Sensex ekes out marginal gains in volatile trade

Key benchmark indices witnessed divergent trend amid high intraday volatility. While the 50-unit CNX Nifty registered a marginal decline, the barometer index, the S&P BSE Sensex, ended just a tad higher for the day. The Sensex advanced 11.84 points or 0.06%, off close to 145 points from the day's high and up about 74 points from the day's low. A weakness in rupee against the dollar and political developments triggered volatility on the bourses. The rupee hit record low below 58 per dollar hurt by broad strength in the US currency and concerns over India's current-account deficit. The market breadth, indicating the overall health of the market, was weak.

Metal stocks fell on weak economic data in China. Bank stocks edged lower. IT stocks rose as rupee hit record low against the dollar.

The Sensex had declined 138.99 points or 0.71% in the preceding two trading sessions to settle at 19,429.23 on 7 June 2013 from a recent high of 19,568.22 on 5 June 2013. The Sensex has lost 319.23 points or 1.62% in this month so far (till 10 June 2013). The Sensex has gained 14.36 points or 0.07% in calendar 2013 so far (till 10 June 2013). From a 52-week high of 20,443.62 on 20 May 2013, the Sensex has fallen 1,002.55 points or 4.90%. From a 52-week low of 16,485.02 on 8 June 2012, the Sensex has surged 2,956.05 points or 17.93%.

The S&P BSE Sensex rose 11.84 points or 0.06% to 19,441.07, its highest closing level since 6 June 2013. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index fell 62.41 points at the day's low of 19,366.82 in late trade, its lowest level since 30 April 2013.

The CNX Nifty fell 3 points or 0.05% to 5,878, its lowest closing level since 26 April 2013. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,857.40 in intraday trade.

The S&P BSE Mid-Cap index fell 0.88% and the S&P BSE Small-Cap index fell 0.79%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,420 shares fell and 880 shares rose. A total of 145 shares were unchanged.

The total turnover on BSE amounted to Rs 1518 crore, lower than Rs 2283.17 crore on Friday, 7 June 2013.

The S&P BSE Consumer durables (down 2.08%), the S&P BSE Realty (down 1.52%), the S&P BSE Bankex (down 1.12%), the S&P BSE Healthcare (down 1.04%), the S&P BSE Metal (down 0.96%), the S&P BSE Capital Goods (down 0.84%), the S&P BSE Power (down 0.82%), the S&P BSE Auto (down 0.59%) and the S&P BSE PSU (down 0.42%), underperformed the Sensex.

The S&P BSE IT (up 1.01%), the S&P BSE TECK (up 0.46%), the S&P BSE FMCG (up 0.14%) and the S&P BSE Oil&Gas (up 0.11%), outperformed the Sensex.

Among the 30-share Sensex pack, 15 stocks declined, 14 stocks rose and one stock remained unchanged. NTPC (up 1.55%), HDFC (up 1.53%), Bajaj Auto (up 1.29%), M&M (up 1.02%), Hero MotoCorp (up 0.39%), ONGC (up 0.36%) and Hindustan Unilever (up 0.27%), edged higher from the Sensex pack.

Bhel (down 3%), Maruti Suzuki India (down 2.18%), ICICI Bank (down 2.03%), Tata Motors (down 1.82%) and Bharti Airtel (down 1.51%), edged lower from the Sensex pack.

State-run Coal India ended flat at Rs 319.95.

Index heavyweight and cigarette maker ITC rose 0.87% to Rs 337.25.

Index heavyweight Reliance Industries (RIL) rose 0.62% to Rs 789.45.

IT stocks rose after the rupee hit record low against the dollar on broad gains in dollar after disappointing data from China and slightly better-than-expected US jobs data. CMC (up 3.09%), Wipro (up 2.12%), Infosys (up 1.64%), HCL Technologies (up 1.24%), Hexaware Technologies (up 0.65%), Tech Mahindra (up 0.44%), Mahindra Satyam (up 0.24%) and TCS (up 0.19%), edged higher.

The partially convertible rupee hit record low of 58.15 against the dollar. The rupee had closed at 57.06/07 on Friday, 7 June 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Metal stocks fell following uninspiring Chinese economic data released over the weekend. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power (down 4.46%), Sesa Goa (down 1.81%), Sterlite Industries India (down 1.68%), Nalco (down 1.39%), Hindalco Industries (down 1.32%), Hindustan Zinc (down 1.14%) and Tata Steel (down 0.55%), edged lower.

