Key benchmark indices extended recovery in mid-afternoon trade. The S&P BSE Sensex was down 22.89 points or 0.11%, up 58.16 points from the day's low and off 77.91 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Reliance Industries dropped on profit booking after logging gains in the preceding nine trading sessions. Wipro advanced ahead of its Q2 September 2013 results today, 22 October 2013. Sugar stocks were in demand on renewed buying.
A bout of volatility was seen in early trade as the key benchmark indices once again sink in red after turning positive from a lower start triggered by negative Asian stocks. Volatility continued as the key benchmark indices regained positive zone after turning negative after hitting intraday high in morning trade. Key benchmark indices were slightly higher after seeing alternate bouts of rise and fall in mid-morning trade. Volatility continued as the key benchmark indices once again drifted lower in negative zone. The barometer index, the S&P BSE Sensex hit intraday low. Key benchmark indices pared losses after hitting fresh intraday low in afternoon trade. Key benchmark indices extended recovery in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1031.79 crore on Monday, 21 October 2013, as per provisional data from the stock exchanges.
At 14:18 IST, the S&P BSE Sensex was down 22.89 points or 0.11% to 20,871. The index rose 55.02 points at the day's high of 20,948.91 in morning trade. The index fell 81.05 points at the day's low of 20,812.84 in afternoon trade.
The CNX Nifty was down 1.55 points or 0.02% to 6,203.40. The index hit a high of 6,220.10 in intraday trade. The index hit a low of 6,181.80 in intraday trade.
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The market breadth, indicating the overall health of the market, was positive. On BSE, 1,468 shares gained and 997 shares fell. A total of 147 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. HDFC (down 1.81%), Hero MotoCorp (down 1.79%) and Hindalco Industries (down 1.14%) edged lower from the Sensex pack.
Reliance Industries dropped 1.18% to Rs 902.55. The stock fell on profit booking after gaining 8.24% in the preceding nine trading sessions to Rs 913.35 on 21 October 2013 from a recent low of Rs 843.85 on 7 October 2013.
Wipro gained 1.69% ahead of its Q2 September 2013 results today, 22 October 2013.
Sugar stocks were in demand on renewed buying. Bajaj Hindusthan (up 6.48%), Dhampur Sugar Mills (up 5.13%), Sakthi Sugars (up 9.99%), Balrampur Chini Mills (up 4.13%), Shree Renuka Sugars (up 11.79%), and Dwarikesh Sugar Industries (up 11.43%) gained.
Redington India (up 14.61%), Indiabulls Power (up 12.66%), Lanco Infratech (up 11.55%), Suzlon Energy (up 9.92%) and Jyothy Laboratories (up 8.09%), were the leading gainers in the BSE Mid-Cap index.
Welspun Corp (up 13.79%), Kirloskar Ferrous Industries (up 13.49%), Sintex Industries (up 11.30%), Aegis Logistics (up 10.59%) and Himadri Chemicals (up 8.43%) were the leading gainers in the BSE Small-Cap index.
Swaraj Engines rose 0.38% after net profit rose 22.85% to Rs 17.20 crore on 24% growth in operating revenue to Rs 151.60 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013. Swaraj Engines attributed the top line growth to the increase in the engine sales volume which was however, constrained by lower off-take of engine components for LCV engines.
Wockhardt lost 3.99% after the firm said it has received a communication from UKMHRA, whereby the agency has decided to withdraw the previously issued GMP Certificate to the firm's manufacturing facility.
Radico Khaitan rose 4.23% after the company said it has decided to spin off the Indian made foreign liquor business into a separate subsidiary. The board of Radico Khaitan approved the transfer, sell, assignment, restructuring or otherwise disposal of the Indian made foreign liquor (IMFL) business of the company to a subsidiary of the company on such terms and conditions as may be decided by the board, subject to the approvals of shareholders. Further, the board has also approved the incorporation of the above mentioned subsidiary to carry on the IMFL business, Radico Khaitan said in a statement.
JK Lakshmi Cement lost 3.61% after net profit fell 79.75% to Rs 10.30 crore on 8.65% decline in total income from operations to Rs 448.87 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Monday, 21 October 2013.
In the foreign exchange market, the rupee hit almost one-week low against the dollar. The partially convertible rupee was hovering at 61.70, weaker than its close of 61.52/53 on Monday, 21 October 2013.
European indices were mostly lower on Tuesday, 22 October 2013 as investors opted to stay on the sidelines ahead of the delayed U.S. nonfarm-payrolls report due later in the day. Key benchmark indices in France and Germany were down by 0.12% and 0.16%, respectively. However, UK's FTSE 100 was up 0.09%.
Asian markets were mostly lower on a cautious note as investors awaited US jobs data which will determine when the Federal Reserve would start tapering. Key benchmark indices in Taiwan, Hong Kong, China and Indonesia fell by 0.01% to 1.39%. Key benchmark indices in South Korea, Singapore and Japan rose by 0.13% to 0.49%.
Trading in US index futures indicated that the Dow could rise 4 points at the opening bell on Tuesday, 22 October 2013. US stocks finished little changed on Monday, with the S&P 500 adding a fraction to its record close and the Nasdaq Composite extending gains into a fourth session, bolstered by Netflix Inc., which released earnings just after the close.
The US government will release the influential nonfarm-payroll data for September 2013 today, 22 October 2013. The data has been delayed due to the 16-day partial shutdown of the US government this month.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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