Key benchmark indices extended recovery to hit fresh intraday high in afternoon trade after European markets opened higher. The CNX Nifty turned positive while the S&P BSE Sensex was marginally lower. The S&P BSE Sensex was down 15.86 points or 0.08%, up about 157 points from the day's low and off close to 18 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Zydus Wellness, Delta Corp, ING Vysya Bank, JM Financial and Reliance Industrial Infrastructure saw a surge in volumes on BSE today, 6 June 2013. Shares of HMT spurted 14%, extending Wednesday's (5 June 2013) 8.03% spurt triggered by the company's board approving increasing authorised share capital of the company to Rs 2100 crore from Rs 1450 crore.
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. The market extended recovery to hit fresh intraday high in afternoon trade after European markets opened higher.
At 13:20 IST, the S&P BSE Sensex was down 15.86 points or 0.08% to 19,552.36. 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 rose 2.51 points at the day's high of 19570.73 in afternoon trade.
The CNX Nifty was up 2.35 points or 0.04% to 5,926.20. 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 5,930.55 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1160 shares fell and 958 shares rose. A total of 146 shares were unchanged.
Among the 30-share Sensex pack, 18 stocks fell and rest of them rose. Bharti Airtel (down 2.38%), GAIL (India) (down 1.42%), NTPC (down 1.27%), Hindalco Industries (down 1.22%), Infosys (down 1.16%) and Sun Pharmaceutical Industries (down 1.14%), edged lower from the Sensex pack.
HDFC (up 1.67%), Larsen & Toubro (up 1.61%), Maruti Suzuki India (up 1.43%), Wipro (up 1.40%), ICICI Bank (up 1.21%) and Cipla (up 0.63%), edged higher from the Sensex pack.
Shares of HMT spurted 14.38% to Rs 35.40, extending Wednesday's (5 June 2013) 8.03% spurt triggered by the company's board approving increasing authorised share capital of the company to Rs 2100 crore from Rs 1450 crore. The announcement was made after market hours on Tuesday, 4 June 2013.
The stock displayed immense volatility today, 6 June 2013. It tumbled as much as 6.95% at the day's low of Rs 28.80 in early trade. It later bounced back in afternoon trade to surge as much as 15.67% to hit the day's high of Rs 35.80.
Shares of HMT spurted 8.03% to Rs 30.95 on Wednesday, 5 June 2013. HMT said that the government has approved revival and restructuring of the company based on recommendations of the Board of Reconstruction of Public Sector Enterprises (BRPSE). The approved revival plan envisages financial support from government against issue of 8% redeemable preference share capital of the aggregate face value of Rs 425 crore and conversion of Government of India loans into equity share capital to the extent of Rs 443.74 crore. This will entail increase in the authorised share capital of the company from the existing Rs 1450 crore to Rs 2100 crore by creation of new preference and equity share capital.
Accordingly, the board of HMT at the meeting held on 29 May 2013 approved increasing authorised share capital of the company from Rs 1450 crore to Rs 2100 crore, subject to approval of the Government and shareholders of the company.
HMT said it will increase the authorised share capital of the company to Rs 2100 crore by creating an additional 23 crore equity shares of face value Rs 10 each and 4.20 crore preference shares of face value Rs 100 each.
Further, the board also approved allotment of fully paid redeemable cumulative 3.5% preference share capital of the face value of Rs 443 crore in favour of President of India, as per the terms of sanction of the investment by Government.
HMT will hold an extraordinary general meeting (EGM) of its shareholders on 21 June 2013.
Zydus Wellness clocked volume of 2.80 lakh shares on BSE, a 6.46-times surge over two-week average daily volume of 43,000 shares. The stock surged 11.88% to Rs 688.85.
Delta Corp notched up volume of 11.63 lakh shares, a 4.43-fold surge over two-week average daily volume of 2.63 lakh shares. The stock rose 0.32% to Rs 62.45.
ING Vysya Bank saw volume of 8.52 lakh shares, a 2.83-fold surge over two-week average daily volume of 3.01 lakh shares. The stock rose 0.52% to Rs 652.
JM Financial clocked volume of 20.33 lakh shares, a 1.99-fold surge over two-week average daily volume of 10.21 lakh shares. The stock jumped 7.95% to Rs 28.50.
Reliance Industrial Infrastructure saw volume of 1.49 lakh shares, a 1.77-fold rise over two-week average daily volume of 84,000 shares. The stock rose 2.52% to Rs 376.
European markets were trading lower in early trade. Key benchmark indices in Germany and UK were up by 0.05% to 0.19%.
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 1.47 South Korea's market was closed for a public holiday.
Trading in US index futures indicated that the Dow could gain 37oints 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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