A bout of volatility was witnessed as key benchmark indices edged lower once again after recouping almost entire intraday losses in mid-afternoon trade. The market breadth, indicating the overall health of the market, turned positive from negative in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was down 26.37 points or 0.13%, off close to 55 points from the day's high and up close to 50 points from the day's low.
Realty stocks edged higher. Maruti Suzuki India rose on hopes imports of parts would be less costly after the Japanese yen hit a six-month low against the dollar.
A bout of volatility was witnessed in early trade as key benchmark indices trimmed losses after a lower opening. Volatility continued as key benchmark indices slipped into the red after reversing initial losses in morning trade. The Sensex regained positive terrain and hit fresh intraday high in mid-morning trade. Key benchmark indices once again slipped into the red in early afternoon trade. Key benchmark indices hovered in negative terrain in afternoon trade. A bout of volatility was witnessed as key benchmark indices edged lower once again after recouping almost entire intraday losses in mid-afternoon trade.
At 14:20 IST, the S&P BSE Sensex was down 26.37 points or 0.13% to 20,871.64. The index lost 71.28 points at the day's low of 20,826.73 in early trade. The index rose 29.04 points at the day's high of 20,927.05 in mid-morning trade.
The CNX Nifty was down 12.15 points or 0.2% to 6,205.70. The index hit a low of 6,194.25 in intraday trade. The index hit a high of 6,225.40 in intraday trade
The market breadth, indicating the overall health of the market, once again turned positive from negative. Earlier, the breadth had turned negative from positive in afternoon trade. On BSE, 1,234 shares rose and 1,146 shares dropped. A total of 166 shares were unchanged.
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Among the 30-share Sensex pack, 19 stocks fell and rest rose. Dr Reddy's Laboratories (down 1.43%), NTPC (down 1.36%), and Coal India (down 1.13%) edged lower from the Sensex pack.
Realty stocks edged higher. DLF (up 1.34%), D B Realty (up 2.31%) and Unitech (up 1.21%) gained.
Maruti Suzuki India rose 0.36% to Rs 1667.40 on hopes imports of parts would be less costly after the Japanese yen hit a six-month low against the dollar. Maruti sources a large portion of its parts from Japan.
Steel Strips Wheels rose 0.48% after the company said its total wheel rim sales rose 12% to 8.69 lakh units in November 2013 over November 2012. The sales numbers were announced at the fag end of market hours on Monday, 2 December 2013.
Steel Strips Wheels (SSWL)'s exports rose 5% to 1.04 lakh units in November 2013 over November 2012. The export segment is growing steadily and is expected to move up going into fourth quarter with ramp up in new businesses will come into effect, the company said in a statement.
Two & three wheeler segment sales grew 72% on the back of good volume growth across the customers and is poised to move with brisk pace over the coming months supporting overall volumes, the company said in a statement.
Tractor segment volumes rose 12% and are expected to again pick good momentum from fourth quarter onwards on the back of new developments and good monsoons yielding record harvest, SSWL said. This segment is expected to grow at 15% going forward in balance four months of this financial year, the company said.
Domestic Passenger vehicle segment sales shrank by 7% on lower number of working days in November and some post slowdown post festive season, the company said. This is expected to improve going into fourth quarter, SSWL said in a statement.
LCV & MHCV segment volumes grew by 22% on few developments coming in place and helping volumes in otherwise very tough CV segment cycle, the company said. The segment will continue to face headwinds and the company will try to face them by broadening its product portfolio and exploring new markets for the segment, SSWL said.
In the foreign exchange market, the rupee alternately swung between gains and losses against the dollar. The partially convertible rupee currently was hovering at 62.30, compared with its close of 62.315/325 on Monday, 2 December 2013.
The Reserve Bank of India (RBI) after trading hours on Monday, 2 December 2013, said that based on preliminary figures, India's current account deficit (CAD) narrowed sharply to $5.2 billion or 1.2% of GDP in Q2 September 2013, from $21 billion or 5% of GDP in Q2 September 2012. The CAD was also much lower than 4.9% of GDP in Q1 June 2013, the RBI said. The lower CAD was primarily on account of a decline in the trade deficit as merchandise exports picked up and imports moderated, particularly gold imports. The merchandise trade deficit (BoP basis) contracted to $33.3 billion in Q2 September 2013, from $47.8 billion a year ago. Net invisibles during Q2 September 2013 improved, essentially reflecting a rise in net services exports, the RBI said. Net services exports at $18.4 billion recorded a growth of 12.5% year-on-year in Q2 September 2013, mainly on account of 'computer services'.
Contraction in the trade deficit coupled with a rise in net invisibles receipts resulted in a reduction of the CAD to $26.9 billion or 3.1% of GDP during the period April-September 2013, from $37.9 billion or 4.5% of GDP during the period April-September 2012, the RBI said.
The Eight Core Industries having a combined weight of 37.9% in the Index of Industrial Production (IIP) contracted by 0.6% in October 2013, compared with a growth of 7.8% growth in October 2012, posting lowest growth in last 12-months.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
European stocks edged lower on Tuesday, 3 December 2013, as investors remained cautious ahead of the closely watched US nonfarm-payrolls report at the end of the week, which could weaken or strengthen the case for the Federal Reserve to taper its asset purchases. Key benchmark indices in France, Germany and UK shed 0.05% to 0.5%.
Asian stocks edged lower on Tuesday, 3 December 2013, after stronger US manufacturing data boosted speculation the Federal Reserve may pare stimulus to the US economy sooner than anticipated. Key benchmark indices in Indonesia, Hong Kong, Taiwan, Singapore and South Korea were down 0.02% to 1.05%. Key benchmark indices in China and Japan rose 0.6% to 0.69%. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year.
China's non-manufacturing purchasing managers' index fell to 56 last month from 56.3 in October, according to a report released today by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. A reading above 50 indicates expansion.
Australia's central bank left its benchmark interest rate unchanged at a record low and said the currency is still uncomfortably high, even after a 4% decline since its previous meeting. Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.5%, the Reserve Bank of Australia said in a statement today in Sydney.
Trading in US index futures indicated that the Dow could slide 14 points at the opening bell on Tuesday, 3 December 2013. US stocks dropped on Monday amid data showing manufacturing unexpectedly climbed last month and reports on holiday retail sales. The Institute for Supply Management's factory index rose to 57.3 in November from 56.4 a month earlier, the Tempe, Arizona-based group's report showed. Manufacturing accounts for about 12% of the economy. A separate report from Markit Economics showed the final November index of US manufacturing increased to 54.7 from 51.8 the previous month.
Purchases at US stores and websites fell 2.9 percent to $57.4 billion during the four days beginning with the Nov. 28 Thanksgiving holiday, according to a survey commissioned by the National Retail Federation.
Investors are keeping a close watch on economic data in the United States as the Federal Reserve monitors the pace of recovery to gauge when it will begin to reduce monetary stimulus for the US economy, which has been aimed at encouraging growth. The US government will release the influential US non-farm payrolls data for November 2013 on Friday, 6 December 2013. The Fed has said improvement in the labor market is a key factor in its policy assessment.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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