Key benchmark indices moved into positive zone from negative zone in mid-afternoon trade as European stocks reversed initial losses as the latest data showed that Markit's German preliminary manufacturing purchasing managers' index strengthened in December. The barometer index, the S&P BSE Sensex, was up 6.24 points or 0.03%, up 74.26 points from the day's low and off 42.70 points from the day's high. The market breadth, indicating the overall health of the market, was negative. Realty stocks dropped. In the foreign exchange market, the rupee strengthened past 62 against the dollar.
Key benchmark indices alternately swung between positive and negative zone near the flat line in mid-morning trade as investors awaited data on inflation based on the wholesale price index for November 2013. A bout of volatility was witnessed as key benchmark indices trimmed intraday losses after the latest data showed acceleration in headline inflation November 2013. The market extended losses and hit fresh intraday low in afternoon trade. The Sensex and the 50-unit CNX Nifty hit, both, hit their lowest level in more than two weeks. Key benchmark indices moved into positive zone from negative zone in mid-afternoon trade as European stocks reversed initial losses as the latest data showed that Markit's German preliminary manufacturing purchasing managers' index strengthened in December.
Foreign institutional investors (FIIs) sold shares worth a net Rs 432.02 crore on Friday, 13 December 2013, as per provisional data from the stock exchanges.
At 14:16 IST, the S&P BSE Sensex was up 6.24 points or 0.03% to 20,721.82. The index fell 68.02 points at the day's low of 20,647.56 in afternoon trade, its lowest level since 29 November 2013. The index rose 48.94 points at the day's high of 20,764.52 in morning trade.
The CNX Nifty was up 2.20 points or 0.04% to 6,170.60. The index hit a low of 6,146.05 in intraday trade, its lowest level since 29 November 2013. The index hit a high of 6,183.25 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,260 shares dropped and 1,030 shares rose. A total of 187 shares were unchanged.
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The total turnover on BSE amounted to Rs 1144 crore by 14:20 IST.
Among the 30-share Sensex pack, 17 stocks declined and rest of them gained. Jindal Steel & Power (down 2.54%), Bharti Airtel (down 1.95%) and Sun Pharmaceutical Industries (down 1.75%) declined.
Sesa Goa (up 4.98%), Infosys (up 2.41%) and L&T (up 1.65%) gained.
Realty stocks were in red. Indiabulls Real Estate (down 0.92%), HDIL (down 1.14%), Unitech (down 0.33%), Sobha Developers (down 6.23%), and Parsvnath Developers (down 0.2%) declined. DLF rose 1.46%.
Torrent Pharmaceuticals lost 1.04% to Rs 474.50 after three block deals aggregating 4.11 lakh shares were executed in the counter on BSE. A block deal of 71,530 shares was executed at Rs 464 per share at 9:56 IST. Another block deal of 40,013 shares was executed at Rs 465.90 per share at 10:16 IST. Third block deal of 3 lakh shares was executed at Rs 472 per share at 10:36 IST. The three block deals constitute 0.24% of Torrent Pharmaceuticals' equity.
Tata Chemicals fell 1.4% after the central bank restricted foreign institutional investors from purchasing shares of the company as the foreign shareholding in the company has reached the trigger limit.
The Reserve Bank of India (RBI) notified on Friday, 13 December 2013, that the foreign share holdings by foreign institutional investors (FIIs) in Tata Chemicals has reached the trigger limit of 22%. Hence, further purchases of equity shares of the company would be allowed only after obtaining prior approval of RBI, the central bank said in a statement.
Indian Hotels (up 3.56%), Power Finance Corporation (up 3.44%), United Phosphorus (up 3.35%), CRISIL (up 2.93%) and Bharat Forge (up 2.6%) were among the major gainers from BSE's 'A' group.
Torrent Power (down 3.34%), Wockhardt (down 3.19%), Godrej Industries (down 3.06%), Jet Airways (India) (down 2.95%) and Bajaj Finserv (down 2.65%) were among the major losers from BSE's 'A' group.
Inflation based on the wholesale price index (WPI) accelerated to 7.52% in November 2013, from 7% in October 2013, data released by the government today, 16 December 2013, showed. Core inflation or non-food manufacturing inflation accelerated to 2.64% in November 2013, from 2.58% in October 2013, the latest data showed.
WPI for September 2013 was revised upwards to 7.05% from 6.46% reported earlier. Build up inflation rate in the financial year so far was 6.7% compared to a build up rate of 4.84% in the corresponding period of the previous year.
Data released by the government last week showed that inflation based on the consumer price index (CPI) stood at a record 11.24% last month.
The Reserve Bank of India (RBI) announces Mid-Quarter Review of Monetary Policy for 2013-14 on Wednesday, 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
In the foreign exchange market, the rupee strengthened past 62 against the dollar. The partially convertible rupee was hovering at 61.92, compared with its close of 62.125/135 on Friday, 13 December 2013.
The Central Board of Direct Taxes (CBDT) on Friday, 13 December 2013, extended the time limit for payment of the December installment of Advance Tax by two days from 15 December 2013 to 17 December 2013. This was done in view of the fact that 15 December 2013 was a Sunday.
European stocks reversed initial losses on Monday, 16 November 2013, as the latest data showed that Markit's German preliminary manufacturing purchasing managers' index strengthened in December. Germany is Europe's biggest economy. Key benchmark indices in UK, Germany and France were up 0.01% to 0.14%.
The German economy ended 2013 positively, according to a survey released Monday, with new business, confidence and employment all growing in December. Data provider Markit's preliminary composite purchasing managers index was little changed in December, slipping marginally to 55.2 from 55.4 in November. A reading above 50 denotes growth. The change in the composite PMI came as the manufacturing sector strengthened in December from November, while services providers posted a slightly slower pace of growth than a month earlier.
The survey was positive across the board and bodes well for the fourth quarter economic performance. Incoming business rose at the fastest pace for two-and-a-half years, while job creation, output levels and backlogs of work were also stronger in December.
Asian stocks edged lower on Monday, 16 December 2013, after a gauge of Chinese manufacturing fell and as investors awaited a Federal Reserve meeting this week to gauge the timing of stimulus cuts. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, South Korea, Japan and Indonesia were off 0.09% to 1.6%. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year.
The HSBC Holdings Plc/Markit Economics preliminary manufacturing purchasing managers' index for China fell to 50.5 in December from 50.8 in November. Readings above 50 signal expansion.
Japan's quarterly Tankan index for large manufacturers rose to the highest since 2007 in October 2013, climbing to 16 from 12 in September 2013, according to the Bank of Japan. Positive figures indicate optimists outnumber pessimists.
The Bank of Japan (BoJ), which buys more than 7 trillion yen ($67.6 billion) of Japanese Government Bonds (JGBs) every month in its bid to stoke inflation, holds a two-day monetary policy meeting on 19 and 20 December 2013.
Trading in US index futures indicated that the Dow could slide 22 points at the opening bell on Monday, 16 December 2013. US stocks made a mild rebound Friday but ended the week lower, as investors looked toward a Federal Reserve meeting next week that could start the curtailment of the Fed's equities-boosting stimulus program.
The Federal Open Market Committee's (FOMC) two-day policy meeting on interest rates in the United States begins tomorrow, 17 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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