Key benchmark indices languished in negative zone in afternoon trade on weak global cues. The barometer index, the S&P BSE Sensex, hit fresh intraday low. The Sensex was down 58.54 points or 0.23%, up about 4 points from the day's low and off close to 117 points from the day's high. The market breadth indicating the overall health of the market was positive.
Indian Hotels Company (IHCL) rose after pricing compulsory convertible debentures (CCDs). Shares of pharmaceutical companies were in demand.
At 13:20 IST, the S&P BSE Sensex was down 58.54 points or 0.23% to 25,310.36. The index shed 62.48 points at the day's low of 25,306.42 in afternoon trade. The index rose 58.90 points at the day's high of 25,427.80 in early trade, its highest level since 18 June 2014.
The CNX Nifty was down 12.50 points or 0.16% to 7,567.70. The index hit a low of 7,564.05 in intraday trade. The index hit a high of 7,589.25 in intraday trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,542 shares gained and 1,289 shares fell. A total of 108 shares were unchanged.
The BSE Mid-Cap index was up 36.38 points or 0.40% at 9,197.56. The BSE Small-Cap index was up 37.46 points or 0.38% at 10,015.17. Both these indices outperformed the Sensex.
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Among the 30 Sensex shares, 18 rose and remaining shares fell. Bajaj Auto (up 2.18%), Coal India (up 1.86%), GAIL (India) (up 1.16%), Tata Power (up 0.96%), NTPC (up 0.94%), Tata Motors (up 0.87%), State Bank of India (up 0.77%), HDFC (up 0.7%), Bharat Heavy Electricals (up 0.56%) and Hindustan Unilever (up 0.39%) edged higher from the Sensex pack.
Bharti Airtel (down 2.11%), ICICI Bank (down 1.29%), ITC (down 1%), Maruti Suzuki India (down 0.85%), ONGC (down 0.71%), Sesa Sterlite (down 0.7%), Wipro (down 0.64%), Reliance Industries (down 0.63%) and Axis Bank (down 0.5%) edged lower from the Sensex pack.
Indian Hotels Company (IHCL) rose 3.03% to Rs 108.85. The Rights Issue Committee of the company has finalised the terms and conditions of the compulsory convertible debenture (CCDs) to be issued on rights basis and has decided on issue price of Rs 55 per CCD. The face value of each CCD has been fixed at Rs 55. The committee has also decided on the entitlement ratio of 9 CCDs for every 40 equity shares of the company, IHCL said. As per the conversion ratio, each CCD of Rs 55 will be automatically and compulsorily converted into one equity share of Rs 1 each at a premium of Rs 54 after 18 months from the allotment of the CCDs. The company said it will not pay any interest to the holders of CCDs. The announcement was made after market hours on Tuesday, 24 June 2014.
The CCDs are to be issued to the existing shareholders of the company for an amount not exceeding Rs 1000 crore.
Shares of pharmaceutical companies were in demand. Biocon (up 4.96%), Strides Arcolab (up 3.67%), Aurobindo Pharma (up 2.16%), Wockhardt (up 1.82%), Lupin (up 1.59%), Sun Pharmaceutical Industries (up 1%), Ranbaxy Laboratories (up 0.98%), Cipla (up 0.52%), Divi's Laboratories (up 0.5%), IPCA Laboratories (up 0.18%), Cadila Healthcare (up 0.17%), Dr. Reddy's Laboratories (up 0.16%) and Glenmark Pharmaceuticals (up 0.16%) edged higher.
With small gains, the Sensex hit one-week high at the onset of the trading session. Key benchmark indices alternately swung between positive and negative zone in early trade. The Sensex continued to alternately move between positive and negative zone in morning trade. Key benchmark indices hovered in negative terrain in mid-morning trade. Key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade. The Sensex hit fresh intraday low in afternoon trade as European stocks dropped in early trade there.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month June 2014 series to July 2014 series. The near-month June 2014 F&O contract expire tomorrow, 26 June 2014.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 60.2425, compared with its close of 60.1325/1425 on Tuesday, 24 June 2014.
Brent crude oil futures dropped. Brent crude futures for August delivery were off 59 cents at $113.87 a barrel. The contract had risen 34 cents to settle at $114.46 on Tuesday, 24 June 2014. Iraq is a key oil exporter in the world.
The Budget Session of Parliament will commence from 7 of July 2014 and the session is scheduled to conclude on the 14 August 2014, the Ministry of Parliamentary Affairs said on Tuesday, 24 June 2014.
European stocks fell for a fourth day on Wednesday, 25 June 2014, the longest stretch in seven weeks, as violence in the Middle East escalated. Key benchmark indices in UK, France and Germany were down by 0.55% to 0.71%.
Asian stocks dropped on Wednesday, 25 June 2014, led by material shares, as escalating violence in the Middle East sapped demand for riskier assets. Key benchmark indices in Japan, China, Indonesia, Hong Kong, South Korea and Taiwan fell by 0.04% to 0.71%. Singapore's Straits Times rose 0.03%.
Trading in US index futures indicated that the Dow could fall 20 points at the opening bell on Wednesday, 25 June 2014. US stocks fell for the second day on Tuesday, 24 June 2014, as reports of escalating violence in the Middle East overshadowed data that boosted optimism in the world's biggest economy.
Data showed purchases of new homes in the US rose in May by the most in 22 years, indicating the industry is rebounding from a winter-induced lull at the start of the year. The Conference Board's index of US consumer confidence increased to 85.2 in June from 82.2 a month earlier, the New York-based private research group said yesterday.
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