Market reverses losses

A sudden spurt was witnessed on the bourses in mid-morning trade as key benchmark indices reversed losses and hit fresh intraday high in positive terrain. At 11:25 IST, the barometer index, the S&P BSE Sensex was up 160.08 points or 0.6% at 26,923.54. The Nifty 50 index was currently up 49.90 points or 0.61% at 8,253.50.

The Sensex rose 208.6 points or 0.77% at the day's high of 26,972.06 in mid-morning trade. The index dropped 80.38 points or 0.3% at the day's low of 26,683.08 in early trade, its lowest level since 2 June 2016. The Nifty rose 62 points or 0.75% at the day's high of 8,265.60 in mid-morning trade. The index fell 24.55 points or 0.29% at the day's low of 8,179.05 in early trade, its lowest level since 2 June 2016.

In overseas markets, Asian stocks edged lower as investors sought refuge in safe-haven assets amid festering concerns over the 23 June 2016 referendum that could see Britain exit the European Union. US stocks dropped yesterday, 9 June 2016 after three days of gains as crude oil futures pulled back from 10-month highs.

Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,471 shares rose and 662 shares fell. A total of 116 shares were unchanged The BSE Mid-Cap index was currently up 0.48%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.76%, outperforming the Sensex.

Sugar stocks rose. Bajaj Hindusthan (up 3.86%), Balrampur Chini Mills (up 1.13%) and Shree Renuka Sugars (up 3.73%) gained.

Food minister Ram Vilas Paswan reportedly said that India plans to impose a 25% tax on sugar exports to maintain adequate supplies of the sweetener in the local market.

Realty stocks also gained. DLF (up 0.74%), D B Realty (up 0.2%), Sobha (up 0.46%), Indiabulls Real Estate (up 0.65%), Unitech (up 3.33%), Godrej Properties (up 0.28%), Housing Development & Infrastructure (HDIL) (up 1.28%), and Ashiana Housing (up 2.6%) edged higher.

Tilaknagar Industries lost 1.85% after the company reported consolidated net loss of Rs 106.14 crore in Q4 March 2016, higher than net loss of Rs 70.61 crore in Q4 March 2015. Tilaknagar Industries' net sales declined 6.4% to Rs 116.33 crore in Q4 March 2016 over Q4 March 2015. The company announced the financial performance after market hours yesterday, 9 June 2016.

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