Key benchmark indices edged higher amid initial volatility. The S&P BSE Sensex was up 68.68 points or 0.35%, off close to 15 points from the day's high and up about 100 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Infosys fell on profit booking after Monday's rally triggered by announcement of the return of founder and former chairman N.R. Narayana Murthy as executive chairman of the company. Wipro rose after the company said it has made an investment in Axeda Corporation, a leading provider of Cloud-based Service and Software for Managing Connected Products and delivering Machine-to-Machine (MM) Applications. Hero MotoCorp (HMCL) gained after the company reported record monthly sales in May 2013.
At 9:25 IST, the S&P BSE Sensex was up 68.68 points or 0.35% to 19.679.16. The index rose 85.91 points at the day's high of 19,696.39 in early trade. The index lost 34.30 points at the day's low of 19,576.18 in early trade.
The CNX Nifty was up 27.60 points or 0.46% to 5,966.90. The index hit a high of 5,967.65 in intraday trade. The index hit a low of 5,932.85 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 622 shares rose and 227 shares fell. A total of 29 shares were unchanged.
Among the 30-share Sensex pack, 24 stocks gained and the rest of them fell. Hindalco Industries, L&T and ONGC rose by 1.09% to 1.67%. TCS, HDFC and Bajaj Auto shed by 0.52% to 0.91%.
Infosys fell 1.51% on profit booking after Monday's 4.42% rally. The stock had surged in volatile trade on Monday, 3 June 2013, after the company on Saturday, 1 June 2013, announced that the board of directors approved have appointed Mr. N R Narayana Murthy as Executive Chairman of the board and Additional Director for a five year period with effect from 1 June 2013.
Wipro rose 0.91% after the company said after market hours on Monday, 3 June 2013, that the company has made an investment in Axeda Corporation, a leading provider of Cloud-based Service and Software for Managing Connected Products and delivering Machine-to-Machine (MM) Applications. With this investment, Wipro and Axeda will accelerate services and end-to-end solutions designed to help organizations connect with any asset, leverage real-time machine data to enhance business processes, and develop new innovative enterprise applications, Wipro said. As a Platinum Partner, Wipro will receive top-priority commitment from Axeda and preferential benefits such as dedicated access to Axeda trained technical resources and premium support and services to drive Machine-to-Machine (M2M) initiatives, Wipro said.
Wipro also said after market hours on Monday, 3 June 2013, that following an approval received from Sebi, Azim Premji Trust, a member of the promoter group, has transferred 6.1 crore shares of the company to Pioneer Independent Trust (Irrevocable Independent Trust) for the purpose of meeting the minimum public shareholding requirement of 25%.
State Bank of India rose 0.07%. The bank said after market hours on Monday, 3 June 2013, that it has been decided to reduce the interest rate on bulk deposits (Rs 1 crore and above) by 25 basis points (bps) for the tenors 7 days to less than 1 year. Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25% per annum with effect from 7 June 2013.
Hero MotoCorp (HMCL) advanced 2.5% after the world's largest two-wheeler manufacturer after market hours on Monday, 3 June 2013, reported record monthly sales in May 2013. Sales rose 0.22% to a record 5.57 lakh units in May 2013 over May 2012. The company also said its retail sales in May 2013 were the highest ever retail sales for any non-festival period. With demand for Hero MotoCorp products among customers at an unprecedented high, the company retailed over 11 lakh two-wheelers for the combined months of April and May -- its highest-ever retail sales for any non-festival period.
HMCL made its debut in Central America in May 2013 by launching brand 'Hero' and its range of two-wheelers in Guatemala, El Salvador and Honduras. Hero MotoCorp has appointed the reputed Indy Motos Group of Guatemala as the authorised distributor of its range of two-wheelers in these countries.
Asian stocks edged lower on Tuesday, 4 June 2013, after data overnight showed an unexpected contraction in US manufacturing activity last month. Key benchmark indices in China, Taiwan, Hong Kong, Indonesia, Singapore and South Korea shed by 0.1% to 1.16%. But, Japan's Nikkei Average rose 0.93%.
A report Monday, 3 June 2013, from HSBC showed activity in China's manufacturing sector contracted in May 2013.
US stocks rallied on Monday as investors gauged the impact of disappointing factory data on potential quantitative-easing moves by the Federal Reserve. The Institute for Supply Management said Monday its business-conditions index last month fell to 49% in its first contraction since November.
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