A bout of volatility was witnessed in early trade as key benchmark regained positive terrain after slipping onto the red after opening higher. The S&P BSE Sensex reclaimed psychological 21,000 mark. Most Asian stocks reversed intraday losses on Wednesday. The Sensex was up 39.24 points or 0.19%, off close to 25 points from the day's high and up about 70 points from the day's low. The market breadth, indicating the overall health of the market, was strong.
Bajaj Auto fell after the company reported a decline in sales in October 2013. State-run power equipment major Bharat Heavy Electricals (Bhel) dropped ahead of its Q2 September 2013 results today, 6 November 2013. State Bank of India rose after the bank has revised upwards the base rate and benchmark prime lending rate, both, by 20 basis points (bps) with effect from 7 November 2013. Tata Consultancy Services (TCS) gained after the company announced that Zions Bancorporation, one of America's premier financial services companies, has chosen TCS BaNCS for its core banking transformation program. Colgate-Palmolive (India) fell as the stock turned ex-dividend today, 6 November 2013, for first interim dividend of Rs 9 per share for the year ending March 2014.
Foreign institutional investors (FIIs) bought shares worth a net Rs 162.53 crore on Tuesday, 5 November 2013, as per provisional data from the stock exchanges.
At 9:33 IST, the S&P BSE Sensex was up 39.24 points or 0.19% to 21,014.13. The index rose 66.04 points at the day's high of 21,040.83 in early trade. The index fell 30.29 points at the day's low of 20,944.50 in early trade.
The CNX Nifty was up 5.55 points or 0.09% to 6,258.70. The index hit a high of 6,269.70 in intraday trade. The index hit a low of 6,239.65 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 635 shares rose and 236 shares fell. A total of 36 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. Wipro (up 1.23%), Cipla (up 1.17%) and Infosys (up 0.64%), gained.
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Bajaj Auto fell 0.98% after the company reported a decline in sales in October 2013. The company said before market hours total sales fell 6% to 3.85 lakh units in October 2013 over October 2012. Motorcycles sales declined 4% to 3.48 lakh units in October 2013 over October 2012. Commercial vehicles sales dropped 26% to 37,000 units in October 2013 over October 2012. Exports rose 9% to 1.38 lakh units in October 2013 over October 2012.
State-run power equipment major Bharat Heavy Electricals (Bhel) lost 0.56% ahead of its Q2 September 2013 results today, 6 November 2013.
Tata Consultancy Services (TCS) gained 1.76% after the company announced after market hours on Tuesday, 5 November 2013, that Zions Bancorporation, one of America's premier financial services companies, has chosen TCS BaNCS for its core banking transformation program to achieve standardization, centralization and straight through processing across the enterprise. In addition to the cost saving benefits, the ability to have a single, 360 degree view of its end-user customers is a key focus of the core replacement program.
The depth of TCS BaNCS' capabilities, its implementation track record and overall quality of banking and technology experts were among the major factors that influenced this selection by Zions Bancorporation, which consists of a collection of great banks in select Western U.S. markets with combined total assets exceeding $50 billion. The transformation will be completed in phases, with Zions' management expecting significant improvements in operational efficiency and customer experience, and reduced operational and financial risk stemming from older legacy systems.
"ICS' demonstrated commitment and focus during the engagement process and earnestly showed us how we could leverage TCS BaNCS technology to achieve our objectives," said Joe Reilly, CIO of Zions Bancorporation. "The flexibility of the solution and speed of deployment were key criteria in our selection process. The modular components and multi-entity capability of TCS BaNCS tightly fits into our technology landscape."
"We are delighted that Zions Bancorporation has chosen TCS as technology partner to transform their enterprise," said N Ganapathy Subramaniam, President of TCS Financial Solutions. "We are taking the model bank approach to translate Zions Bancorporation's vision into a reality. By deploying TCS BaNCS, they can streamline and standardise their entire suite of products from both the bank's and the customer's point of view in the United States."
State Bank of India rose 0.54% after the bank said before market hours it has revised upwards the base rate by 20 basis points (bps) from 9.80% per annum (p.a.) to 10% p.a. and benchmark prime lending rate by 20 bps from 14.55% p.a. to 14.75% p.a. with effect from 7 November 2013.
Colgate-Palmolive (India) lost 0.39% as the stock turned ex-dividend today, 6 November 2013, for first interim dividend of Rs 9 per share for the year ending March 2014.
Most Asian stocks reversed intraday losses on Wednesday. Key benchmark indices in Hong Kong, Taiwan, Indonesia and Japan rose 0.07% to 0.47%. Key benchmark indices in Singapore and South Korea fell 0.11% to 0.12%. China's Shanghai Composite was flat.
China's leaders will meet in Beijing on November 9-12 to map out economic policies as the country heads for its slowest annual growth in more than two decades.
US stocks closed mainly down on Tuesday, with Wall Street pausing after a two-session rise, as data showing the US services industry expanded more-than-expected in October offset softer economic headlines from Europe.
The US Institute for Supply Management's gauge of service industries climbed more than strategists predicted, data showed yesterday, stoking concern that the world's biggest economy is faring well enough for the Fed to consider reducing asset purchases. Fed policy makers last week signaled diminishing concern over higher borrowing costs as they maintained their $85 billion in monthly bond-buying and sought more evidence of sustained growth before paring stimulus.
The US government will on Friday, 8 November 2013, release nonfarm payrolls figures for October 2013. The job data is a key economic indicator that has been watched closely in recent months to see whether the US Federal Reserve will roll back its bond-buying program.
In Europe, the European Union yesterday cut its forecast for euro-area growth next year and raised its unemployment estimate as the economy struggles to regain momentum after a record-long recession.
The European Central Bank (ECB) holds a monetary policy meeting tomorrow, 7 November 2013. The ECB is seen retaining its key policy rate at a record-low 0.5%.
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