Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. The barometer index, the S&P BSE Sensex was up 22.29 points or 0.11%, up about 65 points from the day's low and off close to 15 points from the day's high.
Most metal and mining stocks rose. Asian Paints hit record high. Bank of Baroda shrugged off weak Q2 result. Index heavyweight and cigarette maker ITC edged higher in choppy trade.
A bout of initial volatility was witnessed as key benchmark indices alternately swung between positive and negative zone. The Sensex regained the psychological 21,000 mark, after falling below that level in initial trade. Intraday volatility continued as key benchmark alternately moved between positive and negative zone in morning trade. The Sensex trimmed gains after hitting fresh intraday high in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade.
The market may remain volatile today, 31 October 2013, as traders roll over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The near month October 2013 derivatives contract expire today, 31 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1016.77 crore on Wednesday, 30 October 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 22.29 points or 0.11% to 21,056.26. The index rose 37.13 points at the day's high of 21,071.10 in mid-morning trade. The index fell 41.99 points at the day's low of 20,991.98 in early trade.
The CNX Nifty was up 2.75 points or 0.04% at 6,254.45. The index hit a low of 6,235.90 in intraday trade. The index hit a high of 6,260.60 in intraday trade.
The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On BSE, 1,051 shares declined and 1,047 shares rose. A total of 182 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks rose and rest of them fell. Bharti Airtel (up 1.62%), Wipro (up 1.88%) and Reliance Industries (up 1.1%), gained.
Asian Paints rose 2.14% to Rs 539.20 after hitting record high of Rs 540 in intraday trade.
Most metal and mining stocks rose. JSW Steel (up 0.6%), Hindalco Industries (up 0.49%), NMDC (up 1.85%), Tata Steel (up 0.64%), Hindustan Zinc (up 0.11%) and Jindal Steel & Power (up 0.08%), gained.
Sesa Sterlite rose 1.03% ahead of its Q2 results today, 31 October 2013.
Bank of Baroda rose 0.85%, with the stock shrugging off weak Q2 result. The bank's net profit declined 10.24% to Rs 1168.10 crore on 9.38% increase in total income to Rs 10447.31 crore in Q2 September 2013 over Q2 September 2012. The bank announced the result during market hours.
Bank of Baroda (BoB)'s ratio of gross non-performing assets (NPAs) to gross advances increased to 3.15% as on 30 September 2013, from 2.99% as on 30 June 2013 and 1.98% as on 30 September 2012. The ratio of net NPAs to net advances increased to 1.86% as on 30 September 2013 from 1.69% as on 30 June 2013 and 0.82% as on 30 September 2012.
BoB's provisions and contingencies jumped 33.17% to Rs 860.83 crore in Q2 September 2013 over Q2 September 2012. Provision coverage ratio stood at 61.68% as on 30 September 2013.
BoB's deposits grew 18.81% to Rs 484931 crore as on 30 September 2013 from Rs 408149.50 crore as on 30 September 2012. Advances rose 16.31% to Rs 339855.30 crore as on 30 September 2013 from Rs 292180.90 crore as on 30 September 2012.
The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 12.32% as on 30 September 2013 as against 12.7% as on 30 June 2013 and 12.91% as on 30 September 2012. CAR as per Basel III norms stood at 12.07% as on 30 September 2013.
Index heavyweight and cigarette maker ITC gained 0.18% to Rs 323.65, with the stock reversing intraday losses. The stock hit high of Rs 334.40 and low of Rs 330.50 so far during the day.
Excel Crop Care was locked at 5% upper circuit at Rs 307.75 on BSE on strong Q2 result. The company's net profit jumped 206.19% to Rs 23.24 crore on 29.67% growth in total income from operations to Rs 272.80 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Excel Crop Care said that the Competition Appellate Tribunal has pronounced an Order on the company's appeal challenging the penalty of Rs 63.90 crore imposed by the Competition Commission of India on it. The Tribunal has reduced the amount of the penalty to Rs 2.91 crore, Excel Crop Care said.
Excel Crop Care's board of directors at a meeting held on Wednesday, 30 October 2013, approved a scheme of arrangement between TML Industries (demerged company or TML) and Excel Crop Care (resulting company or ECCL) and their respective shareholders and creditors (scheme). The business rationale for the scheme is based on integration of the business of Chlorpyriphos (CPP). After withdrawal of Endosulfan from the domestic market in 2011, the company has been focusing on various other insecticides to regain its market presence. CPP is the largest selling organo phosphorous insecticide globally. CPP has emerged as one of the major insecticide products for the company and has partly captured Endosulfan share in the domestic market, Excel Crop Care said.
In the foreign exchange market, the rupee edged lower against the dollar, hurt by broad gains in the dollar. The partially convertible rupee was hovering at 61.395, compared with its close of 61.235/245 on Wednesday, 30 October 2013. The dollar rose against a basket of six major currencies after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast.
Asian stocks fell on Thursday, 31 October 2013, after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, Singapore, and South Korea shed 0.18% to 1.74%.
The Bank of Japan stuck with its campaign of unprecedented monetary easing as Prime Minister Shinzo Abe seeks to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda's board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year, in a decision released in Tokyo today.
Trading in US index futures indicated that the Dow could fall 36 points at the opening bell on Thursday, 31 October 2013. US stocks fell on Wednesday, 30 October 2013, as investors assessed a Federal Reserve statement that largely matched forecasts, but also had some Fed watchers saying a policy change could come sooner than expected.
The Federal Reserve decided to press on with $85 billion in monthly bond purchases, saying it needs to see more evidence that the economy will continue to improve. "The recovery in the housing sector slowed somewhat in recent months," the Federal Open Market Committee (FDTR) said Wednesday at the end of a two-day meeting in Washington. "Fiscal policy is restraining economic growth. Taking into account the extent of federal fiscal retrenchment over the past year, the committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy," the committee said. The Fed repeated that it will "await more evidence that progress will be sustained before adjusting the pace of its purchases." The Fed's purchases will remain divided between $40 billion a month of mortgage bonds and $45 billion in Treasury securities.
US private-sector employers hired the fewest workers in six months in October while tepid domestic demand kept inflation benign last month, suggesting the economy was still in need of stimulus from the Federal Reserve. Employers in the private sector added 130,000 new jobs to their payrolls this month, the ADP National Employment Report showed on Wednesday. That was the lowest reading since April.
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