Key benchmark indices trimmed gains in mid-morning trade. The S&P BSE Sensex was up 75 points or 0.38%, off close to 55 points from the day's high and up about 110 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Index heavyweight and cigarette major ITC reversed initial gains.
Banking pivotals were mostly higher. IT stocks were mostly lower on weak economic data in the US, the biggest outsourcing market for the Indian IT firms. Infosys fell on profit booking after Monday's rally triggered by the announcement of the return of founder and former chairman N.R. Narayana Murthy as executive chairman of the company. Wipro held firm after the company said it has made an investment in Axeda Corporation, a leading provider of Cloud-based Service and Software for Managing Connected Products and delivering Machine-to-Machine (MM) Applications. Maruti Suzuki India extended Monday's losses triggered by the company reporting weak sales in May 2013.
The market edged higher amid initial volatility. The market extended initial gains to hit fresh intraday high in morning trade. The Sensex trimmed gains in mid-morning trade.
At 11:20 IST, the S&P BSE Sensex was up 75 points or 0.38% to 19,685.03. The index rose 132.22 points at the day's high of 19,742.70 in morning trade. The index lost 34.30 points at the day's low of 19,576.18 in early trade.
The CNX Nifty was up 22.60 points or 0.38% to 5,961.90. The index hit a high of 5,981.60 in intraday trade. The index hit a low of 5,932.85 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,023 shares rose and 622 shares fell. A total of 89 shares were unchanged.
Also Read
Among the 30-share Sensex pack, 25 stocks gained and the rest of them fell. Sterlite Industries, Jindal Steel & Power and Bajaj Auto shed by 0.35% to 1.08%. L&T, Cipla and Dr Reddy's Laboratories gained by 1.74% to 2.47%.
Shares of footwear retailer Bata India jumped 5.95% to Rs 858.85 after a domestic brokerage initiated coverage on the stock with a buy rating citing strong earnings and growth visibility. The brokerage said that Bata India's focus is on aggressive growth by expanding presence in Tier II, III cities and rural India. The brokerage expects the company's margins to increase on the back of outsourcing of certain manufacturing operations and control over employee costs.
Tata Communications jumped 3.47% after the company announced the addition of a state-of-the-art Telepresence suite in Shanghai in partnership with China Mobile and JW Marriott Hotel Shanghai. Through a partnership with China Mobile, the JW Marriott Hotel Shanghai Telepresence facility will be connected to Tata Communications' Global Meeting Exchange Telepresence inter-exchange network -- one of the broadest and widest-reaching Telepresence networks available today. This network has connectivity to all Tata Communications' private Telepresence rooms as well as the customers of service providers with whom it has interexchange connectivity agreements in place, and vice versa. As the leading mobile services provider in Mainland China, the China Mobile Group boasts the world's largest mobile network and the world's largest mobile customer base.
Indian Infotech & Software (up 9.91%), Lanco Infratech (up 5.48%), and Peninsula Land (up 3.89%) surged from BSE Mid-Cap index.
Maruti Suzuki India fell 0.41% to Rs 1,563.15, with the stock extending Monday's 2.27% losses triggered by the company reporting fall in sales in May 2013. The stock was volatile. The scrip hit high of Rs 1,587.40 and low of Rs 1,556.85 so far during the day. The company on Saturday, 1 June 2013, reported 14.4% fall in total sales to 84,677 units in May 2013 over May 2012. The company's domestic sales declined 13% to 77,821 units in May 2013 over May 2012. Exports fell 27.1% to 6,856 units in May 2013 over May 2012.
Index heavyweight and cigarette major ITC dropped 0.19% to Rs 335.65, off the day's high of Rs 338.90.
Banking pivotals were mostly higher. ICICI Bank rose 1.73%.
State Bank of India rose 0.57%, with the stock extending initial gains. The bank said after market hours on Monday, 3 June 2013, that it has been decided to reduce the interest rate on bulk deposits (Rs 1 crore and above) by 25 basis points (bps) for the tenors 7 days to less than 1 year. Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25% per annum with effect from 7 June 2013.
But, HDFC Bank fell 0.15% to Rs 688, off the day's high of Rs 693.65.
IT stocks were mostly lower on weak economic data in the US, the biggest outsourcing market for the Indian IT firms TCS dropped 0.62%.
Infosys fell 0.5% to Rs 2501.50 on profit booking after Monday's 4.42% rally. The stock came off the day's low of Rs 2464. The stock had surged in volatile trade on Monday, 3 June 2013, after the company on Saturday, 1 June 2013, announced that the board of directors approved have appointed Mr. N R Narayana Murthy as Executive Chairman of the board and Additional Director for a five year period with effect from 1 June 2013.
Wipro rose 1.01% after the company said after market hours on Monday, 3 June 2013, that the company has made an investment in Axeda Corporation, a leading provider of Cloud-based Service and Software for Managing Connected Products and delivering Machine-to-Machine (MM) Applications. With this investment, Wipro and Axeda will accelerate services and end-to-end solutions designed to help organizations connect with any asset, leverage real-time machine data to enhance business processes, and develop new innovative enterprise applications, Wipro said. As a Platinum Partner, Wipro will receive top-priority commitment from Axeda and preferential benefits such as dedicated access to Axeda trained technical resources and premium support and services to drive Machine-to-Machine (M2M) initiatives, Wipro said.
Wipro also said after market hours on Monday, 3 June 2013, that following an approval received from Sebi, Azim Premji Trust, a member of the promoter group, has transferred 6.1 crore shares of the company to Pioneer Independent Trust (Irrevocable Independent Trust) for the purpose of meeting the minimum public shareholding requirement of 25%.
Asian stocks edged lower on Tuesday, 4 June 2013, after data overnight showed an unexpected contraction in US manufacturing activity last month. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia, Singapore and South Korea shed by 0.03% to 1.16%. But, Japan's Nikkei Average rose 2.07%.
A report Monday, 3 June 2013, from HSBC showed activity in China's manufacturing sector contracted in May 2013.
Trading in US index futures indicated that the Dow could fall 7 points at the opening bell on Tuesday, 4 June 2013. US stocks rallied on Monday as investors gauged the impact of disappointing factory data on potential quantitative-easing moves by the Federal Reserve. The Institute for Supply Management said Monday its business-conditions index last month fell to 49% in its first contraction since November.
Powered by Capital Market - Live News