A bout of volatility was witnessed as key benchmark indices once again pared gains after recovering from lower level in afternoon trade. The S&P BSE Sensex was up 23.68 points or 0.12%, off close to 85 points from the day's high and up about 50 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Capital goods stocks edged lower. Most IT stocks were also in red. Index heavyweight and cigarette maker ITC dropped. Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013.
Key benchmark indices edged higher amid initial volatility. The S&P BSE Sensex and the CNX Nifty, both, hit their highest level in almost two weeks. Volatility ruled the roost as key benchmark indices regained positive zone after reversing initial gains in mid-morning trade. Key benchmark indices retained positive zone in mid-morning trade. Key benchmark indices gave up most of the intraday gains after the latest data showed acceleration in inflation based on the wholesale price index in July 2013. A bout of volatility was witnessed as key benchmark indices once again pared gains after recovering from lower level in afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 227.08 crore on Tuesday, 13 August 2013, as per provisional data from the stock exchanges.
At 13:20 IST, the S&P BSE Sensex was up 23.68 points or 0.12% to 19,253.52. The index jumped 107.19 points at the day's high of 19,337.03 in early afternoon trade, its highest level since 2 August 2013. The index fell 26.21 points at the day's low of 19,203.63 in morning trade.
The CNX Nifty was up 5 points or 0.09% to 5,704.30. The index hit a high of 5,735.85 in intraday trade, its highest level since 2 August 2013. The index hit a low of 5,690.20 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,145 shares gained and 1,015 shares fell. A total of 149 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks gained and rest of them declined. Dr Reddy's Laboratories (down 1.73%), Hindustan Unilever (down 1.13%) and HDFC (down 1.15%), edged lower. Tata Steel (up 4.67%), ONGC (up 3.62%) and GAIL (India) (up 2.9%), edged higher.
Index heavyweight and cigarette maker ITC dropped 0.45%.
Capital goods stocks edged lower. L&T (down 0.4%), Siemens (down 2.62%), and Bhel (down 3.59%) declined.
Most IT stocks edged lower. Infosys declined 0.34% to Rs 3,074. The stock had hit 52-week high of Rs 3,098.40 in intraday trade on Tuesday, 13 August 2013.
Wipro declined 0.17% to Rs 466. The stock reversed direction after hitting a 52-week high of Rs 473.20 in intraday trade today, 14 August 2013.
HCL Technologies dropped 0.72% to Rs 933.50. The stock had hit a record high of Rs 960.75 in intraday trade on 5 August 2013.
IT major TCS rose 1.05% to Rs 1,838. The stock had hit a record high of Rs 1,890.30 in intraday trade on 7 August 2013.
The partially convertible rupee was hovering at 61.35, weaker than its close of 61.19/20 on Tuesday, 13 August 2013. The rupee had record low of 61.80 in intraday deals on 6 August 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Tata Motors extended Tuesday's gains triggered by its British luxury car unit Jaguar Land Rover (JLR) reporting strong sales for July 2013. The stock jumped 7.32% to Rs 312.55. The stock had gained 3.61% on Tuesday. JLR's sales jumped 21% to 31,611 units in July 2013 over July 2012. Sales of the Jaguar brand of vehicles jumped 65% to 6,157 units in July 2013 over July 2012. Land Rover sales rose 14% to 25,454 vehicles in July 2013 over July 2012.
AstraZeneca Pharma India was locked at an upper circuit limit of 20% to Rs 885.75 after the company reported a net profit of Rs 1.76 crore in Q1 June 2013, as gainst net loss of Rs 8.14 crore in Q1 June 2012. Net sales rose 37.11% to Rs 125.13 crore in Q1 June 2013 over Q1 June 2012. The result was announced at the fag end of the trading sessions on Tuesday, 13 August 2013.
The stock market remains closed tomorrow, 15 August 2013, on account of Independence Day.
Inflation based on the wholesale price index (WPI) accelerated to 5.79% in July 2013, from 4.86% in June 2013, data released by government today, 14 August 2013 showed. Fuel and power group mainly contributed to increase in inflation in July 2013.
The WPI inflation has moved past the central bank's comfort zone. The Reserve Bank of India has said it can tolerate inflation up to 5%, but that a faster pace of price increase hurts the economy's long-term growth prospects.
Meanwhile, the government revised downwards inflation for May 2013 to 4.58% from the 4.7% reported earlier.
Most European stocks rose on Wednesday, 14 August 2013, as gross domestic product in Germany and France expanded more than expected in the second quarter. Key benchmark indices in France and Germany were up 0.03% to 0.17%. UK's FTSE 100 fell 0.01%.
The latest data showed that Germany's gross domestic product swelled 0.7% in the second quarter from the preceding period. Germany's statistics office said growth in the second quarter was driven by domestic demand, as both private consumption and public spending increased from the first quarter.
The French economy jumped out of recession in the second quarter, aided by stronger domestic demand and a rebuilding of stocks, official statistics showed Wednesday. The euro zone's second-largest economy expanded 0.5% in the second quarter from the first quarter of this year, statistics bureau Insee said. The expansion in the second quarter follows two consecutive quarters of contraction--the common definition of a recession.
Asian stocks were mostly higher on Wednesday, 14 August 2013, following positive cues from Wall Street overnight. Key benchmark indices in China, Japan, Indonesia, Singapore and South Korea were up by 0.16% to 1.32%. Key benchmark indices in China and Taiwan were down by 0.29% to 0.44%.
Trading in Hong Kong was canceled because of a storm.
Trading in US index futures indicated that the Dow could fall 13 points at the opening bell on Wednesday, 14 August 2013. US stocks rose on Tuesday, 13 August 2013, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
A report released by the Commerce Department showed retail sales rose 0.2% in July after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
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