Volatility was witnesses so far during the trading session as key benchmark indices once again regained positive terrain in early afternoon trade. The S&P BSE Sensex was up 53.82 points or 0.27%, off close to 10 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, turned negative from positive.
Index heavyweight Reliance Industries (RIL) gained. Most bank stocks declined on concerns the central bank may further hike policy rates after the latest data showed consumer price inflation quickened in October. GSS Infotech spurted after the company's board approved increasing foreign institutional investors' investment limit in the paid up capital of the company.
The market regained positive terrain after opening lower. The S&P BSE Sensex and the 50-unit CNX Nifty, both, recovered after hitting their lowest level in nearly five weeks. It alternately hovered between gains and losses in morning trade. It slipped into the red after hitting fresh intraday high in mid-morning trade. It once again regained positive terrain in early afternoon trade.
At 12:25 IST, the S&P BSE Sensex was up 53.82 points or 0.27% to 20,335.73. The index fell 57.72 points at the day's low of 20,224.19 in early trade, its lowest level since 10 October 2013. The index rose 63.90 points at the day's high of 20,345.81 in mid-morning trade.
The CNX Nifty was up 12.45 points or 0.21% to 6,030.50. The index hit a low of 5,994.25 in intraday trade, its lowest level since 10 October 2013. The index hit a high of 6,034.25 in intraday trade.
The market breadth, indicating the overall health of the market, was turned negative from positive. On BSE, 1,010 shares fell and 942 shares rose. A total of 131 shares were unchanged.
More From This Section
Among the 30-share Sensex pack, 16 stocks rose and rest of them fell. Sun Pharmaceutical Industries (up 2.96%), Hindalco Industries (up 2.7%) and Tata Motors (up 1.94%), gained.
Index heavyweight Reliance Industries (RIL) gained 0.38%.
Bank stocks mostly declined on concerns the central bank may further hike policy rates after the latest data showed consumer price inflation quickened in October. ICICI Bank dropped 0.64%. HDFC Bank declined 1.46%.
State Bank of India rose 0.47% in volatile trade ahead of its Q2 results today, 13 November 2013.
GSS Infotech spurted 13.15% after the company's board approved increasing foreign institutional investors' investment limit in the paid up capital of the company. The company made the announcement after market hours on Tuesday, 12 November 2013. GSS Infotech said its board approved increasing the investment limit of foreign institutional investors (FII) to 49% of the company's paid up capital from 22% earlier. The board will seek shareholders' approval for the same through postal ballot process.
Suven Life Sciences lost 5.84% on profit booking after surging 45.79% in prior nine trading sessions.
The domestic bourses will remain shut tomorrow, 14 November 2013, on account of Moharram.
In the foreign exchange market, the rupee recovered against the dollar in choppy trade. The partially convertible rupee was hovering at 63.58, stronger compared with its close of 63.71 on Tuesday, 12 November 2013. The rupee was weak in early deals.
On macro front, Index of industrial production (IIP) rose 2% in September 2013, showing increase in growth from 0.4% growth recorded in August 2013. The entire growth in IIP was mainly driven by 12.9% surge in electricity generation in September 2013. The mining output also witness rise in output, while the manufacturing sector output showed a marginal rise in September 2013. The industrial production growth for the month of August 2013 has been revised downwards to 0.4% from 0.6% reported earlier, while the growth for the month of June 2013 has undergone final revision, registering growth of (-1.8%). The data was announced after market hours on Tuesday.
The annual consumer price inflation quickened more than expected to 10.09% in October from 9.84% in September, driven by food prices, government data showed on Tuesday. Food prices for consumers last month rose 12.56% from a year earlier, faster than September's 11.44% rise. The data was announced after market hours on Tuesday.
Asian stocks fell on Wednesday after China's leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing U.S. stimulus next month. Key benchmark indices in China, Taiwan, Japan, South Korea, Singapore, Hong Kong and Indonesia shed 0.41% to 2.07%.
China elevated the role of markets while maintaining the state's dominance in the nation's economic strategy, seeking to balance finding new sources of growth with sustaining the Communist Party's grip on power. The nation will make markets "decisive" in allocating resources, according to yesterday's communique from the third full meeting, or plenum, of the party's 18th Central Committee in Beijing, which stopped short of unveiling detailed policy shifts. The state will remain "dominant" in the economy, indicating limits on reducing government involvement. China will set up a party panel to coordinate and supervise policies under the updated principles and more specific measures may follow in the coming weeks or months. The communique also announced the party's determination to draw a red line to protect the environment, after years of economic expansion have polluted China's soil, water and air. China will also reform its judicial system to protect people's rights, it said.
Trading in US index futures indicated that the Dow could fall 32 points at the opening bell on Wednesday, 13 November 2013. US stocks fell on Tuesday, with the Dow Jones Industrial Average retreating from a record, as corporate earnings and an improving economy fueled speculation the Federal Reserve will reduce stimulus next month.
Powered by Capital Market - Live News