Key benchmark indices provisionally settled with marginal gains as index heavyweight Reliance Industries (RIL) gained ahead of the company's annual general meeting (AGM) scheduled tomorrow, 6 June 2013. The S&P BSE Sensex was provisionally up 18.72 points or 0.1%, up about 120 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 negative. Shares of search service provider Just Dial surged on debut.
Cement makers fell on a likely seasonal slowdown in demand as construction activity slows during the monsoon season. Pharmaceutical major Sun Pharmaceutical Industries gained after the company received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for a generic injection.
Indian stocks today, 5 June 2013, snapped three day losing streak.
The market edged lower amid initial volatility. The Sensex and the 50-unit CNX Nifty, both, hit over 5-week low. The market once again slipped into the red after reversing losses to hit fresh intraday high in mid-morning trade. The Sensex hovered in red in early afternoon trade. The market bounced back in afternoon trade. The hovered in positive terrain, while the CNX Nifty wiped off early losses to trade almost flat. The market extended gains to hit fresh intraday high in mid-afternoon trade.
As per provisional figures, the S&P BSE Sensex was up 18.72 points or 0.1% to 19,564.50. The index rose 58.65 points at the day's high of 19,604.43 in mid-afternoon trade. The index lost 104.43 points at the day's low of 19,441.35 in early trade, its lowest level since 30 April 2013.
The CNX Nifty was up 7.45 points or 0.13% to 5,926.90, as per provisional figures. The index hit a high of 5,935.20 in intraday trade. The index hit a low of 5,883.70 in intraday trade, its lowest level since 30 April 2013.
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The total turnover on BSE amounted to Rs 1444 crore, lower than Rs 1471.88 crore on Tuesday, 4 June 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,256 shares fell and 1,083 shares rose. A total of 149 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and the rest of them fell. Wipro, HDFC and Infosys shed by 1.22% to 1.69%.
Index heavyweight Reliance Industries (RIL) rose 2.51% ahead of the company's annual general meeting scheduled tomorrow, 6 June 2013. The stock was the biggest gainer from the Sensex pack. RIL and its partners BP and NIKO on 24 May 2013 announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India. RIL is the operator of KG D6 with 60% equity. BP has a 30% share and NIKO the remaining 10%.
ONGC gained 1.93%.
Cement makers fell on a likely seasonal slowdown in demand as construction activity slows during the monsoon season. Ambuja Cements, ACC and UltraTech Cement fell by 0.55% to 1.95%.
Cadila Healthcare declined 4.42% as investors booked profits after Tuesday's 5.48% rally after the drugmaker announced regulatory approval for a diabetes drug, disappointing investors who had expected a bigger announcement. Cadila Healthcare announced during trading hours today, 5 June 2013, that it received regulatory approval to market Lipaglyn, its new drug to treat a form of diabetes, in India. Lipaglyn is a new chemical entity (NCE), Cadila said in a statement.
Shares of search service provider Just Dial provisionally settled at Rs 611.45, a premium of 15.37% over the initial public offer price of Rs 530 per share. The stock hit high of Rs 631.90 and low of Rs 589. The stock opened at Rs 590, a premium of 11.32% to the initial public offer (IPO) price. On BSE, 44.23 lakh shares changed hands in the counter.
L&T rose 0.73% after the company said during market hours today, 5 June 2013 that a joint venture company viz. Larsen Toubro Arabia LLC, has achieved a major breakthrough in the kingdom of Saudi Arabia by securing a large engineering, procurement and construction (EPC) project from the Saudi Arabian Oil Company (Saudi Aramco). The project is scheduled to be completed in 37 months.
Pharmaceutical major Sun Pharmaceutical Industries rose 1.91% to Rs 1038.30, off the day's high of Rs 1044.75. The company announced after market hours on Tuesday, 4 June 2013, that it has received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of an injection which is indicated for replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone. It is a generic version of Pfizer's Depo-Testosterone Injection. As per April-2013 IMS MAT data, the product had annual revenue of approximately $130 million in the US.
India's services activity expanded last month at its fastest pace since February as burgeoning new orders drove optimism to a five-month high, a business survey showed on Wednesday. The HSBC Markit Services Purchasing Managers' Index, based on a survey of around 400 companies, rose to 53.6 in May from 50.7 in April. The April reading was the weakest since October 2011. Services make up almost 60% of India's economy.
European stock markets edged lower on Wednesday, 5 June 2013 taking a cue from a weak trading session in Asia where Japanese stocks slumped after a speech from Prime Minister Shinzo Abe fell short of expectations. Key benchmark indices in UK, France and Germany were down by 0.45% to 0.87%.
Asian stocks declined on Wednesday on prospects the Federal Reserve will scale back stimulus efforts as the US economy improves. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Taiwan, Singapore and South Korea shed by 0.11% to 3.83%.
Japan's prime minister delivered his long-awaited speech today, 5 June 2013 on how to boost the country's economy, but failed to meet expectations. The growth strategy revealed plans to attract foreign funds and boost investment and wages, but dodged some of the tough decisions needed to fix the economy.
Activity in China's services sector expanded in May but at a pace little changed from the month before, the latest sign that the world's No. 2 economy is struggling to regain momentum. The HSBC/Markit Purchasing Managers' Index (PMI) for the services industry, released on Wednesday, inched up to 51.2 in May 2013 after seasonal adjustment, the second-lowest reading since August 2011. The services sector accounted for 46 percent of China's gross domestic product in 2012.
Australia's economy expanded less than economists forecast last quarter as machinery and equipment investment declined. First-quarter gross domestic product advanced 0.6% from the previous three months, when it expanded at the same pace, a Bureau of Statistics report released in Sydney today showed.
Trading in US index futures indicated that the Dow could fall 35 points at the opening bell on Wednesday, 5 June 2013. US stocks fell on Tuesday as Wall Street remained on alert for clues as to central-bank policy moves ahead.
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