Key benchmark indices hit fresh intraday low in mid-afternoon trade. The S&P BSE Sensex and the 50-unit CNX Nifty, both, hit their lowest level in nearly four weeks. The Sensex was down 92.10 points or 0.45%, off close to 185 points from the day's high and up about 20 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Bank stocks declined. Hindalco Industries edged lower after the company reported net profit declined slightly in Q2 September 2013.
The market edged higher in early trade. It regained positive terrain after slipping into the red and hitting fresh intraday low in morning trade. It weakened and hit fresh intraday low in mid-morning trade. It recovered and hovered between positive and negative terrain after hitting fresh intraday low in early afternoon trade. Key benchmark indices once again weakened in afternoon trade amid volatility. It hit fresh intraday low in mid-afternoon trade.
The rupee further weakened against the dollar. Rupee depreciation fuels inflation, increases import bill and current account deficit. It also increases the government's spending on fuel subsidies, potentially widening the fiscal deficit.
At 14:20 IST, the S&P BSE Sensex was down 92.10 points or 0.45% to 20,398.86. The index dropped 111.09 points at the day's low of 20,379.87 in mid-afternoon trade, its lowest level since 17 October 2013. The index rose 93.26 points at the day's high of 20,584.22 in early trade.
The CNX Nifty was down 24.80 points or 0.41% to 6,054. The index hit a low of 6,048.05 in intraday trade, its lowest level since 17 October 2013. The index hit a high of 6,108.70 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,198 shares declined and 1,034 shares gained. A total of 138 shares were unchanged.
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Among the 30-share Sensex pack, 19 stocks fell and rest of them rose. Sesa Sterlite (down 3.73%), Tata Motors (down 3.62%) and Tata Steel (down 2.19%), declined.
Bank stocks declined. ICICI Bank dropped 1.16%. HDFC Bank declined 0.1%.
State Bank of India fell 0.44%.
But, Canara Bank jumped 5.02% after the board of directors of the bank at its meeting held today, 12 November 2013, has approved the proposal regarding raising of capital by way of preferential allotment of equity shares in favour of Government of India amounting to Rs 500 crore.
Further, the board has delegated the authority to the Chairman & Managing Director of the bank to do all the necessary / relevant acts/things and to decide on the matters connected with or incidental thereto.
The state-run bank during market hours reported 5.3% fall in net profit to Rs 625.94 crore on 13.3% rise in total income to Rs 10427.48 crore in Q2 September 2013 over Q2 September 2013 over Q2 September 2012.
Hindalco Industries fell 0.27% after the net profit declined slightly in Q2 September 2013. The company during market hours reported 0.49% fall in net profit to Rs 357.11 crore on 4.58% rise in total income to Rs 6584.67 crore in Q2 September 2013 over Q2 September 2013 over Q2 September 2012.
In the foreign exchange market, the rupee edged lower against the dollar as investors remained cautious ahead of consumer inflation and industrial output data. The partially convertible rupee was hovering at 63.65, compared with its close of 63.24 on Monday, 11 November 2013.
On macro front, the government will unveil industrial production data for September 2013 today, 12 November 2013. Industrial output is projected to jump 3.7% in September 2013, as per the median estimate of the poll carried out by Capital Market. Index of industrial production (IIP) rose 0.6% in August 2013, showing moderation in growth from 2.8% growth recorded in July 2013.
Data on inflation based on the consumer price index (CPI) for October 2013 will also be unveiled today, 12 November 2013. The headline CPI inflation (combined) is projected to increase to 10% in October 2013, as per the median estimate of the poll carried out by Capital Market. The headline CPI inflation (combined) for September 2013 was placed at 9.84% (y-o-y), which came in higher than 9.52% (y-o-y) seen in August 2013.
European stocks rose on Tuesday after equities yesterday extended a five-week rally, as investors weighed corporate earnings reports. Key benchmark indices in France and Germany rose 0.06% to 0.11%. UK's FTSE 100 fell 0.11%.
Most Asian stocks edged higher on Tuesday. Key benchmark indices in China, Singapore, Taiwan, Japan and South Korea rose 0.16% to 2.23%. Key benchmark indices in Hong Kong and Indonesia shed 0.12% to 0.73%.
President Xi Jinping and Chinese Communist Party leaders today, 12 November 2013 conclude a four-day gathering aimed at mapping out a blueprint for reform, after data yesterday showed the nation's broadest measure of new credit fell by more than estimated in October.
Indonesia's central bank unexpectedly raised its benchmark interest rate as policy makers intensify efforts to narrow a current-account deficit that has weighed on the rupiah. Governor Agus Martowardojo and his board increased the reference rate by 25 basis points to 7.5%, the central bank said in Jakarta today.
Trading in US index futures indicated that the Dow could gain 12 points at the opening bell on Tuesday, 12 November 2013. US stocks rose on Monday, with the Dow Jones Industrial Average extending a record, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.
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