Key benchmark indices alternately swung between positive and negative zone in a narrow range in early afternoon trade. The barometer index, the S&P BSE Sensex, was currently down 39.82 points or 0.14% at 27,647.90. The market breadth indicating the overall health of the market was strong.
Telecom stocks rose on renewed buying. Power generation stocks gained.
Earlier, key benchmark indices alternately swung between positive and negative zone in a small range. The barometer index, the S&P BSE Sensex, hit over one week low.
In overseas markets, Chinese stocks rallied after the Chinese central government and the People's Bank of China (PBOC) yesterday, 8 July 2015 unveiled a bunch of new measures to stem market rout boosted sentiment. Other Asian stocks were mixed today, 9 July 2015. US stocks closed sharply lower yesterday, 8 July 2015 after trading on the New York Stock Exchange was halted for three-and-a-half hours.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 354.32 crore yesterday, 8 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 346.71 crore yesterday, 8 July 2015, as per provisional data.
At 12:20 IST, the S&P BSE Sensex was down 39.82 points or 0.14% at 27,647.90. The index gained points 110.41 at the day's high of 27,798.13 in early trade. The index fell 61.91 points at the day's low of 27,625.81 in morning trade, its lowest level since 30 June 2015.
The CNX Nifty was down 14.60 points or 0.17% at 8,348.45. The index hit a high of 8,400.30 in intraday trade. The index hit a low of 8,343.55 in intraday trade.
The market breadth indicating the overall health of the market was strong. On BSE, 1,552 shares gained and 885 shares fell. A total of 89 shares were unchanged.
The BSE Mid-Cap index was up 7.90 points or 0.07% at 10,885.01. The BSE Small-Cap index was up 35.17 points or 0.31% at 11,386.44. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1211 crore by 12:15 IST compared with Rs 960 crore by 11:15 IST.
Telecom stocks rose on renewed buying. Bharti Airtel (up 2.15%), Idea Cellular (up 0.67%), MTNL (up 1.02%), Tata Teleservices (Maharashtra) (up 1.45%) and Reliance Communications (up 1.71%) gained.
Power generation stocks gained. Reliance Infrastructure (up 1.23%), Tata Power Company (up 0.26%), CESC (up 0.56%), Reliance Power (up 1.11%), Jaiprakash Power Ventures (up 2.4%), Adani Power (up 0.83%), JSW Energy (up 1.73%) edged higher.
NHPC (down 0.51%) and NTPC (down 0.56%) fell.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 8 July 2015, that the Southwest Monsoon was active over Jharkhand and Bihar and was normal over Nagaland, Manipur, Mizoram & Tripura, West Bengal & Sikkim, East Uttar Pradesh, Uttarakhand, Haryana, Chandigarh & Delhi, Himachal Pradesh, Rajasthan, East Madhya Pradesh, Chhattisgarh and South Interior Karnataka during the past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 4% below the Long Period Average (LPA) until 8 July 2015. Region wise, the southwest monsoon was 9% above the LPA in Northwest India, 8% below the LPA in Central India and 7% below the LPA in South Peninsula and 4% below the LPA in East & Northeast India until 8 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Asian stocks were mixed today, 9 July 2015. Key benchmark indices in Singapore, Taiwan, Japan and Indonesia fell by 0.26% to 0.98%. South Korea's Seoul Composite index rose 0.58%.
Chinese stocks rose after the Chinese central government and the People's Bank of China (PBOC) yesterday, 8 July 2015 unveiled a bunch of new measures to stem market rout, including the PBOC providing loans to the state-backed margin financing entity -- China Securities Financing Corporation, the top securities regulator banning large shareholders from reducing their stakes on stock markets within six months, and the police department launching a joint investigation with the securities regulator against "malicious short-selling of stocks.
In mainland China, the Shanghai Composite index jumped 6.44%. In Hong Kong, the Hang Seng index gained 4.11%.
South Korea's central bank today, 9 July 2015 reportedly lowered its growth forecast for this year, highlighting strong headwind facing Asia's fourth-largest economy. The central bank now forecasts the country's gross domestic product will expand 2.8% in 2015--lower than its April estimate of 3.1%, as per reports. South Korea's economy expanded 3.3% in 2014.
Trading in US index futures indicated that the Dow could rise 92 points at the opening bell today, 9 July 2015. US stocks closed sharply lower yesterday, 8 July 2015 after trading on the New York Stock Exchange was halted for three-and-a-half hours and as investors grappled with a precipitous recent selloff in Chinese shares and nervousness over unresolved Greece debt crisis.
Minutes of the US central bank's meeting released yesterday, 8 July 2015 showed that only one of the 10 Fed officials with votes this year was reportedly ready to hike rates in June, but that official expressed a willingness to wait "another meeting or two". All of the other voting members said they needed more evidence that "economic growth was sufficiently strong and labor-market conditions had firmed enough to return inflation to the committee's longer-run objective over the medium term," according to the minutes. A number of Fed officials reportedly warned against a "premature" increase in interest rates.
Investors continue to monitor developments on Greece's debt crisis. A race to save Greece from bankruptcy and keep it in the euro gathered pace yesterday, 8 July 2015 when Athens reportedly formally applied for a three-year loan and European authorities launched an accelerated review of the request.
Greece will submit a detailed reform proposal in the next few days, in a bid to unlock further bailout aid, the country's Prime Minister Alexis Tsipras reportedly told the European Parliament yesterday, 8 July 2015. Referring to his country's resounding "no" in Sunday's referendum, Tsipras stressed the vote wasn't a signal for Greece to break with Europe, but to return to the negotiating table with a stronger mandate.
Following the emergency euro zone summit in Brussels on 7 July 2015, European leaders gave debt-stricken Greece a final deadline of Sunday to reach a new bailout deal and avoid Greece's exit from the euro zone. Representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday, 12 July 2015, to decide Greece's fate.
Greece's last bailout expired last Tuesday and Greece missed a euro 1.6 billion payment to the IMF.
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