Key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade. The barometer index, the S&P BSE Sensex, was down 35.31 points or 0.14%, up about 20 points from the day's low and off close to 95 points from the day's high. The market breadth indicating the overall health of the market was positive. Weakness in Asian stocks dampened sentiment on the bourses.
Index heavyweight and cigarette maker ITC declined. Dr Reddy's Laboratories rose after the company announced the launch of a generic drug in the United States. Hindalco Industries declined after the company said that credit rating agency CRISIL has downgraded the company's long term debt rating from AA+/Stable to AA/Stable.
At 12:20 IST, the S&P BSE Sensex was down 35.31 points or 0.14% to 25,333.59. The index shed 54 points at the day's low of 25,314.90 in mid-morning trade. The index rose 58.90 points at the day's high of 25,427.80 in early trade, its highest level since 18 June 2014.
The CNX Nifty was down 9.10 points or 0.12% to 7,571.10. The index hit a low of 7,564.05 in intraday trade. The index hit a high of 7,589.25 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,443 shares gained and 1,007 shares fell. A total of 134 shares were unchanged.
The BSE Mid-Cap index was up 37.10 points or 0.4% at 9,198.28. The BSE Small-Cap index was up 35.80 points or 0.36% at 10,013.51. Both these indices outperformed the Sensex.
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Index heavyweight and cigarette maker ITC declined 1.01% to Rs 317.15. The stock hit high of Rs 319.60 and low of Rs 316 so far during the day. The stock had recovered on Tuesday, 24 June 2014, after Monday's slide triggered by reports that Union health minister Harsh Vardhan has suggested increase in excise duty on cigarettes in upcoming final Union Budget for 2014-15 to deter people from smoking.
Dr Reddy's Laboratories rose 0.11% to Rs 2,464.25 after the company announced the launche of Paricalcitol Capsules, 1 mcg, 2 mcg and 4 mcg, a therapeutic equivalent generic version of ZEMPLAR (Paricalcitol) Capsules in the US market on 24 June 2014. The ZEMPLAR brand and its generic had US sales of about $109.6 million for the year ended 31 March 2014, Dr Reddy's Lab said.
Hindalco Industries shed 0.18% to Rs 166.50 after the company said during market hours that CRISIL has downgraded the company's long term debt rating from AA+/Stable to AA/Stable.
Ricoh India rose 6.11% to Rs 129.30 after the company said its board will meet on 1 July 2014 to consider the matter of foreign portfolio inward investment through sale of non-convertible debentures (NCDs) bonds for a period of three years. The announcement comes close on the heels of a failed delisting attempt from its Japanese parent. Ricoh India is a subsidiary of Japan's Ricoh Co. Shares of Ricoh India are not listed on NSE.
With small gains, the Sensex hit one-week high at the onset of the trading session. Key benchmark indices alternately swung between positive and negative zone in early trade. The Sensex continued to alternately move between positive and negative zone in morning trade. Indices were hovering in the negative terrain in mid-morning trade. It trimmed losses after hitting fresh intraday low in early afternoon trade.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire tomorrow, 26 June 2014.
In the foreign exchange market, the rupee edged lower against the dollar as Brent crude hovered near nine-month. The partially convertible rupee was hovering at 60.28, compared with its close of 60.1325/1425 on Tuesday, 24 June 2014.
Brent crude hovered near nine-month high above $114 a barrel as militant violence in Iraq continues. Brent crude futures for August delivery were off 24 cents at $114.22 a barrel. The contract had risen 34 cents to settle at $114.46 on Tuesday, 24 June 2014. Iraq is a key oil exporter in the world.
The Budget Session of Parliament will commence from 7 of July 2014 and the session is scheduled to conclude on the 14 August 2014, the Ministry of Parliamentary Affairs said on Tuesday, 24 June 2014.
Asian stocks dropped on Wednesday, 25 June 2014, led by material shares, as escalating violence in the Middle East sapped demand for riskier assets. Key benchmark indices in Japan, China, Indonesia, Hong Kong, South Korea and Taiwan fell by 0.04% to 0.71%. Singapore's Straits Times rose 0.14%.
Trading in US index futures indicated that the Dow could fall 9 points at the opening bell on Wednesday, 25 June 2014. US stocks fell for the second day on Tuesday, 24 June 2014, as reports of escalating violence in the Middle East overshadowed data that boosted optimism in the world's biggest economy.
Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday.
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