Key benchmark indices trimmed losses to hit fresh intraday high after hitting fresh intraday low in early trade. Weak Asian stocks dampened sentiment. The S&P BSE Sensex and the 50-unit CNX Nifty trimmed losses after hitting their lowest level in over 5 weeks. The Sensex was down 32.12 points or 0.16%, off close to 20 points from the day's high and up about 70 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Index heavyweight and cigarette major ITC declined. Maruti Suzuki India rose on bargain hunting after sliding in prior two trading sessions triggered by the company reporting fall in sales in May 2013. Mahindra & Mahindra (M&M) gained for the third straight day triggered by the company reporting strong tractor sales in May 2013.
Index heavyweight Reliance Industries (RIL) extended initial gains. Metal stocks rose on renewed buying. L&T reversed initial losses.
The market edged lower amid initial volatility. It trimmed losses to hit fresh intraday high after hitting fresh intraday low in early trade.
Asian stocks dropped on Wednesday on prospects the Federal Reserve will scale back stimulus efforts as the US economy improves.
At 10:20 IST, the S&P BSE Sensex was down 32.12 points or 0.16% to 19,513.66. The index lost 104.43 points at the day's low of 19,441.35 in early trade, its lowest level since 30 April 2013. The index fell 10.43 points at the day's high of 19,535.35 in morning trade.
The CNX Nifty was down 11.95 points or 0.2% to 5,907.50. The index hit a low of 5,883.70 in intraday trade, its lowest level since 30 April 2013. The index hit a high of 5,915.65 in intraday trade.
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The market breadth, indicating the overall health of the market, was negative. On BSE, 652 shares fell and 593 shares rose. A total of 64 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks fell and the rest of them rose. Coal India, Tata Power Company and Cipla dropped by 0.81% to 0.98%.
L&T rose 0.29%, with the stock reversing initial losses.
Index heavyweight Reliance Industries (RIL) rose 0.94%, with the stock extending initial gains. RIL and its partners BP and NIKO on 24 May 2013 announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India. RIL is the operator of KG D6 with 60% equity. BP has a 30% share and NIKO the remaining 10%.
Index heavyweight and cigarette major ITC declined 1.62%.
Some auto stocks rose. Mahindra & Mahindra (M&M) rose 0.78%, with the stock gaining for the third straight day triggered by the company reporting strong tractor sales in May 2013. The company during market hours on Monday, 3 June 2013, announced that its tractor sales rose 24% to 23,626 units in May 2013 over May 2012. The company's domestic tractor sales jumped 25% to 22,471 units in May 2013 over May 2012. Exports rose 16% to 1,155 units in May 2013 over May 2012.
The company on 1 June 2013, said its total sales declined 1% at 43,460 units in May 2013 over May 2012. Auto sales in the domestic market rose 5% to 42,104 units in May 2013 over May 2012. The passenger vehicles segment which includes the UVs and Verito registered a growth of 5% at 22,244 units in May 2013 over May 2012. The four-wheeler commercial segment which includes the passenger and load vehicles registered a 12% growth at 14,848 units while the three-wheeler segment witnessed a 7% decline in sales at 4,028 units in May 2013 over May 2012. Exports declined sharply by 67% at 1,356 units in May 2013 over
Maruti Suzuki India rose 1.5% on bargain hunting after sliding in prior two trading sessions triggered by the company reporting fall in sales in May 2013. The company said during market hours on Tuesday, 4 June 2013, that its production fell 2.54% to 1.01 lakh units in May 2013 over May 2012. The company on Saturday, 1 June 2013, reported 14.4% fall in total sales to 84,677 units in May 2013 over May 2012. The company's domestic sales declined 13% to 77,821 units in May 2013 over May 2012. Exports fell 27.1% to 6,856 units in May 2013 over May 2012.
Adani Ports & Special Economic Zone (down 2.51%), Prestige Estates (down 2.51%), Shree Cement (down 2.14%), Jain Irrigation (down 2.12%) and HDIL (down 2.03%), were the top losers from the BSE 'A' Group of shares in that order.
Metal stocks rose on renewed buying. Hindalco Industries, Sterlite Industries, Tata Steel and Jindal Steel & Power rose by 0.22% to 0.85%.
Hanung Toys & Textiles jumped 7.08% after the company said its board will consider stock split on 12 June 2013.
On macro front, Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for May 2013 today, 5 June 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013, its lowest since October 2011.
Asian stocks declined on Wednesday on prospects the Federal Reserve will scale back stimulus efforts as the U.S. economy improves. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore and South Korea shed by 0.15% to 1.55%. Taiwan's Taiwan Weighted rose 0.08%.
Australia's economy expanded less than economists forecast last quarter as machinery and equipment investment declined. First-quarter gross domestic product advanced 0.6% from the previous three months, when it expanded at the same pace, a Bureau of Statistics report released in Sydney today showed.
Trading in US index futures indicated that the Dow could fall 12 points at the opening bell on Wednesday, 5 June 2013. US stocks fell on Tuesday as Wall Street remained on alert for clues as to central-bank policy moves ahead.
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