Key benchmark indices extended gains to hit fresh intraday high in afternoon trade as European stocks edged higher in early trade. The barometer index, the S&P BSE Sensex, was up 211.44 points or 1.14%, up close to 265 points from the day's low and off about 25 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Oil India trimmed intraday losses and and ONGC extended intraday gains after Oil India said that the company along with ONGC Videsh (OVL) has signed definitive agreements in Singapore today, 25 June 2013 with Videocon Mauritius Energy to acquire an interest in giant gas field in Mozambique for $2.475 billion. Reliance Industries extended intraday gains as Cabinet Committee on Economic Affairs (CCEA) is likely to consider a proposal this week for a steep hike in natural gas prices. Shares of two wheeler makers gained. Capital goods stocks reversed intraday losses. Metal stocks rose on renewed buying.
Key benchmark indices edged higher amid initial volatility. Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade. Key benchmark indices saw divergent trend in mid-morning trade. Key benchmark indices surged in early afternoon trade as Chinese shares erased most of heavy intraday losses. The Sensex extended gains to hit fresh intraday high in afternoon trade as European stocks rose in early trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire on Thursday, 27 June 2013.
At 13:20 IST, the S&P BSE Sensex was up 211.44 points or 1.14% to 18,752.33. The index jumped 237.82 points at the day's high of 18,778.71 in afternoon trade, its highest level since 21 June 2013. The index fell 53.59 points at the day's low of 18,487.30 in morning trade.
The CNX Nifty was up 64.25 points or 1.15% to 5,654.50. The index hit a high of 5,657.95 in intraday trade, its highest level since 21 June 2013. The index hit a low of 5,570.25 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,148 shares declined and 835 shares advanced. A total of 132 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks gained and rest of them declined. Bharti Airtel (up 3.89%), HDFC Bank (up 3.15%) and M&M (up 2.55%), edged higher.
Oil India trimmed intraday losses and and ONGC extended intraday gains after Oil India said that the company along with ONGC Videsh (OVL) has signed definitive agreements in Singapore today, 25 June 2013 with Videocon Mauritius Energy to acquire an interest in giant gas field in Mozambique for $2.475 billion. Oil India was off 0.38% at Rs 553.80. The stock hit high of Rs 564.80 and low of Rs 543.90 so far during the day.
ONGC jumped 4.2% to Rs 311.40. OVL is the overseas investment subsidiary of ONGC.
Oil India said during market hours today, 25 June 2013, that the company along with ONGC Videsh has signed definitive agreements in Singapore today, 25 June 2013, with Videocon Mauritius Energy to acquire 100% of shares in Videocon Mozambique Rovuma 1, the company holding a 10% participating interest in the Rovuma Area 1 offshore block in Mozambique for $ 2.475 billion. The acquisition is expected to be implemented via a newly incorporated special purpose vehicle jointly owned by Oil India and OVL. The transaction is expected to close in the fourth quarter of 2013.
Shares of Videocon Industries rose 3.35%.
Capital goods stocks reversed intraday losses. India's largest power equipment maker by capacity Bhel rose 0.6% to Rs 166.50. The stock recovered after hitting a 52-week low of Rs 162.40 in intraday trade today, 25 June 2013.
L&T rose 1.37% to Rs 1373.40, off the day's low of Rs 1342.40.
Reliance Industries extended intraday gains as Cabinet Committee on Economic Affairs (CCEA) is likely to consider a proposal this week for a steep hike in natural gas prices. The stock was up 2.72% at Rs 814.90. The stock hit a high of Rs 816.75 and low of Rs 795 so far during the day.
As per reports, the Cabinet Committee on Economic Affairs (CCEA) will consider a proposal this week for a steep hike in natural gas prices. The CCEA last week deferred a decision on a proposal to hike natural gas prices as Oil Minister M Veerappa Moily was away on an official tour. The oil ministry has proposed an increase in gas prices to $6.775 million British thermal unit (mbtu) from current $4.2 mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
Shares of two wheeler makers gained. Bajaj Auto (up 0.28%) and Hero MotoCorp (up 0.84%), edged higher.
Metal stocks edged higher on renewed buying. Hindalco Industries (up 3.13%), Jindal Steel & Power (up 1.42%), Tata Steel (up 0.49%) and Sterlite Industries (up 0.32%), edged higher.
European stock markets rebounded from a five-day losing streak on Tuesday, 25 June 2013, with investors awaiting a raft of US data later in the global day to gauge if the economy is recovering. Key benchmark indices in France, Germany and UK rose by 0.79% to 1.09%.
In Asia, Chinese shares erased most of heavy intraday losses and Hong Kong stocks turned positive on Tuesday, 25 June 2013, on speculation that policy makers in China would elaborate on the ongoing credit crunch in China. The Shanghai Composite index ended 0.19% after tumbling almost 6% earlier in the day. Hong Kong's Hang Seng was up 0.49%. The volatility in mainland Chinese bourses came a day after the Shanghai Composite Index plunged 5.3% for its worst finish in nearly four years, sparking a selloff in global equities, including on Wall Street.
Most other Asian stocks were in red on Tuesday, 25 June 2013. Key benchmark indices in Japan, Indonesia, South Korea and Taiwan were off 0.72% to 1.22%. In Singapore, the Straits Times index was up 0.73%.
Trading in US index futures indicated that the Dow could gain 64 points at the opening bell on Tuesday, 25 June 2013. US stocks dropped Monday, 24 June 2013, as a 5.3% tumble in the Shanghai stock market overnight spurred by worries over China's economy and banking system.
Some Fed officials on Monday, 24 June 2013, sought to soften worries about the end of monetary stimulus from the central bank. Federal Reserve Chairman Ben Bernanke said last week the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth.
US economic data on durable goods, consumer confidence and housing numbers are due later in the global day today, 25 June 2013.
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