Key benchmark indices bounced back in afternoon trade. The S&P BSE Sensex hovered in positive terrain, while the CNX Nifty wiped off early losses to trade almost flat. The S&P BSE Sensex was up 11.19 points or 0.06%, up about 116 points from the day's low and off close to 32 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Alok Industries, Bata India, ING Vysya Bank, Punj Lloyd and Bhushan Steel saw a surge in volumes on BSE today, 5 June 2013. Index heavyweight and cigarette major ITC was trading weak. Pharmaceutical major Sun Pharmaceutical Industries extended intraday gains.
The market edged lower amid initial volatility. The Sensex and the 50-unit CNX Nifty, both, hit over 5-week low. The market once again slipped into the red after reversing losses to hit fresh intraday high in mid-morning trade. The Sensex hovered in red in early afternoon trade. The market bounced back in afternoon trade. The S&P BSE Sensex hovered in positive terrain, while the CNX Nifty wiped off early losses to trade almost flat.
At 13:16 IST, the S&P BSE Sensex was up 11.19 points or 0.06% to 19,556.97. The index lost 104.43 points at the day's low of 19,441.35 in early trade, its lowest level since 30 April 2013. The index rose 43.49 points at the day's high of 19,589.27 in afternoon trade.
The CNX Nifty was almost flat at 5,919.30. The index hit a low of 5,883.70 in intraday trade, its lowest level since 30 April 2013. The index hit a high of 5,929.35 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. The market breadth alternately swung between positive and negative zone earlier during the trading session. On BSE, 1145 shares fell and 975 shares rose. A total of 140 shares were unchanged.
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Among the 30-share Sensex pack, 18 stocks fell and the rest of them rose. GAIL (India) (up 1.51%), Reliance Industries (up 1.49%), HDFC Bank (up 1.31%), ONGC (up 1.23%) and Hindalco Industries (up 1.19%), edged higher from the Sensex pack.
Infosys (down 1.05%), Wipro (down 0.98%), Coal India (down 0.86%), HDFC (down 0.77%) and Bajaj Auto (down 0.67%), edged lower from the Sensex pack.
Pharmaceutical major Sun Pharmaceutical Industries rose 2.13% to Rs 1,040.55, with the stock extending intraday gains. The company announced after market hours on Tuesday, 4 June 2013, that it has received final approval from the United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of an injection which is indicated for replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone. It is a generic version of Pfizer's Depo-Testosterone Injection. As per April-2013 IMS MAT data, the product had annual revenue of approximately $130 million in the US.
Index heavyweight and cigarette major ITC declined 1.30% to Rs 333.05.
Alok Industries clocked volume of 91.40 lakh shares by 13:00 IST on BSE, a 3.78-times surge over two-week average daily volume of 24.19 lakh shares. The stock fell 3.82% to Rs 7.56
Bata India notched up volume of 1.16 lakh shares, a 2.33-fold surge over two-week average daily volume of 50,000 shares. The stock rose 0.43% to Rs 867.85, extending Tuesday's 6.61% spurt triggered by a domestic brokerage initiating 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.
ING Vysya Bank saw volume of 4.59 lakh shares, a 1.80-fold surge over two-week average daily volume of 2.55 lakh shares. The stock fell 0.29% to Rs 659.95.
Punj Lloyd clocked volume of 12.97 lakh shares, a 1.60-fold surge over two-week average daily volume of 8.09 lakh shares. The stock rose 2.75% to Rs 44.90.
Bhushan Steel saw volume of 1.31 lakh shares, a 1.04-fold rise over two-week average daily volume of 1.26 lakh shares. The stock rose 0.09% to Rs 464.50.
India's services activity expanded last month at its fastest pace since February as burgeoning new orders drove optimism to a five-month high, a business survey showed on Wednesday. The HSBC Markit Services Purchasing Managers' Index, based on a survey of around 400 companies, rose to 53.6 in May from 50.7 in April. The April reading was the weakest since October 2011. Services make up almost 60% of India's economy.
Europe's stock markets were trading weak in early trade today, 5 June 2013. Key benchmark indices in UK, France and Germany were down by 0.44% to 0.69%.
Asian stocks declined on Wednesday on prospects the Federal Reserve will scale back stimulus efforts as the US economy improves. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Taiwan, Singapore and South Korea shed by 0.07% to 3.83%.
Activity in China's services sector expanded in May but at a pace little changed from the month before, the latest sign that the world's No. 2 economy is struggling to regain momentum. The HSBC/Markit Purchasing Managers' Index (PMI) for the services industry, released on Wednesday, inched up to 51.2 in May 2013 after seasonal adjustment, the second-lowest reading since August 2011. The services sector accounted for 46 percent of China's gross domestic product in 2012.
Australia's economy expanded less than economists forecast last quarter as machinery and equipment investment declined. First-quarter gross domestic product advanced 0.6% from the previous three months, when it expanded at the same pace, a Bureau of Statistics report released in Sydney today showed.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell on Wednesday, 5 June 2013. US stocks fell on Tuesday as Wall Street remained on alert for clues as to central-bank policy moves ahead.
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