Key benchmark indices further pared intraday losses to hit fresh intraday high in early afternoon trade. The S&P BSE Sensex was down 56.44 points or 0.26%, off close to 5 points from the day's high and up about 115 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Weakness in Asian stocks and rupee weighted on sentiment. The rupee trimmed losses after hitting near one-year low of 57 against the dollar. The rupee was currently hovering at 56.8850 per dollar, against Wednesday's close of 56.7250/7350.
L&T extended Wednesday's rise after the company said that its construction division won new orders worth Rs 2002 crore in various business segments in May and June 2013. Two wheeler makers extended Wednesday's losses. Tata Motors reversed intraday losses. Maruti Suzuki India extended Wednesday's gains. Index heavyweight Reliance Industries (RIL) dropped in volatile trade after the company's Chairman Mukesh Ambani while addressing at the company's annual general meeting today, 6 June 2013, said the company will invest Rs 1.5 lakh crore in its businesses over the next three years.
The market edged lower in early trade. The market trimmed losses after hitting their lowest level in over five weeks in morning trade. Key benchmark indices traded off initial lows in mid-morning trade. It further pared intraday losses to hit fresh intraday high in early afternoon trade.
At 12:20 IST, the S&P BSE Sensex was down 56.44 points or 0.26% to 19,514.17. 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 49.02 points at the day's high of 19,508.63 in early afternoon trade.
The CNX Nifty was down 25.10 points or 0.42% to 5,898.75. 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 5,906.95 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,090 shares fell and 779 shares fell. A total of 130 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks fell and rest of them rose. Wipro, Cipla and ICICI Bank rose by 0.27% to 1.04%.
Bharti Airtel fell 2.9%, with the stock extending intraday losses. Hindalco Industries, GAIL (India) and Tata Steel shed by 1.62% to 2.05%.
Index heavyweight Reliance Industries (RIL) dropped in volatile trade after the company's Chairman Mukesh Ambani while addressing at the company's annual general meeting today, 6 June 2013, said the company will invest Rs 1.5 lakh crore in its businesses over the next three years. The stock was down 0.9% at Rs 793.40. The stock hit high of Rs 802 and low of Rs 788.20 so far during the day. Mr. Ambani said that the company is making significant investments in all its five businesses -- exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G -- simultaneously.
Two wheeler makers extended Wednesday's losses. Bajaj Auto and Hero MotoCorp shed by 1.05% to 1.22%.
Maruti Suzuki India rose 1.32%, with the stock extending Wednesday's 1.28% gains. The company said during market hours on Tuesday, 4 June 2013, that its production fell 2.54% to 1.01 lakh units in May 2013 over May 2012. The company on 1 June 2013, reported 14.4% fall in total sales to 84,677 units in May 2013 over May 2012. The company's domestic sales declined 13% to 77,821 units in May 2013 over May 2012. Exports fell 27.1% to 6,856 units in May 2013 over May 2012.
Tata Motors rose 0.02%, with the stock reversing intraday losses.
HDFC rose 1.6%, with the stock extending intraday gains.
L&T rose 0.95%, with the stock extending Wednesday's 0.73% rise after the company said during market hours today, 6 June 2013, that its construction division won new orders worth Rs 2002 crore in various business segments in May and June 2013. L&T 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.
Indian Oil Corporation (IOC) dropped after the government issued an advertisement for appointing merchant bankers for divesting its 10% stake in the state-run oil refining cum marketing firm. The stock was down 1.58%. The government intends to divest 10% stake in IOC through Offer for Sale (OFS) via the stock exchanges mechanism. The government currently holds 78.92% stake in IOC.
Zuari Agro Chemicals jumped 8.91% after the company said that it has resumed production of urea/ammonia. On 25 March 2013, Zuari Agro Chemicals had announced shutting its urea/ammonia plants from 24 March 2013 for a scheduled annual maintenance. Later on 23 May 2013, the company informed that although the maintenance work was completed, the plants could not resume operations due to non-availability of water from the Government of Goa.
S Kumars Nationwide (up 9.25%), V-Mart Retail (up 7.72%), Zuari Agro Chemicals (up 7.52%), Honda Siel Power (up 7.3%) and Hikal (up 5.6%), were the biggest gainers from the BSE Small-Cap index in that order.
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, Japan, China, Singapore and Taiwan shed by 0.07% to 1.05%. South Korea's market was closed for a public holiday.
Trading in US index futures indicated that the Dow could gain 26 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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