Key benchmark indices eked out small gains after witnessing intraday volatility. Indian stocks rose taking their cues from a rally in European stocks and a surge in US index futures which indicated a firm opening of Wall Street later in the global day. Gains in European stocks and US index futures were driven by signs that US politicians will agree on a compromise to reopen the US government and raise the debt ceiling to avoid a default by the world's biggest economy. The barometer index, the S&P BSE Sensex, was provisionally up 55.65 points or 0.27%, up 169 points from the day's low and off 18.86 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight Reliance Industries (RIL) recouped almost the entire intraday losses. Among auto stocks, Tata Motors surged. Ashok Leyland gained after a large bulk deal was executed in the counter on BSE in early trade. Shares of two wheeler makers declined in late trade. Infosys edged higher in volatile trade on the eve of the announcement of its Q2 results.
A bout of initial volatility was witnessed as the key benchmark indices reversed initial losses. The Sensex, and the 50-unit CNX Nifty, both, hit their highest level in nearly three weeks. Key benchmark indices alternately moved between positive and negative zone near the flat line in morning trade. Key benchmark indices weakened in mid-morning trade as index heavyweight Reliance Industries (RIL) extended intraday fall and as another index heavyweight ITC dropped in choppy trade. The market trimmed losses in early afternoon trade. The Sensex regained positive terrain in afternoon trade. Intraday volatility continued as key benchmark indices alternately swung between positive and negative zone in mid-afternoon trade.
In the foreign exchange market, the rupee edged lower against the dollar in choppy trade. The partially convertible rupee was hovering at 62.0750, weaker than its close of 61.93/94 on Wednesday, 9 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 326.58 crore on Wednesday, 9 October 2013, as per provisional data from the stock exchanges.
As per provisional closing, the S&P BSE Sensex was up 55.65 points or 0.27% to 20,304.91. The index gained 74.51 points at the day's high of 20,323.77 in early trade, its highest level since 20 September 2013. The index fell 113.35 points at the day's low of 20,135.91 in mid-morning trade.
The 50-unit CNX Nifty was up 21.60 points or 0.36% to 6,029.05. The index hit a high of 6,033.95 in intraday trade, its highest level since 20 September 2013. The index hit a low of 5,979.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,422 shares gained and 1,017 shares fell. A total of 151 shares were unchanged.
The total turnover on BSE amounted to Rs 1895 crore, higher than Rs 1815 crore on Wednesday, 9 October 2013.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Sesa Goa (up 1.57%), NTPC (up 1.55%) and Jindal Steel & Power (up 0.95%) edged higher from the Sensex pack.
Index heavyweight Reliance Industries fell 0.17% to Rs 859.55. The stock hit high of Rs 862.50 and low of Rs 848.25.
Among auto stocks, M&M rose 1.93% and Maruti Suzuki India gained 1.26%.
Tata Motors jumped 5.56% to Rs 373.75 after hitting a record high of Rs 373.80 in intraday trade. The company early this week announced the launch of the new Tata Nano CNG emax. The Tata Nano CNG emax is powered by a fuel efficient, state-of-the-art engine, with CNG and Petrol bi-fuel system options. The car has the lowest carbon footprint of 75.6 g/km and is the most fuel efficient car in India with a mileage of 36 km/kg, Tata Motors said in a statement on 8 October 2013. The Tata Nano CNG emax will now be available across CNG markets like Delhi, Gujarat, parts of Maharashtra and Lucknow.
The Tata Nano CNG emax price range starts at Rs 2.45 lakhs, ex-showroom Ahmedabad for the Nano CX and goes upto Rs. 2.72 lakhs ex-showroom Ahmedabad for the Nano LX.
Ashok Leyland gained 4.43% to Rs 16.50 on huge volume of 2.85 crore shares after a large bulk deal of 2.6 crore shares was executed on the counter at Rs 15.90 per share at 09:26 IST on BSE today, 10 October 2013.
Shares of two wheeler makers declined. Bajaj Auto shed 1.46%. Hero MotoCorp declined 0.92%.
Infosys gained 1.24% to Rs 3,146. The stock was volatile. The scrip hit high of Rs 3,155 and low of Rs 3,092.20. Infosys announces its Q2 results tomorrow, 11 October 2013. At the time of announcing Q1 June 2013 results in July this year, Infosys had retained its guidance of 6% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had raised the guidance in rupee terms due to a steep depreciation of the rupee against the dollar. The company had forecast 13% to 17% growth in revenue in rupee terms for FY 2014, higher than its earlier guidance of 6% to 10% growth which the company had given at the time of announcement of Q4 March 2013 results. The rupee revenue guidance was based on assumption of dollar rupee conversion rate of Rs 59.39 for the rest of the fiscal year.
