Key benchmark indices moved into positive zone from negative zone in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 25.36 points or 0.12%, off 31.37 points from the day's high and up 128.24 points from the day's low. The market breadth, indicating the overall health of the market, was negative.
Shares of FMCG firm Dabur India hit record high. Shree Cement fell after the company reported poor Q1 September 2013 result. Adani Ports and Special Economic Zone after announcing good Q2 results. Adani Power dropped as the company's consolidated net losses widened in Q2 September 2013. Realty stocks edged lower.
Key benchmark indices trimmed initial losses triggered by negative Asian stocks. Volatility continued in mid-morning trade as the key benchmark indices extended losses 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. Key benchmark indices extended losses and hit fresh intraday low in early afternoon trade. Key benchmark indices moved into positive zone from negative zone in mid-afternoon trade.
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 14:20 IST, the S&P BSE Sensex was up 25.36 points or 0.12% to 20,750.79. The index rose 56.73 points at the day's high of 20,782.16 in mid-afternoon trade. The index lost 102.88 points at the day's low of 20,622.55 in afternoon trade, its lowest level since 23 October 2013.
The CNX Nifty was up 0.10 points to 6,164.45. The index hit a high of 6,174.75 in intraday trade. The index hit a low of 6,125.95 in intraday trade, its lowest level since 23 October 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,374 shares declined and 959 shares gained. A total of 149 shares were unchanged.
TCS (up 2.58%), Sesa Sterlite (up 2.42%) and NTPC (up 2.27%), edged higher from the Sensex pack. Hindalco Industries (down 3.67%), M&M (down 2.19%) and Hindustan Unilever (down 1.89%) edged lower from the Sensex pack.
Dabur India gained 2.97% to Rs 181.80 after striking a record high of Rs 183.40 in intraday trade.
Shree Cement fell 1.24% on weak Q1 results. Net profit fell 24.5% to Rs 172.22 crore on 0.58% fall in total income to Rs 1321.49 crore in Q1 September 2013 over Q1 September 2012. The result was announced during market hours today, 25 October 2013.
Adani Ports and Special Economic Zone fell 1.49%. On a consolidated basis, the company reported 24% growth in profit after tax to Rs 342 crore on 81% surge in total income to Rs 1407 crore in Q2 September 2013 over Q2 September 2012. The result was announced during market hours today, 25 October 2013.
The consolidated cargo handled by the company rose 30% to 28.08 MMT in Q2 September 2013 over Q2 September 2012.
Commenting on the results, Mr. Gautam Adani, Chairman, Adani Ports & SEZ said: "With Mundra Port firmly established as No. 1 port of the country, we have continued our endeavor to maintain leadership position not only in volume and margin growth but also in implementing best practices in processes, service levels, Corporate Social Responsibility and people development. Our thrust is to create value for all our stakeholders on multi dimensions".
Mr. B Ravi, Chief Financial Officer, Adani Ports & SEZ, said that the company has grown at a stupendous rate quarter on quarter. "Our continuous focus has been to increase efficiency by optimizing and improving the operations at our ports and the growth is a result of such focused effort".
Adani Power lost 3.53%. On a consolidated basis, the company reported net loss of Rs 1071.91 crore in Q2 September 2013, higher than net loss of Rs 260.91 crore in Q2 September 2012. Total income jumped 100.36% to Rs 3108.30 crore in Q2 September 2013 over Q2 September 2012. The result was announced during market hours today, 25 October 2013.
Realty stocks edged lower. DLF (down 4.11%), Indiabulls Real Estate (down 0.71%), D B Realty (down 2.05%), HDIL (down 1.31%), Unitech (down 0.29%), Godrej Properties (down 0.41%), Oberoi Realty (down 2.53%), and Parsvnath Developers (down 0.38%) declined.
In the foreign exchange market, the rupee edged lower against the dollar on dollar buying by custodial banks ahead of the Reserve Bank of India's monetary policy review next week. The partially convertible rupee was hovering at 61.5725, compared with its close of 61.46/47 on Thursday, 24 October 2013.
European stocks dropped on Friday, 25 October 2013, after a disappointing take on German business confidence and as investors digested another round of quarterly earnings. Key benchmark indices in France, Germany and UK shed 0.04% to 0.46%.
German business sentiment unexpectedly deteriorated in October as sales expectations slipped in most sectors, including manufacturing, indicating that the economy is only gradually regaining its strength. The Ifo institute's business confidence index dropped for the first time in six months, to 107.4 in October from 107.7 in September.
The UK economy grew at the fastest rate in more than three years during the third quarter, official data showed Friday, an indication the recovery that began earlier this year is picking up speed. In its preliminary estimate, the Office for National Statistics said gross domestic product grew 0.8% between July and September compared with the second quarter, when it grew 0.7%. Friday's quarterly data is the strongest growth since the second quarter of 2010 when the economy grew 1%.
Economic output was 1.5% higher compared with the third quarter of 2012. On an annualized basis, GDP grew an estimated 3.2%, the ONS said.
Asian markets declined on Friday, 25 October 2013, 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 0.38% to 2.75%.
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.
Trading in US index futures indicated that the Dow could fall 9 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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