Key benchmark indices moved in a narrow range in positive zone in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 73.02 points or 0.29%, up close to 140 points from the day's low and off about 65 points from the day's high. The market breadth indicating the overall health of the market was positive.
Realty stocks edged higher after Wednesday's slide. Metal and mining stocks also gained.
A bout of volatility was witnessed in early trade as key benchmark indices alternately swung between gains and losses. The Sensex extended gains in morning trade. Key benchmark indices retained positive zone in mid-morning trade. Key benchmark indices moved in a narrow range in positive zone in early afternoon trade.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 313.40 crore on Wednesday, 11 June 2014, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was up 73.02 points or 0.29% to 25,546.91. The index jumped 137.43 points at the day's high of 25,611.32 in early trade. The index fell 64.20 points at the day's low of 25,409.69 in early trade.
The CNX Nifty was up 11.85 points or 0.16% to 7,638.70. The index hit a high of 7,652.10 in intraday trade. The index hit a low of 7,593.80 in intraday trade.
The BSE Mid-Cap index was up 48.26 points or 0.53% to 9,167.15. The BSE Small-Cap index was up 61.09 points or 0.61% to 10,011.12. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,556 shares rose and 1,189 shares fell. A total of 81 shares were unchanged.
HDFC (up 2.02%), HDFC Bank (up 1.72%) and ONGC (up 1.86%) edged higher from the Sensex pack.
Realty stocks edged higher after Wednesday's slide. Anant Raj (up 0.55% to Rs 80.40), DLF (up 0.18% to Rs 221.25), Sobha Developers (up 0.75% to Rs 534.65) and Unitech (up 0.88% to Rs 34.25) gained.
Metal and mining stocks also gained. NMDC (up 1.31% to Rs 185), Hindalco Industries (up 3.26% to Rs 167.90), Sesa Sterlite (up 0.51% to Rs 296), Steel Authority of India (Sail) (up 1.26% to Rs 104.75), Jindal Steel & Power (up 2.1% to Rs 334.30), JSW Steel (up 0.6% to Rs 1,298), Tata Steel (up 1.15% to Rs 555.58), National Aluminium Company (up 0.53% to Rs 56.45), and Hindustan Zinc (up 0.16% to Rs 170.70) gained. Hindustan Copper was down 0.81% to Rs 116.05.
Jubilant Life Sciences rose 3.52% to Rs 213 after the company announced a price-increase of 9% for Niacinamide, with immediate effect, for non-contract customers and wherever existing contracts permit. The announcement was made during market hours today, 12 June 2014. Jubilant Life Sciences said it delivers unmatched advantages of consistent quality and availability of Vitamin B3 (Niacin & Niacinamide) to its customers globally. The company's nutrition business is backward integrated up to the initial raw material stage with global scale of operations, the company said in a statement.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.33, compared with its close of 59.27/28 on Wednesday, 11 June 2014.
In his reply on motion of thanks on President's address in Lok Sabha, Prime Minister Narendra Modi on Wednesday, 11 June 2014, said his promise to reduce inflation is not an empty slogan but a resolve. Just like the way Mahatma Gandhi had turned India's freedom struggle into a mass movement, India needs to make the quest for good governance a mass movement, the Prime Minister said. He urged all elected members of parliament (MPs) to resolve to ensure that every family in India has a house, with basic amenities of water, power and sanitation, on India's 75th anniversary of independence in 2022. The Prime Minister said a way would be found to achieve this, and he would seek the help and cooperation of all senior leaders in this endeavour.
Industrial production is expected to register a growth of 1.7% in April 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government is due to release industrial production data for April 2014 after trading hours today, 12 June 2014. Industrial production shrank for a second straight month in March 2014. Industrial production declined 0.5% in March 2014, compared with a contraction of 1.8% in February 2014.
The rate of inflation based on the combined consumer price index (CPI) for rural and urban India is seen easing at 8.4% in May 2014, from 8.59% in April 2014, as per the median estimate of a poll of economists carried out by Capital Market. The government is due to release CPI inflation for May 2014 after trading hours today, 12 June 2014. CPI inflation accelerated to 8.59% (provisional) in April 2014, from 8.31% (final) in March 2014. Core CPI which excludes food and energy prices eased to 7.8% in April 2014, from 7.81% in March 2014.
Asian shares slipped on Thursday, 12 June 2014, after US stocks stepped back from record levels on Wednesday while civil war in Iraq supported oil prices. Key benchmark indices in China, Indonesia, Japan, Taiwan, South Korea and Hong Kong were off 0.15% to 0.75%. Singapore's Straits Times rose 0.14%.
Trading in US index futures indicated that the Dow could gain 12 points at the opening bell on Thursday, 12 June 2014. US stocks fell on Wednesday, with the Dow Jones Industrial Average breaking a four-day string of record closing highs, following the World Bank's reduction of its global growth forecast.
Adding to the sour tone, the defeat in a primary election of House Majority Leader Eric Cantor, a Republican, further dampened expectations of Washington passing any significant legislation before the November elections.
The US posted a $130 billion budget deficit in May and the smallest shortfall for the first eight months of a fiscal year since 2008, as a stronger economy and rising employment bolster revenue. The deficit last month was about $9 billion less than the $139 billion shortfall in May 2013, the Treasury Department said in Washington.
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