Key benchmark indices pared gains in a range bound market in afternoon trade. A weak opening in the European market spoiled investors' sentiment. The Sensex was up 98.07 points or 0.49%, off 17 points from the day's high and up about 182 points from the day's low. The market breadth, indicating the overall health of the market, turned negative from positive.
Infotech Enterprises, Hindustan Zinc, Wockhardt, MMTC and Financial Technologies (India) saw a surge in volumes on BSE today, 22 July 2013. Anil Dhirubhai Ambani-controlled telecom company Reliance Communications (RCom) fell after a Delhi court on Friday, 19 July 2013 asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in ongoing 2G scam case.
A bout of initial volatility was witnessed as key benchmark indices trimmed losses after a weak opening. The Sensex reversed initial losses and moved into positive zone in morning trade. The market hovered in positive terrain in mid-morning trade. The Sensex extended intraday gains in early afternoon trade. Key benchmark indices pared gains in a range bound market in afternoon trade. A weak opening in the European market spoiled investors' sentiment.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 252.26 crore on Friday, 19 July 2013, as per provisional data from the stock exchanges.
At 13:15 IST, the S&P BSE Sensex was up 98.07 points or 0.49% to 20,247.92. The index rose 115.05 points at the day's high of 20,264.90 in early afternoon trade, its highest level since 21 May 2013. The index fell 84.16 points at the day's low of 20,065.69 in early trade, its lowest level since 18 July 2013.
The CNX Nifty was up 25.25 points or 0.42% to 6,054.45. The index hit a high of 6,064.15 in intraday trade. The index hit a low of 6,004.25 in intraday trade, its lowest level since 18 July 2013.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,023 shares declined and 958 shares rose. A total of 123 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks rose and rest of them fell. HDFC (up 3.05%), Sun Pharmaceutical Industries (up 2.63%), M&M (up 2%), Hindalco Industries (up 1.98%), Infosys (up 1.43%), ICICI Bank (up 1.18%), Bajaj Auto (up 1.17%), Bharti Airtel (up 1.14%) and Hindustan Unilever (up 1.08%), edged higher from the Sensex pack.
Bhel (down 4.58%), ONGC (down 2.28%), GAIL (India) (down 1.67%), Reliance Industries (down 1.64%), Dr. Reddy's Laboratories (down 1.6%) and Tata Steel (down 1%), edged lower from the Sensex pack.
Infotech Enterprises clocked volume of 44.13 lakh shares, a 1570.59-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.83% to Rs 181.20.
Hindustan Zinc notched up volume of 10.32 lakh shares, a 16.26-fold surge over two-week average daily volume of 63,000 shares. The stock fell 1.68% to Rs 102.45.
Wockhardt saw volume of 5.90 lakh shares, a 4.61-fold surge over two-week average daily volume of 1.28 lakh shares. The stock tumbled 8.25% to Rs 816 after the company on Saturday, 20 July 2013, said it has received a warning letter from the United States Food and Administration (USFDA), listing the observations made by it during its earlier inspection of Wockhardt's Waluj facility near Aurangabad. Wockhardt had on 24 May 2013 said that the company received an 'import alert' from USFDA on one of its manufacturing unit located at Waluj. The company at that time said that the impact of the import alert on the revenues is estimated to be in the range of $100 million on an annualised basis.
Wockhardt said that the company continues to cooperate with USFDA to resolve the issues at the earliest. If any additional measures are necessary, the company would take them to squarely address all concerns, Wockhardt said.
MMTC clocked volume of 32.33 lakh shares, a 3.40-fold surge over two-week average daily volume of 9.51 lakh shares. The stock hit an upper circuit limit of 5% at Rs 55.55.
Financial Technologies (India) saw volume of 1.36 lakh shares, a 1.88-fold rise over two-week average daily volume of 72,000 shares. The stock slumped 7.75% to Rs 582.30.
Anil Dhirubhai Ambani-controlled telecom company Reliance Communications (RCom) fell 1.69% to Rs 142.70 after a Delhi court on Friday, 19 July 2013 asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in ongoing 2G scam case.
A Delhi court on Friday, 19 July 2013, asked Reliance ADA Group Chairman Anil Ambani and his wife Tina to appear as prosecution witnesses in the ongoing trial of former telecom minister A Raja and a number of businessmen and executives who are accused of conspiring with the former minister to improperly obtain telecom licences. Ambani and his wife will be questioned on the alleged investment of over Rs 990 crore by Reliance ADAG companies in Swan Telecom. CBI has alleged that Reliance Telecom used Swan Telecom, an ineligible firm, as its front company to get 2G licences and spectrum. CBI has chargesheeted three executives of Reliance ADAG - Gautam Doshi, Surendra Pipara and Hari Nair - for the alleged fraud. The defence counsel for the three executives had opposed CBI's plea asking for the Ambanis to appear as witnesses, saying the delay on the agency's part in moving this application shows it wasn't genuine.
Meanwhile, Reliance Telecom, a unit of RCom, reportedly said today, 22 July 2013, that it has appealed in the Supreme Court challenging a lower court order to call new witnesses in the 2G case.
European shares declined in early trade on Monday. Key benchmark indices in UK, France and Germany were down by 0.08% to 0.28%.
Asian stocks edged higher on Monday, 22 July 2013. Key benchmark indices in China, Japan, South Korea, Singapore, and Taiwan rose by 0.47% to 0.61%. Key benchmark indices in Indonesia and Hong Kong fell by 0.07% to 0.62%.
A day after his party won a resounding victory in national upper-house elections, Japanese Prime Minister Shinzo Abe on Monday, 22 July 2013, said that the government's top priority remains rebuilding the economy. Calling the Liberal Democratic Party's (LDP) win "a supportive push" from voters for his economic policies of easy money, massive government spending and deregulatory reforms, Mr. Abe said he would continue to implement growth policies, including tax cuts on capital investments.
Meanwhile, the People's Bank of China removed a floor on banks' lending rates, according to a July 19 statement. China currently caps the interest rates that banks pay on deposits, a factor that often pushes savers toward riskier investments in search of higher returns.
Trading in US index futures indicated that the Dow could decline 10 points at the opening bell on Monday, 22 July 2013. US stocks closed mixed on Friday, 19 July 2013. The S&P 500 index eked out gains to end at another all-time high on Friday, 19 July 2013 while losses for the technology sector weighed on the Dow Jones Industrial Average and the Nasdaq Composite after disappointing earnings from Advanced Micro Devices Inc. and Microsoft Corp.
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