Volatility characterized trading in early afternoon trade as key benchmark indices pared gains after hitting fresh intraday high after the latest showed that inflation based the wholesale price index eased sharply in April 2013. The S&P BSE Sensex was up 68.36 points or 0.35%, up close to 30 points from the day's low and off about 70 points from the day's high. The 50-unit CNX Nifty retained the psychological 6,000 mark. Index heavyweight and cigarette major ITC edged higher in choppy trade. Another index heavyweight Reliance Industries (RIL) was slightly higher. The market breadth, indicating the overall health of the market, was positive. Auto stocks rose on renewed buying. Telecom stocks also edged higher.
The key benchmark indices were marginally higher in early trade. The Sensex regained positive terrain after slipping into the red for a brief period in morning trade. The S&P BSE Sensex and the 50-unit CNX Nifty, both, recovered after hitting their lowest level in more than a week. The market extended intraday gains to hit fresh intraday high in mid-morning trade. The Nifty regained the psychological 6,000 mark. The market trimmed gains in early afternoon trade after the government announced data on inflation based on the wholesale price index for April 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 244.08 crore on Monday, 13 May 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 68.36 points or 0.35% to 19,760.03. The index rose 140.12 points at the day's high of 19,831.79 in mid-morning trade. The index declined 38.98 points at the day's low of 19,652.69 in early trade, its lowest level since 6 May 2013.
The CNX Nifty was up 25.25 points or 0.42% to 6,005.70. The index hit a high of 6,026.20 in intraday trade. The index hit a low of 5,970.05 in intraday trade, its lowest level since 6 May 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,091 shares advanced and 880 shares declined. A total of 100 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks rose while rest of them fell. Wipro, Tata Steel and Dr Reddy's Laboratories shed by 0.69% to 0.77%. Hindalco Industries, GAIL (India) and ONGC rose by 1.72% to 2.06%.
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Index heavyweight Reliance Industries (RIL) rose 0.35% to Rs 805.80. The stock hit a high of Rs 808.90 and low of Rs 800 so far during the day.
Index heavyweight and cigarette major ITC rose 0.31% to Rs 336.90, on bargain hunting after Monday's 5.31% slide. The stock hit a high of Rs 339.90 and low of Rs 333.10 so far during the day. The stock had hit record high of Rs 355 in intraday trade during the special trading session held on Saturday, 11 May 2013. The Uttar Pradesh state government on 7 May 2013 slashed VAT on cigarette/cigar from existing 50% to 25%. The state government had last year increased VAT on cigarette/cigar and tobacco products from 12.5% to 50%.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
Auto stocks rose . Tata Motors rose 0.99%. The company's total sales fell 15% to 51,160 in April 2013 over April 2012. Total domestic sales fell 17% to 47,595 in April 2013 over April 2012. Exports rose 28% to 3,565 during the period. The company announced the monthly sales data on 1 May 2013.
Mahindra & Mahindra (M&M) gained 0.32%. The company announced after market hours on Friday, 10 May 2103, the launch of a new H-Series Xylo, powered by the refined and world class mHawk engine. The power packed H-Series offers a range of variants starting with the H4 (with ABS option), H8 (with ABS & Airbag option) and fully loaded feature packed H9 version which includes several unique features like Voice Command Technology (VCT), Cruise Control, Digital Drive Assist System, etc. The new H-Series starts at an attractive price of Rs 8.23 lakh (ex showroom Mumbai, BSIV variant).
Maruti Suzuki India rose 0.33% to Rs 1710. The stock had hit record of Rs 1,742 in intraday trade on Monday, 13 May 2013.
Two wheeler markers were mixed. Bajaj Auto declined 0.64%. The company announces Q4 results on Thursday, 16 May 2013. The company's total sales fell 10% to 3.44 lakh units in April 2013 over April 2012. Motorcycle sales fell 12% to 3 lakh units in April 2013 over April 2012. Commercial vehicle sales rose 10% to 43,351 units in April 2013 over April 2012. Exports fell 23% to 1.30 lakh units in April 2013 over April 2012. The company announced the sales figures on 2 May 2013.
Hero MotoCorp gained 0.09%. The company said on 1 May 2013 its total sales fell 9.5% to 4.99 lakh in April 2013 over April 2012.
Telecom stocks gained. Tata Teleservices (Maharashtra), Reliance Communications, Idea Cellular and Bharti Airtel gained by 0.39% to 2.13%. But, MTNL fell 2.34%.
The focus of the market is on Q4 results. Bajaj Auto announces Q4 results on Thursday, 16 May 2013. ITC unveils Q4 results on Friday, 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The annual rate of inflation, based on monthly wholesale price index (WPI), eased sharply to 4.89% in April 2013, from 5.96% in March 2013, data released by the government today, 14 May 2013, showed. Core inflation or non-food manufacturing inflation declined further to 2.74% in April 2013 from 3.41% in March 2013.
Meanwhile, WPI inflation for February 2013 was revised upwards to 7.28% from 6.84% reported earlier.
The consumer price inflation fell below the 10% mark in April 2013. The combined consumer price inflation for rural and urban India eased to 9.39% in April 2013 from 10.39% in March 2013, data released by the government on Monday, 13 May 2013, showed.
India's trade deficit widened to $17.787 billion in April 2013 from $14.041 billion in April 2012, data released by the government on Monday, 13 May 2013, showed. While exports rose 1.68% at $24.164 billion, imports jumped 10.96% to $41.951 billion in April 2013 over April 2012.
Industrial production rose 2.5% in March 2013, compared with a revised growth of 0.46% in February 2013, data released by the government on Friday, 10 May 2013, showed. Industrial production rose 1% for the year ended 31 March 2013 (FY 2013).
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Most Asian markets fell on Tuesday. Key benchmark indices in Indonesia, Japan, China, Hong Kong and fell by 0.16% to 1.2%. Key benchmark indices in Taiwan, South Korea and Singapore rose by 0.04% to 1.03%.
Trading in US index futures indicated that the Dow could gain 12 points at the opening bell on Tuesday, 14 May 2013. US stocks finished little changed on Monday as investors mulled when the Federal Reserve may begin to scale back its $85-billion-a-month bond-buying program.
US retail sales rose 0.1% in April, which was higher than forecast, signaling that central bank efforts to spur economic growth are working.
In Europe, a report on euro-zone industrial production in March 2013 and Germany's gauge of investor confidence -- the ZEW -- for May 2013 are due for release later in the global day today, 14 May 2013.
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