A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief perido in mid-morning trade. The S&P BSE Sensex was up 59.26 points or 0.31%, off close to 100 points from the day's high and up about 70 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Index heavyweight Reliance Industries (RIL) reversed intraday gains. Some metal stocks fell on weak economic data in China. Two wheeler makers gained. Maruti Suzuki India reversed intraday gains. NTPC extended intraday gains.
The market pared gains after a firm opening. After regaining strength, the market once again trimmed gains to hit fresh intraday low in morning trade. A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief perido in mid-morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crore on Friday, 7 June 2013, as per provisional data from the stock exchanges.
At 11:20 IST, the S&P BSE Sensex was up 59.26 points or 0.31% to 19,488.49. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index fell 10.16 points at the day's low of 19,419.07 in mid-morning trade.
The CNX Nifty was up 15 points or 0.28% to 5,896. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,874.20 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 934 shares rose and 734 shares fell. A total of 114 shares were unchanged.
Among the 30-share Sensex pack, 23 stocks rose and rest of them fell. Sun Pharmaceutical Industries, Bharti Airtel and ICICI Bank dropped by 0.63% to 1.75%.
NTPC gained 1.62%, with the stock extending intraday gains.
Maruti Suzuki India fell 0.52%, with the stock reversing intraday gains.
Some metal stocks fell following uninspiring Chinese economic data released over the weekend. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power, Sterlite Industries, and Hindalco Industries 0.22% to 2.14%.
Index heavyweight Reliance Industries (RIL) declined 0.17% with the stock reversing intraday gains. The stock had declined 0.97% on Friday, 7 June 2013. The company on Friday, 7 June 2013, said that its telecom unit, Reliance Jio Infocomm, and Reliance Communications have signed a definitive agreement for sharing of RCom's nationwide telecom towers infrastructure. Under the terms of the agreement, Reliance Jio Infocomm will utilise upto 45,000 ground and rooftop based towers across RCom's nationwide network for the accelerated roll out of its state of the art 4G services. The deal is valued at about Rs 12000 crore.
The agreement provides for joint working arrangements to configure the scope of additional towers to be built at new locations to ensure deep penetration and seamless delivery of next generation services, RIL and RCom said. This agreement follows the inter-city optic fiber sharing agreement already signed in April 2013 as part of a comprehensive framework of business co-operation between Reliance Jio Infocomm and Reliance Communications.
Shares of Reliance Communications dropped 2.23%, with the stock extending Friday's 1.4% losses.
Indiabulls Power advanced 3.6% after the company said that first unit of its phase I thermal power plant at Amravati, Maharashtra has commenced commercial operation. Indiabulls Power after trading hours on Friday, 7 June 2013 said that first unit (270 megawatt) of its 1350 megawatt (5x270 megawatt) phase I thermal power plant at Amravati, Maharashtra has commenced commercial operation and has started supply of power under long term power purchase agreement to Maharashtra State Electricity Distribution Company.
Two wheeler makers gained. Bajaj Auto and Hero MotoCorp rose by 1.32% to 1.89%.
On political front, Narendra Modi was selected on Sunday to head BJP's campaign for 2014 Lok Sabha polls. Modi's appointment as the Chairman of BJP's Election Campaign Committee for 2014 Lok Sabha polls could make him the party's candidate for Prime Minister.
Most Asian stocks edged higher on Monday after a report showed the US added more workers than expected last month. Key benchmark indices in Singapore, Taiwan and South Korea rose by 0.29% to 0.84%. Key benchmark indices in Hong Kong and Indonesia shed by 0.15% to 1.57%.
Mainland Chinese markets are closed from today, 10 June 2013 till Wednesday, 12 June 2013, for the Dragon Boat Festival.
Japan's Nikkei Average surged 3.95%. Japan's economy grew more than the government initially estimated in the first quarter, helping Prime Minister Shinzo Abe to sustain confidence in his campaign to defeat deflation. Gross domestic product expanded an annualized 4.1%, compared with a preliminary calculation of 3.5%, the Cabinet Office said in Tokyo today.
Japan's current account surplus doubled in April from a year earlier, and bank lending posted its biggest annual rise in over three years, in a fresh sign the government's aggressive policies to stimulate growth are paying early dividends.
China's trade, inflation and lending data for May announced over the weekend all trailed estimates, signaling weaker global and domestic demand. Industrial production rose a less-than-forecast 9.2% from a year earlier and factory-gate prices fell for a 15th month. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth slowed and new yuan loans declined.
Trading in US index futures indicated that the Dow could gain 17 points at the opening bell on Monday, 10 June 2013. US stocks rose on Friday after May job data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future. The Labor Department's data showed job gains of 175,000 in May, slightly above the economists' forecast, while the US unemployment rate increased to 7.6% last month from 7.5% in April.
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