Glenmark Pharmaceuticals gained 2.88%. Glenmark Generics Inc., USA, a subsidiary of Glenmark Generics, today, 10 October 2013, announced that it has filed a lawsuit in the Court of Chancery of the State of Delaware against Astellas Pharma Europe B.V., Astellas International, Triax Pharmaceuticals, LLC, Precision Dermatology, Inc., Onset Dermatologics, LLC, and Metacon Labs. The lawsuit seeks to enforce Glenmark's exclusive royalty-bearing license agreement with Triax Pharmaceuticals, Astellas Pharma Europe BV and Astellas Pharma International BV. Under that agreement, Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate Cream, as it is the first generic company to file an abbreviated new drug application (ANDA) for the product.
Earlier this week Glenmark filed this lawsuit after learning that Metacon Labs has launched a generic equivalent of Locoid Lipocream. Glenmark is seeking, among other things, a temporary restraining order enjoining the sale, manufacturing or marketing of generic equivalents of Locoid Lipocream by any of the defendants in violation of Glenmark's exclusivity period.
Glenmark recently announced that the United States Food and Drug Administration (USFDA) approved its ANDA for Hydrocortisone Butyrate Cream USP, 0.1%, a generic version of Locoid Lipocream. Hydrocortisone Butyrate Cream is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in adults and the treatment of mild to moderate atopic dermatitis in patients 3 months to 18 years of age. Hydrocortisone Butyrate Cream garnered annual sales of approximately $34 million in the United States for the 12 month period ended June 2013,.according to IMS Health sales data.
GlaxoSmithkline Consumer Healthcare surged 6.15% to Rs 4,529.
European stocks edged higher on Thursday, 10 October 2013, amid signs US lawmakers will agree on a compromise deal to avoid an unprecedented default. Key benchmark indices in France, Germany and UK were up 0.94% to 1.57%.
The Bank of England's (BoE) monetary policy announcement is due later in the global day today, 10 October 2013. The BoE is expected to keep rates steady at 0.5% as the central bank has tied any changes in rates to a drop in the unemployment rate to 7%. Also, the bank is expected to retain the level of its 375 billion quantitative easing program.
Asian markets were mixed on Thursday, 10 October 2013. Key benchmark indices in Singapore, Japan and Indonesia rose by 0.48% to 1.12%. Key benchmark indices in China, Hong Kong and South Korea fell by 0.07% to 0.94%. Taiwan's markets were closed for a holiday.
Chinese trade and inflation data to be released over the weekend and early next week will provide investors a chance to see whether the economic recovery seen in recent months has carried on to September.
Japanese core machinery orders rose 5.4% in August from the previous month, the government said Thursday, on a recovery in capital spending by businesses and increased demand ahead of a planned sales-tax hike. That came after a 0.03% decline in July, and was the first rise in three months.
Trading in US index futures indicated that the Dow could jump 111 points at the opening bell on Thursday, 10 October 2013. US stocks ended mostly higher on Wednesday, 9 October 2013, with signs of progress in ending deadlock in Washington. Top House Republicans will meet US President Barack Obama at the White House later on Thursday to discuss the issues surrounding the shutdown amid concerns the country could breach of the nation's debt limit in a few days time. The US government has just about week before the government's borrowing authority lapses on 17 October 2013.
US markets on Wednesday, 9 October 2013, offered little reaction to the Federal Reserve's release of minutes from its September meeting, at which the Fed unexpectedly refrained from tapering its $85 billion in monthly asset purchases. Most Federal Reserve policy makers said they were likely to reduce the pace of bond purchases this year, according to minutes of their last meeting, which took place before the US government partial shutdown started.
Meanwhile, US President Barack Obama on Wednesday, 9 October 2013, nominated Janet Yellen, the current Fed vice chairman and an architect of its stimulus program, to succeed Ben S. Bernanke as central bank chairman.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. The lack of data may make it harder for the Federal Reserve to assess the economy's strength as policy makers mull the timing of reductions in bond buying. Government data from payrolls to retail sales will be delayed as long as the US government shutdown continues. 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.
Brazil's central bank on Wednesday raised the country's baseline lending rate once more by half a point, as expected. But the central bank disappointed some investors by giving no sign that it will slow the pace of rate hikes going forward. In a unanimous vote, the monetary policy committee, or Copom, raised the Selic rate to 9.5%.
Powered by Capital Market - Live News
