After moving in a narrow range near the flat line in early afternoon trade, the key benchmark edged lower and hit fresh intraday low in afternoon trade. The barometer index, the S&P BSE Sensex, was down 25.77 points or 0.12%, off 81.66 points from the day's high and up 5.03 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Auto stocks were mixed. Bajaj Auto rose after three block deals were executed in the counter on BSE in early trade. Larsen & Toubro and L&T Finance Holdings edged higher after L&T during market hours said it has completed the sale 1% stake in L&T Finance Holdings on Monday, 23 December 2013, to comply with the minimum public shareholding requirement. Tyre shares gained across the board, with shares of tyre major Apollo Tyres hitting 52-week high.
The Sensex edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices alternately swung between positive and negative zone in morning trade. Intraday volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. The Sensex regained positive terrain in early afternoon trade. After moving in a narrow range near the flat line in early afternoon trade, the key benchmark edged lower and hit fresh intraday low in afternoon trade.
The market may remain volatile this week, which is a truncated trading week, as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series. The near month December 2013 derivatives contract expire on Thursday, 26 December 2013. The stock market remains closed tomorrow, 25 December 2013, on account of Christmas.
At 13:20 IST, the S&P BSE Sensex was down 25.77 points or 0.12% to 21,075.26. The index rose 55.89 points at the day's high of 21,156.92 in early trade. The index fell 30.80 points at the day's low of 21,070.23 in afternoon trade.
The CNX Nifty was down 3.25 points or 0.05% at 6,281.25. The index hit a high of 6,301.50 in intraday trade. The index hit a low of 6,277.70 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,289 shares gained and 992 shares fell. A total of 138 shares were unchanged.
The total turnover on BSE amounted to Rs 1289 crore by 13:15 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Tata Power Company (down 2.53%), Sesa Sterlite (down 1.99%) and HDFC (down 1.15%) declined.
Larsen & Toubro (L&T) rose 1.02% to Rs 1079.50. L&T Finance Holdings rose 1.59%. L&T today, 24 December 2013, said that the company has completed the sale of 1.71 crore shares aggregating to 1% stake of L&T Finance Holdings on Monday, 23 December 2013, to comply with the minimum public shareholding requirement. L&T's total shareholding in L&T Finance Holdings now stands at 81.5%.
L&T separately said that the Scheme of Arrangement between the company and L&T Hydrocarbon Engineering -- a wholly owned subsidiary of the company -- and their respective shareholders and creditors for transfer of the HCIC undertaking of the company to L&T Hydrocarbon Engineering has been sanctioned by the Hon'ble High Court of Judicature at Bombay. The Scheme will be effective once the court order is received and filed with the Registrar of Companies, in due course.
Auto stocks were mixed. Tata Motors (down 0.15%) and Maruti Suzuki India (down 0.71%) declined. Ashok Leyland (up 1.54%) and Mahindra & Mahindra (M&M) (up 0.52%) gained.
Among two-wheeler makers, Hero MotoCorp (down 1.17%) and TVS Motor Company (down 2.17%) declined.
Bajaj Auto rose 1.47% to Rs 1972.90. Three block deals were executed in the counter on BSE in early trade. First block deal was of 2.81 lakh shares at Rs 1951 per share at 9:15 IST, the second block deal was of 13,060 shares at Rs 1951 per share at 9:15 IST and the third block deal was of 13,060 shares at Rs 1946 per share at 9:15 IST.
Apollo Tyres jumped 6.47% to Rs 99.50 after hitting 52-week high of Rs 101.80 in intraday trade. The stock rose on high volumes. On BSE, 26.65 lakh shares changed hands on the counter so far during the day, compared with average daily volume of 8.73 lakh shares in the past one quarter.
Among other tyre shares, CEAT (up 1.39%), Goodyear India (up 2.65%), JK Tyre & Industries (up 3%), MRF (up 0.35%) and TVS Srichakra (up 0.2%) gained.
Century Textiles & Industries (up 10.91%), PC Jeweller (up 5.2%), Bajaj Corp (up 3.98%), FDC (up 3.67%) and Aurobindo Pharma (up 3.52%) were among the major gainers from the BSE Mid-Cap index.
Gitanjali Gems (up 17.52%), Orchid Chemicals & Pharmaceuticals (up 11.9%), Jai Corp (up 10.27%), Alok Industries (up 8.68%) and Jindal Drilling (up 7.88%) were among the major gainers from the BSE Small-Cap index.
In foreign exchange market, rupee edged higher against the dollar on global risk on sentiment. The partially convertible rupee was hovering at 61.8725, compared with its close of 61.9525/9625 on Monday, 23 December 2013.
Most Asian stocks edged higher on Tuesday, 24 December 2013, after data showed the US economic recovery gaining momentum. US economy is the world's biggest economy. Key benchmark indices in China, Hong Kong, Japan, Singapore and South Korea rose by 0.12% to 1.13%. Key benchmark indices in Indonesia and Taiwan shed by 0.04% to 0.07%.
China's central bank conducted the first reverse-repurchase agreements in three weeks, helping to ease the tightest financing conditions since a record cash crunch in June.
In Japan, the Cabinet Office released its December economic report today, 24 December 2013. The report dropped a reference to the word deflation for the first time since October 2009, saying "prices are holding firm."
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 24 December 2013. US stocks on Monday jumped to new records after strong economic data gave new momentum to last week's rally. US household purchases, which account for almost 70 percent of the economy, rose 0.5% after a 0.4% gain in October that was larger than previously estimated, the Commerce Department reported in Washington. A separate report showed consumer confidence increased in December. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 82.5 from 75.1 a month earlier.
The US Federal Reserve said after a two-day monetary policy review on 18 December 2013 that it will cut its monthly bond purchases to $75 billion from $85 billion starting in January 2014 amid an improved outlook for the job market in the world's largest economy. The US central bank is poised to continue winding down its stimulus measures gradually over the next year.
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