Volatility continued as key benchmark indices regained strength in mid-afternoon trade. The S&P BSE Sensex was up 82.73 points or 0.43%, off close to 75 points from the day's high and up about 105 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Jet Airways (India) lost nearly 10% as the Foreign Investment Promotion Board will reportedly consider various foreign investment proposals including the Jet-Etihad deal tomorrow, 11 June 2013. Cairn India rose as US crude oil futures traded near the highest level in more than two weeks.
L&T rose after a consotium of the company won a major order worth Rs 6699.50 crore from the Dedicated Freight Corporation of India (DFCCIL). HDFC and NTPC extended intraday gains. Bhel and Tata Motors extended intraday losses.
The market pared gains after a firm opening. After regaining strength, the market once again trimmed gains to hit fresh intraday low in morning trade. A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period in mid-morning trade. The Sensex was just a tad higher in early afternoon trade. Volatility continued as key benchmark indices regained strength in mid-afternoon trade
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crore on Friday, 7 June 2013, as per provisional data from the stock exchanges.
At 14:20 IST, the S&P BSE Sensex was up 82.73 points or 0.43% to 19,511.96. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index fell 22.16 points at the day's low of 19,407.07 in afternoon trade.
The CNX Nifty was up 24.85 points or 0.42% to 5,905.85. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,872.75 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1210 shares fell and 902 shares rose. A total of 136 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. Jindal Steel & Power, Maruti Suzuki India and ICICI Bank shed by 1.5% to 2.74%. Wipro, Infosys and Reliance Industries (RIL) rose by 1.27% to 2.06%.
L&T rose 0.35% after the company 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.
Cinemax India was locked at 10% upper circuit at Rs 125.30 after the company said after market hours on Friday, 7 June 2013, that the board of directors of the company at its meeting held on 7 June 2013, has approved in-principle the proposed amalgamation of the company with PVR, the ultimate holding company.
PVR rose 0.74% after the company said after market hours on Friday, 7 June 2013 that the board of directors of the company at its meeting held on 7 June 2013 approved in-principle the proposed amalgamation of Cinemax India and Cine Hospitality with PVR. Cine Hospitality is a wholloy-owned subsdiary of PVR.
Multiplex cinema chain operator PVR in November 2012 announced the acquisition of promoters' entire stake in rival Cinemax India. PVR later raised its stake in Cinemax India via a mandatory open offer. PVR currently holds 93.19% stake in Cinemax India through its wholly owned subsdiary Cine Hospitality (as per the shareholding patter as on 31 March 2013).
Bhel fell 2.42%, with the stock extending intraday losses.
Tata Motors declined 2.32%, with the stock extending intraday losses
Cairn India rose 1.23%. US crude oil futures for July 2013 delivery were down 32 cents a barrel at $95.71 a barrel in the electronic trading today, 10 June 2013. The contract had surged $1.27 a barrel or 1.34% to settle at $96.03 a barrel on the New York Mercantile Exchange on Friday, 7 June 2013, its highest closing level since 21 May 2013. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
Jet Airways (India) lost 9.92% as the Foreign Investment Promotion Board will reportedly consider various foreign investment proposals including the Jet-Etihad deal tomorrow, 11 June 2013. Jet Airways plans to sell 24% stake to Abu Dhabi-based Etihad for about Rs 2058 crore. Jet Airways (India) and United Arab Emirates (UAE) based Etihad Airways on 24 April 2013 announced that Etihad Airways has agreed to subscribe to 2.72 crore new shares of Jet Airways at a price of Rs 754.74 per share. The value of this equity investment is $379 million and will result in Etihad Airways holding 24% of the enlarged share capital of Jet Airways.
Meanwhile, Jet Airways (India) after market hours on Friday, 7 June 2013 said that Mr. Nikos Kardassis, chief executive officer (CEO) of the company has resigned with effect from 5 June 2013. Jet Airways (India) did not give any reason for Kardassis' resignation as CEO of the airline. Capt. Hameed Ali, who is chief operating officer of the company, will be the 'Acting CEO' till the board identifies and appoints a new CEO, Jet Airways (India) said.
HDFC rose 2.7%, with the stock extending intraday gains.
NTPC gained 2.3%, with the stock extending intraday gains.
On political front, Narendra Modi was selected on Sunday to head BJP's campaign for 2014 Lok Sabha polls. Modi's appointment 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 0.68% and 1.11%. However, France's CAC 40 was down 0.2%.
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 1.5%.
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 45 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.
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