Intraday volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade. The S&P BSE Sensex hit lowest level in over one week. The 50-unit CNX Nifty hit over two week low. The Sensex was down 16.18 points or 0.08%, up about 25 points from the day's low and off close to 120 points from the day's high. The market breadth, indicating the overall health of the market, was weak.
Index heavyweight and cigarette recovered from Thursday's post-result slide. Another index heavyweight Reliance Industries (RIL) retained positive zone. Tata Steel hit 52-week low. Punjab National Bank (PNB) tumbled as first quarter results showed that the bank's sticky loans rose. Other PSU bank stocks also dropped after PNB's Q1 result. Coal India extended intraday losses.
A bout of volatility was witnessed in early trade with key benchmark indices trimming gains after a firm start. Volatility ruled the roost as the barometer index, the S&P BSE Sensex, trimmed gains after regaining positive zone after slipping into the red in morning trade. The Sensex regained positive terrain after slipping into the red to hit fresh intraday low in mid-morning trade. The market trimmed losses after hitting fresh intraday low in early afternoon trade.
At 12:20 IST, the S&P BSE Sensex was down 16.18 points or 0.08% to 19.788.58. The index fell 42.53 points at the day's low of 19,762.23 in early afternoon trade, its lowest level since 16 July 2013. The index jumped 102.69 points at the day's high of 19,907.45 in early trade.
The CNX Nifty was down 10.25 points or 0.17% to 5,897.25. The index hit a low of 5,889.45 in intraday trade, its lowest level since 11 July 2013. The index hit a high of 5,944.50 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,193 shares fell and 753 shares rose. A total of 138 shares were unchanged.
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Among the 30-share Sensex pack, 20 stocks fell and rest of them rose. Maruti Suzuki India (down 3.7%), Hindalco Industries (down 3.6%) and Hindustan Unilever (down 3.1%), edged lower.
Coal India fell 5.4%, with the stock extending intraday losses.
Index heavyweight and cigarette major ITC rose 1.45%. The stock had fallen 4.57% on Thursday after reporting Q1 result. ITC's net profit rose 18.05% to Rs 1891.33 crore on 10.5% increase in income from operations to Rs 7410.70 crore in Q1 June 2013 over Q1 June 2012. The result was announced during trading hours on Thursday, 25 July 2013.
Another index heavyweight Reliance Industries (RIL) gained 1.01%.
Tata Steel fell 0.07% to Rs 222.90. The stock hit 52-week low of Rs 221.50 in intraday trade today, 26 July 2013.
Punjab National Bank tumbled 5.46% on a surge in the bank's gross non-performing assets in Q1 June 2013. The bank's net profit rose 2.38% to Rs 1275.32 crore on 0.21% rise in total income to Rs 11746.59 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result during market hours today, 26 July 2013.
PNB's gross non-performing assets surged to Rs 15090.63 crore as on 30 June 2013, from Rs 13465.79 crore as on 31 March 2013 and sharply higher than Rs 9988.17 crore as 30 June 2012. The ratio of gross non-performing assets (NPA) to gross advances edged up to 4.84% as on 30 June 2013, from 4.27% as on 31 March 2013 and 3.34% as on 30 June 2012. The ratio of net NPA to net advances edged up to 2.98% as on 30 June 2013, from 2.35% as on 31 March 2013 and 1.68% as on 30 June 2012.
Shares of many other PSU banks dropped after PNB's Q1 result. State Bank of India, Canara Bank, Union Bank of India, Bank of India, and Bank of Baroda shed by 1.01% to 6.46%.
Among private sector banks, ICICI Bank (down 0.13%) and HDFC Bank (down 2.27%), edged lower.
Container Corporation of India lost 2.54% after net profit rose 0.55% to Rs 246.47 crore on 14.77% growth in total income to Rs 1284.51 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Thursday, 25 July 2013.
Container Corporation of India's (Concor) board of directors at a meeting held on Thursday, 25 July 2013, recommended issue of bonus shares to the shareholders of the company in proportion of one new bonus share for every two existing equity shares held by them.
Raymond lost 4.1% after the company reported consolidated net loss of Rs 49.68 crore in Q1 June 2013, higher than net loss of Rs 34.98 crore in Q1 June 2012. Net sales rose 4.4% to Rs 873.79 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Thursday, 25 July 2013.
Asian stocks were mostly in red on Friday, 26 July 2013. Key benchmark indices in Indonesia, China, Taiwan and Japan fell by 0.08% to 2.97%. Key benchmark indices in South Korea, Hong Kong and Singapore rose by 0.06% to 0.23%.
Japan consumer prices rose the most since 2008 in June, an early sign that the world's third-biggest economy may be starting to shake off 15 years of deflation. Consumer prices excluding fresh food increased 0.4% in June from a year earlier, the statistics bureau said in a statement today.
Trading in US index futures indicated that the Dow could gain 17 points at the opening bell on Friday, 26 July 2013. US stocks rose on Thursday, 25 July 2013, after better-than-expected results from Facebook Inc. Economic data released on Thursday, 25 July 2013, was mixed. Durable-goods orders in June came in better than expected, but weekly jobless claims posted a modest increase of 7,000 claims to 343,000.
In Europe, UK's second-quarter gross domestic product expanded 0.6% compared with the first quarter and 1.4% higher than a year ago, data released on Thursday, 25 July 2013, showed.
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