A bout of volatility was witnessed as the key benchmark indices regained positive zone after reversing intraday gains in mid-morning trade after the the latest data showed that industrial production growth improved in March 2013. The barometer index, the S&P BSE Sensex, was currently below the psychological 20,000 mark, having alternately moved above and below that level so far during the day. The Sensex was up 13.64 points or 0.07%, off 86.67 points from the day's high and up 43.88 points from the day's low. Index heavyweight and cigarette major ITC scaled a record high. Another index heavyweight Reliance Industries (RIL) was off day's low. The market breadth, indicating the overall health of the market, was positive.
IT stocks edged higher after the rupee hit three-week low against the dollar. Shriram Transport Finance Company surged after Piramal Enterprises acquired almost 10% stake in the company through block deals on BSE.
Key benchmark indices edged higher in early trade as Asian stocks rose. Key benchmark indices extended intraday gains in morning trade. A bout of volatility was seen in mid-morning trade as the key benchmark indices regained positive zone after reversing intraday gains.
At 11:21 IST, the S&P BSE Sensex was up 13.64 points or 0.07% to 19,952.68. The index gained 100.31 points at the day's high of 20,039.35 in mid-morning trade. The index fell 30.24 points at the day's low of 19,908.80 in early trade.
The CNX Nifty was up 0.45 points or 0.01% to 6,050.60. The index hit a high of 6,079.80 in intraday trade. The index hit a low of 6,045.60 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,011 shares advanced and 942 shares declined. A total of 134 shares were unchanged.
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The total turnover on BSE amounted to Rs 2271 crore by 11:20 IST compared to Rs 2034 crore by 10:20 IST. The turnover was boosted by massive bulk deals executed on Shriram Transport Finance Company counter.
Among the 30-share Sensex pack, 22 stocks gained while rest of them declined.
Index heavyweight Reliance Industries (RIL) shed 0.1% to Rs 817.30. The stock hit a high of Rs 820.50 and low of Rs 810.60 so far during the day. The stock turned ex-dividend today, 10 May 2013, for dividend of Rs 9 per share for the year ended 31 March 2013 (FY 2013).
Index heavyweight and cigarette major ITC rose 0.36% to Rs 345.70. The stock hit record high of Rs 346.50 in intraday trade today, 10 May 2013. The scrip hit low of Rs 342.10 so far during the day. The Uttar Pradesh state government on Tuesday, 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.
IT stocks edged higher after the rupee hit three-week low against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Consultancy Services (TCS) advanced 0.34%.
Infosys rose 0.51%. The company after market hours on Tuesday, 7 May 2013, announced that it is collaborating with SAP on development of mobile applications for the retail industry. These efforts are focused on giving consumer packaged goods (CPG) companies anytime, anywhere access to sales representatives and merchandisers, enabling them to capture information from the field to make them more competitive and agile, Infosys said.
Wipro rose 0.8%. The company after market hours on Thursday, 9 May 2013, said that the Securities & Exchange Board of India (Sebi) has approved its proposal to meet the minimum public shareholding requirement through a transfer of equity shares by the promoter group to an 'Irrevocable Independent Trust' with trustees either from public sector banks or public financial institutions for advancing philanthropic activities through its beneficiaries. Wipro said that the company and the promoter group have undertaken multiple steps to fulfill the minimum public shareholding requirement including Offer for Sale (OFS). The demerger of the 'diversified' business is also expected to increase public shareholding. Any shortfall to meet public shareholding prior to due date of meeting the minimum public shareholding requirement would be transferred to the 'Irrevocable Independent Trust' and the trust shall effect a sale of such equity shares forming part of the trust funds within a period of two years from the date of such settlement, Wipro said.
HCL Technologies gained 0.98% to Rs 777.50. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results.
Aptech gained 3.62%. The stock extended Thursday's 16.56% surge after the company during market hours on Thursday, 9 May 2013 said its board would meet to consider buyback of shares on 13 May 2013.
Shriram Transport Finance Company jumped 4.61% to Rs 767.95 after two massive bulk deals of 1.13 crore shares each were executed on the counter in opening trade on BSE. One of the two deals was executed at Rs 723 per share. Another deal was executed at Rs 725 per share. The bulk deals amounted to a staggering 9.96% stake of Shriram Transport Finance Company changing hands.
The stock exchanges have decided to conduct a special trading session for a short duration tomorrow, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. GAIL (India) unveils 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.
Industrial production rose 2.5% in March 2013, compared with a revised growth of 0.46% in February 2013, data released by the government today, 10 May 2013, showed. The manufacturing sector recorded a growth of 3.2% and electricity generation rose 3.5%. The production of the mining sector declined 2.9%. As per use-based classification, production of basic goods rose 2.6% and capital goods production rose 6.9%. The production of intermediate goods declined 0.2%. The production of consumer goods rose 1.6%. Within consumer goods sector, the production of consumer non-durables rose 6.5%. Production of consumer durables declined 4.5%. 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.
Asian stocks were mostly lower on Friday, 10 May 2013. Key benchmark indices in Indonesia, Taiwan, South Korea and Hong Kong fell by 0.04% to 1.68%. Key benchmark indices in Singapore and China rose by 0.13% to 0.21%
Japanese stocks rose as the yen weakened against the dollar. The Nikkei 225 Average was up 2.69%
Trading in US index futures indicated a flat opening of US stocks on Friday, 10 May 2013. US stocks declined moderately on Thursday, halting Wall Street's record-setting streak, even as data showed that weekly jobless claims fell to a five-year low.
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