Intraday volatility continued as key benchmark indices hovered near intraday low in early afternoon trade. The market breadth, indicating the overall health of the market, was negative. The barometer index, the S&P BSE Sensex, was down 104.24 points or 0.51%, up close to 15 points from the day's low and off about 105 points from the day's high.
Index heavyweight Reliance Industries edged higher in volatile trade. Auto stocks were mixed. Metal stocks were also mixed. Capital goods stocks extended Monday's robust gains. Siemens extended Monday's strong gains triggered by the company announcing at the time of announcement of Q4 and year ended 30 September 2013 (FY 2013) results after trading hours on Friday, 22 November 2013, that the company's order inflow rose 7% to Rs 10957.30 crore in FY 2013 over FY 2012.
The market edged lower in early trade on weak Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed initial losses in morning trade. Volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. It hovered near intraday low in early afternoon trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November 2013 series to December 2013 series. The near month November 2013 derivatives contract expire on Thursday, 28 November 2013.
At 12:20 IST, the S&P BSE Sensex was down 104.24 points or 0.51% to 20,500.84. The index dropped 120.41 points at the day's low of 20,484.67 in mid-morning trade. The index fell 0.81 points at the day's high of 20,604.27 in opening trade.
The CNX Nifty was down 27.60 points or 0.45% to 6,087.75. The index hit a low of 6,081.70 in intraday trade. The index hit a high of 6,112.70 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,028 shares fell and 910 shares rose. A total of 139 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks fell and rest rose. Dr Reddy's Laboratories (down 1.5%), ITC (down 1.41%) and Wipro (down 1.23%) edged lower from the Sensex pack.
Capital goods stocks extended Monday's robust gains. ABB (up 10.73%), Bharat Earth Movers (up 0.96%), Thermax (up 1.5%), Crompton Greaves (up 1.06%), Bharat Heavy Electricals (up 4.09%) and L&T (up 0.22%) edged higher.
Siemens rose 1.95%, with the stock extending Monday's strong gains triggered by the company announcing at the time of announcement of Q4 and year ended 30 September 2013 (FY 2013) results after trading hours on Friday, 22 November 2013, that the company's order inflow rose 7% to Rs 10957.30 crore in FY 2013 over FY 2012. Siemens' profit after tax fell 43.47% to Rs 194 crore on 12.29% decline in sales to Rs 11145.20 crore in the year ending 30 September 2013 (FY 2013) over the year ending 30 September 2012 (FY 2012).
The company reported a net profit of Rs 149.19 crore for Q4 September 2013 as against net loss of Rs 55.76 crore in Q4 September 2012. Total income declined 3.41% to Rs 3272.24 crore in Q4 September 2013 over Q4 September 2012. The result was announced after market hours on Friday, 22 November 2013.
In Q4 September 2013, Siemens initiated the sale and transfer of its Postal & Parcel Logistics Technologies and Airport Logistics Technologies business (both forming part of the Infrastructure and Cities Sector) to Siemens Postal Parcel & Airport Logistics, a 100% subsidiary of Siemens AG, effective from the close of business on 30 September 2013 for a consideration of Rs 128 crore and a profit of Rs 115 crore. In view of the amalgamations, current quarter figures are not comparable with corresponding quarter figures.
Metal stocks were mixed. Sesa Sterlite (up 1.26%), JSW Steel (up 0.03%), Hindalco Industries (up 1.31%), Hindustan Zinc (up 1.87%), edged higher. Bhushan Steel (down 0.8%), Tata Steel (down 1.61%), Sail (down 0.45), National Aluminum Company (down 0.13%) and Hindustan Copper (down 1.36%) declined.
Auto stocks were mixed. Tata Motors fell 1.3%. Maruti Suzuki India dropped 0.62%. M&M rose 0.26%. Ashok Leyland was flat.
Shares of two-wheeler makers were mixed. Hero MotoCorp rose 0.17%. Bajaj Auto declined 0.17%.
Index heavyweight Reliance Industries rose 0.23% to Rs 853.35. The stock hit a high of Rs 855.40 and low of Rs 847 so far during the day.
In the foreign exchange market, the rupee edged higher against the dollar on board weakness of the dollar. The partially convertible rupee was hovering at 62.4525, compared with its close of 62.50/51 on Monday, 25 November 2013.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Most Asian stocks edged lower in choppy trade on Tuesday, 26 November 2013. Key benchmark indices in China, Indonesia, Singapore, and Japan fell by 0.08% to 1.03%. Key benchmark indices in South Korea, Taiwan and Hong Kong rose 0.11% to 0.74%.
Most Bank of Japan board members agreed that inflation was likely to reach around 2% toward the latter half of the projection period of between the 2013 and 2015 fiscal years, according to minutes of the Oct. 31 meeting released today in Tokyo.
Trading in US index futures indicated that the Dow could advance 19 points at the opening bell on Tuesday, 26 November 2013. US stocks ended mixed on Monday, 25 November 2013, after disappointing report on the housing market. The number of contracts Americans signed to buy previously-owned homes unexpectedly fell in October for a fifth consecutive month amid higher borrowing costs that are denting the real-estate recovery. The gauge of pending home sales decreased 0.6% after a 4.6% drop in September, the National Association of Realtors said in Washington.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Minutes of the Fed's October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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