Volatility continued as key benchmark indices trimmed intraday losses as the rupee surged against the dollar. The barometer index, the S&P BSE Sensex, was down 124.13 points or 0.62%, up 95.33 points from the day's low and off 182.57 points from the day's high. The market breadth, indicating the overall health of the market, was positive. Auto stocks were mixed. Shares of Financial Technologies (India) surged on high volume.
Key benchmark indices edged lower in early trade to profit booking after Tuesday's rally. A bout of volatility was witnessed as the key benchmark indices slipped into the red again after reversing initial losses in morning trade. The Sensex alternately moved above and below the psychological 20,000 level in intraday trade. Key benchmark indices extended losses in mid-morning trade. Key benchmark indices cut intraday losses in early afternoon trade. A bout of volatility was witnessed as key benchmark hit fresh intraday low in afternoon trade. Volatility continued as key benchmark indices trimmed intraday losses as the rupee surged against the dollar.
Foreign institutional investors (FIIs) bought shares worth a massive Rs 2563.60 crore on Tuesday, 10 September 2013, as per provisional data from the stock exchanges. The Sensex had jumped 3.77% on Tuesday after the latest data showed that India's trade deficit, the key driver of the country's large current-account deficit, narrowed to five-month low in August 2013.
In the foreign exchange market, the rupee surged against the dollar in choppy trade. The partially convertible rupee was hovering at 63.23, stronger than its close of 63.84/85 on Tuesday, 10 September 2013.
At 14:20 IST, the S&P BSE Sensex was down 124.13 points or 0.62% to 19,872.96. The index lost 219.46 points at the day's low of 19,777.63 in afternoon trade. The index rose 55.76 points at the day's high of 20,055.53 in morning trade, its highest level since 25 July 2013.
The CNX Nifty was down 35.50 points or 0.6% to 5,861.25. The index hit a low of 5,832.70 in intraday trade. The index hit a high of 5,913.45 in intraday trade, its highest level since 26 July 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,237 shares gained and 979 shares fell. A total of 150 shares were unchanged.
The total turnover on BSE amounted to Rs 1681 crore by 14:20 IST
Among the 30-share Sensex pack, 17 stocks declined and rest of them gained. Bharti Airtel (down 2.06%), HDFC (down 1.76%) and Hindustan Unilever (down 2.14%), edged lower.
Auto stocks were mixed. Tata Motors lost 2.58% to Rs 340.20. The stock had jumped 9.89% to settle at Rs 349.20 after striking a record high of Rs 352 in intraday trade on Tuesday, 10 September 2013. The company's unit Jaguar Land Rover (JLR) on Tuesday, 10 September 2013, reported 28% rise in sales to 27,852 vehicles in August 2013 over August 2012.
Maruti Suzuki India gained 1.74%. The company said during market hours on 6 September 2013 that its production jumped 62.63% to 91,261 units in August 2013 over August 2012. The company said on 2 September 2013 that its total sales spurted 61.2% to 87,323 units in August 2013 over August 2012. Domestic sales rose 51.6% to 76,018 units in August 2013 over August 2012. Exports spurted 180.9% to 11,306 units in August 2013 over August 2012.
Mahindra & Mahindra (M&M) rose 0.09%. The company after market hours on Tuesday, 10 September 2013, said that it has crossed yet another milestone with over 4 lakh sales of its special utility vehicle (SUV), Scorpio.
Speaking on the milestone, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra, said: "This is a very proud moment for us, as the iconic and trend-setting Scorpio has achieved yet another milestone. This achievement reaffirms the Scorpio's immense popularity and the confidence that consumers have reposed in it over the years. Being one of the most admired and most awarded brands within the Indian automobile industry, the Scorpio has rightfully claimed its spot as the king of Indian roads".
Cipla shed 2.18% to Rs 430.70. The stock had hit a record high of Rs 446.50 in intraday trade on Tuesday, 10 September 2013.
Shares of Financial Technologies (India) surged 30.32% to Rs 188.25. The stock surged on volume of 49.02 lakh shares, higher than average daily volume of 11.68 lakh shares in the past one quarter. The stock has witnessed wild gyrations ever since the NSEL had to shut down its operation since 1 August 2013 following the government direction in the wake of violation of certain rules. NSEL is grappling with the problem of payment settlement after the suspension. Financial Technologies (India) is one of the two promoters of the NSEL.
Harrisons Malayalam jumped 12.06%. The company after market hours on Tuesday, 10 September 2013, said that the High Court of Kerala vide its order dated 9 September 2013 dismissed the Kerala state government's petition challenging the authenticity of company's title deeds and operations, as not maintainable. By dismissing the Kerala government petition, the company has been absolved of allegations in respect of irregularities and fraud as also of alleged violations under the Foreign Exchange Regulation Act (FERA).
IRB Infrastructure Developers (up 10.39%), Wockhardt (up 8.59%), UCO Bank (up 8.27%), Amara Raja Batteries (up 6.8%) and GMR Infrastructure (up 5.78%) were among the top gainers from the BSE's A group.
Most European stocks edged lower on Wednesday, 11 September 2013, with investors taking a breather after a solid rally the prior day and digesting the latest developments in the Syria conflict. Key benchmark indices in France and UK shed by 0.16% to 0.25%. Germany's DAX rose 0.37%.
The unemployment rate in the UK fell to 7.7% in the period from May to July, down from a level of 7.8% in the months from February to April, the Office for National Statistics said on Wednesday. The UK unemployment rate has been closely watched by investors recently after Bank of England Governor Mark Carney said the central bank will consider raising interest rates when unemployment drops below 7%.
Asian stock markets were mixed on Wednesday, 11 September 2013. Key benchmark indices in China, Japan and South Korea were up 0.01% to 0.49%. Key benchmark indices in Hong Kong, Indonesia and Singapore were off 0.17% to 1.41%.Taiwan's Taiwan Weighted index was unchanged for the day.
Trading in US index futures indicated that the Dow could gain 16 points at the opening bell on Wednesday, 11 September 2013. US stocks rallied on Tuesday, 10 September 2013, with the S&P 500 continuing its longest stretch of gains since mid-July, after upbeat data from China and amid heightened diplomacy on Syria.
US President Barack Obama called for diplomacy in dealing with chemical weapons in Syria but kept open the possibility of military action against the Assad regime. Obama late Tuesday said he was sending US Secretary of State John Kerry to Geneva to meet Russian Foreign Minister Sergey Lavrov to work out details of a plan to have Syria, led by President Bashar al-Assad, give its chemical weapons stockpile to the international community. Obama had called for potential strikes against Syria in retaliation for Syria's use of chemical weapons against civilians in late August. But with a diplomatic solution on the table, Obama asked Congress to delay a vote on whether to authorize military strikes.
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC holds a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.
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