Volatility continued in mid-morning trade as the key benchmark indices extended fall after staging a recovery from lower level. The barometer index, the S&P BSE Sensex, briefly turned positive to hit fresh intraday high only to once again slip in negative zone. The 50-unit CNX Nifty also hit intraday high in negative zone. The S&P BSE Sensex was down 4.69 points or 0.02%, up 75.74 points from the day's low and off 18.02 points from the day's high. The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. In the foreign exchange market, the rupee weakened against the dollar.
M&M extended intraday fall. Sun Pharmaceutical Industries also extended intraday fall. Capital goods stocks edged lower. Engineering and construction giant L&T lost on profit booking after gaining 15.21% in prior five trading days.
Key benchmark indices trimmed initial losses triggered by negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark indices trimmed initial losses only to weaken once gain. Volatility continued in mid-morning trade as the key benchmark indices extended fall after staging a recovery from lower level. The barometer index, the S&P BSE Sensex, briefly turned positive to hit fresh intraday high only to once again slip in negative zone. The 50-unit CNX Nifty also hit intraday high.
Foreign institutional investors (FIIs) bought shares worth a net Rs 991.83 crore on Thursday, 24 October 2013, as per provisional data from the stock exchanges.
At 11:16 IST, the S&P BSE Sensex was down 4.69 points or 0.02% to 20,720.74. The index lost 80.43 points at the day's low of 20,645 in early trade, its lowest level since 23 October 2013. The index rose 13.33 points at the day's high of 20,738.76 in mid-morning trade.
The CNX Nifty was down 7.85 points or 0.13% to 6,156.50. The index hit a low of 6,133.85 in intraday trade, its lowest level since 23 October 2013. The index hit a high of 6,161.95 in intraday trade.
The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On BSE, 1,055 shares declined and 908 shares gained. A total of 147 shares were unchanged.
The total turnover on BSE amounted to Rs 628 crore by 11:20 IST as compared to Rs 398 crore by 10:20 IST.
Among the 30-share Sensex pack, 18 stocks declined and rest of them gained.
M&M fell 2.23% to Rs 870, with the stock extending intraday fall.
Sun Pharmaceutical Industries declined 2.2% to Rs 607.85, with the stock extending intraday fall.
Capital goods stocks edged lower. Engineering and construction giant L&T lost 2.14% to Rs 943.95 on profit booking. The stock lost on profit booking after gaining 15.21% in five trading days to Rs 964.60 on 24 October 2013 from a recent low of Rs 837.25 on 17 October 2013. Bulk of the gains were triggered by the company after market hours on Friday, 18 October 2013, reporting 7% rise in its recurring profit after tax to Rs 978 crore on 10% growth in gross revenue at Rs 14648 crore in Q2 September 2013 over Q2 September 2012. The company attributed top line growth to pick-up in execution of various jobs.
ABB (down 2.42%), Bhel (down 2%), BEML (down 1.01%), Bharat Electronics (down 0.97%), Crompton Greaves (down 0.52%), Siemens (down 0.62%) and Thermax (down 0.16%) declined.
Monsanto India rose 2.79% after the company reported net profit of Rs 7.59 crore in Q2 September 2013 as against net loss of Rs 12.11 crore in Q2 September 2012. Monsanto India's net sales rose 70.7% to Rs 95.49 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 24 October 2013.
Atul jumped 5.89% after net profit rose 14% to Rs 55.54 crore on 6.9% fall in net sales to Rs 574.35 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 24 October 2013.
Essar Shipping rose 1.72% after the company reported consolidated net loss of Rs 11.20 crore in Q2 September 2013, lower than net loss of Rs 35.99 crore in Q2 September 2012. Essar Shipping's consolidated revenue declined 35.32% to Rs 516.08 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Thursday, 24 October 2013.
Deepak Fertilisers and Petrochemicals Corporation jumped 3.36% after net profit rose 11.8% to Rs 45.44 crore on 42.9% increase in net sales to Rs 983.79 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 24 October 2013.
In the foreign exchange market, the rupee weakened against the dollar. The partially convertible rupee was hovering at 61.55, compared with its close of 61.46 on Thursday, 24 October 2013.
Asian markets declined as forecasts from Canon Inc. to Posco disappointed investors. Key benchmark indices in Taiwan, Hong Kong, China, Singapore, Japan, Indonesia and South Korea fell by 0.2% to 2.21%.
South Korea's economic growth maintained the same robust pace in the third quarter as the preceding quarter, beating market expectations and bolstering hopes that Asia's fourth-largest economy stays on a recovery track.
Gross domestic product rose a seasonally adjusted 1.1% in the July-September period from the previous quarter, when the economy grew at the same pace, the Bank of Korea said Friday. That is the strongest pace since the first quarter of 2011, when the economy grew 1.3% on quarter. On a year-on-year basis, the economy expanded 3.3% in the third quarter, accelerating from the second-quarter's 2.3% gain.
Japan chalked up a fourth month in a row of core consumer inflation in September, with a leading indicator for October prices showing a milder rise. The nationwide core consumer price index, which excludes volatile fresh-food prices, rose 0.7% from a year earlier, little changed from August's 0.8% increase. The index was up 0.1% on a monthly basis.
Trading in US index futures indicated that the Dow could fall 15 points at the opening bell on Friday, 25 October 2013. US stocks climbed on Thursday, with the S&P 500 gaining a day after halting a run to a record high, as economic data underscored views US monetary stimulus will be in place for long time.
The preliminary reading of Markit's US flash manufacturing purchasing managers index slipped to 51.1 in October from 52.8 in September, the lowest level for a year. Readings above 50 indicate expansion and the PMI in October signals only modest manufacturing growth.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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