Key benchmark indices cut losses after sliding to fresh intraday low in early afternoon trade. The Sensex was down 11.21 points or 0.06%, up 26.44 points from the day's low and off 111.98 points from the day's high. Index heavyweight and cigarette major ITC retained positive zone. Another index heavyweight Reliance Industries (RIL) edged lower in volatile trade. Telecom stocks were mostly lower. Realty stocks also edged lower. The market breadth, indicating the overall health of the market, was negative.
Key benchmark indices edged higher amid initial volatility. The market retained positive zone in morning trade. The barometer index, the S&P BSE Sensex, hit its highest level in almost 14 weeks. The CNX Nifty hit 14-week high. Key benchmark indices pared gains in mid-morning trade. The Sensex cut losses after sliding to intraday low in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 655.21 crore on Tuesday, 7 May 2013, as per provisional data from the stock exchanges.
At 12:18 IST, the S&P BSE Sensex was down 11.21 points or 0.06% to 19,877.66. The index jumped 100.69 points at the day's high of 19,989.64 in morning trade, its highest level since 31 January 2013. The index fell 37.73 points at the day's low of 19,851.22 in early afternoon trade.
The CNX Nifty was down 5.25 points or 0.09% to 6,038.30. The index hit a high of 6,070.15 in intraday trade, its highest level since 30 January 2013. The index hit a low of 6,024.95 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,091 shares declined and 1,031 shares advanced. A total of 131 shares were unchanged.
The total turnover on BSE amounted to Rs 1131 crore by 12:20 IST compared to Rs 926 crore by 11:20 IST.
Among the 30-share Sensex pack, 19 stocks declined while rest of them gained.
Index heavyweight Reliance Industries (RIL) shed 0.51% to Rs 822.25. The scrip hit high of Rs 833 and a low of Rs 822 so far during the day.
Index heavyweight and cigarette major ITC rose 0.25% to Rs 336.05. The stock hit record high of Rs 337.70 in intraday trade today, 8 May 2013. The scrip hit a low of Rs 333.90 so far during the day. The Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14.
Telecom stocks were mostly lower. Bharti Airtel fell 1.09% 326.45. The stock had gained 4.22% in the preceding three trading sessions to settle at Rs 330.05 on Tuesday, 7 May 2013, from a recent low of Rs 316.70 on 2 May 2013. The company on 3 May 2013 announced that it has entered into a binding agreement with Qatar Foundation Endowment (QFE), under which Bharti will issue 19.98 crore of its new shares to QFE representing a shareholding of 5% in the company, post issuance of the new shares. As per the agreement, QFE will subscribe to 19.98 crore new shares of Bharti at a price of Rs 340 per share amounting to a total consideration of $1.26 billion (Rs 6796 crore). The investment will further strengthen the capital structure and provide further flexibility for the company to deliver on its growth strategy, Bharti said.
Reliance Communications rose 0.76% to Rs 111.70. The stock had hit a 52-week high of Rs 113.90 in intraday trade on Tuesday, 7 May 2013. The company has reportedly increased voice call prices on some of its plans by about a fifth and cut promotional offers and discounts on some others by up to 65% this week.
Tata Teleservices (Maharashtra) rose 1.09%. The stock extended Tuesday's 3.5% gain after the Securities and Exchange Board of India provided some relaxation to the offer for sale norms to help the company achieve minimum public shareholding.
Idea Cellular fell 1.74%. MTNL gained 1.52%.
Realty stocks edged lower. DLF (down 1.57%), HDIL (down 1.52%), Unitech (down 1.37%), Godrej Properties (down 0.63%), and Parsvnath Developers (down 1.83%) declined. Indiabulls Real Estate gained 3.39%.
The results of the assembly elections in Karnataka showed that the Congress is all set to form the government in Karnataka, with the party leading in 117 seats so far out of 223 seats. A total of 112 seats are needed for a party to form majority.
The stock exchanges have decided to conduct a special trading session for a short duration on Saturday, 11 May 2013, as the Bombay Stock Exchange (BSE) is testing its disaster recovery software. Trading will start at 11:15 IST and end at 12:45 IST.
The focus of the market is on Q4 results. Asian Paints and Punjab National Bank unveil Q4 results tomorrow, 9 May 2013. NTPC announces Q4 results on Friday, 10 May 2013. Bank of Baroda unveils Q4 results on 13 May 2013. Dr Reddy's Laboratories and Reliance Infrastructure unveil Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. ITC unveils Q4 results on 17 May 2013. Coal India unveils standalone FY 2013 results on 20 May 2013. Bharat Heavy Electricals (Bhel) announces Q4 results on 23 May 2013. Coal India unveils consolidated FY 2013 results on 27 May 2013 BPCL announces Q4 results on 29 May 2013. M&M and Tata Power unveil Q4 results on 30 May 2013.
Indian services sector growth eased sharply during April as new orders came in at a much slower pace, a business survey showed on Monday, 6 May 2013. The HSBC Services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 50.7 in April 2013 from 51.4 in March 2013. Services make up over 60% of India's economy.
The Central Statistics Office (CSO) will issue data on industrial production for March 2013 on Friday, 10 May 2013. Industrial production rose 0.6% in February 2013.
The RBI on 3 May 2013 cut its key policy rate viz. the repo rate by 25 basis points (bps) to 7.25% and kept the cash reserve ratio (CRR) for banks unchanged at 4% after a monetary policy review. RBI said that the balance of risks stemming from its assessment of the growth-inflation dynamic provides little space for further monetary easing. The central bank said that with upside risks to inflation still significant in the near term in view of sectoral demand supply imbalances, ongoing correction in administered prices and pressures stemming from MSP increases, monetary policy cannot afford to lower its guard against the possibility of resurgence of inflation pressures. The RBI said it will endeavour to condition the evolution of inflation to a level of 5% by March 2014, using all instruments at its command.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
Asian markets climbed on Wednesday with the Nikkei rising to a fresh multi-year high following a strong overnight lead from the US and Europe. Key benchmark indices in Hong Kong, Singapore, Japan, South Korea, China, Taiwan and Indonesia were up by 0.11% to 1.27%.
China posted an $18.16 billion trade surplus in April after reporting an unexpected $884 million deficit in March. Exports rose by 14.7% in April from a year earlier, data from the General Administration of Customs showed today, 8 May 2013. This was faster than March's 10% rise. Imports rose 16.8% from a year earlier compared with a 14.1% rise in March.
China will unveil data on consumer and producer inflation figures for April 2013 tomorrow, 9 May 2013.
Trading in US index futures indicated a flat opening of US stocks on Wednesday, 8 May 2013. US stocks rose on Tuesday, with the Dow industrials closing above 15,000 for the first time, after Australia cut its refinancing rate and satellite-TV provider DirecTV and watch maker Fossil Inc. reported improved earnings.
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