Key benchmark indices extended initial losses to hit fresh intraday low in morning trade as weakness in Asian stocks dented sentiment. The S&P BSE Sensex fell below the psychological 20,000 mark. The Sensex was down 145.91 points or 0.73%, up close to 15 points from the day's low and off about 130 points from the day's high. Index heavyweight and cigarette major ITC extended initial losses. Many other FMCG stocks declined. But, Dabur India scaled record high. Another index heavyweight Reliance Industries (RIL) trimmed initial losses.
Some pharma stocks rose on defensive buying in a weak market. Dr Reddy's Laboratories hit record high ahead of its Q4 results tomorrow, 14 May 2013. Metal stocks declined as global commodity prices fell. The market breadth, indicating the overall health of the market, was negative.
The market edged lower in early trade. The market extended initial losses to hit fresh intraday low in morning trade.
At 10:20 IST, the S&P BSE Sensex was down 145.91 points or 0.73% to 19,976.41. The index declined 159.71 points at the day's low of 19,962.61 in morning trade, its lowest level since 10 May 2013. The index declined 13.24 points at the day's high of 20,109.08 in early trade.
The CNX Nifty was down 40.05 points or 0.66% to 6,067.20. The index hit a low of 6,065 in intraday trade, its lowest level since 10 May 2013. The index hit a high of 6,104.95 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 762 shares fell and 505 shares rose. A total of 65 shares were unchanged.
More From This Section
Among the 30-share Sensex pack, 25 stocks fell while rest of them rose. Tata Consultancy Services (TCS), Bharat Heavy Electricals (Bhel) and HDFC shed by 1.11% to 1.86%.
Index heavyweight Reliance Industries (RIL) fell 0.07% to Rs 812.70. The stock hit a high of Rs 815 and low of Rs 809.20 so far during the day.
Index heavyweight and cigarette major ITC shed 2.42% to Rs 346.10 on profit booking. The stock hit a high of Rs 354 and low of Rs 345.15 so far during the day. The stock had hit record high of Rs 355 in intraday trade during the special trading session held on Saturday, 11 May 2013. The Uttar Pradesh state government on 7 May 2013 slashed VAT on cigarette/cigar from existing 50% to 25%. The state government had last year increased VAT on cigarette/cigar and tobacco products from 12.5% to 50%.
The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
Among other FMCG stocks, Hindustan Unilever, Tata Global Beverages and Marico dropped by 0.21% to 0.94%.
But, Dabur India rose 1.79% to Rs 165.25. The stock hit record high of Rs 165.70 in intraday trade today, 13 May 2013.
Some pharma stocks rose on defensive buying in a weak market. Wockhardt, Cipla, Aurobindo Pharma, Divi's Laboratories and Sun Pharmaceutical Industries rose by 0.24% to 0.87%.
Dr Reddy's Laboratories gained 2.15% to Rs 2,135.90 ahead of its Q4 results tomorrow, 14 May 2013. The stock hit record high of Rs 2,149 in intraday trade today, 13 May 2013.
Metal stocks declined as global commodity prices fell. Sterlite Industries, Tata Steel, Sail, Hindalco Industries and Hindustan Zinc shed by 0.32% to 1.24%. Bhushan Steel, JSW Steel and Jindal Steel & Power rose by 0.06% to 0.27%.
The focus of the market is on Q4 results. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results tomorrow, 14 May 2013. Bajaj Auto announces Q4 results on Thursday, 16 May 2013. ITC unveils Q4 results on Friday, 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. L&T unveils Q4 results on 22 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
The government will unveil data on the consumer price index of rural and urban India for April 2013 today, 13 May 2013. The combined consumer price inflation for rural and urban India stood at 10.39% in March 2013, lower than 10.91% in February 2013.
The government will unveil data on the wholesale price index (WPI) for April 2013 tomorrow, 14 May 2013. WPI eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013.
Industrial production rose 2.5% in March 2013, compared with a revised growth of 0.46% in February 2013, data released by the government on Friday, 10 May 2013, showed. Industrial production rose 1% for the year ended 31 March 2013 (FY 2013).
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 that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. 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.
Asian stocks edged lower on Monday, 13 May 2013, with sentiment hit by selling in commodities triggered by a strong dollar, which rose to a fresh 4-1/2-year peak against the yen on the back of growing confidence in the US economy. Key benchmark indices in China, Hong Kong, Indonesia, Singapore, South Korea and Taiwan fell by 0.01% to 1.03%.
Japanese stocks on Monday jumped to their highest level in more than five years, boosted by an improved profit outlook and further yen weakness after the Group of Seven major economies refrained from criticizing Tokyo's easing policies. The Nikkei Average rose 0.99%.
China is set to unveil data on industrial production and retail sales for April 2013 today, 13 May 2013.
Trading in US index futures indicated that the Dow could fall 31 points at the opening bell on Monday, 13 May 2013. The US Federal Reserve has reportedly sketched out a plan for winding down its stimulus program of buying $85 billion in bonds each month. As per reports, the Fed intends to clarify the strategy so that the financial markets don't overreact to the Fed's announcements in this regard.
The US Commerce Department unveils monthly report on retail sales for April 2013 later in the global day today, 13 May 2013.
Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan's drive to galvanize its economy.
Powered by Capital Market - Live News