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Lupin scales record high

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Key benchmark indices continued to hover in negative terrain in afternoon trade as European stocks edged lower in early trade there. The S&P BSE Sensex was down 25.61 points or 0.13%, off close to 35 points from the day's high and up about 55 points from the day's low. The market breadth, indicating the overall health of the market, once again turned positive from negative. In pharma pack, Lupin scaled record high. Shares of power generation and power distribution companies edged lower. Bhel extended intraday gains.

Key benchmark indices edged lower amid initial volatility as most Asian stocks were in red. The market moved in a narrow range in morning trade. A bout of volatility was witnessed as key benchmark indices cut losses after sliding to fresh intraday low in mid-morning trade. Key benchmark indices hovered in red amid lackluster trade during early afternoon. The Sensex continued to hover in negative terrain in afternoon trade.

 

At 13:20 IST, the S&P BSE Sensex was down 25.61 points or 0.13% to 19,551.78. The index rose 11.75 points at the day's high of 19,589.14 in morning trade. The index lost 78.18 points at the day's low of 19,499.21 in mid-morning trade.

The CNX Nifty was down 9.50 points or 0.18% to 5,889.35. The index hit a high of 5,898.80 in intraday trade. The index hit a low of 5,869.35 in intraday trade.

The market breadth, indicating the overall health of the market, once again turned positive from negative. Earlier, the breadth had turned negative from positive in mid-morning trade. On BSE, 1,081 shares advanced and 1,051 shares declined. A total of 146 shares were unchanged.

Among the 30-share Sensex pack, 19 stocks declined and rest of them gained. Jindal Steel & Power (down 1.75%), Coal India (down 1.4%) and ONGC (down 1.34%), edged lower. Sterlite Industries (up 2.65%), GAIL (India) (up 2.52%) and Bharti Airtel (up 2.45%), edged higher.

Bhel rose 3.13%, with the stock extending intraday gains.

Tech Mahindra declined 4.87%. Mahindra Satyam fell 5.69%. Mahindra Satyam announced its formal amalgamation with Tech Mahindra on 25 June 2013. The board of directors of Tech Mahindra at its meeting held on 25 June 2013 fixed 5 July 2013 as the record date for determining the shareholders of Mahindra Satyam who would be entitled to receive shares of Tech Mahindra as per the amalgamation scheme. The swap ratio for merger has been fixed at two shares of Tech Mahindra for every 17 shares held in Mahindra Satyam.

Tech Mahindra acquired erstwhile fraud-hit Satyam Computer at an auction overseen by government-appointed directors in April 2009. Satyam Computer was later renamed Mahindra Satyam.

Shares of power generation and power distribution companies edged lower. Torrent Power, GVK Power & Infrastructure, NTPC, Adani Power, Reliance Infrastructure and Reliance Power shed by 0.12% to 1.84%.

Tata Power Company (TPC) slipped 1.47%. Credit rating agency Moody's Investors Service has reportedly downgraded the outlook on TPC to negative from stable. The negative outlook reflects renewed uncertainties related to the material covenant breaches on bank debt associated with TPC's Gujarat-based Mundra Ultra Mega Power Project which is being executed under its fully owned subsidiary, Coastal Gujarat Power or CGPL, said Ray Tay, a Moody's Associate Vice President and Analyst.

Lupin rose 4.2% to Rs 809.45. The stock hit record high of Rs 811.80 in intraday trade today, 2 July 2013.

Jaypee Infratech (up 10%), Bombay Dyeing & Manufacturing Company (up 6.11%), Crompton Greaves (up 4.68%), Tata Teleservices Maharashtra (up 4.68%) and Amara Raja Batteries (up 4.18%), were the biggest gainers from the BSE Mid-Cap index.

Den Networks (down 4.68%), IFCI (down 3.51%), Jubilant Life Sciences (down 3.43%) and GMDC (down 3.31%), were the biggest losers from the BSE Mid-Cap index.

European stocks retreated on Tuesday as investors awaited reports on UK construction activity and US factory orders. Key benchmark indices in France, Germany and UK fell by 0.16% to 0.47%.

Asian stocks were mostly lower on Tuesday, 2 July 2013, as anemic manufacturing data from China raised growth fears. Key benchmark indices in Hong Kong, Indonesia, Taiwan and South Korea were down 0.04% to 0.77%. Key benchmark indices in China, Singapore and Japan were up 0.57% to 1.78%.

The Reserve Bank of Australia (RBA) held interest rates steady at a record-low 2.75% Tuesday. The RBA last cut the cash rate on May 7 by a quarter-percentage point, while having kept the rate steady at the last meeting on June 4.

Trading in US index futures indicated that the Dow could gain 50 points at the opening bell on Tuesday, 2 July 2013. US stocks edged higher on Monday, 1 July 2013, after the Institute for Supply Management reported an increase in its US manufacturing index. The Institute for Supply Management reported its manufacturing index in the United States rose to 50.9% in June from 49% in May. Readings over 50% indicate expansion.

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First Published: Jul 02 2013 | 1:20 PM IST

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