Key benchmark indices extended losses to hit fresh intraday low in mid-afternoon trade. Weakness in European stocks weighed on sentiment. The S&P BSE Sensex was down 94.31 points or 0.48%, off 106.06 points from the day's high and up 24.74 points from the day's low. The market breadth, indicating the overall health of the market, once again turned negative from positive in mid-afternoon trade. Select pharmaceutical stocks gained. Hindustan Copper slumped on reports that a meeting of the Empowered Group of Ministers (EGoM) on disinvestment will be held today, 2 July 2013, to decide the base price for divestment of government's 4.01% stake in the state-run copper miner.
Key benchmark indices edged lower amid initial volatility as most Asian stocks were in red. The market moved in a narrow range in morning trade. A bout of volatility was witnessed as key benchmark indices cut losses after sliding to fresh intraday low in mid-morning trade. Key benchmark indices hovered in red amid lackluster trade during early afternoon. The Sensex continued to hover in negative terrain in afternoon trade. Key benchmark indices extended losses to hit fresh intraday low in mid-afternoon trade.
At 14:22 IST, the S&P BSE Sensex was down 94.31 points or 0.48% to 19,483.08. The index lost 119.05 points at the day's low of 19,458.34 in mid-afternoon trade. The index rose 11.75 points at the day's high of 19,589.14 in morning trade.
The CNX Nifty was down 33.20 points or 0.56% to 5,865.65. The index hit a low of 5,858.30 in intraday trade. The index hit a high of 5,898.80 in intraday trade.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On BSE, 1,184 shares declined and 1,100 shares advanced. A total of 150 shares were unchanged. The breadth has alternately moved between positive and negative in intraday trade today, 2 July 2013.
The total turnover on BSE amounted to Rs 1292 crore by 14:25 IST.
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Among the 30-share Sensex pack, 18 stocks declined and rest of them gained. Jindal Steel & Power (down 4.54%), ONGC (down 1.54%) and HDFC Bank (down 1.39%) edged lower from the Sensex pack. Bhel (up 3.47%), GAIL (India) (up 2.61%) and Bharti Airtel (up 1.98%) edged higher from the Sensex pack.
Select pharmaceutical stocks gained. Lupin advanced 3.62% to Rs 804.90. The stock hit record high of Rs 811.80 in intraday trade today, 2 July 2013.
Glenmark Pharmaceuticals rose 0.98%. Glenmark Generics Inc, USA, the United States subsidiary of Glenmark Generics, announced today, 2 July 2013, that the United States Food and Drug Administration (USFDA) has granted final approval for Rizatriptan Benzoate Tablets, its generic version of Merck's Maxalt MLT Tablets. The company has commenced shipping the product immediately. The approval is for the 5 mg and 10 mg of Rizatriptan ODT. According to IMS Health data, Rizatriptan ODT achieved sales of $263 million in the United States for the 12 month period ended March 2013.
Cipla (up 0.06%), Dr Reddy's Laboratories (up 0.21%), Sun Pharmaceutical Industries (up 0.44%) and Wockhardt (up 1.46%) gained. Ranbaxy Laboratories shed 1.17%.
Titan Industries gained 3.63% to Rs 235.65 on volume of 6.23 lakh shares
Hindustan Copper slumped on reports that a meeting of the Empowered Group of Ministers (EGoM) on disinvestment will be held today, 2 July 2013, to decide the base price for divestment of government's 4.01% stake in the state-run copper miner. The stock was off 6.17% at Rs 73. The government currently holds 94.01% in Hindustan Copper. The stake-sale would make the company complaint to the minimum 10% public holding norm of market regulator Sebi. Sebi has mandated minimum public shareholding of 10% for state-run firms by 8 August 2013.
Cairn India rose 1.81% as US crude oil futures traded near the highest level in more than a week amid hopes of US economic recovery and speculation that unrest in Egypt may spread and disrupt Middle East oil supplies. US crude oil futures for August 2013 delivery were up 29 cents a barrel at $98.28 a barrel in the electronic trading today, 2 July 2013. The contract had surged $1.43 or 1.48% to settle at $97.99 a barrel on the New York Mercantile Exchange on Monday, 1 July 2013, its highest closing level since 19 June 2013. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
Ashok Leyland lost 1.69% after the company said its total sales declined 31.3% to 6,967 units in June 2013 over June 2012. The company announced the sales numbers after market hours on Monday, 1 July 2013.
Ashok Leyland's sales of commercial vehicles excluding small commercial vehicle (SCV) Dost declined 36.5% to 4,714 units in June 2013 over June 2012. Sales of SCV Dost fell 17.3% to 2,253 units in June 2013 over June 2012.
Future Retail (up 9.34%), Jaypee Infratech (up 8.27%), United Breweries (up 7.44%), Crompton Greaves (up 6.07%) and Neyveli Lignite Corporation (up 3.93%) were among the top gainers from the BSE's 'A' group.
Madras Cement (down 4.23%), Jain Irrigation Systems (down 4.15%), Union Bank of India (down 4.02%), IFCI (down 3.69%) and Tata Communications (down 3.18%) were among the top losers from the BSE's 'A' group.
European stocks retreated on Tuesday as investors awaited reports on UK construction activity and US factory orders. Key benchmark indices in France, Germany and UK fell by 0.33% to 0.91%.
Asian stocks were mostly lower on Tuesday, 2 July 2013, as anemic manufacturing data from China raised growth fears. Key benchmark indices in Hong Kong, Indonesia, Taiwan and South Korea were down 0.04% to 0.87%. Key benchmark indices in China, Singapore and Japan were up 0.57% to 1.78%.
The Reserve Bank of Australia (RBA) held interest rates steady at a record-low 2.75% Tuesday. The RBA last cut the cash rate on May 7 by a quarter-percentage point, while having kept the rate steady at the last meeting on June 4.
Trading in US index futures indicated that the Dow could gain 34 points at the opening bell on Tuesday, 2 July 2013. US stocks edged higher on Monday, 1 July 2013, after the Institute for Supply Management reported an increase in its US manufacturing index. The Institute for Supply Management reported its manufacturing index in the United States rose to 50.9% in June from 49% in May. Readings over 50% indicate expansion.
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