Key benchmark indices edged higher amid high intraday volatility. A weakness in rupee against the dollar and political developments triggered volatility on the bourses. The S&P BSE Sensex recovered after hitting nearly 6 week low. The 50-unit CNX Nifty also recovered after hitting lowest level in 6-1/2 weeks. The Sensex was provisionally up 49.57 points or 0.26%, off close to 105 points from the day's high and up about 110 points from the day's low. The market breadth, indicating the overall health of the market, was weak. Metal stocks fell on weak economic data in China. Bank stocks edged lower. IT stocks rose as rupee hit record low against the dollar.
The market pared gains after a firm opening. After regaining strength, the market once again trimmed gains to hit fresh intraday low in morning trade. A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period in mid-morning trade. The Sensex was just a tad higher in early afternoon trade. Volatility continued as key benchmark indices regained strength in mid-afternoon trade. The market regained positive terrain after hitting fresh intraday low in late trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crore on Friday, 7 June 2013, as per provisional data from the stock exchanges.
As per provisional figures, the S&P BSE Sensex was up 49.57 points or 0.26% to 19,478.80. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index fell 62.41 points at the day's low of 19,366.82 in late trade, its lowest level since 30 April 2013.
The CNX Nifty was up 9.20 points or 0.16% to 5,890.20, as per provisional figures. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,857.40 in intraday trade, its lowest level since 25 April 2013.
The total turnover on BSE amounted to Rs 1518 crore, lower than Rs 2283.17 crore on Friday, 7 June 2013.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,402 shares fell and 902 shares rose. A total of 132 shares were unchanged.
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Among the 30-share Sensex pack, 15 stocks rose and rest of them fell. Bhel, Maruti Suzuki India and Tata Motors shed by 1.82% to 3%.
IT stocks rose after the rupee hit record low against the dollar on broad gains in dollar after disappointing data from China and slightly better-than-expected US jobs data. Infosys, HCL Technologies, TCS and Wipro gained by 0.26% to 1.91%.
The partially convertible rupee was trading at 57.91 a dollar after hitting record low of 57.98 versus Friday's close of 57.06/07. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Metal stocks fell following uninspiring Chinese economic data released over the weekend. China is the world's largest consumer of copper and aluminum. Tata Steel, Jindal Steel & Power, Sterlite Industries, and Hindalco Industries shed by 0.55% to 4.4%.
Bank stocks edged lower. State Bank of India (SBI) and ICICI Bank shed by 0.55% to 1.91%. But, HDFC Bank rose 0.41%.
Among other PSU bank stocks, Canara Bank, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank dropped by 0.62% to 2.7%.
Hindustan Oil Exploration Company (HOEC) was locked at 10% lower circuit at Rs 35, which was also a 52-week low of the stock. The stock extending post result slide. HOEC reported net loss of Rs 28.33 crore in Q4 March 2013, as against net profit of Rs 7.55 crore in Q4 March 2012. Net sales rose 28.5% to Rs 33.36 crore in Q4 March 2013 over Q4 March 2012.
L&T fell 0.48%, with the stock reversing intraday gains. The company today, 10 June 2013, said it has won a major order worth Rs 6699.50 crore from the Dedicated Freight Corporation of India (DFCCIL). The project has been secured by a consortium of the company and Sojitz Corp., Japan. The project is expected to be completed in four years.
On political front, senior BJP leader L K Advani resigned from all party posts today, 10 June 2013, a day after Gujarat chief minister Narendra Modi was chosen to head the party's campaign in elections due next year. Advani was among several senior BJP leaders who stayed away from the meeting in Goa at which Modi was appointed as the Chairman of BJP's Election Campaign Committee for 2014 Lok Sabha polls could make him the party's candidate for Prime Minister.
European markets were mostly higher on Monday. Key benchmark indices in Germany and UK were up by 0.91% and 1.3%. However, France's CAC 40 was down 0.01%.
Most Asian stocks edged higher on Monday after a report showed the US added more workers than expected last month. Key benchmark indices in Singapore, Hong Kong, Taiwan and South Korea rose by 0.18% to 0.81%. Indonesia's Jakarta Composite fell 1.81%.
Mainland Chinese markets are closed from today, 10 June 2013 till Wednesday, 12 June 2013, for the Dragon Boat Festival.
Japan's Nikkei Average surged 4.94%. Japan's economy grew more than the government initially estimated in the first quarter, helping Prime Minister Shinzo Abe to sustain confidence in his campaign to defeat deflation. Gross domestic product expanded an annualized 4.1%, compared with a preliminary calculation of 3.5%, the Cabinet Office said in Tokyo today.
Japan's current account surplus doubled in April from a year earlier, and bank lending posted its biggest annual rise in over three years, in a fresh sign the government's aggressive policies to stimulate growth are paying early dividends.
China's trade, inflation and lending data for May announced over the weekend all trailed estimates, signaling weaker global and domestic demand. Industrial production rose a less-than-forecast 9.2% from a year earlier and factory-gate prices fell for a 15th month. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth slowed and new yuan loans declined.
Trading in US index futures indicated that the Dow could gain 51 points at the opening bell on Monday, 10 June 2013. US stocks rose on Friday after May job data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future. The Labor Department's data showed job gains of 175,000 in May, slightly above the economists' forecast, while the US unemployment rate increased to 7.6% last month from 7.5% in April.
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