Bank stocks edged lower. Union Bank of India (down 2.65%), Yes Bank (down 2.57%), IndusInd Bank (down 2.16%), ICICI Bank (down 2.03%), IDBI Bank (down 1.59%), Axis Bank (down 1.58%), Federal Bank (down 1.49%), Bank of India (down 1.17%), Kotak Mahindra Bank (down 1.15%), Canara Bank (down 0.97%), Bank of Baroda (down 0.95%), Punjab National Bank (down 0.55%) and State Bank of India (down 0.55%), edged lower. However, HDFC Bank rose 0.07%.

Hindustan Oil Exploration Company (HOEC) was locked at 10% lower circuit at Rs 35, which was also a 52-week low of the stock. The stock extending post result slide. HOEC reported net loss of Rs 28.33 crore in Q4 March 2013, as against net profit of Rs 7.55 crore in Q4 March 2012. Net sales rose 28.5% to Rs 33.36 crore in Q4 March 2013 over Q4 March 2012.

L&T fell 0.48%, with the stock reversing intraday gains. The company today, 10 June 2013, said it has won a major order worth Rs 6699.50 crore from the Dedicated Freight Corporation of India (DFCCIL). The project has been secured by a consortium of the company and Sojitz Corp., Japan. The project is expected to be completed in four years.

Reliance Communications reported a highest turnover of Rs 64.49 crore on BSE. State Bank of India (Rs 63.10 crore), Just Dial (Rs 58.72 crore), Jet Airways (India) (Rs 48.16 crore) and United Spirits (Rs 37.16 crore), were the other turnover toppers on BSE in that order.

Opto Circuits India reported highest volumes of 1.15 crore shares on BSE. Media Matrix Worldwide (77.67 lakh shares), Reliance Communications (57.26 lakh shares), Cals Refineries (53.11 lakh shares) and Shree Renuka Sugars (45.60 lakh shares), were the other volume toppers on BSE in that order.

On political front, senior BJP leader L K Advani resigned from all party posts today, 10 June 2013, a day after Gujarat chief minister Narendra Modi was chosen to head the party's campaign in elections due next year. Advani was among several senior BJP leaders who stayed away from the meeting in Goa at which Modi was appointed as the Chairman of BJP's Election Campaign Committee for 2014 Lok Sabha polls could make him the party's candidate for Prime Minister.

European markets were mostly higher on Monday. Key benchmark indices in Germany and UK were up by 1.02% and 1.18%. However, France's CAC 40 was down 0.16%.

Most Asian stocks edged higher on Monday after a report showed the US added more workers than expected last month. Key benchmark indices in Singapore, Hong Kong, Taiwan and South Korea rose by 0.18% to 0.81%. Indonesia's Jakarta Composite fell 1.81%.

Mainland Chinese markets are closed from today, 10 June 2013 till Wednesday, 12 June 2013, for the Dragon Boat Festival.

Japan's Nikkei Average surged 4.94%. Japan's economy grew more than the government initially estimated in the first quarter, helping Prime Minister Shinzo Abe to sustain confidence in his campaign to defeat deflation. Gross domestic product expanded an annualized 4.1%, compared with a preliminary calculation of 3.5%, the Cabinet Office said in Tokyo today.

Japan's current account surplus doubled in April from a year earlier, and bank lending posted its biggest annual rise in over three years, in a fresh sign the government's aggressive policies to stimulate growth are paying early dividends.

China's trade, inflation and lending data for May announced over the weekend all trailed estimates, signaling weaker global and domestic demand. Industrial production rose a less-than-forecast 9.2% from a year earlier and factory-gate prices fell for a 15th month. Export gains were at a 10-month low and imports dropped after a crackdown on fake trade invoices while fixed-asset investment growth slowed and new yuan loans declined.

Trading in US index futures indicated that the Dow could gain 55 points at the opening bell on Monday, 10 June 2013. US stocks rose on Friday after May job data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future. The Labor Department's data showed job gains of 175,000 in May, slightly above the economists' forecast, while the US unemployment rate increased to 7.6% last month from 7.5% in April.

Powered by Capital Market - Live News