Key benchmark indices traded off intraday lows in early afternoon trade. The S&P BSE Sensex was down 31.71 points or 0.16%, up about 70 points from the day's low and off close to 40 points from the day's high. The market breadth, indicating the overall health of the market, was positive. Some metal stocks gained. Realty stocks rose on renewed buying. Tata Power Company extended intraday gain. Index heavyweight Reliance Industries (RIL) extended intraday gain.
A bout of volatility was witnessed in early trade as key benchmark indices slipped into the negative terrain after opening slightly higher. The Sensex hovered in red in morning trade. The Sensex trimmed intraday losses in mid-morning trade. Key benchmark indices traded off intraday lows in early afternoon trade.
At 12:20 IST, the S&P BSE Sensex was down 31.71 points or 0.16% to 19,294.16. The index fell 98.76 points at the day's low of 19,227.11 in early trade. The index rose 8.20 points at the day's high of 19,334.07 in opening trade.
The CNX Nifty was down 13.55 points or 0.23% to 5,836.50. The index hit a low of 5,815.15 in intraday trade. The index hit a high of 5,843.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 985 shares rose and 848 shares fell. A total of 104 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks fell and the rest of them rose. Bharti Airtel (up 0.81%), Infosys (up 0.77%), and Bhel (up 0.76%), edged higher. Tata Motors (down 1.84%), NTPC (down 1.06%) and ICICI Bank (down 0.99%), edged higher.
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Some metal stocks gained. Sterlite Industries (up 0.49%), Jindal Steel & Power (up 0.81%) and Tata Steel (up 0.83%), edged higher.
Realty stocks rose on renewed buying. HDIL (up 2.78%), Unitech (up 0.91%) and DLF (up 0.71%), edged higher.
Tata Power Company rose 1.34%, with the stock extending intraday gain.
Shares of index heavyweight Reliance Industries (RIL) gained 1.34% to Rs 836.15, with the stock reversing initial losses. The stock came off the day's low of Rs 817.70. RIL shares had risen recently after Niko Resources on 13 June 2013 said its proved reserves increased by 160%, and that a recent gas discovery in the D6 block off India's east coast could add significantly to future reserves. RIL is the operator of the block with a 60% stake. BP Plc holds 30% and Niko the rest.
Linde India (up 5.57%), Zydus Wellness (up 5.1%), BGR Energy Systems (up 5.1%), GVK Power & Infrastructure (up 3.73%) and TV18 Broadcast (up 3.49%), were the major gainers from the BSE Mid-Cap index.
NDTV (up 7.61%), Sandur Manganese (up 6.97%), Ess Dee Aluminum (up 5.98%) and Panacea Biotec (up 5.6%), were the major gainers from the BSE Small-Cap index.
Orchid Chemicals & Pharmaceuticals jumped 8.74% to Rs 57.25, with the stock extending Monday's rally triggered by the company's announcement that its oral formulations facility at Irungattukottai near Chennai was successfully inspected and accepted by the USFDA without any observations.
Venus Remedies jumped 3.85% after the company said after market hours on Monday, 17 June 2013, it has received another patent from Mexico for its novel antibiotic product Potentox. Granted by the Mexican Institute of Industrial Property (IMPI), the patent protects the composition of Potentox. The patent provides an exclusivity period for Potentox up to 2025. The drug is also protected by a number of other patents from various other countries, including USA, India, Australia, New Zealand, South Korea, South Africa, Canada and Ukraine. Potentox is an antibiotic adjuvant entity (AAE), a drug effective in case of hospital-acquired pneumonia and febrile neutropenia infections, primarily caused by quinolones or aminoglycoside-resistant microbes.
In Mexican intensive care units (ICUs), the overall cost of one single healthcare-associated infection episode is $12,155. As per WHO statistics for Mexico, healthcare-associated infections are the third most common cause of death. Mexico spends about 70% of its health budget on extra costs incurred due to hospital-acquired infections. Clinical trials conducted for Potentox on more than 500 patients have indicated a drop in cost of therapy by 20-30% as compared to conventional therapies. Besides, studies conducted in hospitals across India have shown that Potentox is suitable for the treatment of infections caused by various resistant gram-negative pathogens in the ICU.
Finance Minister P. Chidambaram on Monday, 17 June 2013, said that the government is proactively working towards operationalisation of 215 stalled projects involving investment of about Rs 7 lakh crore with a view to give a push to the production activity in the country. The only way to contain Current Account Deficit (CAD) is to increase the domestic production of oil and coal and restraining the consumption of gold. Chidambaram made the comments while addressing a meeting of the Parliamentary Consultative Committee of the Ministry of Finance on India's high CAD and measures to contain the deficit.
On political front, the ruling Congress government ahead of 2014 Lok Sabha elections appointed eight new ministers on Monday. In all, eight ministers -- four Cabinet and four ministers of state -- were sworn in on Monday evening. Mallikarjun Kharge became new minister for railways, and Oscar Fernandes was sworn in as minister for roads and highways.
Most Asian stocks rose on Tuesday, 18 June 2013. Key benchmark indices in China, Indonesia, Taiwan, Singapore and South Korea rose by 0.13% to 1.56%. Key benchmark indices in Hong Kong and Japan fell by 0.2% to 0.27%.
Foreign direct investment in China rose in May by the least in four months, a sign of concern that growth is slowing in the world's second-biggest economy. Inbound non-financial investment increased 0.3% from a year earlier to $9.26 billion, the Ministry of Commerce said today in a statement in Beijing, after a 0.4% gain in April.
Trading in US index futures indicated that the Dow could gain 14 points at the opening bell on Tuesday, 18 June 2013. US stocks surged on Monday as investors await Wednesday's monetary-policy decision by the Federal Open Market Committee.
A two-day meeting of the Federal Open Market Committee, the Fed's interest-rating setting body, begins today, 18 June 2013. Fed Chairman Ben Bernanke said last month that the bank could start scaling back its aggressive easing program in coming months if data continue to improve. The Fed's monthly bond purchases of $85 billion a month is aimed at encouraging US economic growth.
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