Key benchmark indices saw divergent trend in mid-morning trade. While the barometer index, the S&P BSE Sensex was slightly higher, the 50-unit CNX Nifty was a tad lower. The Sensex was up 5.44 points or 0.03%, up 59.03 points from the day's low and off 83.92 points from the day's high. The CNX Nifty was marginally lower. The market breadth, indicating the overall health of the market, was weak.
India's largest power equipment maker by capacity Bhel hit 52-week low. Shares of gold finance companies tumbled on recent steep slide in gold prices in the commodities markets. Shares of Jaypee Group companies were mostly lower. Ranbaxy Laboratories slumped to 52-week low.
Key benchmark indices edged higher amid initial volatility. Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade. Key benchmark indices saw divergent trend in mid-morning trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire on Thursday, 27 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1552.98 crore on Monday, 24 June 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 5.44 points or 0.03% to 18,546.33. The index gained 89.36 points at the day's high of 18,630.25 in early trade. The index fell 53.59 points at the day's low of 18,487.30 in morning trade.
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The CNX Nifty was down 6.70 points or 0.12% to 5,583.55. The index hit a high of 5,616.90 in intraday trade. The index hit a low of 5,570.25 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,237 shares declined and 585 shares advanced. A total of 118 shares were unchanged.
The total turnover on BSE amounted to Rs 548 crore by 11:20 IST compared to Rs 343 crore by 10:20 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Capital goods stocks dropped. ABB (down 0.13%), BEML (down 0.09%), Crompton Greaves (down 2.42%), L&T (down 0.76%), Siemens (down 1.6%) and Thermax (down 2.05%) fell.
India's largest power equipment maker by capacity Bhel fell 1.21% to Rs 163.50 after hitting a 52-week low of Rs 163.40 in intraday trade today, 25 June 2013.
Shares of gold finance companies tumbled on recent steep slide in gold prices in the commodities markets. Manappuram Finance (down 10.88%) and Muthoot Finance (down 14.21%) declined.
Shares of Jaypee group companies were mostly lower. Jaiprakash Power Ventures dropped 5.95%, with the stock extending Monday's steep slide triggered by the company's announcement that power generation from its 400 MW Vishnuprayag Hydro-power plant situated at district Chamoli in Uttarakhand has been stopped with effect from 16 June 2013 due to floods. The company said that the unprecedented floods in river Alaknanda has resulted in Force Majeure event for the power unit. While the company is taking effective steps to restore generation, assessment of damages due to the flood conditions shall be made on restoration of commutation and connectivity to Barrage site, the company said.
As prudent practice, 400 megawatt Vishnuprayag project is also covered under Industrial All Risk Insurance Policy, the company said.
Jaiprakash Associates fell 2.83%. Jaypee Infratech rose 0.93%.
Ranbaxy Laboratories declined 6.74% to Rs 303.50 after sliding to a 52-week low of Rs 301.75 in intraday trade today, 25 June 2013. Recent reports indicated that the US Food and Drugs Administration (USFDA) has raised concerns about the company's Mohali unit. The USFDA had reportedly issued a Form 483 to the Mohali facility a few months ago. A Form 483 is issued by the FDA at the conclusion of an inspection to notify the company of objectionable conditions that might be in violation of the US Food, Drug and Cosmetic Act and related laws. However, it does not prevent a company from making regulatory filings from that unit.
GlaxoSmithkline Consumer Healthcare lost 7.34% to Rs 4,615.
Karnataka Bank dropped 9.34% to Rs 106.25 on high volume of 12.02 lakh shares as against an average daily volume of 7.54 lakh shares in the past one quarter.
Mainland Chinese stocks plunged on Tuesday, 25 June 2013, dragging down other Asian markets on worries that Beijing's reluctance to provide relief in the interbank money markets may have a wider economic impact. China is the world's second biggest economy after the United States. The Shanghai Composite index was off 4.65% and Hong Kong's Hang Seng was off 1.08%. Among other Asian markets, key benchmark indices in Japan, Singapore, Indonesia, South Korea and Taiwan were off 0.07% to 1.83%.
The People's Bank of China again decided not to add liquidity to the financial system in its regular open-market operations Tuesday, reports said. The Shanghai benchmark plunged 5.3% on Monday, 24 June 2013, for its worst finish in nearly four years, as concerns that reluctance by China's central bank to ease tight liquidity conditions in the interbank money markets would hurt small and medium-sized banks and borrowers. In a statement on Monday, the People's Bank of China said the liquidity in the financial system was "reasonable" and that lenders must manage their own liquidity risks.
Trading in US index futures indicated that the Dow could fall 46 points at the opening bell on Tuesday, 25 June 2013. US stocks dropped Monday, 24 June 2013, as a 5.3% tumble in the Shanghai stock market overnight spurred by worries over China's economy and banking system.
Some Fed officials on Monday, 24 June 2013, sought to soften worries about the end of monetary stimulus from the central bank. Federal Reserve Chairman Ben Bernanke said last week the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth.
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