Key benchmark indices hovered in negative zone in early afternoon trade. The S&P BSE Sensex was down 24.98 points or 0.12%, off 93.28 points from the day's high and up 23.85 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Index heavyweight and cigarette major ITC was slightly lower. Another index heavyweight Reliance Industries (RIL) hovered in negative zone.
Capital goods stocks fell on worries new order flows will be hit adversely in a sluggish economy. Realty stocks declined. Punjab National Bank (PNB) shrugged off weak Q4 and year ended March 2013 results.
Key benchmark indices pared gains after an initial upmove triggered by higher Asian stocks. The barometer index, the S&P BSE Sensex, hit its highest level in over 14 weeks above the psychological 20,000 mark. The CNX Nifty also scaled its highest closing level in more than 14 weeks. Key benchmark indices reversed initial gains to fall to intraday low in morning trade. The Sensex hovered in red in mid-morning trade. Key benchmark indices hovered in negative zone in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 976.99 crore on Wednesday, 8 May 2013, as per provisional data from the stock exchanges.
At 12:16 IST, the S&P BSE Sensex was down 24.98 points or 0.12% to 19,965.20. The index gained 68.30 points at the day's high of 20,058.48 in early trade, its highest level since 30 January 2013. The index fell 48.83 points at the day's low of 19,941.35 in early afternoon trade.
The CNX Nifty was down 5.85 points or 0.1% to 6,063.45. The index hit a high of 6,084.70 in intraday trade, its highest level since 29 January 2013. The index hit a low of 6,053.70 in intraday trade.
Also Read
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,044 shares declined and 937 shares advanced. A total of 132 shares were unchanged.
The total turnover on BSE amounted to Rs 839 crore by 12:20 IST compared to Rs 649 crore by 11:20 IST.
Among the 30-share Sensex pack, 20 stocks declined while rest of them gained.
Index heavyweight Reliance Industries (RIL) shed 1.18% to Rs 819.35 on profit booking. The scrip hit high of Rs 832 and a low of Rs 817.05 so far during the day. The stock had gained 3.48% in three trading days to Rs 829.10 on 8 May 2013 from a recent low of Rs 801.20 on 3 May 2013.
Index heavyweight and cigarette major ITC shed 0.23% to Rs 342, with the stock reversing direction after hitting record high of Rs 345.85 in intraday trade. 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.
Hindustan Unilever was almost unchanged at Rs 586.50. The company after market hours on Wednesday, 8 May 2013, said that the open offer by its parent firm Unilever Plc to buy additional 22.52% stake in the company at Rs 600 per share would begin on 21 June 2013 and close on 4 July 2013. Unilever Plc plans to hike its stake in Hindustan Unilever to 75% through the open offer from its current holding of 52.48%.
Punjab National Bank (PNB) jumped 4.64%. The state-run bank during market hours today, 9 May 2013, reported 20.59% fall in net profit to Rs 1130.80 crore on 5.37% rise in total income to Rs 11552.84 crore in Q4 March 2013 over Q4 March 2012. The bank's net profit fell 2.8% to Rs 4747.67 crore on 13.35% rise in total income to Rs 46109.25 crore in the year ended March 2013 over the year ended March 2012.
PNB's board of directors at its meeting held today, 9 May 2013, recommended dividend of Rs 27 per share for the year ended 31 March 2013.
Capital goods stocks fell on worries new order flows will be hit adversely in a slusshigh economy. Bhel (down 1.08%), BEML (down 1.46%), Crompton Greaves (down 0.36%), L&T (down 0.65%) and Thermax (down 0.98%) declined. Siemens rose 1.58%.
ABB lost 2.1% after net profit fell 10.66% to Rs 42.56 crore on 10% rise in total income to Rs 1971.40 crore in Q1 March 2013 over Q1 March 2012. ABB said improvements achieved through cost optimisation and operational excellence were eroded by low price realisation and tight market conditions. The company announced its Q1 results after market hours on Wednesday, 8 May 2013.
ABB's order intake declined 8% to Rs 1531 crore in Q1 March 2013 from Rs 1663 crore in Q1 March 2012. The company said short cycle orders registered strong growth even as major project decisions were delayed with customers continuing to exercise caution on large investments. ABB said that the company continues to assess risk-return profile especially of large projects in the current market environment.
ABB said its order backlog continued to remain strong at Rs 8229 crore as on 31 March 2013, compared with order backlog of Rs 9028 crore as on 31 March 2012.
ABB said that the company continues to focus on cost and growth while addressing emerging opportunities such as renewables and energy efficiency by introducing technology and products to meet the changing market needs.
Realty stocks declined. DLF (down 0.15%), Indiabulls Real Estate (down 1.68%), HDIL (down 0.72%), Unitech (down 0.51%), Oberoi Realty (down 1.81%) declined.
Godrej Properties rose 0.55% ahead of board of directors meeting today, 9 May 2013 to consider rights issue along with Q4 March 2013 and year ended 31 March 2013 results.
Parliament was adjourned sine die on Wednesday, two days before scheduled end of the Budget session without passing crucial bills like the Food Security Bill and the Land Acquisition Bill. The session, one of the least productive on record, has been disrupted for two weeks over various issues.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 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. NTPC announces Q4 results tomorrow, 10 May 2013. 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 BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 tomorrow, 10 May 2013. Industrial production rose 0.6% in February 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 rose Thursday with South Korean stocks jumping after a surprise rate cut by the nation's central bank. Key benchmark indices in Taiwan, South Korea, Indonesia and Singapore rose by 0.23% to 1.18%. Key benchmark indices in Japan, China and Hong Kong fell by 0.23% to 0.78%.
China's consumer price index rose more than expected in April, while wholesale prices suffered a steeper fall. The April CPI showed a gain of 2.4% from a year earlier, led by a 4% rise in food prices, the National Bureau of Statistics said Thursday. The rise was more than March's 2.1% increase, though below February's spike of 3.2%. The producer price index, meanwhile, fell by the most since October, dropping 2.6% against a decline of 1.9% in March.
The Bank of Korea on Thursday cut its key interest rate by a quarter-point to 2.5%.
Trading in US index futures indicated a flat opening of US stocks on Thursday, 9 May 2013. US stocks rose Wednesday, with the S&P 500 extending record gains into a fifth session, after companies including Electronic Arts Inc. projected earnings that beat estimates.
Powered by Capital Market - Live News