Key benchmark indices languished in negative zone in mid-morning trade. The losses for the benchmark indices were currently small. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently off 42.77 points or 0.15% at 27,644.53.
Power generation stocks were in demand. Most capital goods shares edged higher.
Foreign portfolio investors sold shares worth a net Rs 202.12 crore yesterday, 18 May 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 618.54 crore yesterday, 18 May 2015, as per provisional data released by the stock exchanges.
In overseas markets, Chinese shares rose on signs of fresh investment from Beijing. US stocks edged higher yesterday, 18 May 2015, as both the Dow industrials and the S&P 500 reached all-time highs.
At 11:17 IST, the S&P BSE Sensex was down 42.77 points or 0.15% at 27,644.53. The index fell 6.45 points at the day's high of 27,680.85 in morning trade. The index fell 109.63 points at the day's low of 27,577.67 in morning trade.
The CNX Nifty was down 11.85 points or 0.14% at 8,361.80. The index hit a high of 8,375.15 in intraday trade. The index hit a low of 8,335.20 in intraday trade.
The BSE Mid-Cap index was up 53.66 points or 0.50% at 10,720.73. The BSE Small-Cap index was up 84.19 points or 0.76% at 11,232.11. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,338 shares rose and 823 shares fell. A total of 94 shares were unchanged.
Tata Steel was up 0.81%. With respect to news article titled, "Tata Steel nears UK plants sale to Swiss tycoon," Tata Steel clarified during trading hours today, 19 May 2015, that the company on 15 October 2014 informed the exchange that its European business had signed a Memorandum of Understanding with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of its Long Products Europe business and associated distribution activities. This process is continuing, Tata Steel said.
Tata Steel further said that the board and management of Tata Steel is committed to making disclosures at the appropriate time. The company has robust disclosure principles and follows a policy of not commenting on market speculation, the company said. Tata Steel further said that currently there has been no event that requires additional disclosure (apart from what has already been disclosed) under Clause 36 of the listing agreement.
Capital goods shares were in demand. Alstom T&D India (up 2.06%), Havells India (up 1.76%), Jindal Saw (up 1.25%), Praj Industries (up 1.25%), Pipavav Defence and Offshore Engineering Company (up 1.24%), AIA Engineering (up 1%), Bharat Electronics (up 0.98%), BEML (up 0.75%), ABB India (up 0.69%), SKF India (up 0.61%), Lakshmi Machine Works (up 0.57%), Suzlon Energy (up 0.57%), Thermax (up 0.51%), Larsen & Toubro (up 0.40%) and Bharat Heavy Electricals (up 0.13%) edged higher. ALSTOM India (down 0.11%), Crompton Greaves (down 0.57%) and Siemens (down 1.27%) edged lower.
Power generation stocks were in demand. GMR Infrastructure (up 1.46%), Tata Power (up 1.46%), Adani Power (up 1.08%), Torrent Power (up 0.71%), Reliance Infrastructure (up 0.69%), Reliance Power (up 0.56%), NHPC (up 0.53%), NTPC (up 0.29%), Jaiprakash Power Ventures (up 0.25%) and CESC (up 0.09%), edged higher. JSW Energy was down 0.49%.
Earth System Science Organization, India Meteorological Department (ESSO-IMD), of the Ministry of Earth Sciences and Power System Operation Corporation (POSOCO), a wholly-owned subsidiary of Power Grid Corporation of India signed a Memorandum of Understanding (MoU) yesterday, 18 May 2015, for optimum use of weather information / forecast in the power sector. Shares of Power Grid Corporation of India were up 0.14% at Rs 139.85. The stock hit a high of Rs 141.15 and a low of Rs 139.30 so far during the day.
As per the MoU, all weather information provided by ESSO-IMD shall be used by the Power System Operators across the India for better management of Indian Power System and for the purpose of analysis, the Ministry of Earth Science said in a statement. ESSO-IMD and POSOCO have agreed to provide expert opinion and knowledge support in areas of weather information and its affect on power distribution system. The MoU is necessitated by the fact that energy sector is one of many spheres of human activity which are highly dependent on weather conditions. To increase the efficiency of power sector and to make them weather proof, it is not sufficient to act after they have taken place. Proactive steps are required to minimise the possible adverse impacts, Ministry of Earth Science said.
In overseas markets, Chinese stocks led gains in Asian stocks. Key benchmark indices in Japan, South Korea and Taiwan were up by 0.34% to 1.15%. Key benchmark indices in Indonesia and Singapore were off 0.10% to 0.20%.
Chinese shares edged higher on signs of fresh investment from Beijing. In mainland China, the Shanghai Composite index was up 2.37%. Hong Kong's Hang Seng index was up 0.3%. China yesterday, 18 May 2015, approved a batch of railway projects and said it would speed up reform in the finance sector. China's state-planning agency approved six rail projects with a total investment of 243.8 billion yuan ($39.3 billion).
Meanwhile, China's State Council yesterday, 18 May 2015, released guidelines on capital-market reform priorities, touching on areas such as the Shenzhen-Hong Kong Stock Connect and further liberalizing interest rate and boosting the yuan's global status.
US stocks edged higher yesterday, 18 May 2015, as both the Dow industrials and the S&P 500 reached all-time highs. At the closing bell, the Dow Jones Industrial Average gained 26 points, or 0.1%, to 18,299, a new closing peak. The S&P 500 index rose 6 points, or 0.3%, to 2,129, its ninth record close of the year. The Nasdaq Composite Index gained 30 points, or 0.6%, to 5,078, still shy of its 24 April record of 5,092.
Investors will get a closer look at the US Federal Reserve's thoughts about interest rates and economic data when the minutes of the Federal Open Market Committee meeting from its meeting held in late April 2015 are released tomorrow, 20 May 2015.
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