Key benchmark indices pared some gains in a range bound market in afternoon trade. The S&P BSE Sensex was up 41.33 points or 0.21%, off close to 91 points from the day's high and up about 76 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Kirloskar Industries, CRISIL, ICRA, Bata India and Cadila Healthcare, among others, saw a surge in volumes on BSE.
The market edged higher amid initial volatility. The market extended initial gains to hit fresh intraday high in morning trade. The Sensex trimmed gains in mid-morning trade. The market was range bound in positive terrain in early afternoon trade. The Sensex once again trimmed gains in afternoon trade.
At 13:18 IST, the S&P BSE Sensex was up 41.33 points or 0.21% to 19,651.81. The index rose 132.22 points at the day's high of 19,742.70 in morning trade. The index lost 34.30 points at the day's low of 19,576.18 in early trade.
The CNX Nifty was up 13.75 points or 0.23% to 5,953.05. The index hit a high of 5,981.60 in intraday trade. The index hit a low of 5,932.85 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,095 shares rose and 1,053 shares fell. A total of 140 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and the rest of them fell. Jindal Steel & Power (down 1.75%), Coal India (down 1.33%), Sterlite Industries (India) (down 1.19%), Maruti Suzuki India (down 0.87%), HDFC (down 0.69%), Hindalco Industries (down 0.64%) and Infosys (down 0.59%), edged lower from the Sensex pack.
Cipla (up 2.31%), Larsen & Toubro (up 2.26%), Dr. Reddy's Laboratories (up 1.98%), ICICI Bank (up 1.53%), M&M (up 1.52%), NTPC (up 1.12%) and Wipro (up 1.03%), edged higher from the Sensex pack.
Kirloskar Industries clocked volume of 1.66 lakh shares on BSE, a 2957.16-times surge over two-week average daily volume of just 56 shares. The stock rose 4.05% to Rs 317.65.
Credit rating firm CRISIL saw volume of 52,000 shares, a 11.55-fold surge over two-week average daily volume of 5,000 shares. The stock rose 2.15% to Rs 1,150.80, extending Monday's 20% surge triggered by McGraw Hill Financial on Monday (3 June 2013) announcing a voluntary open offer to increase its stake in the company to 75% from 52.77%. McGraw Hill Financial is making a voluntary open offer to acquire up to 1.56 crore shares, representing 22.23% of the total equity shares outstanding in CRISIL at Rs 1,210 per share. The cash offer of Rs 1,210 per share represents a premium of 28.88% to the closing share price of Rs 938.85 on Friday, 31 May 2013.
The tender offer period is expected to begin in July 2013 and conclude in early August 2013. All requirements and procedures under Indian law will be strictly followed, McGraw Hill Financial said in a statement.
CRISIL and S&P Ratings Services first signed an affiliation agreement in 1996. The relationship was further strengthened in 1997 when McGraw Hill Financial acquired its initial equity stake in CRISIL. In 2005, McGraw Hill Financial became CRISIL's majority shareholder.
McGraw Hill Financial, a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Its iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power & Associates, McGraw Hill Construction and Aviation Week.
Another credit rating firm, ICRA, notched up volume of 53,000 shares, a 19.49-fold surge over two-week average daily volume of 3,000 shares. The stock tumbled 4.40% to Rs 1,039.85. ICRA is an independent and professional investment information and credit rating agency. The international credit rating agency Moody's Investors Service is ICRA's largest shareholder. As on 31 March 2013, Moodys Investment Company India held 28.51% stake in ICRA.
Bata India clocked volume of 1.39 lakh shares, a 8.36-fold surge over two-week average daily volume of 17,000 shares. The stock rose 5.84% to Rs 857.90 after a domestic brokerage initiated coverage on the stock with a buy rating citing strong earnings and growth visibility. The brokerage said that Bata India's focus is on aggressive growth by expanding presence in Tier II, III cities and rural India. The brokerage expects the company's margins to increase on the back of outsourcing of certain manufacturing operations and control over employee costs.
Cadila Healthcare saw volume of 94,000 shares, a 4.53-fold rise over two-week average daily volume of 21,000 shares. The stock rose 5.29% to Rs 813.
European market opened higher as the release of disappointing ISM manufacturing figures in the US reined back expectations that the Federal Reserve will exit its quantitative easing program any time soon. Key benchmark indices in UK, France and Germany were up by 0.61% to 0.79%.
Asian stocks edged lower on Tuesday, 4 June 2013, after data overnight showed an unexpected contraction in US manufacturing activity last month. Key benchmark indices in China, Taiwan, Hong Kong, and Singapore shed by 0.03% to 1.17%. South Korea's Kospi was flat. But, Indonesia's Jakarta Composite was up 0.41% and Japan's Nikkei Average rose 2.05%.
A report Monday, 3 June 2013, from HSBC showed activity in China's manufacturing sector contracted in May 2013.
Trading in US index futures indicated that the Dow could gain 6 points at the opening bell on Tuesday, 4 June 2013. US stocks rallied on Monday as investors gauged the impact of disappointing factory data on potential quantitative-easing moves by the Federal Reserve. The Institute for Supply Management said Monday its business-conditions index last month fell to 49% in its first contraction since November.
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