Key benchmark indices retained positive zone in mid-morning trade. The barometer index, the S&P BSE Sensex, was up 88.17 points or 0.35%, up close to 150 points from the day's low and off about 50 points from the day's high. The market breadth indicating the overall health of the market was positive.
Telecom stocks declined. Shares of Bharti Airtel dropped after a foreign brokerage downgraded the stock to "underperform" from "neutral" and reduced the target price, citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL). Tata Motors rose in volatile trade after its British luxury car unit Jaguar Land Rover on Wednesday, 11 June 2014, reported strong growth in retail sales for May 2014.
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.
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 11:20 IST, the S&P BSE Sensex was up 88.17 points or 0.35% to 25,562.06. 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 15.40 points or 0.2% to 7,642.25. The index hit a high of 7,652.10 in intraday trade. The index hit a low of 7,593.80 in intraday trade
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The BSE Mid-Cap index was up 49.35 points or 0.54% to 9,168.24. The BSE Small-Cap index was up 40.73 points or 0.41% to 9,990.76. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,464 shares rose and 1,069 shares fell. A total of 16 shares were unchanged.
Telecom stocks declined. MTNL (down 1.37%), Tata Teleservices (Maharashtra) (down 0.24%) and Reliance Communications (down 1.45%) declined.
Shares of Bharti Airtel dropped 3.22% to Rs 342.80 after a foreign investment bank downgraded the stock to "underperform" from "neutral" and reduced the target price to Rs 265 from Rs 275, citing competition from rival Reliance Jio Infocomm, a unit of Reliance Industries (RIL).
Idea Cellular shed 1.04% to Rs 142.10. The company said after market hours on Wednesday, 11 June 2014, that the Securities Allotment Committee of the board of directors of the company at its meeting held on 11 June 2014 issued and allotted 22.38 crore shares to eligible qualified institutional buyers (QIBs) at a price of Rs 134 per share, including a premium of Rs 124 per share, aggregating approximately to Rs 3000 crore under the SEBI Regulations and Section 42 of the Companies Act, 2013 and the rules made thereunder.
Tata Motors rose in volatile trade after its British luxury car unit Jaguar Land Rover (JLR) on Wednesday, 11 June 2014, reported strong growth in retail sales for May 2014. The stock was up 0.85% at Rs 449.49. The scrip hit high of Rs 451.30 and low of Rs 442.25 so far during the day. JLR's retail sales rose 20% to 38,831 vehicles in May 2014 over May 2013.
Sales of the Jaguar brand rose 4% to 6,450 vehicles in May 2014 over May 2013. Sales of the Land Rover brand jumped 23% to 32,381 vehicles in May 2014 over May 2013, with strong performances across the range.
Commenting on the May performance Andy Goss, Jaguar Land Rover Group Sales Operations Director said: "This has been another solid month for Jaguar Land Rover with continued strong demand for models across the range in our international markets. The continued success of F-Type convertible, coupled with the launch of Coupe, has supported Jaguar sales momentum. For Land Rover, the Range Rover Sport and Evoque continue to deliver impressive sales performance".
Infosys edged higher in volatile trade after the company before trading hours today, 12 June 2014, announced the selection of Dr. Vishal Sikka as the Chief Executive Officer and Managing Director (CEO & MD) of the company. The stock was up 0.2% at Rs 3,185. The stock hit high of Rs 3,298 and low of Rs 3,120.65 so far during the day. Dr. Sikka will be inducted as a whole-time director of the board of Infosys and CEO & MD (Designate) on 14 June 2014. He will take over as CEO & MD from Mr. S. D. Shibulal on 1 August 2014.
The board has also elevated Mr. U.B. Pravin Rao, President and whole-time director, as Chief Operating Officer, with effect from 14 June 2014. In addition, the company has elevated twelve leaders to the position of Executive Vice President with additional responsibilities.
Dr. Vishal Sikka was, until recently, a member of the Executive Board of SAP AG, leading all products and driving innovation globally. He has worked closely with leaders of global companies in building breakthrough business solutions, Infosys said in a statement.
Infosys also said that Mr. N.R. Narayana Murthy will voluntarily step down as Executive Chairman of the company on 14 June 2014. Mr. S. Gopalakrishnan will voluntarily step down as Executive Vice Chairman on 14 June 2014. In order to facilitate a smooth transition of responsibilities, both of them will continue on the board till 10 October 2014 -- with Murthy as Non-executive Chairman and Gopalakrishnan as Non-executive Vice Chairman. Mr. K. V. Kamath will become the Non-executive Chairman of the board on 11 October 2014. Mr. Murthy will be designated as Chairman Emeritus with effect from 11 October 2014 in recognition of his contributions to the company.
Mr. S. D. Shibulal will step down as CEO & MD and from the board on 31 July 2014.
The Executive Chairman's office will be dissolved with effect from 14 June 2014. Dr. Rohan Murty, whose appointment was co-terminus with the Executive Chairman, will leave the company on 14 June 2014. The remaining members of the Chairman's office will take up other responsibilities in the company.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.3375, 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 estimates 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 estimates 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 Singapore, Indonesia, Japan, Taiwan, South Korea and Hong Kong were off 0.06% to 0.75%. China's Shanghai Composite rose 0.04%.
Trading in US index futures indicated that the Dow could gain 4 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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