Key benchmark indices edged lower amid initial volatility as most Asian stocks were in red. Index heavyweight and cigarette major ITC fell in early trade. Reliance Industries also edged lower in early trade. The S&P BSE Sensex was down 25.04 points or 0.13%, up 27.25 points from the day's low and off 21.58 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Tata Motors fell 1.55% after reporting decline in sales for the month just gone by. PSU OMCs gained after raising diesel price by 50 paise per litre, excluding state levies.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1.48 crore on Monday, 1 July 2013, as per provisional data from the stock exchanges.
At 9:23 IST, the S&P BSE Sensex was down 25.04 points or 0.13% to 19,552.35. The index fell 3.46 points at the day's high of 19,573.93 in opening trade. The index lost 52.29 points at the day's low of 19,525.10 in early trade.
The CNX Nifty was down 14.40 points or 0.24% to 5,884.45. The index hit a high of 5,890.10 in intraday trade. The index hit a low of 5,878.65 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 444 shares gained and 336 shares fell. A total of 30 shares were unchanged.
The total turnover on BSE amounted to Rs 98 crore by 09:25 IST.
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Among the 30-share Sensex pack, 21 stocks declined and rest of them gained.
Index heavyweight and cigarette major ITC shed 0.8% to Rs 323.45.
Reliance Industries (RIL) fell 0.47% to Rs 878.20. The stock had edged higher recently after the government on Thursday, 27 June 2013, decided to raise natural gas prices sharply to help fund investment in exploration and reverse declining domestic gas output.
The government on Thursday, 27 June 2013, agreed to double natural gas prices to industrial and retail consumers to help fund investment in exploration and reverse declining domestic gas output. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April next year, from current $4.2 mmBtu.
Tata Motors fell 1.55%. The company said after market hours on Monday, 1 July 2013, that total sales of Tata commercial and passenger vehicles declined 18.08% to 52,708 units in June 2013 over June 2012. The company's domestic sales of Tata commercial and passenger vehicles declined 16.40% to 48,712 units in June 2013 over June 2012. Exports declined 34.17% to 3,996 units in June 2013 over June 2012.
Hero MotoCorp rose 0.12%. The company reported a 5.95% decline in total sales at 5.02 lakh units in June 2013 over June 2012.
Tata Power Company (TPC) slipped 0.96%. Credit rating agency Moody's Investors Service has reportedly downgraded the outlook on TPC to negative from stable. The negative outlook reflects renewed uncertainties related to the material covenant breaches on bank debt associated with TPC's Gujarat-based Mundra Ultra Mega Power Project which is being executed under its fully owned subsidiary, Coastal Gujarat Power or CGPL, said Ray Tay, a Moody's Associate Vice President and Analyst.
PSU OMCs gained after raising diesel price by 50 paise per litre, excluding state levies. The new rate would come into effect from Tuesday, 2 July 2013. HPCL (up 1.44%), BPCL (up 1.21%) and Indian Oil Corporation (up 2.24%) edged higher.
Meanwhile, the Minister of Petroleum & Natural Gas Dr. M. Veerappa Moily directed PSU OMCs, at a meeting of CMDs and Directors (Mktg) of PSU OMCs and Indian Sugar Mills Association (ISMA) on Monday, 1 July 2013, to make all efforts for expediting delivery of already procured quantity of ethanol. Moily also asked PSU OMCs to expeditiously procure additional quantity of ethanol through fresh tenders to meet the requirement of 5 per cent mandatory Ethanol Blended Petrol (EBP) programme. Moily had called the meeting of PSU OMCs and ISMA to expedite procurement and the delivery of ethanol for the EBP programme as per CCEA decision taken in a meeting held on 22.11.2012.
The minister observed that against a requirement of 100 crore litres ethanol per year, PSU OMCs have so far finalized procurement of around 40 crore litres of ethanol for next twelve months. To meet the balance requirement, PSU OMCs are planning to float another tender in the month of July 2013 for procurement of ethanol. During the meeting, ISMA suggested that OMCs could procure the finalized quantity of 40 crore liters entirely in the next 3-4 months and fresh fender may be floated for the requirement of ethanol coinciding with next sugar season which starts from October 2013. The supply from new tender could be from the month of November 2013.
Glenmark Pharmaceuticals rose 0.91%. Glenmark Generics Inc, USA, the United States subsidiary of Glenmark Generics, announced today, 2 July 2013, that the United States Food and Drug Administration (USFDA) has granted final approval for Rizatriptan Benzoate Tablets, its generic version of Merck's Maxalt MLT Tablets. The company has commenced shipping the product immediately. The approval is for the 5 mg and 10 mg of Rizatriptan ODT. According to IMS Health data, Rizatriptan ODT achieved sales of $263 million in the United States for the 12 month period ended March 2013.
Godrej Properties fell 0.74% as the stock turned ex-dividend today, 2 July 2013, for dividend of Rs 4 per share for the year ended 31 March 2013 (FY 2013).
Asian stocks were mostly lower on Tuesday, 2 July 2013, as anemic manufacturing data from China raised growth fears. Key benchmark indices in China, Hong Kong, Indonesia and South Korea were down 0.03% to 0.56%. Key benchmark indices in Taiwan, Singapore and Japan were up 0.16% to 1%.
US stocks edged higher on Monday, 1 July 2013, after the Institute for Supply Management reported an increase in its US manufacturing index. The Institute for Supply Management reported its manufacturing index in the United States rose to 50.9% in June from 49% in May. Readings over 50% indicate expansion.
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