Key benchmark indices alternately swung between positive and negative zone near the flat line in mid-morning trade as investors awaited data on inflation based on the wholesale price index for November 2013. The barometer index, the S&P BSE Sensex, was currently up 1.87 points or 0.01%, up 50.43 points from the day's low and off 47.07 points from the day's high. The market breadth, indicating the overall health of the market, was negative. In the foreign exchange market, the rupee reversed initial losses against the dollar.
Jindal Steel & Power extended initial losses. ONGC edged lower. Tata Motors dropped after the company reported fall in global wholesales in November 2013.
The barometer index, the BSE Sensex, hit its lowest level in more than two weeks and the 50-unit CNX Nifty hit 1-1/2-week low at the onset of the trading session. Key benchmark indices alternately swung between positive and negative zone near the flat line in mid-morning trade as investors awaited data on inflation based on the wholesale price index for November 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 432.02 crore on Friday, 13 December 2013, as per provisional data from the stock exchanges.
At 11:16 IST, the S&P BSE Sensex was up 1.87 points or 0.01% to 20,717.45. The index rose 48.94 points at the day's high of 20,764.52 in morning trade. The index fell 48.56 points at the day's low of 20,667.02 in early trade, its lowest level since 29 November 2013.
The CNX Nifty was up 0.25 points or 0.01% to 6,168.65. The index hit a high of 6,183.25 in intraday trade. The index hit a low of 6,152.90 in intraday trade, its lowest level since 4 December 2013.
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The market breadth, indicating the overall health of the market, was negative. On BSE, 969 shares dropped and 962 shares rose. A total of 137 shares were unchanged.
The total turnover on BSE amounted to Rs 494 crore by 11:20 IST compared to Rs 328 crore by 10:20 IST.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
Infosys (up 2%), ICICI Bank (up 1.19%) and Sesa Sterlite (up 1.15%) edged higher from the Sensex pack.
Jindal Steel & Power lost 2.89% to Rs 252.30, with the stock extending intraday fall.
ONGC fell 1.11% to Rs 277.40. The stock hit a high of Rs 282.65 and low of Rs 277 so far during the day.
Auto stocks fell.
Tata Motors fell 0.66%. Tata Motors' global wholesales fell 19.91% to 81,957 units in November 2013 over November 2012. Global wholesales for Jaguar Land Rover rose 15.31% to 39,956 vehicles in November 2013 over November 2012.
Maruti Suzuki India declined 0.41%. Mahindra & Mahindra (M&M) slipped 1.12%.
Shares of two wheeler makers declined. Bajaj Auto (down 0.16%) and Hero MotoCorp (down 1.2%) declined.
Clariant Chemicals (India) rose 2.36%. Clariant Chemicals (India) after market hours on Friday, 13 December 2013, scheduled a board meeting today, 16 December 2013, to consider the proposal for the sale of the business of leather services pursuant to provisions of Section 293(1)(a) of the Companies Act, 1956 and to consider the issue of notice of postal ballot to the shareholders under Section 192A(2) of the Companies Act, 1956 and Section 110 of the Companies Act, 2013 and for acquisition of Masterbatches business.
Essar Ports rose 2.92% after the company said its wholly-owned subsidiary has entered into a concession agreement with Visakhapatnam Port Trust for development and operations of three iron ore berths. The company made the announcement after market hours on Friday, 13 December 2013
Essar Ports said that Essar Vizag Terminals, a wholly-owned subsidiary of the company, has entered into a concession agreement with Visakhapatnam Port Trust for development and operations of three iron ore berths at Visakhapatnam Port on BOT basis over a Period of 30 years. These three berths (two outer harbor berths and one inner harbor berth) will have a combined capacity of 23 million metric tons per annum (MMTPA).
The project will be developed at a cost of Rs 1200 crore over a period of three years. Essar Ports will take over the two outer harbor berths soon and the operation and up gradation of the terminal will happen simultaneously. Vishakhapatnam port handled 12.3 million tons of iron ore during FY13 and this traffic is readily available for these berths from commencement.
Commenting on this Rajiv Agarwal, Managing Director, Essar Ports said: "We will develop the terminal to create one of the most competitive, modernized, world class facilities. This project will significantly increase our third party cargo handling capacity and also boost our presence in the east coast. Iron ore export traffic at Vizag will increase substantially due to the competitiveness of this terminal which will facilitate industrial growth in the region."
This project will increase Essar Ports' total capacity for iron ore export on the east coast to 39 MMTPA with 4 highly mechanized iron ore berths (three in Visakhapatnam Port and one in Paradip Port).
The government will unveil data on inflation based on the wholesale price index (WPI) for November 2013 at about 12 noon today, 16 December 2013. WPI is seen easing a bit at 6.9% in November 2013, from 7% in October 2013, as per the median estimate of a poll of economists carried out by Capital Market.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on Wednesday, 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
The Central Board of Direct Taxes (CBDT) on Friday, 13 December 2013 extended the time limit for payment of the December instalment of Advance Tax by two days from 15 December 2013 to 17 December 2013. This was done in view of the fact that 15 December 2013 was a Sunday. Tax payers can now pay their advance tax instalment by 17th December 2013, without entailing any consequential interest for deferment.
In the foreign exchange market, the rupee reversed initial losses against the dollar. The partially convertible rupee was hovering at 62.1025, compared with its close of 62.125/135 on Friday, 13 December 2013.
Asian stocks edged lower on Monday, 16 December 2013, after a gauge of Chinese manufacturing fell and as investors awaited a Federal Reserve meeting this week to gauge the timing of stimulus cuts. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan and Indonesia fell by 0.38% to 1.4%. South Korea's Seoul Composite index rose 0.09%. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year.
The HSBC Holdings Plc/Markit Economics preliminary manufacturing purchasing managers' index for China fell to 50.5 in December from 50.8 in November. Readings above 50 signal expansion.
Japan's quarterly Tankan index for large manufacturers rose to the highest since 2007, climbing to 16 from 12 in September, according to the Bank of Japan. Positive figures indicate optimists outnumber pessimists.
The Bank of Japan (BoJ), which buys more than 7 trillion yen ($67.6 billion) of Japanese Government Bonds (JGBs) every month in its bid to stoke inflation, holds a two-day monetary policy meeting on 19 and 20 December 2013.
Trading in US index futures indicated that the Dow could fall 54 points at the opening bell on Monday, 16 December 2013. US stocks made a mild rebound Friday but ended the week lower, as investors looked toward a Federal Reserve meeting next week that could start the curtailment of the Fed's equities-boosting stimulus program.
The Federal Open Market Committee's (FOMC) two-day policy meeting on interest rates in the United States begins tomorrow, 17 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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