Key benchmark indices cut losses in early afternoon trade. The barometer index, the S&P BSE Sensex, was down 71.32 points or 0.34%, up 54.68 points from the day's low and off 60.53 points from the day's high. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee edged lower against the dollar on demand for greenbacks by state-run oil refiners and on weakness in domestic equities.
Hindalco Industries dropped on profit booking after a recent rally. Other metal shares were mixed. IT major Infosys declined. ICICI Bank fell on profit booking after recent gains. Entertainment Network (India) hit 52-week high. Info Edge (India) scaled record high. Redington (India) rose on high volume after two block deals were executed on the counter on BSE.
Key benchmark indices cut losses after a lower start triggered by weak Asian stocks. Key benchmark indices extended intraday losses in mid-morning trade. Key benchmark indices cut losses in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1014.61 crore on Tuesday, 19 November 2013, as per provisional data from the stock exchanges.
At 12:19 IST, the S&P BSE Sensex was down 71.32 points or 0.34% to 20,819.50. The index lost 126 points at the day's low of 20,764.82 in mid-morning trade, its lowest level since 18 November 2013. The index declined 10.79 points at the day's high of 20,880.03 in early trade.
The CNX Nifty was down 20.35 points or 0.33% to 6,183. The index hit a low of 6,163.50 in intraday trade, its lowest level since 18 November 2013. The index hit a high of 6,198.70 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,195 shares gained and 990 shares fell. A total of 145 shares were unchanged.
The total turnover on BSE amounted to Rs 923 crore by 12:20 IST, compared to Rs 703 crore by 11:20 IST.
Among the 30-share Sensex pack, 19 stocks declined and rest of them gained.
Hindalco Industries lost 1.29% to Rs 122.40, with the stock sliding on profit booking after a recent rally. The stock had rallied 11.51% in four trading sessions to settle at Rs 124 on Tuesday, 19 November 2013, from a recent low of Rs 111.20 on 12 November 2013.
Other metal shares were mixed. JSW Steel (up 1.18%), Hindustan Zinc (up 0.13%), Sail (up 0.1%), Sesa Sterlite (up 0.84%) and NMDC (up 1.26%) gained. Hindustan Copper (down 1.1%), Tata Steel (down 0.29%), National Aluminium Company (down 0.63%), Jindal Steel & Power (down 0.27%) declined.
IT major Infosys fell 0.82% to Rs 3,415.40. The stock had hit a 52-week high of Rs 3,447.90 in intraday trade on Tuesday, 19 November 2013.
ICICI Bank fell 1.6% to Rs 1,065.30, with the stock sliding on profit booking after recent gains. The stock had risen 6.92% in four trading sessions to settle at Rs 1,082.60 on Tuesday, 19 November 2013, from a recent low of Rs 1012.45 on 12 November 2013.
ICICI Bank on Monday, 18 November 2013, said that the bank acting through its Dubai branch, priced an issuance of 5.5 year fixed rate notes of an aggregate principal amount of $750 million. The notes were sold under the Rule 144A/Reg S format. The notes carry a coupon of 4.8% and were offered at an issue price of 99.609. The announcement was made after market hours on Monday, 18 November 2013.
Entertainment Network (India) gained 4.07% to Rs 341 after hitting 52-week high of Rs 364.75 in intraday trade.
Info Edge (India) jumped 8.39% to Rs 453.05 after hitting a record high of Rs 477.25 in intraday trade.
Redington (India) rose 2.03% to Rs 65.45 on high volume of 19.61 lakh shares. A block deal of 9.98 lakh shares was executed on the counter at Rs 65 per share at 10:16 IST on BSE today, 20 November 2013. Another block deal of 9 lakh shares was executed on the counter at Rs 65 per share at 10:39 IST on BSE today, 20 November 2013.
In the foreign exchange market, the rupee edged lower against the dollar on demand for greenbacks by state-run oil refiners and on weakness in domestic equities. The partially convertible rupee was hovering at 62.48, compared with its close of 62.36/37 on Tuesday, 19 November 2013.
On the political front, an unprecedented 78.50% of the nearly 1.40 crore electors voted in the second phase of polling for the Assembly elections in Chhattisgarh on Tuesday, 19 November 2013. The first phase of elections in the 90-member assembly on 11 November 2013 had seen polling of 75.53%.
Asian shares declined on Wednesday, 20 November 2013, on caution ahead of the release of the minutes from the US Federal Reserve's last meeting, possibly providing clues to the timing of its plan to slow monetary stimulus to the US economy. Key benchmark indices in Taiwan, Japan, Indonesia, Singapore and South Korea fell by 0.08% to 0.88%. Key benchmark indices in China and Hong Kong rose 0.31% to 0.34%.
Bank of Japan Governor Haruhiko Kuroda and his board gather for a two-day policy meeting starting today, 20 November 2013.
Trading in US index futures indicated a flat opening of US stocks on Wednesday, 20 November 2013. US stocks dropped on Tuesday, 19 November 2013, as investors weighed rising valuations and disappointing earnings forecasts.
Later in the day, the Federal Reserve is slated to release the minutes from its last meeting, possibly providing clues to the timing of its plan to slow monetary stimulus to the US economy. The minutes will be from the October 29-30 meeting.
Federal Reserve Chairman Ben S. Bernanke on Tuesday, 19 November 2013, said the central bank's main interest rate will probably remain near zero for a considerable time after asset purchases end. Bernanke said the Fed is committed to highly accommodative policies, echoing recent comments from other Fed officials including Janet Yellen, who has been nominated to succeed him. The labor market has shown meaningful improvement since the Fed's bond-buying program started, Bernanke said in remarks prepared for a speech to economists in Washington. A "preponderance of data" would be needed to begin removing accommodation, he said. Benchmark interest rates may remain low perhaps well after the jobless rate falls below the Fed's 6.5% threshold, he said.
The US central bank buys $85 billion of Treasuries and mortgage-backed securities each month to put downward pressure on borrowing costs.
The Organization for Economic Cooperation and Development cut its global growth forecasts on Tuesday, 19 November 2013, citing a slowdown in developing nations. The world economy will probably expand 2.7% this year and 3.6% in 2014, instead of the 3.1% and 4% predicted in May, the Paris-based OECD said in a semi-annual report.
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