Key benchmark indices hovered in green in afternoon trade as European markets edged higher in early trade and as trading in US index futures indicating a recovery in US stocks at open on Friday, 21 June 2013. The S&P BSE Sensex, was up 76.12 points or 0.41%, up 180.27 points from the day's low and off 25.40 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Jindal Steel & Power (JSPL) tumbled on high volume. Reliance Industries, ONGC and Oil India retained positive zone after the Cabinet Committee on Economic Affairs (CCEA) today, 21 June 2013, deferred a decision on a proposal to hike natural gas prices. GAIL (India) recovered after hitting 52-week low. FMCG stocks were mixed.
The market edged lower in early trade on weak Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed losses soon after hitting their lowest level in over 9 weeks in early trade. The Sensex moved into the positive terrain to hit fresh intraday high in mid-morning trade. The Sensex hit fresh intraday high in early afternoon trade. The market retained positive zone in afternoon trade.
Foreign institutional investors (FIIs) sold shares worth a net Rs 2094.06 crore on Thursday, 20 June 2013, as per provisional data from the stock exchanges.
The rupee recovered against the dollar in choppy trade. The rupee was currently trading at 59.27, up from its 59.57/58 close on Thursday, 20 June 2013. The rupee had hit record low of 59.9850 on Thursday.
At 13:24 IST, the S&P BSE Sensex was up 76.12 points or 0.41% to 18,795.41. The index rose 101.52 points at the day's high of 18,820.81 in afternoon trade. The index declined 104.15 points at the day's low of 18,615.14 in early trade, its lowest level since 16 April 2013.
The CNX Nifty was up 18.45 points or 0.33% to 5,674.35. The index hit a high of 5,686.15 in intraday trade. The index hit a low of 5,616.85 in intraday trade, its lowest level since 16 April 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,130 shares rose and 1,059 shares rose. A total of 139 shares were unchanged.
The total turnover on BSE amounted to Rs 1195 crore by 13:25 IST.
Among the 30-share Sensex pack, 21 stocks rose and rest of them fell. Tata Power Company (up 2.16%), NTPC (up 1.71%) and Hero MotoCorp (up 1.55%) edged higher from the Sensex pack. Bajaj Auto (down 3.12%), Hindalco Industries (down 2.15%) and Sun Pharmaceutical Industries (down 1.73%) edged lower from the Sensex pack.
Jindal Steel & Power (JSPL) tumbled 7.47% to Rs 205.55, with the stock extending intraday fall. The stock hit a high of Rs 220.20 and low of Rs 202.25 so far during the day. The stock dropped on high volume. On BSE, 17.23 lakh shares were traded in the counter as against average daily volume of 4.04 lakh shares in the past one quarter.
Reliance Industries (up 0.6%), ONGC (up 1.78%) and Oil India (up 0.77%) edged higher. The Cabinet Committee on Economic Affairs (CCEA) today, 21 June 2013, deferred a decision on a proposal to hike natural gas prices by a steep 60%.
Oil Minister M Veerappa Moily who is away on an official tour had proposed to raise gas prices to $6.775 million British thermal unit (mbtu) from current $4.2 mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
GAIL (India) rose 1.2% to Rs 294.75, with the stock reversing direction after striking 52-week low of Rs 290 in intraday trade today, 21 June 2013.
FMCG stocks were mixed. Colgate-Palmolive (India) (up 0.1%), Dabur India (up 1.68%) and Godrej Consumer Products (up 4.27%) gained. ITC (down 1.29%), GlaxoSmithkline Consumer Healthcare (down 2.6%), Marico (down 1.3%), Nestle India (down 0.09%) and Tata Global Beverages (down 0.6%) declined.
Hindustan Unilever shed 0.4% to Rs 590.75. The Anglo-Dutch consumer goods major Unilever's open offer to raise its stake in Indian unit opened for subscription today, 21 June 2013. Unilever will buyback shares from minority shareholders at Rs 600 per share to hike its stake in Hindustan Unilever from 52.48% to up to 75%. The open offer closes on 4 July 2013.
IndusInd Bank (up 3.72%), Zee Entertainment Enterprises (up 3.36%), Aurobindo Pharma (up 3.32%), Jain Irrigation Systems (up 3.18%) and Essar Oil (up 2.43%) were among the top gainers from BSE's 'A' group.
European stock markets opened higher on Friday, 21 June 2013, after posting severe losses the prior day in reaction to the US Federal Reserve's announcement that it may begin to taper asset purchases later this year. Key benchmark indices in UK, France and Germany were up 0.31% to 0.59%.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after the US Federal Reserve signaled it may soon downsize bond purchases under its quantitative-easing program. Key benchmark indices in Indonesia, Singapore, Taiwan and South Korea were off 0.21% to 1.5%.
Mainland Chinese and Hong Kong shares pared their sharp initial declines as a sharp fall in Shanghai interbank rates from Thursday's record highs aided banks. The Shanghai Composite dropped 0.52% and Hong Kong's Hang Seng Index lost 0.73%. Both benchmarks had dropped more than 2% earlier in the day.
Japanese shares staged a strong intraday rebound as the yen weakened against the dollar. The Nikkei 225 Average rose 1.66%, after sinking more than 2% during the morning session.
Trading in US index futures indicated that the Dow could gain 83 points at the opening bell on Friday, 21 June 2013. US stocks tumbled on Thursday hit by fear that the Federal Reserve will scale back its bond buying later this year.
Federal Reserve Chairman Ben Bernanke said on June 19 the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth.
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