Key benchmark indices were range bound in afternoon trade. The S&P BSE Sensex was down 23.71 points or 0.12%, off about 90 points from the day's high and up close to 34 points from the day's low. The market breadth, indicating the overall health of the market, was positive. WABCO India, Gateway Distriparks, Sandur Manganese & Iron Ores, Jaiprakash Power Ventures and Asian Paints saw a surge in volumes today, 10 July 2013. Pharmaceutical majors Sun Pharmaceutical Industries and Lupin, both, hit a record today, 10 July 2013.
The market edged higher in early trade. The Sensex slipped into the red to hit fresh intraday low after paring initial gains in morning trade. The market hit fresh intraday low in mid-morning trade. Key benchmark indices alternately moved between positive and negative zone near the flat line in early afternoon trade. Key benchmark indices were range bound in afternoon trade.
At 13:21 IST, the S&P BSE Sensex was down 23.71 points or 0.12% to 19,415.77. The index fell 57.58 points at the day's low of 19,381.90 in early afternoon trade. The index rose 66.45 points at the day's high of 19,505.93 in early trade, its highest level since 5 July 2013.
The CNX Nifty was down 1.45 points or 0.02% to 5,857.55. The index hit a high of 5,879.35 in intraday trade, its highest level since 5 July 2013. The index hit a low of 5,847.25 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1167 shares rose and 938 shares fell. A total of 137 shares were unchanged.
From the 30-share Sensex pack, 17 stocks fell and rest of them rose. Hindustan Unilever (down 2.01%), Tata Steel (down 1.26%), Tata Motors (down 1.16%), Hindalco Industries (down 0.89%), ONGC (down 0.74%), GAIL (India) (down 0.71%), M&M (down 0.64%) and Hero MotoCorp (down 0.59%), edged lower from the Sensex pack.
Tata Power (up 1.58%), ICICI Bank (up 1.15%), Wipro (up 1.11%), State Bank of India (up 0.86%) and Jindal Steel & Power (up 0.83%), edged higher from the Sensex pack.
Sun Pharmaceutical Industries was up 0.79% at Rs 1,088.50. The stock hit a record high of Rs 1,095.80 in intraday today, 10 July 2013.
Lupin was up 3.12% at Rs 861.50. The stock hit a record high of Rs 864.50in intraday today, 10 July 2013.
WABCO India clocked volume of 41,000 shares, a 387.53-times surge over two-week average daily volume of 775 shares. The stock rose 0.62% to Rs 1,635.
Gateway Distriparks notched up volume of 5.16 lakh shares, a 116.65-fold surge over two-week average daily volume of 4,000 shares. The stock rose 0.30% to Rs 101.70.
Sandur Manganese & Iron Ores saw volume of 1.36 lakh shares, a 16.19-fold surge over two-week average daily volume of 8,000 shares. The stock surged 17.10% to Rs 504.80.
Jaiprakash Power Ventures clocked volume of 61.54 lakh shares, a 7.93-fold surge over two-week average daily volume of 7.76 lakh shares. The stock rose 0.90% to Rs 16.90.
Asian Paints saw volume of 29,000 shares, a 3.66-fold rise over two-week average daily volume of 8,000 shares. The stock rose 1.78% to Rs 4,835.
European market was trading higher in early trade. Key benchmark indices in UK, France and Germany were up by 0.06% to 0.24%.
Global ratings agency Standard & Poor's cut Italy's sovereign credit rating on Tuesday to BBB from BBB-plus and left its outlook on negative, citing concerns about prospects for an economy stuck in its worst recession since World War Two.
Most Asian stocks rose on Wednesday, 10 July 2013, after an improved economic outlook clinched a fourth day of improvement for US equities on Tuesday, 9 July 2013. Key benchmark indices in China, Hong Kong, Indonesia, Singapore, and Taiwan rose by 0.51% to 2.17%. Key benchmark indices in South Korea and Japan fell by 0.34% to 0.39%.
Chinese stocks rose on expectations that policy makers will ensure economic stability.
China's exports and imports both unexpectedly declined in June in a sign that weakness in global and domestic demand will intensify the slowdown in the world's second-biggest economy. Overseas shipments fell 3.1% from a year earlier, the General Administration of Customs said in Beijing today, 10 July 2013. Imports declined 0.7% after a 0.3% drop in May.
Trading in US index futures indicated that the Dow may rise 12 points at opening bell on Wednesday, 10 July 2013. US stocks closed solidly higher for the fourth straight day on Tuesday, 9 July 2013, pushing the S&P 500 to within 1% of its all-time closing high, as Wall Street embraced an improving economy and higher interest rates.
The minutes of Federal Open Market Committee's (FOMC) policy meeting held on 19 June 2013, will be released later in the global day today, 10 July 2013. The minutes may provide more insight into the Federal Reserve's outlook on monetary stimulus. Fed Chairman Ben Bernanke is also due to deliver a speech today, 10 July 2013. Bernanke on 19 June 2013 said that the central bank may taper the pace of its bond purchases, currently set at $85 billion a month, as early as this year if the economy continues to improve in line with its forecasts.
World economic growth will struggle to accelerate this year as a US expansion weakens, China's economy levels off and Europe's recession deepens, the International Monetary Fund said. Global growth will be 3.1% this year, unchanged from the 2012 rate, and less than the 3.3% forecast in April, the Washington-based fund said yesterday, trimming its prediction for this year a fifth consecutive time.
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