Key benchmark indices extended intraday losses and hit fresh intraday low in early afternoon trade as Asian stocks dropped and as trading in US index futures indicated a lower opening of US stocks later in the global day. The barometer index, the S&P BSE Sensex, was down 187.45 points or 0.9%, off 244.80 points from the day's high and up 17.57 points from the day's low. The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade.
Bank stocks gained on renewed buying. Shares of biscuits major Britannia Industries hit record high. Dabur India reversed direction after hitting a record high at the onset of the trading session. Shares of local search services firm Just Dial surged.
Key benchmark indices trimmed initial gains triggered by expectations that lackluster US September jobs report will lead to the Federal Reserve maintaining stimulus for the US economy in the foreseeable future. A bout of volatility was witnessed as the key benchmark indices trimmed losses after reversing initial gains in morning trade. Key benchmark indices hovered in negative zone in mid-morning trade. Key benchmark indices extended intraday losses and hit fresh intraday low in early afternoon trade.
At 12:18 IST, the S&P BSE Sensex was down 187.45 points or 0.9% to 20,677.52. The index lost 205.02 points at the day's low of 20,659.95 in early afternoon trade, its lowest level since 18 October 2013. The index gained 57.35 points at the day's high of 20,922.32 in early trade.
The CNX Nifty was down 60.40 points or 0.97% to 6,142.40. The index hit a low of 6,141.70 in intraday trade, its lowest level since 18 October 2013. The index hit a high of 6,217.95 in intraday trade.
The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On BSE, 1,158 shares declined and 990 shares rose. A total of 152 shares were unchanged.
The total turnover on BSE amounted to Rs 1103 crore by 12:20 IST compared to Rs 798 crore by 11:25 IST.
Bank stocks gained on renewed buying. Among private bank stocks, Kotak Mahindra Bank (up 0.32%), Axis Bank (up 1.16%), and ICICI Bank (up 0.61%) gained. HDFC Bank fell 1.46%.
Among PSU bank stocks, State Bank of India (SBI) (up 2.47%), Punjab National Bank (up 1.21%), Bank of Baroda (up 2.84%), Bank of India (up 2.66%) and Union Bank of India (up 2.55%) advanced.
Britannia Industries gained 2.41% to Rs 897.10 after striking record high of Rs 907 in intraday trade.
Dabur India fell 1.43% to Rs 176.05, with the stock reversing direction after hitting a record high of Rs 180.25 at the onset of the trading session.
Shares of local search services firm Just Dial surged. The stock was up 10.64% at Rs 1,062.30 after scaling a record high of Rs 1,072 in intraday trade.
Gujarat Fluorochemicals lost 4.09% after consolidated net profit declined 59.68% to Rs 56.06 crore on 8.69% growth in total income from operations to Rs 704.72 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Tuesday, 22 October 2013.
Gujarat Pipavav Port jumped 6.48% after net profit surged 439% to Rs 44.10 crore on 36% jump in income from operations to Rs 118 crore in Q3 September 2013 over Q3 September 2012. The result was announced after market hours on Tuesday, 23 October 2013.
EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) jumped 82% to Rs 61.40 crore in Q3 September 2013 over Q3 September 2012. EBITDA margin increased to 48.6% in Q3 September 2013 compared with 35.7% in Q3 September 2012.
V-Guard Industries lost 4.79% after net profit declined 19.4% to Rs 14.48 crore on 6.2% growth in net sales to Rs 331.17 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Tuesday, 22 October 2013.
In the foreign exchange market, the rupee edged higher against the dollar in choppy trade after soft US jobs data led to hopes that the Federal Reserve would not start tapering monetary stimulus until 2014. The partially convertible rupee was hovering at 61.48, compared with its close of 61.655/665 on Tuesday, 22 October 2013.
Asian markets on Wednesday, 23 October 2013, reversed their initial gains triggered by expectations that lackluster US September jobs report will lead to the Federal Reserve maintaining stimulus for the US economy in the foreseeable future. Key benchmark indices in Japan, Hong Kong, China, South Korea and Taiwan fell by 0.29% to 1.95%. Key benchmark indices in Indonesia and Singapore rose by 0.13% to 1.03%.
Trading in US index futures indicated that the Dow could fall 51 points at the opening bell on Wednesday, 23 October 2013. US stocks gained on Tuesday, 22 October 2013, further propelling the S&P 500's record rise, as the September nonfarm-payrolls report supported the notion that the Federal Reserve's monthly bond purchases would continue into next year.
The US created a modest 148,000 jobs in September but the number of people hired in August was higher than previously reported, indicating an economy on a zigzag course heading into the government shutdown. The nation's unemployment rate, meanwhile, fell a tick to a five-year low of 7.2%, as more people found work, according to figures released Tuesday by the Labor Department.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
Powered by Capital Market - Live News
