Key benchmark indices trimmed losses in early afternoon trade. Weakness in Asian stocks dampened sentiment. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty pared gains after hitting their lowest level in nearly a week. The Sensex was down 51.83 points or 0.26%, up close to 30 points from the day's low and off about 115 points from the day's high. Index heavyweight and cigarette major ITC edged lower. Another index heavyweight Reliance Industries (RIL) reversed intraday gains. The market breadth, indicating the overall health of the market, was negative. Realty stocks fell for the second straight day. L&T declined ahead of its Q4 results tomorrow, 22 May 2013.
The market hovered between the gains and losses in early trade. It slipped into the red from positive terrain in morning trade. It hit fresh intraday low in mid-morning trade. It trimmed losses in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 753.37 crore on Monday, 18 May 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was down 51.83 points or 0.26% to 20,172.15. The index rose 64.78 points at the day's high of 20,288.76 in early trade. The index fell 82.66 points at the day's low of 20,141.32 in mid-morning trade, its lowest level since 15 May 2013.
The CNX Nifty was down 21,40 points or 0.35% to 6,135.50. The index hit a high of 6,173.10 in intraday trade. The index hit a low of 6,124.70 in intraday trade, its lowest level since 15 May 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1155 shares fell and 767 shares rose. A total of 133 shares were unchanged.
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Among the 30-share Sensex pack, 18 stocks fell and the rest of them rose. Tata Motors, M&M and NTPC dropped by 1.84% to 2.7%.
Index heavyweight Reliance Industries (RIL) declined 0.3% to Rs 828.40. The stock hit high of Rs 839.50 and low of Rs 825.35 so far during the day.
Index heavyweight and cigarette major ITC declined 0.85% to Rs 331.80. The stock hit high of Rs 335.20 and low of Rs 329 so far during the day. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
L&T declined 1.45% ahead of its Q4 results tomorrow, 22 May 2013.
Realty stocks fell for the second straight day. D B Realty, Godrej Properties, HDIL, Sobha Developers and Unitech dropped by 0.18% to 3.14%.
DLF fell 2.12% to Rs 242.80. The company said after market hours on Monday, 20 May 2013 that the Equity Issuance Committee of the board of directors of the company has, by a resolution dated 20 May 2013, allotted 8.1 crore shares to successful applicants at an issue price of Rs 230 per share, aggregating to Rs 1863.42 crore, under the institutional placement programme.
As per the Q4 results calendar, L&T unveils Q4 results tomorrow, 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on Thursday, 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, DLF, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Global credit rating agency Standard & Poor's (S&P) on Friday, 17 May 2013, affirmed India's sovereign rating at BBB-minus with a negative outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months. S&P said the government's ability to prop up investment growth remains uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.
The monsoon rains may arrive on the southern coast around 3 June 2013, the weather office forecast on 15 May 2013. The rains, which run from June to September, are vital for the 55% of farmland without irrigation in India, one of the world's largest producers and consumers of food. The India Meteorological Department (IMD) has predicted normal rains this year.
The Reserve Bank of India (RBI) undertakes mid-quarter review of the monetary policy on 17 June 2013. RBI Governor D Subbarao on 14 May 2013 said that the central bank will take note of falling inflation when discussing potential interest rate cuts. The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Most Asian stocks fell on Tuesday from a five-year high as investors weighed the pace of Federal Reserve stimulus efforts. Key benchmark indices in China, Indonesia, Hong Kong, Singapore and South Korea fell by 0.06% to 0.69%. Key benchmark indices in Japan and Taiwan rose by 0.07% to 0.13%.
Japan's Economy Minister Akira Amari said in Tokyo today that the overly strong yen is in the process of being corrected and he hopes the exchange rate settles at a level suited to the nation's economic fundamentals.
Trading in US index futures indicated a flat opening of US stocks on Tuesday, 21 May 2013. US stocks took a breather from their recent rally Monday, as declines in some of the year's best-performing sectors weighed on benchmarks.
Chicago Federal Reserve President Charles Evans said yesterday the U.S. economy is "improving quite a lot." Investors are looking ahead to Wednesday, 22 May 2013, when Federal Reserve Chairman Ben Bernanke will testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting.
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