Key benchmark indices continued to hover in positive terrain in range bound trade. The S&P BSE Sensex was up 56.81 points or 0.29%, off close to 80 points from the day's high and up about 90 points from the day's low. Gains in European and Asian stocks supported domestic bourses. The market breadth, indicating the overall health of the market, was positive.
Shares of power generation and distribution firms rose. Castrol India scaled record high. State Bank of India reversed intraday gains. Some metal stocks fell.
The market edged higher amid initial volatility. The market extended initial gains to hit fresh intraday high in morning trade. The Sensex trimmed gains in mid-morning trade. The market was range bound in positive terrain in early afternoon trade. The Sensex once again trimmed gains in afternoon trade. The market continued to hover in positive terrain in mid-afternoon trade.
At 14:20 IST, the S&P BSE Sensex was up 56.81 points or 0.29% to 19,667.98. The index rose 132.22 points at the day's high of 19,742.70 in morning trade. The index lost 34.30 points at the day's low of 19,576.18 in early trade.
The CNX Nifty was up 20.65 points or 0.35% to 5,959.95. The index hit a high of 5,981.60 in intraday trade. The index hit a low of 5,932.85 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,113 shares rose and 1,024 shares fell. A total of 156 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and the rest of them fell. M&M, Dr Reddy's Laboratories and L&T gained by 1.79% to 1.92%.
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Some metal stocks fell. Hindalco Industries, Sterlite Industries and Jindal Steel & Power dropped by 0.94% to 1.6%.
JSW Steel and JSW Ispat Steel edged higher after JSW Steel set 12 June 2013 as record date for merger of JSW Ispat Steel with the company. Shares of JSW Steel were up 2.5% to Rs 711.55 and JSW Ispat Steel rose 3.3% to Rs 9.81. As per the swap ratio, the shareholders of JSW Ispat Steel will get one share of JSW Steel for every 72 shares held in JSW Ispat Steel.
Shares of power generation and distribution firms rose. NTPC, Torrent Power, GVK Power & Infra, JSW Energy, Reliance Power, Tata Power Company, Power Grid Corporation of India and Reliance Infrastructure rose by 0.28% to 3.58%.
Shares of power equipment maker Bhel shed 0.58%, with the stock extending intraday losses.
Castrol India rose 0.96% to Rs 363.50, off a record high of Rs 371.45 hit during market hours today, 4 June 2013.
Suzlon Energy rose 2.74% after the company's subsidiary, REpower Systems, concluded two contracts with ABO Wind for supplying 13 wind turbines for two wind farms in Burgundy, France. Suzlon Energy said that the wind farms will generate a total output of more than 26 megawatts (MW). The first machines will be delivered for fall 2013 and the commissioning is planned for winter 2013/14. REpower will also provide the full maintenance of the wind farms for 15 years, Suzlon said.
HDFC fell 0.91%, with the stock extending intraday losses.
Cipla rose 2.5% to Rs 377.70 on bargain hunting after recent steep slide. The stock had lost 13.22% to settle at Rs 368.50 on 3 June 2013 from a recent high of Rs 424.65 on 17 May 2013.
State Bank of India fell 0.66% to Rs 2056, with the stock reversing intraday gains. The stock came off the day's high of Rs 2084.45. The bank said after market hours on Monday, 3 June 2013, that it has been decided to reduce the interest rate on bulk deposits (Rs 1 crore and above) by 25 basis points (bps) for the tenors 7 days to less than 1 year. Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25% per annum with effect from 7 June 2013.
European market edged higher as the release of disappointing ISM manufacturing figures in the US reined back expectations that the Federal Reserve will exit its quantitative easing program any time soon. Key benchmark indices in UK, France and Germany were up by 0.59% to 0.7%.
Asian stocks edged higher on Tuesday, 4 June 2013. Key benchmark indices in Hong Kong, Indonesia, Japan and Singapore rose by 0.01% to 2.05%. Key benchmark indices in China and Taiwan shed by 0.12% to 1.17%. South Korea's Kospi was flat.
A report Monday, 3 June 2013, from HSBC showed activity in China's manufacturing sector contracted in May 2013.
Trading in US index futures indicated that the Dow could fall 8 points at the opening bell on Tuesday, 4 June 2013. US stocks rallied on Monday as investors gauged the impact of disappointing factory data on potential quantitative-easing moves by the Federal Reserve. The Institute for Supply Management said Monday its business-conditions index last month fell to 49% in its first contraction since November.
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