Key benchmark indices edged lower in early trade on weak Asian stocks. The S&P BSE Sensex was down 118.14 points or 0.62%, off close to 70 points from the day's high and up about 10 points from the day's low. The market breadth, indicating the overall health of the market, was weak. Asian stocks fell on Tuesday, 6 August 2013, as stronger growth in American service industries fueled speculation the US Federal Reserve will soon be able to reduce economic stimulus.
Bharat Heavy Electricals (Bhel) extended Monday's steep losses triggered by the company's weak Q1 results. Power utility firm Tata Power Company dropped ahead of its Q1 results today, 6 August 2013. Cipla declined as the stock turned ex-dividend today, 6 August 2013. IT major TCS hit record high.
The rupee weakened against the dollar on Tuesday, 6 August 2013, and was within striking distance of a record low. The rupee was hovering at 61.15, compared with Monday's close of 60.88/89. The rupee had hit record low of 61.21 against the dollar in intraday deals on 8 July 2013.
At 9:30 IST, the S&P BSE Sensex was down 118.14 points or 0.62% to 19,064.12. The index fell 130.44 points at the day's low of 19,051.82 in early trade. The index declined 50.34 points at the day's high of 19,131.92 in early trade.
The CNX Nifty was down 49.75 points or 0.88% to 5,635.65. The index hit a low of 5,635.55 in intraday trade. The index hit a high of 5,664.90 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 483 shares fell and 242 shares rose. A total of 27 shares were unchanged.
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Among the 30-share Sensex pack, 25 stocks fell and rest of them rose. Sterlite Industries (down 1.99%), M&M (down 1.54%) and Bajaj Auto (down 1.85%), edged lower.
Bharat Heavy Electricals (Bhel) fell 2.44% to Rs 117.95, with the stock extending Monday's steep losses triggered by weak Q1 results. The stock hit 52-week low of Rs 117.05 in intraday trade today, 6 August 2013. The scrip had lost 19.08% in a single trading session on Monday, 5 August 2013, on weak Q1 results. The company's net profit fell 49.45% to Rs 465.43 crore on 20.54% decline in total income to Rs 6996.60 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Saturday, 3 August 2013.
Power utility firm Tata Power Company dropped 1.43% ahead of its Q1 results today, 6 August 2013.
Cipla declined 0.44% as the stock turned ex-dividend today, 6 August 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).
IT major TCS rose 0.08% to Rs 1,876.90 after hitting a record high of Rs 1,879 in intraday trade today, 6 August 2013. TCS on Monday, 5 August 2013, said that it has been selected by Australian Pharmaceutical Industries (API), a leading beauty and health retail company in Australia to deliver a major IT and business transformation program whereby TCS will deliver SAP technology to unify and enhance mission critical IT systems across API's retail and wholesale operations.
Asian stocks fell on Tuesday, 6 August 2013, as stronger growth in American service industries fueled speculation the US Federal Reserve will soon be able to reduce economic stimulus. Key benchmark indices in Hong Kong, China, Taiwan, Japan, Singapore, and South Korea were off 0.16% to 1.64%.
Most US stocks fell on Monday, 5 August 2013, with benchmark indices pulling away from record highs, as Wall Street considered a report indicating better-than-expected growth in the service sector and a Federal Reserve official's remarks that the central bank is closer to curbing its asset purchases. Federal Bank of Dallas President Richard Fisher, one of the more ardent critics of quantitative easing, told an audience in Portland, Ore., that investors should not count on the Fed to continue its $85 billion in monthly bond purchases indefinitely.
The Institute for Supply Management's non-manufacturing index for the US rose to 56 in July, beating the median estimate and June's 52.2 reading.
The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data.
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