Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade. The S&P BSE Sensex was down 1.44 points or 0.01%, up 52.15 points from the day's low and off 90.80 points from the day's high. The market breadth, indicating the overall health of the market, was weak. Reliance Industries and ONGC edged higher as Cabinet Committee on Economic Affairs (CCEA) is likely to consider a proposal this week for a steep hike in natural gas prices.
Shares of some gold and diamond jewellery makers declined for second day in row on recent government measures to curb gold sales. Shares of cable TV service providers declined.
Key benchmark indices edged higher amid initial volatility. Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month June 2013 series to July 2013 series. The June 2013 F&O contracts expire on Thursday, 27 June 2013.
Foreign institutional investors (FIIs) sold shares worth a net Rs 1552.98 crore on Monday, 24 June 2013, as per provisional data from the stock exchanges.
At 10:20 IST, the S&P BSE Sensex was down 1.44 points or 0.01% to 18,539.45. The index gained 89.36 points at the day's high of 18,630.25 in early trade. The index fell 53.59 points at the day's low of 18,487.30 in morning trade.
The CNX Nifty was down 1.65 points or 0.03% to 5,588.60. The index hit a high of 5,616.90 in intraday trade. The index hit a low of 5,570.25 in intraday trade.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 897 shares declined and 590 shares advanced. A total of 102 shares were unchanged.
The total turnover on BSE amounted to Rs 343 crore by 10:20 IST compared to Rs 134 crore by 09:30 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined.
Reliance Industries and ONGC edged higher as Cabinet Committee on Economic Affairs (CCEA) is likely to consider a proposal this week for a steep hike in natural gas prices.
ONGC was up 1.97% to Rs 304.75, with the stock extending initial gains.
Reliance Industries (RIL) rose 0.97% to Rs 800.95. The stock hit a high of Rs 803 and low of Rs 795 so far during the day.
As per reports, the Cabinet Committee on Economic Affairs (CCEA) will consider a proposal this week for a steep hike in natural gas prices. The CCEA last week deferred a decision on a proposal to hike natural gas prices as Oil Minister M Veerappa Moily was away on an official tour. The oil ministry has proposed an increase in gas prices to $6.775 million British thermal unit (mbtu) from current $4.2 mbtu. The Oil Ministry has proposed raising gas price for state-run firms immediately and that for Reliance Industries (RIL) from April 2014 when it is contractually due.
Telecom services provider Bharti Airtel rose 1.75% to Rs 288.05, with the stock extending initial upmove.
Tata Motors dropped 3.4% and Tata Steel rose 0.81%. Tata Steel is reportedly looking at the option of stake sales in various group companies, including Tata Motors in an attempt to raise Rs 7200 crore. Tata Steel owns 5.46% in Tata Motors as at 31 March 2013, apart from stake in other Tata Group companies.
Shares of some gold and diamond jewellery makers declined for second day in row on recent government measures to curb gold sales. Shree Ganesh Jewellery House (I) (down 3.16%), PC Jeweller (down 3.69%), Rajesh Exports (down 2.04%), TBZ (down 4.97%), and Tara Jewels (down 8%) declined.
Shares of diamond jewellery maker Gitanjali Gems were locked at 20% lower circuit at Rs 324.30 on BSE. The stock had dropped 20% on Monday.
The All India Gems and Jewellery Trade Federation (AIGJTF), which represents about 90% of jewellers, on Monday, 24 June 2013, asked its members to stop selling gold bars and coins, about 35% of their business, adding its weight to government efforts to cut gold imports.
Shares of cable TV service providers declined. Den Networks, Hathway Cable & Datacom and Siti Cable Network dropped by 3% to 9.5%.
IRB Infrastructure Developers (down 14.87%), Manappuram Finance (down 8.37%), Muthoot Finance (down 6.35%), Jubilant Life Sciences (down 5.48%), Puravankara Projects (down 5.63%), Amtek Auto (down 5.26%), Parsvnath Developers (down 4.87%) and Amtek India (down 3.95%) were among the top losers from the BSE Mid-Cap index.
Mainland Chinese stocks plunged on Tuesday, 25 June 2013, dragging down other Asian markets on worries that Beijing's reluctance to provide relief in the interbank money markets may have a wider economic impact. China is the world's second biggest economy after the United States. The Shanghai Composite index was off 3.8% and Hong Kong's Hang Seng was off 1.42%. Among other Asian markets, key benchmark indices in Japan, Singapore, Indonesia, South Korea and Taiwan were off 0.15% to 1.72%.
The Shanghai benchmark plunged 5.3% on Monday, 24 June 2013, for its worst finish in nearly four years, as concerns that reluctance by China's central bank to ease tight liquidity conditions in the interbank money markets would hurt small and medium-sized banks and borrowers. In a statement on Monday, the People's Bank of China said the liquidity in the financial system was "reasonable" and that lenders must manage their own liquidity risks.
Trading in US index futures indicated that the Dow could fall 43 points at the opening bell on Tuesday, 25 June 2013. US stocks dropped Monday, 24 June 2013, as a 5.3% tumble in the Shanghai stock market overnight spurred by worries over China's economy and banking system.
Some Fed officials on Monday, 24 June 2013, sought to soften worries about the end of monetary stimulus from the central bank. Federal Reserve Chairman Ben Bernanke said last week the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth.
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