Key benchmark indices trimmed gains to hit fresh intraday low in morning trade as the rupee hit record low against the dollar. The S&P BSE Sensex was up 49.55 points or 0.26%, off close to 105 points from the day's high and up about 20 points from the day's low. The market breadth, indicating the overall health of the market, was strong. Some pharma stocks edged lower. IT stocks rose as rupee hit record low against the dollar. NMDC rose after the company signed a Memorandum of Understanding for mineral projects in Zimbabwe. Bharti Airtel reversed initial losses. Shares of private sector banks reversed initial gains.
The market pared gains after a firm opening. After regaining strength, the market once again trimmed gains to hit fresh intraday low in morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crore on Friday, 7 June 2013, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was up 49.55 points or 0.26% to 19,478.78. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index gained 30.90 points at the day's low of 19,460.13 in morning trade.
The CNX Nifty was up 12.35 points or 0.21% to 5,893.35. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,890.35 in intraday trade.
The market breadth, indicating the overall health of the market, was strong. On BSE, 787 shares rose and 487 shares fell. A total of 72 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks rose and rest of them fell. Bajaj Auto, M&M and Hero MotoCorp rose by 1% to 1.19%.
Bharti Airtel fell 0.1%, with the stock reversing initial losses.
NMDC rose 0.69% after the company after market hours on Friday, 7 June 2013, said it has signed a Memorandum of Understanding with MOSI OA TUNYA DEVELOPMENT COMPANY of Zimbabwe under the administrative control of Ministry of Tourism and Hospitality Industry, Government of Zimbabwe. NMDC plans to develop mineral assets overseas to secure raw materials for the steel industry. The designated organization of the Ministry of Tourism and Hospitality Industry, Government of Zimbabwe has invited NMDC as a strategic partner to invest in the exploration and development of the iron ore, coal, gold and chrome tenements. This MoU will provide exclusivity to NMDC for participation in mineral projects at Zimbabwe, NMDC said in a statement.
IT stocks rose after the rupee hit record low against the dollar on broad gains in dollar after disappointing data from China and slightly better-than-expected US jobs data. Infosys, HCL Technologies, TCS and Wipro gained by 1.05% to 2.04%.
The partially convertible rupee was trading at 57.44 a dollar after hitting record low of 57.54 versus Friday's close of 57.06/07. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Some pharma stocks edged lower. Cipla, Dr Reddy's Laboratories, and Sun Pharmaceutical Industries dropped by 0.01% to 1.86%.
Torrent Pharmaceuticals lost 0.76% as the stock turned ex-dividend today, 10 June 2013, for total dividend of Rs 17 per share for the year ended 31 March 2013.
Fortis Healthcare rose 1.66% after the company said it has allotted 550 foreign currency convertible bonds of $100,000 each aggregating to $55 million to International Finance Corporation on preferential basis, at an issue price of $100,000 per FCCB. With the allotment of the FCCBs, IFC has made a total investment of $100 million in Fortis Healthcare by way of participation in the recently concluded IPP, preferential allotment of equity and the allotment of FCCBs, Fortis Healthcare said in a statement.
VA Tech Wabag rose 1.79% after the company won an order worth Rs 114.85 crore from Chennai Metropolitan Water Supply and Sewage Board. The order comprises of construction of pumping stations and pipeline works for providing comprehensive water supply and sewerage scheme for the residents of Sholinganallur- Karapakkam on the Old Mahabalipuram Road (OMR) in Chennai city under Chennai Mega City Development Mission project. The completion of the project is scheduled for 24 months for water supply scheme and 30 months for sewerage scheme.
Shares of private banks reversed initial gains. ICICI Bank and HDFC Bank shed by 0.08% to 0.3%.
On political front, Narendra Modi was selected on Sunday to head BJP's campaign for 2014 Lok Sabha polls. Modi's appointment as the Chairman of BJP's Election Campaign Committee for 2014 Lok Sabha polls could make him the party's candidate for Prime Minister.
Most Asian stocks edged higher on Monday after a report showed the US added more workers than expected last month. Key benchmark indices in Hong Kong, Singapore, Taiwan and South Korea rose by 0.47% to 0.88%. Indonesia's Jakarta Composite fell 1.27%.
Mainland Chinese markets are closed from today, 10 June 2013 till Wednesday, 12 June 2013, for the Dragon Boat Festival.
Japan's Nikkei Average surged 3.8%. Japan's economy grew more than the government initially estimated in the first quarter, helping Prime Minister Shinzo Abe to sustain confidence in his campaign to defeat deflation. Gross domestic product expanded an annualized 4.1%, compared with a preliminary calculation of 3.5%, the Cabinet Office said in Tokyo today.
Japan's current account surplus doubled in April from a year earlier, and bank lending posted its biggest annual rise in over three years, in a fresh sign the government's aggressive policies to stimulate growth are paying early dividends.
China's trade, inflation and lending data for May announced over the weekend all trailed estimates, signaling weaker global and domestic demand. Industrial production rose a less-than-forecast 9.2% from a year earlier and factory-gate prices fell for a 15th month. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth slowed and new yuan loans declined.
Trading in US index futures indicated that the Dow could gain 18 points at the opening bell on Monday, 10 June 2013. US stocks rose on Friday after May job data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future. The Labor Department's data showed job gains of 175,000 in May, slightly above the economists' forecast, while the US unemployment rate increased to 7.6% last month from 7.5% in April.
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