Recovery on the bourses gathered steam as key benchmark indices reversed intraday losses to hit fresh intraday high in mid-afternoon trade as European stocks rose. The S&P BSE Sensex was up 19.77 points or 0.1%, up about 190 points from the day's low and off close to 15 points from the day's high. The market breadth, indicating the overall health of the market, was negative.
Mahindra & Mahindra (M&M) reversed intraday losses after the company on Wednesday, 5 June 2013, unveiled sub 4 metre compact car, the Verito Vibe. Telecom stocks declined. Coal India, State Bank of India (SBI) and ONGC reversed intraday losses. Index heavyweight and cigarette maker ITC cut entire intraday losses.
The market edged lower in early trade. The market trimmed losses after hitting their lowest level in over five weeks in morning trade. Key benchmark indices traded off initial lows in mid-morning trade. It further pared intraday losses to hit fresh intraday high in early afternoon trade. The market extended recovery to hit fresh intraday high in afternoon trade after European markets opened higher. The market reversed intraday losses to hit fresh intraday high in mid-afternoon trade.
At 14:20 IST, the S&P BSE Sensex was up 19.77 points or 0.1% to 19,587.99. The index lost 172.90 points at the day's low of 19,395.32 in morning trade, its lowest level since 30 April 2013. The index rose 35.56 points at the day's high of 19,603.78 in mid-afternoon trade.
The CNX Nifty was up 7.45 points or 0.13% to 5,931.30. The index hit a low of 5,869.50 in intraday trade, its lowest level since 30 April 2013. The index hit a high of 5,934.65 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,153 shares fell and 976 shares rose. A total of 148 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks fell and rest of them rose. NTPC, Sun Pharmaceutical Industries and Tata Steel dropped by 1.39% to 1.43%.
Mahindra & Mahindra (M&M) rose 0.31%, with thee stock reversing intraday losses. The company on Wednesday, 5 June 2013, unveiled sub 4 metre compact car, the Verito Vibe. Designed and developed in-house by Mahindra, the Verito Vibe marks Mahindra's entry into the high volume compact car market. The Verito Vibe redefines the compact car segment in terms of its spaciousness, reliability and unique crossover style for the Indian consumer, M&M said. Priced at an attractive Rs 5.63 (ex-showroom Mumbai) the New Verito Vibe will be available in three distinct and attractive variants namely D2, D4, D6. The new Verito Vibe will be available in Diesel engine only. The price range for the Vibe will be from Rs 5.63 lacs (ex-showroom Mumbai) for the base D2 model, to Rs 6.49 lac (ex showroom Mumbai) for the fully loaded top end D6.
Telecom stocks were mostly lower. Bharti Airtel and Idea Cellular shed by 1.98% to 2.28%.
Shares of Reliance Communications were up 0.39%. The stock was volatile. The scrip hit high of Rs 118.80 and low of Rs 114.55.
Coal India rose 0.31%, with the stock reversing intraday losses.
ONGC gained 0.14%, with the stock reversing intraday losses.
State Bank of India (SBI) gained 0.43%, with the stock reversing intraday losses.
Index heavyweight and cigarette maker ITC fell 0.01% to Rs 334.25, off the day's low of Rs 330.35.
European markets were trading lower in early trade as investors awaited policy announcements from the European Central Bank and Bank of England. Key benchmark indices in Germany and UK were up by 0.06% to 0.38%.
Asian stocks fell on Thursday after US jobs and factory data missed estimates and investors speculated whether the Federal Reserve will scale back bond purchases. Key benchmark indices in Hong Kong, Japan, China, Singapore and Taiwan shed by 0.07% to 1.05%. South Korea's market was closed for a public holiday.
Trading in US index futures indicated that the Dow could gain 29 points at the opening bell on Thursday, 6 June 2013. US stocks declined on Wednesday, extending losses into a second day, as data finds US private-sector job growth and productivity below expectations.
A report from ADP Research Institute showed companies in the US hired fewer workers than projected in May amid federal budget cuts and higher taxes. Separate data from the Commerce Department showed factory orders in April fell short of estimates. The Fed's Beige Book showed the US economy expanded at a "modest to moderate" pace in 11 of 12 central-bank districts, with broad-based gains ranging from business services to construction and manufacturing. The survey is based on data collected by Fed regional banks on or before May 24.
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