A bout of volatility was seen in early trade as key benchmark indices cut losses after a lower start on negative Asian stocks. The S&P BSE Sensex was down 34.66 points or 0.17%, up 13.90 points from the day's low and off 59.86 points from the day's high. The market breadth, indicating the overall health of the market, was strong.
Tata Motors fell after the Tata Motors group, including Jaguar Land Rover, reported fall in global wholesales in November 2013 over in November 2012. State-owned Coal India rose on reports the company has called a board meeting today, 16 December 2013 to consider declaring a special dividend. GlaxoSmithkline Pharmaceuticals hit record high after parent firm announced a voluntary open offer to increase its stake in the company from 50.7% to up to 75% at a price of Rs 3100 per share.
Foreign institutional investors (FIIs) sold shares worth a net Rs 432.02 crore on Friday, 13 December 2013, as per provisional data from the stock exchanges.
At 9:25 IST, the S&P BSE Sensex was down 34.66 points or 0.17% to 20,680.92. The index fell 48.56 points at the day's low of 20,667.02 in early trade. The index rose 25.20 points at the day's high of 20,740.78 in early trade.
The CNX Nifty was down 9.50 points or 0.15% to 6,158.90. The index hit a high of 6,175.65 in intraday trade. The index hit a low of 6,152.90 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 454 shares gained and 298 shares fell. A total of 37 shares were unchanged.
The total turnover on BSE amounted to Rs 109 crore by 09:25 IST.
Among the 30-share Sensex pack, 19 stocks declined and rest of them gained.
Jindal Steel & Power (down 1.14%), HDFC Bank (down 0.98%) and Bhel (down 0.94%) edged lower from the Sensex pack.
TCS (up 0.85%), ICICI Bank (up 0.57%) and ONGC (up 0.53%) edged higher from the Sensex pack.
Tata Motors fell 0.35%. Tata Motors group global wholesales, including Jaguar Land Rover, fell 19.91% to 81,957 units in November 2013 over in November 2012. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range declined 36.54% to 31,254 units in November 2013 over in November 2012.
Global wholesales of all passenger vehicles slipped 4.49% to 50,703 units in November 2013 over in November 2012. Global wholesales of Tata Motors' passenger vehicles dropped 41.71% to 10,747 units in November 2013 over in November 2012.
Global wholesales for Jaguar Land Rover rose 15.31% to 39,956 vehicles in November 2013 over November 2012. Jaguar wholesales rose 7.87% to 6,753 vehicles, while Land Rover wholesales rose 16.95% to 33,203 vehicles in November 2013 over November 2012.
State-owned Coal India rose 1.22%. The company has reportedly called a board meeting today, 16 December 2013 to consider declaring a special dividend. The government holds 90% stake in Coal India (as per shareholding pattern as on 30 September 2013).
United Breweries rose 0.55%. The company after market hours on Friday, 13 December 2013 said in a clarification with regard to a media news item titled "Heineken International buys United Breweries Ltd shares for Rs 275 crore". The company said that it does not have any official communication/intimation from the promoter companies as of now and hence unable to comment at this stage. It further added that as and when the company receives official communication in this regard, it would intimate the exchange accordingly about the details.
GlaxoSmithkline Pharmaceuticals jumped 18.7% to Rs 2,930 after striking a record high of Rs 2,952 in intraday trade. GlaxoSmithkline Pharmaceuticals' parent firm GlaxoSmithKline plc before market hours today, 16 December 2013 announced a voluntary open offer to increase its stake in the company from 50.7% to up to 75% at a price of Rs 3100 per share.
The government will unveil data on inflation based on the wholesale price index (WPI) for November 2013 today, 16 December 2013. WPI is seen easing a bit at 6.9% in November 2013, from 7% in October 2013, as per the median estimate of a poll of economists carried out by Capital Market.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on Wednesday, 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled on 28 January 2014.
The Central Board of Direct Taxes (CBDT) on Friday, 13 December 2013 extended the time limit for payment of the December instalment of Advance Tax by two days from 15 December 2013 to 17 December 2013. This was done in view of the fact that 15 December 2013 was a Sunday. Tax payers can now pay their advance tax instalment by 17th December 2013, without entailing any consequential interest for deferment.
The December instalment of Advance Tax is required to be paid on or before 15th December 2013 by tax payers who are liable to pay Advance Tax. These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law.
Asian shares were trading lower ahead of the crucial US Federal Reserve meet. Key benchmark indices in South Korea, Taiwan, Hong Kong, China, Singapore, Japan and Indonesia fell by 0.27% to 1.43%.
Growth in China's manufacturing-sector activity is slowing to three-month low, initial results from HSBC's monthly survey showed today, 16 December 2013. The "flash" version of the December HSBC/Markit China manufacturing Purchasing Managers' Index eased to 50.5, down from November's final reading of 50.8. Still, the headline number remained above the 50 level, indicating growth.
The Bank of Japan (BoJ), which buys more than 7 trillion yen ($67.6 billion) of Japanese Government Bonds (JGBs) every month in its bid to stoke inflation, holds a two-day monetary policy meeting on 19 and 20 December 2013.
US stocks closed flat to slightly higher on Friday after a choppy session as investors looked toward a Federal Reserve meeting that could start the curtailment of the Fed's equities-boosting stimulus program.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States which begins tomorrow, 17 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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