Key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade. The S&P BSE Sensex was down 31.11 points or 0.15%, up 64 points from the day's low and off 119 points from the day's high. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee edged lower against the dollar, tracking mild weakness of Asian currencies against the dollar.
Zee Entertainment Enterprises rose after reporting strong Q2 results. Shares of Adani group firms were in demand.
Key benchmark indices edged higher in early trade on firm Asian stocks. A bout of volatility was witnessed as key benchmark indices reversed initial gains in morning trade. The barometer index, the S&P BSE Sensex, reversed direction after hitting its highest level in more than 35 months. The 50-unit CNX Nifty reversed direction after hitting 22-week high. Key benchmark indices extended intraday losses in early afternoon trade. Key benchmark indices trimmed losses after hitting fresh intraday low in early afternoon trade.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1752.98 crore on Friday, 18 October 2013, as per provisional data from the stock exchanges.
At 13:18 IST, the S&P BSE Sensex was down 31.11 points or 0.15% to 20,851.78. The index gained 88.03 points at the day's high of 20,970.92 in morning trade, its highest level since 9 November 2010. The index fell 95.33 points at the day's low of 20787.56 in early afternoon trade.
The CNX Nifty was down 2.75 points or 0.04% to 6,186.60. The index hit a high of 6,218.95 in intraday trade, its highest level since 20 May 2013. The index hit a low of 6,166.85 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1259 shares gained and 942 shares fell. A total of 162 shares were unchanged.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Sesa Sterlite (up 3.23%), Maruti Suzuki India (up 3.12%), Hindalco Industries (up 2.66%), Tata Steel (up 2.31%), Tata Motors (up 1.78%), GAIL (India) (up 0.78%) and State Bank of India (up 0.77%), edged higher from the Sensex pack.
TCS (down 3.06%), Jindal Steel & Power (down 3.05%), ITC (down 2.08%), HDFC (down 1.72%), Bhel (down 1.66%), HDFC Bank (down 1.37%), Infosys (down 1.33%), Bharti Airtel (down 1.28%), Dr Reddy's Laboratories (down 0.91%) and Wipro (down 0.53%), edged lower from the Sensex pack.
Zee Entertainment Enterprises rose 2.61% to Rs 259.80. The company during trading hours today, 21 October 2013, said that its consolidated net profit rose 25.88% to Rs 236.27 crore on 18.03% growth in total income to Rs 1156.20 crore in Q2 September 2013 over Q2 September 2012.
Consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 42.7% to Rs 310.50 crore in Q2 September 2013 over Q2 September 2012. Zee Entertainment's EBITDA margin surged to 28.2% in Q2 September 2013, from 22.8% in Q2 September 2012. The company's advertising revenue rose 10.5% to Rs 583.30 crore and subscription revenue rose 16% to Rs 458.10 crore in Q2 September 2013 over Q2 September 2012.
Engineering and construction giant L&T surged 5.5%. The company after market hours on Friday, 18 October 2013, said its recurring profit after tax rose 7% to Rs 978 crore on 10% growth in gross revenue at Rs 14648 crore in Q2 September 2013 over Q2 September 2012. The company attributed top line growth to pick-up in execution of various jobs.
L&T said that the upward trend in order inflow was sustained in the second consecutive quarter of the year. Order inflow rose 27% to Rs 26533 crore in Q2 September 2013 over Q2 September 2012. L&T said that its order book at Rs 1.76 lakh crore as on 30 September 2013, increased 11% on year-on-year basis. International order book constituted 15% of the total order book.
L&T said that the macro-economic environment continues to remain weak and uncertain on account of the twin deficits, tight liquidity, persistent inflation and heightened volatility in the financial markets. Investment climate in the economy is yet to show sign of recovery. Deferral of new projects and delayed decision making/execution features the weak performance of the core sector this far, L&T said. The recent government measures such as improved allocation of resources to kick-start the stalled projects are, however, a welcome move to improve the investment sentiment, L&T said.
The company said its strategy of business development in select international markets has started yielding results as is evident from the increased share of international business. The company continues to focus on emerging prospects in the Middle East and other select international markets as part of its twin strategy to hedge against domestic slowdown and attain global competitiveness, L&T said in a statement. With its growing order book, increased international presence, and improved competiveness, the company is hopeful of meeting its growth aspirations in the near and medium term, L&T said.
Shares of Adani group firms were in demand. Adani Enterprises (up 14.79%), Adani Power (up 4.87%) and Adani Ports and Special Economic Zone (up 3.96%), edged higher.
Suzlon Energy (up 9.35%), DLF (up 5.12%), Indiabulls Real Estate (up 3.79%), IDFC (up 3.17%) and Yes Bank (up 3.15%), were among the major gainers in the BSE's 'A' group.
In the foreign exchange market, the rupee edged lower against the dollar, tracking mild weakness of Asian currencies against the dollar. The partially convertible rupee was hovering at 61.445, weaker than its close of 61.27/28 on Friday, 18 October 2013. The rupee had hit two-month high of 60.94 in intraday trade on Friday, 18 October 2013. The Reserve Bank of India on Friday, 18 October 2013, said that its dollar window for oil marketing companies remains open, adding that any tapering would be done in a calibrated manner.
European indices were mostly trading lower in early trade on Monday, 21 October 2013. Key benchmark indices in Germany and France were off 0.17% and 0.28%, respectively. UK's FTSE 100 was up 0.05%.
Asian markets rose on Monday, 21 October 2013, as traders continued buying spree that began last week on bets the US Federal Reserve will continue its monetary stimulus for the US economy. Key benchmark indices in South Korea, Singapore, Hong Kong, China, Indonesia and Japan rose by 0.03% to 1.62%. Taiwan's Taiwan Weighted fell 0.26%.
Trading in US index futures indicated that the Dow could advance 15 points at the opening bell on Monday, 21 October 2013. US stocks rose on Friday, 18 October 2013, with the S&P 500 index continuing its record run, as investors applauded quarterly results from Internet-search titan Google Inc. and investment bank Morgan Stanley.
Federal Reserve officials largely avoided the topic of tapering in a series of speeches on Friday, 18 October 2013. Charles Evans, the president of the Chicago Fed, disputed the notion that interest rates have to normalize to bring stability to the financial system.
The US government will release the influential nonfarm-payroll data for September 2013 tomorrow, 22 October 2013. The data has been delayed due to the 16-day partial shutdown of the US government this month.
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.
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