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen ($666 billion) through purchases of government bonds and risky assets.
Japan posted its biggest current account surplus in almost three and a half years in February, the finance ministry said today, 8 April 2015, helped by the higher value in yen terms of income from overseas investments and a smaller trade deficit. The surplus in the current account, the broadest measure of Japan's trade with the rest of the world, stood at Y1.44 trillion in February before seasonal adjustment, the data showed, the highest since September 2011.
Trading in US index futures indicates that the Dow Jones industrial average could fall 1 point at the opening bell today, 8 April 2015. US stocks ended slightly lower yesterday, 7 April 2015, reversing course late in the session as strength in the dollar offset optimism about deal news.
The Federal Reserve should be extraordinarily patient and hold off on raising interest rates until the second half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reportedly said yesterday, 7 April 2015. Kocherlakota reportedly said that it would be 'appropriate' for the Fed to "defer the initial interest-rate increase until the second half of 2016," and then raise the benchmark federal funds rate to roughly 2% by the end of 2017.
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