CRISIL, Monsanto India vault

Key benchmark indices trimmed gains after extending intraday gains in early afternoon trade. The barometer index, the S&P BSE Sensex, was up 76.83 points or 0.3%, off 60.60 points from the day's high and up 141.03 points from the day's low. The market breadth indicating the overall health of the market was positive.

Infosys was currently almost unchanged for the day after witnessing intraday volatility 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. 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). Thermax declined on profit booking after recent rally. Den Networks declined after 0.32% equity changed hands in a bulk deal on BSE today, 12 June 2014. Sugar stocks declined.

Among the side counters, Ballarpur Industries, Godrej Industries, NESCO and Tamil Nadu Newsprint & Papers hit 52-week high. Balmer Lawrie & Company, BASF India, Bayer CropScience, CRISIL, Monsanto India and Va Tech Wabag scaled record high.

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 trimmed gains after extending intraday gains 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 13:20 IST, the S&P BSE Sensex was up 76.83 points or 0.3% to 25,550.72. 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 15.60 points or 0.2% to 7,642.45. The index hit a high of 7,655 in intraday trade. The index hit a low of 7,593.80 in intraday trade.

The BSE Mid-Cap index was up 63.78 points or 0.7% to 9,182.67. The BSE Small-Cap index was up 73.73 points or 0.74% to 10,023.76. Both these indices outperformed the Sensex.

The market breadth indicating the overall health of the market was positive. On BSE, 1,696 shares rose and 1,261 shares fell. A total of 86 shares were unchanged.

The total turnover on BSE amounted to Rs 2469 crore by 13:15 IST.

Hindalco Industries (up 3.51%), Sun Pharmaceutical Industries (up 1.92%) and HDFC Bank (up 1.94%) edged higher from the Sensex pack.

Axis Bank (down 1.77%), Coal India (down 1.51%) and ICICI Bank (down 0.79%) edged lower from the Sensex pack.

Infosys was currently almost unchanged for the day after witnessing intraday volatility 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 0.01% at Rs 3,179. 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.

Meanwhile, Infosys today, 12 June 2014, denied rumours of the company planning share buyback.

Bharti Airtel lost 2.43% to Rs 345.60 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).

Den Networks declined 2.33% to Rs 222.50 after 0.32% equity changed hands in a bulk deal on BSE today, 12 June 2014. A bulk deal of 5.83 lakh shares was executed on the Den Networks counter at Rs 225 per share at 10:23 IST on BSE today, 12 June 2014

Sugar stocks declined. Bajaj Hindusthan (down 1.16%), Sakthi Sugars (down 2.5%), Balrampur Chini Mills (down 0.36%), Triveni Engineering & Industries (down 3.53%) and Dwarikesh Sugar Industries (down 2.77%) declined. Dhampur Sugar Mills (up 1.38%) and Shree Renuka Sugars (up 0.35%) gained.

Ballarpur Industries jumped 8.82% to Rs 19.75 after hitting 52-week high of Rs 20.30 in intraday trade.

Balmer Lawrie & Company gained 4.64% to Rs 516 after hitting record high of Rs 529.95 in intraday trade.

BASF India surged 7.74% to Rs 898 after hitting record high of Rs 906.45 in intraday trade.

Bayer CropScience advanced 5.13% to Rs 1,899.20 after hitting record high of Rs 1,939 in intraday trade.

CRISIL galloped 11.68% to Rs 1,587.15 after hitting record high of Rs 1,610 in intraday trade.

Godrej Industries rose 3.28% to Rs 335 after hitting 52-week high of Rs 343.65 in intraday trade.

Monsanto India spurted 13.99% to Rs 2,178 after hitting record high of Rs 2,204 in intraday trade.

NESCO surged 15.12% to Rs 1,179 after hitting 52-week high of Rs 1,190 in intraday trade.

Tamil Nadu Newsprint & Papers advanced 7.76% to Rs 165.20 after hitting 52-week high of Rs 168.10 in intraday trade.

Va Tech Wabag jumped 13.9% to Rs 1,397.95 after hitting record high of Rs 1,443 in intraday trade.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 59.31, 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.

European stocks were a tad higher on Thursday, 12 June 2014, as investors awaited data on US retail sales and jobless claims to gauge the health of the world's largest economy. Key benchmark indices in France and Germany were up 0.02% to 0.09%. UK's FTSE 100 was off 0.14%.

French consumer prices were unchanged in May from April and rose only 0.7% on the year, statistics agency Insee said Thursday. A fall in energy and manufactured goods prices offset rising food prices, Insee said.

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 0.95%. Singapore's Straits Times rose 0.17%.

Japanese machinery orders fell in April from the previous month. Core machinery orders fell 9.1% in April from a month ago, the Cabinet Office said Thursday.

South Korea's central bank Thursday kept its benchmark interest rate steady at 2.5%. The bank last moved the rate in May 2013 with a quarter-percentage-point cut.

Trading in US index futures indicated a flat opening of US stocks 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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