Key benchmark indices reversed intraday losses and hit fresh intraday high in mid-morning trade. The S&P BSE Sensex was up 106.53 points or 0.55%, off close to 15 points from the day's high and up about 200 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Among pharma stocks, Dr Reddy's Laboratories scaled record high. Metal stocks gained. State Bank of India (SBI) extended intraday gains. Index heavyweight Reliance Industries (RIL) extended intraday gains after the company said its telecom unit, Reliance Jio Infocomm, and Reliance Communications have signed a definitive agreement for sharing of RCom's nationwide telecom towers infrastructure for accelerated roll-out of state-of-the-art 4G services. IT stocks extended intraday gains on positive economic data in the US, the biggest outsourcing market for the Indian IT firms.
The market recovered after slipping into the red after opening slightly higher. The Sensex hovered in negative terrain in morning trade. Key benchmark indices reversed intraday losses and hit fresh intraday high in mid-morning trade.
At 11:20 IST, the S&P BSE Sensex was up 106.53 points or 0.55% to 19,626.02. The index rose 122.76 points at the day's high of 19,642.25 in mid-morning trade, its highest level since 4 June 2013. The index lost 94.52 points at the day's low of 19,424.97 in early trade.
The CNX Nifty was up 23.60 points or 0.4% to 5,945. The index hit a high of 5,951.85 in intraday trade. The index hit a low of 5,886.60 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,085 shares rose and 638 shares fell. A total of 103 shares were unchanged.
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Among the 30-share Sensex pack, 21 stocks rose and rest of them fell.
State Bank of India (SBI) gained 1.09%, with the stock extending intraday gains.
IT stocks extended intraday gains on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. Infosys, TCS and Wipro gained by 0.88% to 1.98%.
Mahindra Satyam rose 1.19% after the company said after market hours on Thursday, 6 June 2013, that it has won a new multiyear contract from Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe. Mahindra Satyam has been working with Bridgestone since 2005 in providing IT application development and support services.
At the end of FY 2012-13, 23% of Mahindra Satyam's total earnings came from Europe. Europe is also a key market for the company in terms of banking, aerospace and defense, sales domains, Mahindra Satyam said.
Some metal stocks gained. Jindal Steel & Power, Sterlite Industries and Tata Steel rose by 0.33% to 0.66%.
Index heavyweight Reliance Industries (RIL) gained 0.82% after the company during market hours today, 7 June 2013, announced that its telecom unit, Reliance Jio Infocomm, and Reliance Communications signed a definitive agreement for sharing of RCom's nationwide telecom towers infrastructure. Under the terms of the agreement, Reliance Jio Infocomm will utilise upto 45,000 ground and rooftop based towers across RCom's nationwide network for the accelerated roll out of its state of the art 4G services.
The agreement provides for joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services, RIL and RCom said. This agreement follows the inter-city optic fiber sharing agreement already signed in April 2013 as part of a comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications.
Shares of Reliance Communication dropped in choppy trade. The stock was off 0.5% at Rs 117.35. The stock hit high of Rs 119.90 and low of Rs 116.65 so far during the day.
Alstom India (up 6.43%), Shipping Corporation of India (up 5.25%), Indian Infotech (4.96%), M&M Financial Services (up 4.65%) and Rallis India (up 4.24%), were the top gainers from BSE Mid-Cap index in that order.
RPG Life Science spurted 7.7% after the company sold sold the leasehold rights of its surplus land admeasuring 14,149 square metres in Navi Mumbai for Rs 76.91 crore to Maruti Suzuki India. The proceeds from the transaction will be used for reducing the company's debt and investing in projects, said Ajit Singh Chouhan, managing director of RPGLS.
Claris Lifesciences rose 0.9% after the company said it has received approval from the United States Food & Drug Administration for an abbreviated new drug application for an anti-infective drug. Claris Lifesciences said it is also one of the few injectables companies in India to have its own front end in the US. The company markets its products through its wholly owned subsidiary Claris Lifesciences Inc. The company now has 11 abbreviated new drug applications (ANDA) approved by the United States Food & Drug Administration. The company has total filing of 32 ANDAs.
Redington (India) rose 2.66% after the company said it tied up with CtrlS Datacenters for distributing the latter's cloud computing products in India. CtrlS Datacenters has appointed Redington (India) as a national distributor for its cloud computing products.
Dr Reddy's Laboratories rose 2% to Rs 2,175.15. The stock hit record high of Rs 2,177.75 in intraday trade today, 7 June 2013.
Asian stocks fell on Friday as gains in yen weighed on Japanese shares and as investors awaited a US jobs report later in the global day. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore and South Korea shed by 0.11% to 1.61%. Taiwan's Taiwan Weighted rose 0.11%.
Trading in US index futures indicated a flat opening of US stocks on Friday, 7 June 2013. US stocks ended higher on Thursday, snapping a two-session losing streak, as investors eagerly awaited Friday's May employment report for clues about monetary policy. Data showed that US jobless claims fell by 11,000 to 346,000 in the week ended June 1, essentially in line with expectations.
Federal Reserve 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 European Central Bank (ECB) and the Bank of England (BoE) on Thursday, 6 June 2013, held their main interest rates at record lows, with the ECB saying data supports its forecast of a gradual economic recovery across the region. The ECB and BoE both held their benchmark interest rates at the record-low level of 0.5%.
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