Key benchmark indices trimmed gains after hitting fresh intraday high in mid-afternoon trade. The S&P BSE Sensex, up 29.87 points from the day's low and off 128.28 points from the day's high. Index heavyweight and cigarette major ITC edged lower. Another index heavyweight Reliance Industries (RIL) edged higher in choppy trade. The market breadth, indicating the overall health of the market, was negative. Bank pivotals were mostly lower. But, ICICI Bank hit 52-week high.
The market hovered between gains and losses in early trade. It slipped into the red from positive terrain in morning trade. It hit fresh intraday low in mid-morning trade. It trimmed losses in early afternoon trade. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty pared gains after hitting their lowest level in nearly a week. Key benchmark indices trimmed losses after falling to fresh intraday low in afternoon trade. It trimmed gains after hitting fresh intraday high in mid-afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 753.37 crore on Monday, 18 May 2013, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 32.94 points or 0.18% to 20,261.12. The index rose 84.06 points at the day's high of 20,308.05 in mid-afternoon trade. The index fell 93.37 points at the day's low of 20,130.61 in afternoon trade, its lowest level since 15 May 2013.
The CNX Nifty was up 5.15 points or 0.08% to 6,162.05. The index hit a high of 6,180.25 in intraday trade. The index hit a low of 6,119.70 in intraday trade, its lowest level since 15 May 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,220 shares fell and 938 shares rose. A total of 138 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks fell and the rest of them rose. NTPC, Tata Motors and Maruti Suzuki India shed by 1.89% to 2.8%. Coal India, Bhel and Infosys rose by 1.44% to 2.31%.
Index heavyweight Reliance Industries (RIL) rose 0.75% to Rs 837.10. The stock hit high of Rs 839.50 and low of Rs 825.35 so far during the day.
Index heavyweight and cigarette major ITC declined 0.27% to Rs 333.75. The stock hit high of Rs 335.20 and low of Rs 329 so far during the day. The stock had hit record high of Rs 355 in intraday trade on 11 May 2013. The company's net profit rose 19.43% to Rs 1927.98 crore on 19.12% growth in total income to Rs 8511.38 crore in Q4 March 2013 over Q4 March 2012. The result was announced on 17 May 2013. ITC's net profit rose 20.38% to Rs 7418.39 crore on 18.74% growth in total income to Rs 30839.97 crore in the year ended March 2013 over the year ended March 2012.
On a consolidated basis, ITC's net profit rose 21.57% to Rs 7608.07 crore on 19.02% growth in total income to Rs 32505.14 crore in the year ended March 2013 over the year ended March 2012.
ITC's board of directors at its meeting held on Friday, 17 May 2013, recommended a dividend of Rs 5.25 per share for the financial year ended 31 March 2013.
Bank pivotals were mostly lower. HDFC Bank declined 0.08% to Rs 714. The stock had hit a record high of Rs 724 hit in intraday trade on 20 May 2013.
Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI), fell 0.38%.
ICICI Bank rose 2.02% to Rs 1,233.05. The stock hit 52-week high of Rs 1,234 in intraday trade today, 21 May 2013. The bank after trading hours on 16 May 2013, said it has received an aggregate equity capital repatriation of Canadian dollar 75 million from ICICI Bank Canada, its wholly owned banking subsidiary in Canada. Post the repatriation, the share capital of ICICI Bank Canada is Canadian dollar 857 million and its capital adequacy ratio continues to be strong, ICICI Bank said in a statement.
ICICI Bank said it already has a strong capital adequacy ratio, and the return of capital by the subsidiary will enhance the bank's ability to optimise capital deployment and return on equity. .
As per the Q4 results calendar, L&T unveils Q4 results tomorrow, 22 May 2013. Tata Steel, State Bank of India and Bharat Heavy Electricals (Bhel) unveil Q4 results on Thursday, 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013. Sun Pharma, Power Grid Corporation of India, DLF, GAIL (India) and Hindalco Industries unveil Q4 results on 28 May 2013. Tata Motors, ONGC, NMDC and BPCL unveil Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Global credit rating agency Standard & Poor's (S&P) on Friday, 17 May 2013, affirmed India's sovereign rating at BBB-minus with a negative outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months. S&P said the government's ability to prop up investment growth remains uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.
The monsoon rains may arrive on the southern coast around 3 June 2013, the weather office forecast on 15 May 2013. The rains, which run from June to September, are vital for the 55% of farmland without irrigation in India, one of the world's largest producers and consumers of food. The India Meteorological Department (IMD) has predicted normal rains this year.
The Reserve Bank of India (RBI) undertakes mid-quarter review of the monetary policy on 17 June 2013. RBI Governor D Subbarao on 14 May 2013 said that the central bank will take note of falling inflation when discussing potential interest rate cuts. The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said at that time that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
European stock markets nudged lower on Tuesday, taking a breather after climbing to multiyear highs in the prior day's session. Key benchmark indices in France and Germany were down by 0.08% to 0.35%. UK's FTSE 100 rose 0.15%.
Most Asian stocks fell on Tuesday from a five-year high as investors weighed the pace of Federal Reserve stimulus efforts. Key benchmark indices in Indonesia, Hong Kong, Singapore and South Korea fell by 0.07% to 0.84%. Key benchmark indices in China, Japan and Taiwan rose by 0.07% to 0.22%.
Japan's Economy Minister Akira Amari said in Tokyo today that the overly strong yen is in the process of being corrected and he hopes the exchange rate settles at a level suited to the nation's economic fundamentals.
Trading in US index futures indicated that the Dow could gain 10 points at the opening bell on Tuesday, 21 May 2013. US stocks took a breather from their recent rally Monday, as declines in some of the year's best-performing sectors weighed on benchmarks.
Chicago Federal Reserve President Charles Evans said yesterday the U.S. economy is "improving quite a lot." Investors are looking ahead to Wednesday, 22 May 2013, when Federal Reserve Chairman Ben Bernanke will testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting.
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