A bout of volatility was witnessed as key benchmark indices trimmed losses soon after hitting intraday low in early trade. The S&P BSE Sensex was down 15.48 points or 0.08%, up about 90 points from the day's low and off close to 15 points from the day's high. The market breadth, indicating the overall health of the market, turned positive from negative. Reliance Industries, ONGC and Oil India edged higher on reports that the Cabinet Committee on Economic Affairs (CCEA) will today, 21 June 2013, consider a proposal for hike in natural gas price. Sun Pharmaceutical Industries extended initial losses.
Metal stocks extended Thursday's sharp losses triggered by weak Chinese manufacturing data, with Sail and Sterlite Industries (India) hitting 52-week low. Two wheeler makers rose. MMTC was locked at 5% lower circuit at Rs 132.75 on BSE, also its 52-week low, with the stock extending recent steep slide triggered by government concluding the divestment of 9.33% stake at a huge discount to the stock's ruling market price last week.
The market edged lower in early trade on weak Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed losses soon after hitting their lowest level in over 9 weeks in early trade.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after worries that the Federal Reserve would taper its bond purchases slammed commodities and US shares.
Foreign institutional investors (FIIs) sold shares worth a net Rs 2094.06 crore on Thursday, 20 June 2013, as per provisional data from the stock exchanges.
The rupee extended losses against the dollar after hitting record intraday low on Thursday, 20 June 2013. The rupee was currently trading at 59.68, down from its 59.57/58 close on Thursday, 20 June 2013. The rupee had record low of 59.9850 on Thursday.
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At 10:20 IST, the S&P BSE Sensex was down 15.48 points or 0.08% to 18,703.81. The index declined 104.15 points at the day's low of 18,615.14 in early trade, its lowest level since 16 April 2013. The index fell 1.87 points at the day's high of 18,717.42 in morning trade.
The CNX Nifty was down 9.40 points or 0.17% to 5,646.50. The index hit a low of 5,616.85 in intraday trade, its lowest level since 16 April 2013. The index hit a high of 5,655 in intraday trade.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 927 shares rose and 794 shares rose. A total of 90 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks fell and rest of them rose. Infosys (up 1.76%), TCS (up 1.22%) and Bhel (up 0.99%), edged higher.
Reliance Industries, ONGC and Oil India edged higher on reports that the Cabinet Committee on Economic Affairs (CCEA) will today, 21 June 2013, consider a proposal for hike in natural gas price. Reliance Industries (up 1.2%), Oil India (up 0.99%) and ONGC (up 0.62%), edged higher. The Oil Ministry has reportedly moved a note for raising gas price for all domestically produced natural gas to $6.775 per million British thermal unit from the present rate of $4.2 per mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
Sun Pharmaceutical Industries fell 1.61%, with the stock extending initial losses.
Metal stocks extended Thursday's sharp losses triggered by weak Chinese manufacturing data. China is the world's largest consumer of copper and aluminum. Tata Steel (down 1.12%) and Hindalco Industries (down 2.15%), edged lower.
Jindal Steel & Power fell 2.63%, with the stock extending Thursday's 9.62% losses.
Sterlite Industries (India) declined 0.49% to Rs 81, after hitting 52-week low of Rs 80.15 in intraday trade today, 21 June 2013
Sail fell 1.31% to Rs 52.80, after hitting 52-week low of Rs 52.50 in intraday trade today, 21 June 2013.
Two wheeler makers rose. Bajaj Auto (up 0.86%) and Hero MotoCorp (up 0.88%), edged higher.
MMTC was locked at 5% lower circuit at Rs 132.75 on BSE, also its 52-week low, with the stock extending recent steep slide triggered by government concluding the divestment of 9.33% stake at a huge discount to the stock's ruling market price last week. The government last week sold 9.33% stake in MMTC via Offer for Sale through stock exchanges mechanism at an indicative price of Rs 60.86 per share. The divestment was done to make the company compliant to the public shareholding requirements under the Securities Contract Regulations (Rules) (SCRR). Sebi has mandated minimum public shareholding of 10% for state-run firms by August 2013.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after the US Federal Reserve signaled it may soon downsize bond purchases under its quantitative-easing program. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, Taiwan and South Korea fell by 0.64% to 3.19%.
Trading in US index futures indicated that the Dow could gain 29 points at the opening bell on Friday, 21 June 2013. US stocks tumbled on Thursday hit by fear that the Federal Reserve will scale back its bond buying later this year.
Federal Reserve Chairman Ben Bernanke said on June 19 the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth
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