Key benchmark indices edged lower in early trade on weak Asian stocks. The S&P BSE Sensex was down 49.93 points or 0.27%, off close to 30 points from the day's high and up almost equal points from the day's low. The market breadth, indicating the overall health of the market, was negative.
Cipla edged higher in early trade after the company said that it has received approvals from the South African and Botswana competition authorities for the acquisition of the entire share capital of Cipla Medpro South Africa (Medpro) either by Cipla or through its nominated subsidiary. Infosys rose after the company announced that it has joined Open Data Center Alliance (ODCA) as a contributing member. Future Retail tumbled nearly 13% as a scheme of arrangement became effective on the bourses today, 21 June 2013. Jindal Steel & Power extended Thursday's sharp losses.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after worries that the Federal Reserve would taper its bond purchases slammed commodities and US shares.
Data showing that foreign funds remained massive net sellers of Indian stocks on Thursday, 20 June 2013, affected market sentiment adversely. Foreign institutional investors (FIIs) sold shares worth a net Rs 2094.06 crore on Thursday, 20 June 2013, as per provisional data from the stock exchanges.
The rupee further extended losses against the dollar after hitting record intraday low on Thursday, 20 June 2013. The rupee was currently trading at 59.70, down from its 59.57/58 close on Thursday, 20 June 2013.
At 9:30 IST, the S&P BSE Sensex was down 49.93 points or 0.27% to 18,669.36. The index declined 79.13 points at the day's low of 18,822.65 in early trade. The index fell 18.49 points at the day's high of 18,700.80 in early trade.
The CNX Nifty was down 15.10 points or 0.27% to 5,640.80. The index hit a low of 5,622.25 in intraday trade. The index hit a high of 5,644.80 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 420 shares fell and 374 shares rose. A total of 42 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks fell and rest of them rose. Hindalco Industries (down 1.38%), ITC (down 1.37%) and Sterlite Industries (down 0.74%), edged lower.
Jindal Steel & Power fell 3.38%, with the stock extending Thursday's 9.62% losses.
Cipla gained 0.42% after the company after market hours on Thursday, 20 June 2013, said that it has received approvals from the South African and Botswana competition authorities for the acquisition of the entire share capital of Cipla Medpro South Africa (Medpro) either by Cipla or through its nominated subsidiary. The implementation of the scheme is still subject to various other approvals and conditions, including regulatory and government approvals, Cipla said.
Infosys rose 0.73% after the company announced after market hours on Thursday, 20 June 2013, that it has joined Open Data Center Alliance (ODCA) as a contributing member. Infosys will contribute its proven expertise in cloud and big data to ODCA's mission of developing a unified vision for an enterprise's cloud and big data requirements based on open, interoperable standards. Infosys will contribute to working groups that will focus on strengthening industry standards in areas like interoperability, manageability, businesses processes and governance.
Dabur India declined 0.13% as the stock turned ex-dividend today, 21 June 2013, for final dividend of 85 paise per share for the year ended 31 March 2013.
Shriram Transport Finance Company rose 1.04%. The stock turned ex-dividend today, 21 June 2013, for final dividend of Rs 4 per share for the year ended 31 March 2013.
Vijaya Bank fell 5.37% as the stock turned ex-dividend today, 21 June 2013, for dividend of Rs 2.50 per share for the year ended 31 March 2013
Future Retail tumbled 12.78% as a scheme of arrangement became effective on the bourses today, 21 June 2013. The country's largest retailer demerged its fashion business and set up the new company- Future Lifestyle Fashions Limited (FLFL). As per the scheme, shareholders will receive 1 fully paid equity share of Rs 2 each of Future Lifestyle Fashions (FLFL) for every 3 equity shares of Rs 2 each held in Future Retail. Further, the shareholders will receive 1 fully paid equity share of Rs 2 each of FLFL for every 3 Class B (Series-1) shares of Rs 2 each held in Future Retail.
Asian stocks fell for the second day in a row on Friday, 21 June 2013, after the US Federal Reserve signaled it may soon downsize bond purchases under its quantitative-easing program. Key benchmark indices in China, Hong Kong, Indonesia, Japan, Singapore, Taiwan and South Korea fell by 0.65% to 3.12%.
US stocks tumbled on Thursday hit by fear that the Federal Reserve will scale back its bond buying later this year.
Federal Reserve Chairman Ben Bernanke said on June 19 the central bank may start dialing down its stimulus effort if the economy achieves sustainable growth
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