Market extends initial gains

Key benchmark indices extended initial gains to hit fresh intraday high in morning trade as firm Asian stocks boosted sentiment. The S&P BSE Sensex was up 241 points or 1.28%, up about 115 points from the day's low and off close to 5 points from the day's high. The market breadth, indicating the overall health of the market, was strong. Except the BSE IT index, all the other sectoral indices on BSE were in the green. Realty stocks edged higher ahead of the announcement of wholesale price index (WPI) data for May 2013 today, 14 June 2013. Tata Motors extended initial gains triggered by the company's UK-based subsidiary of Tata Motors, Jaguar Land Rover (JLR), reporting good sales in May 2013. HDFC and Tata Steel also extended initial gains.

The market edged higher in early trade. The barometer index, the S&P BSE Sensex, regained the psychological 19,000 level. It extended initial gains to hit fresh intraday high in morning trade.

At 10:20 IST, the S&P BSE Sensex was up 241 points or 1.28% to 19,068.16. The index rose 245.70 points at the day's high of 19,072.86 in morning trade, its highest level since 12 June 2013. The index gained 124.93 points at the day's low of 18,952.09 in early trade.

The CNX Nifty was up 72.75 points or 1.28% to 5,771.85. The index hit a high of 5,772.60 in intraday trade, its highest level since 12 June 2013. The index hit a low of 5,739.40 in intraday trade

The market breadth, indicating the overall health of the market, was strong. On BSE, 962 shares rose and 311 shares fell. A total of 49 shares were unchanged.

Among the 30-share Sensex pack, 24 stocks rose and the rest of them fell. Wipro (down 2.5%), Cipla (down 0.69%) and TCS (down 0.62%), edged lower.

Tata Motors rose 3.11%, with the stock extending initial gains triggered by the company's UK-based subsidiary of Tata Motors, Jaguar Land Rover (JLR), reporting 12% rise in sales to 32,477 units in May 2013 over May 2012. JLR sales rose 15% to 176,451 vehicles during the first five months of the year over the previous year.

Realty stocks edged higher ahead of the announcement of wholesale price index (WPI) data for May 2013 today, 14 June 2013. Unitech (up 3.57%), HDIL (up 2.72%), D B Realty (up 2.46%), and DLF (up 2.31%), edged higher.

HDFC rose 2.61%, with the stock extending initial gains.

Tata Steel gained 2.65%, with the stock extending initial gains

On macro front, the Central Statistics Office (CSO) will unveil wholesale price index (WPI) data for May 2013 today, 14 June 2013. Inflation based on the wholesale price index (WPI) is seen easing further to 4.8% in May 2013, according to a poll of economist carried out by Capital Market. The WPI eased sharply to 4.89% in April 2013, from 5.96% in March 2013. Meanwhile, WPI inflation for February 2013 was revised upwards to 7.28% from 6.84% reported earlier.

Asian stocks rebounded on Friday as US economic data beat estimates and on bets the Federal Reserve will signal plans to keep record-low interest rates. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, and South Korea rose by 0.21% to 3%. Taiwan's Taiwan Weighted fell 0.28%.

Trading in US index futures indicated a flat opening of US stocks on Friday, 14 June 2013. US stocks rallied on Thursday bolstered by upbeat economic data. The data showed retail sales climbed the most in three months and the number of claims for jobless benefits dropped by 12,000 last week. The Federal Open Market Committee meets next week after the Bank of Japan this week left its lending program unchanged.

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