Key benchmark indices edged lower in early trade on weak Asian stocks. The S&P BSE Sensex was down 114.17 points or 0.58%, off close to 50 points from the day's high and up about 25 points from the day's low. The market breadth, indicating the overall health of the market, was weak. Index heavyweight Reliance Industries (RIL) dropped ahead of its annual general meeting scheduled today, 6 June 2013. Metal stocks edged lower in early trade.
IT major TCS declined as the stock turned ex-dividend today, 6 June 2013, for the dividend of Rs 13 for the financial year ended 31 March 2013. Asian Paints fell as the stock turned ex-dividend today, 6 June 2013, for the dividend of Rs 36.50 for the financial year ended 31 March 2013.
At 9:30 IST, the S&P BSE Sensex was down 114.17 points or 0.58% to 19,454.05. The index lost 141.10 points at the day's low of 19,427.12 in early trade. The index fell 64.48 points at the day's high of 19,503.74 in opening trade.
The CNX Nifty was down 38.10 points or 0.64% to 5,885.75. The index hit a low of 5,878.40 in intraday trade. The index hit a high of 5,895.70 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 532 shares fell and 320 shares fell. A total of 40 shares were unchanged.
Among the 30-share Sensex pack, 28 stocks fell and only 2 of them rose. Metal stocks lead decline. Hindalco Industries, Tata Steel and Sterlite Industries shed by 0.98% to 1.42%.
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Index heavyweight Reliance Industries (RIL) dropped 0.51% ahead of its annual general meeting scheduled today, 6 June 2013. Shares of RIL had risen on Wednesday, 5 June 2013, on speculation of the company making further announcements regarding a tie-up with Reliance Communications. On 2 April 2013, RCom and RIL's telecom unit Reliance Jio Infocomm had announced the signing of a definitive agreement for approximately Rs 1200 crore as one time indefeasible right to use (IRU) fees for sharing RCom's nationwide inter-city fiber optic network infrastructure. RCom had said at that time that the agreement between the two companies was the first in an intended comprehensive framework of business co-operation between Reliance Jio Infocomm and RCom to provide for optimal utilization of the existing and future infrastructure of both companies on reciprocal basis, including inter alia, inter-city fiber, intra-city fiber, towers and related assets.
Shares of RCom rose 1.29%, with the stock extending Wednesday's rally.
Mahindra & Mahindra (M&M) dropped 0.45%. The company on Wednesday, 5 June 2013, unveiled sub 4 metre compact car, the Verito Vibe. Designed and developed in-house by Mahindra, the Verito Vibe marks Mahindra's entry into the high volume compact car market. The Verito Vibe redefines the compact car segment in terms of its spaciousness, reliability and unique crossover style for the Indian consumer, M&M said. Priced at an attractive Rs 5.63 (ex-showroom Mumbai) the New Verito Vibe will be available in three distinct and attractive variants namely D2, D4, D6. The new Verito Vibe will be available in Diesel engine only. The price range for the Vibe will be from Rs 5.63 lacs (ex-showroom Mumbai) for the base D2 model, to Rs 6.49 lac (ex showroom Mumbai) for the fully loaded top end D6.
IT major TCS declined 0.46% as the stock turned ex-dividend today, 6 June 2013, for the dividend of Rs 13 for the financial year ended 31 March 2013.
Asian Paints fell 1.22% as the stock turned ex-dividend today, 6 June 2013, for the dividend of Rs 36.50 for the financial year ended 31 March 2013.
Cipla rose 0.84%. Swedish drug firm Meda on Wednesday, 5 June 2013, said it had broadened its collaboration with Cipla, thereby expanding its exclusive rights to Dymista -- a novel nasal treatment of allergic rhinitis. Meda and Cipla will cooperate on product development of Dymista. Cipla will be responsible for formulation, while Meda will be responsible for clinical development, registration, marketing and sales. The companies will also collaborate on future production of Dymista and any new products developed.
Sun Pharmaceutical Industries dropped 1.19%. The stock had moved higher on Wednesday after Sweden's Meda denied recent reports that the company is in talks to sell itself to Sun Pharma. "Due to the recent speculation in the press and news media concerning Meda merging with another pharmaceutical company, we have decided to inform the market that there are currently no such discussions. Meda's policy is not to comment on speculation and will not do so in the future. This announcement is an exception to our policy", the company said in a statement. Media reports had said recently that Sun Pharma is talks to buy Meda for between $5 billion and $6 billion to boost its generics business in developed markets.
Asian stocks fell on Thursday after US jobs and factory data missed estimates and investors speculated whether the Federal Reserve will scale back bond purchases. Key benchmark indices in Hong Kong, China, Japan, Singapore and Taiwan shed by 0.07% to 1.4%. South Korea's market was closed for a public holiday.
US stocks declined on Wednesday, extending losses into a second day, as data finds US private-sector job growth and productivity below expectations.
A report from ADP Research Institute showed companies in the US hired fewer workers than projected in May amid federal budget cuts and higher taxes. Separate data from the Commerce Department showed factory orders in April fell short of estimates. The Fed's Beige Book showed the US economy expanded at a "modest to moderate" pace in 11 of 12 central-bank districts, with broad-based gains ranging from business services to construction and manufacturing. The survey is based on data collected by Fed regional banks on or before May 24.
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