Key benchmark indices logged small gains in mid-afternoon trade after moving in a narrow range. The S&P BSE Sensex, was up 28.21 points or 0.15%, up 73.06 points from the day's low and off 33.14 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
FMCG stocks gained on renewed buying. Index heavyweight and cigarette major ITC held firm. Realty stocks edged higher on renewed buying. Bharti Airtel dropped on reports the Department of Telecom (DoT) has decided to slap a Rs 650 crore penalty on the company for violating roaming norms in 13 circles between 2003-2005.
Key benchmark indices edged higher in early trade on mostly positive Asian stocks. The market pared gains in morning trade. A bout of volatility was witnessed as key benchmark indices regained positive zone after sliding into the red in mid-morning trade. Key benchmark indices hovered in positive zone within a narrow range in early afternoon trade. The Sensex was slightly higher in afternoon trade. Key benchmark indices logged small gains mid-afternoon trade after moving in a narrow range.
The market may remain volatile in the immediate future as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire tomorrow, 27 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1285.86 crore on Tuesday, 25 June 2013, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 28.21 points or 0.15% to 18,657.36. The index gained 61.35 points at the day's high of 18,690.50 in morning trade. The index fell 44.85 points at the day's low of 18,584.30 in mid-morning trade.
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The CNX Nifty was up 12.40 points or 0.22% to 5,621.50. The index hit a high of 5,635.25 in intraday trade. The index hit a low of 5,600.35 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,164 shares declined and 1,015 shares rose. A total of 150 shares were unchanged.
The total turnover on BSE amounted to Rs 1039 crore by 14:20 IST.
Among the 30-share Sensex pack, 17 stocks gained and rest of them declined.
FMCG stocks gained on renewed buying. Colgate-Palmolive (India) (up 3.07%), GlaxoSmithkline Consumer Healthcare (up 5.74%), Dabur India (up 0.16%), Godrej Consumer Products (up 0.97%) gained.
Index heavyweight and cigarette major ITC rose 1.66% to Rs 325.50. The stock hit a high of Rs 325.60 and low of Rs 318.95.
Hindustan Unilever rose 0.09% to Rs 588.15. The Anglo-Dutch consumer goods major Unilever's open offer to raise its stake in Indian unit, which opened on 21 June 2013, closes on 4 July 2013. Unilever will buyback shares from minority shareholders at Rs 600 per share to hike its stake in Hindustan Unilever from 52.48% to up to 75%.
Marico rose 5.51% to Rs 201.85, with the stock recovering on bargain hunting. Shares of Marico had declined 15.54% in six trading sessions to settle at Rs 191.30 on Tuesday, 25 June 2013, from a recent high of Rs 226.50 on 17 June 2013.
Realty stocks edged higher on renewed buying. Sobha Developers (up 3.02%), Unitech (up 0.06%), Parsvnath Developers (up 3.85%) and Orbit Corporation (up 11.48%) gained.
DLF advanced 1.5% to Rs 169. The stock had hit a 52-week low of Rs 161.25 in intraday trade on Monday, 24 June 2013.
Bharti Airtel tumbled 4.84% to Rs 281.10 on reports the Department of Telecom (DoT) has decided to slap a Rs 650 crore penalty on Bharti Airtel for violating roaming norms in 13 circles between 2003-2005. It was the top loser from the Sensex pack.
NTPC gained 2.5%. Coal India rose 0.19%. Reportedly NTPC has resolved its public spat with Coal India over quality and payment terms and agreed to sign fuel-supply agreements.
Shares of construction firm Ashoka Buildcon jumped 6.8% to Rs 195.60 after the company set 4 July 2023 as record date for 2-for-1 stock split and 1:2 bonus issue.
Meanwhile, market regulator Securities & Exchange Board of India (Sebi) on Tuesday approved changes to buyback of shares or other specified securities from the open market through stock exchange mechanism as part of its constant endeavour to align regulatory requirements with the changing market realities as well as to enhance efficiency of the buy-back process.
Sebi said after a board meeting that the mandatory minimum buy-back has been increased to 50% of the amount earmarked for the buy-back, as against existing 25%, failing which amount in the escrow account would be forfeited subject to a maximum of 2.5% of the total amount earmarked. The maximum buy-back period has been reduced to 6 months from 12 months, it added.
Sebi's new rules will require companies to not raise further capital for a period of one year from the closure of the buy-back except in discharge of subsisting obligations as against the existing 6 months. The company shall not make another buy-back offer within a period of one year from the date of closure of the preceding offer. The companies can buy-back 15% or more of capital (paid-up capital and free reserves) only by way of tender offer, it added.
Approving a Sebi committee report on the rationalization of foreign investment routes, Sebi also introduced uniform entry norms for existing foreign institutional investors (FIIs), sub-accounts and qualified foreign investors (QFIs) and combined these entities under a category known as foreign portfolio investors (FPIs).
In another key move, the regulator approved the proposal to put in place a single self-regulatory organization (SRO) for mutual fund distributors. In order to speed up the process, Sebi decided to have a cut-off time for accepting applications from potential SROs.
European stocks edged higher on Wednesday, 26 June 2013, as positive sentiment from the US on the back of upbeat data encouraged investors to move into the stock market. Key benchmark indices in France, Germany and UK rose by 0.69% to 1.49%.
French gross domestic product contracted in the first quarter of the year, confirming the euro-zone's second largest economy succumbed to the recession in the wider euro zone, statistics showed Wednesday.
France's economy contracted 0.2% in the first quarter from the previous quarter, when GDP fell 0.2%, statistics agency Insee said. Through 2009, France posted weak or negative GDP, but had avoided recession defined as two consecutive quarters of economic contraction.
Asian stocks edged higher to reverse a four-day losing streak on Wednesday, 26 June 2013, as investors took comfort from firm US data underscoring an American recovery, and assurances from China's central bank to provide funds to institutions if needed. Key benchmark indices in Hong Kong, South Korea, Indonesia, Taiwan and Singapore were up by 0.16% to 4.29%. China's Shanghai Composite index fell 0.41%, extending recent losses on fears of a credit crunch and slower loan growth. Japan's Nikkei 225 index shed 1.04%.
Trading in US index futures indicated that the Dow could fall 23 points at the opening bell on Wednesday, 26 June 2013. US stocks rose sharply on Tuesday cheered by upbeat economic data showing increases in durable-goods orders, new-home sales and consumer confidence.
The Commerce Department said orders for goods built to last at least three years rose 3.6% in May. Another report from the Commerce Department indicated new-home sales rising 2.1% last month. Separately, the S&P/Case-Shiller index of home values rose 12.1% in April from a year earlier, the biggest jump in more than seven years. The Conference Board's consumer-confidence index rose to 81.4 in June from 74.3 in May.
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