Volatility continued as the key benchmark indices once again drifted lower in negative zone. The barometer index, the S&P BSE Sensex hit intraday low. The S&P BSE Sensex was down 52.88 points or 0.25%, off 107.90 points from the day's high and up 9.93 points from the day's low. The market breadth, indicating the overall health of the market, was positive. In the foreign exchange market, the rupee hit almost one-week low against the dollar.
Index heavyweight and cigarette major ITC edged lower. Another index heavyweight Reliance Industries extended intraday fall. Hero MotoCorp dropped ahead of its Q2 September 2013 results tomorrow, 23 October 2013. Lupin rose after the company said it has received final approval from USFDA for its supplemental new drug application for Antara capsules. Wipro rose ahead of its Q2 September 2013 results today, 22 October 2013.
A bout of volatility was seen in early trade as the key benchmark indices once again sink in red after turning positive from a lower start triggered by negative Asian stocks. Volatility continued as the key benchmark indices regained positive zone after turning negative after hitting intraday high in morning trade. Key benchmark indices were slightly higher after seeing alternate bouts of rise and fall in mid-morning trade. Volatility continued as the key benchmark indices once again drifted lower in negative zone. The barometer index, the S&P BSE Sensex hit intraday low.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1031.79 crore on Monday, 21 October 2013, as per provisional data from the stock exchanges.
At 12:20 IST, the S&P BSE Sensex was down 52.88 points or 0.25% to 20,841.01. The index rose 55.02 points at the day's high of 20,948.91 in morning trade. The index fell 62.81 points at the day's low of 20,831.08 in early afternoon trade.
The CNX Nifty was down 10.90 points or 0.18% to 6,194.05. The index hit a high of 6,220.10 in intraday trade. The index hit a low of 6,187.90 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,215 shares gained and 864 shares fell. A total of 139 shares were unchanged.
The total turnover on BSE amounted to Rs 1006 crore by 12:20 IST as compared to Rs 718 crore by 11:20 IST.
Among the 30-share Sensex pack, 16 stocks gained and rest of them declined. Hindalco Industries (down 0.93%), Cipla (down 0.94%) and M&M (down 0.81%) edged lower from the Sensex pack.
Index heavyweight and cigarette major ITC fell 0.9% to Rs 341.60
Reliance Industries dropped 1.29% to Rs 901.60, with the stock extending intraday fall. The stock fell on profit booking after gaining 8.24% in the preceding nine trading sessions to Rs 913.35 on 21 October 2013 from a recent low of Rs 843.85 on 7 October 2013.
Wipro gained 1.38% ahead of its Q2 September 2013 results today, 22 October 2013.
Hero MotoCorp lost 1.92%. The bike maker declares its Q2 September 2013 earnings tomorrow, 23 October 2013.
HDFC lost 2.13%, with the stock extending intraday fall. The company's net profit rose 10% to Rs 1266.33 crore on 12.82% growth in total income to Rs 5953.98 crore in Q2 September 2013 over Q2 September 2012. The Q2 result hit the market during trading hours on Monday, 21 October 2013.
On a consolidated basis, HDFC's net profit rose 20.08% to Rs 1891.17 crore on 14.97% growth in total income to Rs 9982.71 crore in Q2 September 2013 over Q2 September 2012.
Lupin rose 0.61% to Rs 919 after the company said it has received final approval from USFDA for its supplemental new drug application for Antara capsules. The announcement was made during trading hours today, 22 October 2013.
Lupin said that it has received final approval for its supplemental new drug application (Snda) for Antara (Fenofibrate) capsules, 30 mg and 90 mg strengths from the United States Food and Drug Administration (USFDA). Lupin Pharmaceuticals Inc. (LPI), the company's US subsidiary would commence marketing the product shortly. LPI currently markets and promotes Antara capsules, 43 mg and 130 mg strengths. The new drug would be manufactured by Lupin, the company said in a statement.
Lupin's Antara capsules enjoy strong brand equity with primary care physicians treating patients for high LDL-C, Total-C, triglycerides, Apo-B and low HDL-C. Antara capsules are prescribed for adjunct treatment of hypercholesterolemia (high blood cholesterol), mixed dyslipidemia and hyper-triglyceridemia (high triglycerides) in combination with diet.
Commenting on the approval, Vinita Gupta, CEO, Lupin said, "We are pleased to receive this approval. The approval demonstrates Lupin's commitment to building its brand franchise in the US. Our sales and marketing efforts will commence shortly".
In the foreign exchange market, the rupee hit almost one-week low against the dollar. The partially convertible rupee was hovering at 61.72, weaker than its close of 61.52/53 on Monday, 21 October 2013.
Asian markets were mostly lower on a cautious note as investors awaited US jobs data which will determine when the Federal Reserve would start tapering. Key benchmark indices in Taiwan, Hong Kong, China and Indonesia fell by 0.01% to 1.33%. Key benchmark indices in South Korea, Singapore and Japan rose by 0.13% to 0.34%.
Trading in US index futures indicated that the Dow could fall 9 points at the opening bell on Tuesday, 22 October 2013. US stocks finished little changed on Monday, with the S&P 500 adding a fraction to its record close and the Nasdaq Composite extending gains into a fourth session, bolstered by Netflix Inc., which released earnings just after the close.
The US government will release the influential nonfarm-payroll data for September 2013 today, 22 October 2013. The data has been delayed due to the 16-day partial shutdown of the US government this month.
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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