Key benchmark indices hit fresh intraday high in early afternoon trade as stocks markets in Japan, China and Hong Kong recovered and as trading in US index futures indicated a recovery in US stocks at open on Friday, 21 June 2013. The S&P BSE Sensex, was up 59.45 points or 0.32%, up about 160 points from the day's low and off close to 20 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Bank stocks edged lower. GAIL (India) recovered after hitting 52-week low. Shares of power finance companies extended Thursday's losses. Neyveli Lignite surged in choppy trade after the Cabinet Committee on Economic Affairs today, 21 June 2013, cleared a proposal for divestment of 5% government stake in the state-run firm. Shares of power generation companies edged higher after the Cabinet Committee on Economic Affairs cleared a proposal to allow power companies to pass on cost of imported coal to customers.
The market edged lower in early trade on weak Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed losses soon after hitting their lowest level in over 9 weeks in early trade. The Sensex moved into the positive terrain to hit fresh intraday high in mid-morning trade. The Sensex hit fresh intraday high in early afternoon trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 2094.06 crore on Thursday, 20 June 2013, as per provisional data from the stock exchanges.
The rupee recovered against the dollar in choppy trade. The rupee was currently trading at 59.20, up from its 59.57/58 close on Thursday, 20 June 2013. The rupee had hit record low of 59.9850 on Thursday.
At 12:20 IST, the S&P BSE Sensex was up 59.45 points or 0.32% to 18,778.74. The index rose 80.08 points at the day's high of 18,799.37 in early afternoon trade. The index declined 104.15 points at the day's low of 18,615.14 in early trade, its lowest level since 16 April 2013.
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The CNX Nifty was up 12.70 points or 0.22% to 5,668.60. The index hit a high of 5,679.65 in intraday trade. The index hit a low of 5,616.85 in intraday trade, its lowest level since 16 April 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,037 shares rose and 906 shares rose. A total of 130 shares were unchanged.
Among the 30-share Sensex pack, 22 stocks rose and rest of them fell. Hero MotoCorp (up 2.2%), ONGC (up 1.88%) and Bhel (up 1.46%), edged higher.
Bank stocks edged lower. HDFC Bank (down 0.78%), ICICI Bank (down 0.76%) and State Bank of India (down 0.32%) edged lower.
GAIL (India) rose 1.01% to Rs 294.25, with the stock reversing direction after striking 52-week low of Rs 290 in intraday trade today, 21 June 2013.
Shares of power generation companies edged higher after the Cabinet Committee on Economic Affairs today, 21 June 2013, cleared a proposal to allow power companies to pass on cost of imported coal to customers. Torrent Power, GVK Power & Infrastructure, NTPC, Adani Power, Reliance Infrastructure and Reliance Power rose by 0.46% to 2.4%.
Tata Power Company rose 3.02%, with the stock extending intraday gain.
Neyveli Lignite jumped 6.76% to Rs 61.60 after the Cabinet Committee on Economic Affairs today, 21 June 2013, cleared a proposal for divestment of 5% government stake in the state-run firm. The stock was volatile. The scrip bounced back after sliding as much as 5.63% at the day's low of Rs 54.45 so far during the day.
Shares of power finance companies extended Thursday's losses. Power Finance Corporation (down 4.7%) and Rural Electrification Corporation (down 3.18%), edged lower.
Hindustan Construction Company jumped 15.53%.
Alstom T&D India (up 9.39%), Monnet Ispat & Energy (up 8.73%), Info Edge India (up 8.39), Chennai Petroleum Corporation (up 7.72)% and Schneider Electric Infrastructure (up 5.85%), surged.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after the US Federal Reserve signaled it may soon downsize bond purchases under its quantitative-easing program. Key benchmark indices in Indonesia, Singapore, Taiwan and South Korea were off 0.32% to 1.97%.
Mainland Chinese and Hong Kong shares pared their sharp initial declines as a sharp fall in Shanghai interbank rates from Thursday's record highs aided banks. The Shanghai Composite was off 0.6% and Hong Kong's Hang Seng Index was off 0.41%. Both benchmarks had dropped more than 2% earlier in the day.
Japanese shares staged a strong intraday rebound as the yen weakened against the dollar. The Nikkei 225 Average rose 1.66%, after sinking more than 2% during the morning session.
Trading in US index futures indicated that the Dow could gain 84 points at the opening bell on Friday, 21 June 2013. US stocks tumbled on Thursday hit by fear that the Federal Reserve will scale back its bond buying later this year.
Federal Reserve Chairman Ben Bernanke said on June 19 the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth.
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