Key benchmark indices trimmed losses after hitting fresh intraday low in morning trade. Weak Asian stocks dampened sentiment. The S&P BSE Sensex and the 50-unit CNX Nifty, both, trimmed losses after hitting lowest level in more than 5 weeks. The Sensex was down 132.04 points or 0.67%, off close to 70 points from the day's high and up about 40 points from the day's low. The market breadth, indicating the overall health of the market, was weak.
Shares of jewellery makers fell government on Wednesday raised the import duty on gold to 8% from 6% in a bid to rein in import of the yellow metal. IT stocks were mixed after a rupee fell to 57 a dollar today, 6 June 2013. L&T extended Wednesday's gains triggered by winning large engineering, procurement and construction (EPC) project from the Saudi Arabian Oil Company. Bharti Airtel extended initial losses.
The market edged lower in early trade. It trimmed losses after hitting fresh intraday low in morning trade.
At 10:20 IST, the S&P BSE Sensex was down 132.04 points or 0.67% to 19,436.18. The index lost 172.90 points at the day's low of 19,395.32 in morning trade, its lowest level since 30 April 2013. The index fell 64.48 points at the day's high of 19,503.74 in opening trade.
The CNX Nifty was down 36.15 points or 0.61% to 5,887.70. The index hit a low of 5,869.50 in intraday trade, its lowest level since 30 April 2013. The index hit a high of 5,895.70 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 770 shares fell and 446 shares fell. A total of 83 shares were unchanged.
Among the 30-share Sensex pack, 25 stocks fell and only 2 of them rose. Hindalco Industries, Hero MotoCorp and NTPC shed by 1.2% to 1.71%.
Bharti Airtel fell 2.05%, with the stock extending initial losses.
L&T rose 0.7%, with the stock extending Wednesday's gains triggered by the company during market hours on Wednesday, 5 June 2013 said that a joint venture company viz. Larsen Toubro Arabia LLC, has achieved a major breakthrough in the kingdom of Saudi Arabia by securing a large engineering, procurement and construction (EPC) project from the Saudi Arabian Oil Company (Saudi Aramco). The project is scheduled to be completed in 37 months.
IT stocks were mixed after a rupee fell to 57 a dollar today, 6 June 2013, its lowest since 28 June 2012, versus its previous close of 56.7250/7350. Wipro rose 0.92%. HCL Technologies and Infosys shed by 0.24% to 1.47%. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
IT major TCS rose 0.55%, with the stock reversing initial losses. The stock turned ex-dividend today, 6 June 2013, for the dividend of Rs 13 for the financial year ended 31 March 2013.
Shares of jewellery makers fell government on Wednesday raised the import duty on gold to 8% from 6% in a bid to rein in import of the yellow metal and help curb a yawning current account deficit. Titan Industries and Rajesh Exports shed by 1.06% to 1.15%.
The increase was announced a day after the RBI acted to force domestic jewellers to buy only on a cash basis. This is the second time that the government has raised the import duty on the yellow metal in a desperate attempt to curb imports. In January, the government had raised the duty to 6% from 4%.
Allahabad Bank tumbled 3.85% as the stock turned ex-dividend today, 6 June 2013, for dividend of Rs 6 per share for the year ended March 2013.
Asian stocks fell on Thursday after US jobs and factory data missed estimates and investors speculated whether the Federal Reserve will scale back bond purchases. Key benchmark indices in Hong Kong, China, Japan, Singapore and Taiwan shed by 0.07% to 1.15%. South Korea's market was closed for a public holiday.
Trading in US index futures indicated that the Dow could gain 22 points at the opening bell on Thursday, 6 June 2013. US stocks declined on Wednesday, extending losses into a second day, as data finds US private-sector job growth and productivity below expectations.
A report from ADP Research Institute showed companies in the US hired fewer workers than projected in May amid federal budget cuts and higher taxes. Separate data from the Commerce Department showed factory orders in April fell short of estimates. The Fed's Beige Book showed the US economy expanded at a "modest to moderate" pace in 11 of 12 central-bank districts, with broad-based gains ranging from business services to construction and manufacturing. The survey is based on data collected by Fed regional banks on or before May 24.
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