A bout of volatility was witnessed in morning trade as key benchmark tracking regained positive terrain after slipping into the red and hitting fresh intraday low. The S&P BSE Sensex was up 37.34 points or 0.18%, off close to 55 points from the day's high and up about 40 points from the day's low. The market breadth, indicating the overall health of the market, was positive. Realty stocks edged higher on renewed buying. Capital goods pivotals also edged higher. Britannia Industries jumped on strong Q2 result.
The market edged higher in early trade. It regained positive terrain after slipping into the red and hitting fresh intraday low in morning trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 333.50 crore on Monday, 11 November 2013, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was up 37.34 points or 0.18% to 20,528.30. The index rose 93.26 points at the day's high of 20,584.22 in early trade. The index fell 5.22 points at the day's low of 20,485.74 in morning trade.
The CNX Nifty was up 11.55 points or 0.19% to 6,090.35. The index hit a high of 6,108.70 in intraday trade. The index hit a low of 6,078.40 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 699 shares rose and 484 shares fell. A total of 45 shares were unchanged.
Among the 30-share Sensex pack, 15 stocks rose and rest of them fell. Hindalco Industries (up 2.02%), Wipro (up 1.56%) and Maruti Suzuki India (up 1.28%), gained.
Realty stocks edged higher on renewed buying. DLF (up 1.72%), HDIL (up 2.35%), Sobha Developers (up 1.73%) and Unitech (up 1.51%), gained.
Capital goods pivotals also edged higher. L&T (up 1.18%) and Bhel (up 0.3%), rose.
Britannia Industries jumped 5.92% on strong Q2 result. The company's consolidated net profit jumped 65.7% to Rs 97.60 crore on 12.8% increase in revenue to Rs 1740 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 11 November 2013.
Wockhardt rose 3.89% after the company said its board has endorsed the decision of its Switzerland-based arm Wockhardt Bio AG to undertake a European listing. The announcement was made after trading hours on Monday, 11 November 2013.
"In order to meet long term aspirations of the company and its group, the board of directors of Wockhardt have endorsed the decision of the board of Wockhardt Bio AG, Switzerland to undertake a European Listing with a relatively modest dilution of approximately 5% of the shareholding of Wockhardt Bio AG, Switzerland," Wockhardt said in a filing to BSE.
"Wockhardt is a global pharmaceutical and biotechnology major and has a business of over 75% outside India. The holding company, for undertaking this is primarily Wockhardt Bio AG, Switzerland," it added.
The plan to list its overseas holding company comes at a time Wockhardt has been facing regulatory scrutiny for some of its plants in India. In May, the US FDA had issued an import alert against the Waluj facility, which makes injectables and solid dosages.
Subsequently, the Medicines and Healthcare Products Regulatory Agency, the drug regulator in the UK, withdrew its GMP (good manufacturing practice) certificate issued to the company's manufacturing facility at Kadaiya in Gujarat. The regulator also withdrew the good manufacturing certification granted to the Chikalthana facility in Maharashtra.
The UK regulator had also imposed an import alert against Wockhardt's export-oriented plant at Waluj in Maharashtra and issued a precautionary recall for 16 medicines made by the company at the unit.
However, the UK MHRA has recently communicated to Wockhardt that it can manufacture and supply most of the products manufactured at the Kadaiya facility assessed to be critical to public health.
Wockhardt says that because of this development, the net impact on the annualised consolidated revenue is expected to be less than 1 million pounds, out of the total annual consolidated revenue of approximately 18 million pounds, from the facility.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 63.4750, compared with its close of 63.24 on Monday, 11 November 2013.
On macro front, the government will unveil industrial production data for September 2013 today, 12 November 2013. Industrial output is projected to jump 3.7% in September 2013, as per the median estimate of the poll carried out by Capital Market. Index of industrial production (IIP) rose 0.6% in August 2013, showing moderation in growth from 2.8% growth recorded in July 2013.
Data on inflation based on the consumer price index (CPI) for October 2013 will also be unveiled today, 12 November 2013. The headline CPI inflation (combined) is projected to increase to 10% in October 2013, as per the median estimate of the poll carried out by Capital Market. The headline CPI inflation (combined) for September 2013 was placed at 9.84% (y-o-y), which came in higher than 9.52% (y-o-y) seen in August 2013.
Most Asian stocks edged lower on Tuesday. Key benchmark indices in China, Japan and South Korea rose 0.45% to 1.85%. Key benchmark indices in Taiwan, Singapore, Hong Kong and Indonesia shed 0.08% to 0.71%.
President Xi Jinping and Chinese Communist Party leaders today, 12 November 2013 conclude a four-day gathering aimed at mapping out a blueprint for reform, after data yesterday showed the nation's broadest measure of new credit fell by more than estimated in October.
Trading in US index futures indicated that the Dow could gain 10 points at the opening bell on Tuesday, 12 November 2013. US stocks rose on Monday, with the Dow Jones Industrial Average extending a record, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.
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