Key benchmark indices were just a tad higher in early afternoon trade. The S&P BSE Sensex was up 20.82 points or 0.11%, off close to 135 points from the day's high and up about 30 points from the day's low. The market breadth, indicating the overall health of the market, was even. Telecom stocks dropped. Cement stocks rose on renewed buying. Bhel reversed intraday gains.
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.
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 12:20 IST, the S&P BSE Sensex was up 20.82 points or 0.11% to 19,450.05. The index rose 156.52 points at the day's high of 19,585.75 in early trade. The index fell 10.16 points at the day's low of 19,419.07 in mid-morning trade.
The CNX Nifty was up 6.20 points or 0.11% to 5,887.20. The index hit a high of 5,931.65 in intraday trade. The index hit a low of 5,874.20 in intraday trade.
The market breadth, indicating the overall health of the market, was even. On BSE, 945 shares rose and 945 shares fell. A total of 113 shares were unchanged.
Among the 30-share Sensex pack, 17 stocks rose and rest of them fell. Hero MotoCorp, Wipro and NTPC rose by 1.26% to 1.79%. Jindal Steel & Power, Sun Pharmaceutical Industries and Maruti Suzuki India dropped by 1.34% to 2.17%.
India's largest power equipment maker by sales Bhel fell 0.58%, with the stock reversing intraday gains.
Cement stocks rose on renewed buying. ACC, Ambuja Cements and UltraTech Cements gained by 0.17% to 2.18%.
As per reports, the Supreme Court is likely to hear a plea today, 10 June 2013, by UltraTech Cement challenging the order of the Competition Appellate Tribunal that asked the firm to deposit 10% of penalty imposed on it on a cartelization complaint. The penalty was slapped by the Competition Commission of India (CCI) allegedly for engaging in cartelization with other cement manufacturers to manipulate cement prices.
UltraTech Cement challenged the May 17 interim order of the tribunal asking it to deposit Rs 117.45 crore -- 10% of Rs 1175.49 crore penalty imposed on it by the commission. The CCI by its June 20, 2012, order imposed a penalty of Rs 6,200 crore on 11 cement manufacturing companies for forming a cartel to manipulate the market price.
Bharti Airtel fell 1.94%, with the stock extending intraday losses. Among other telecom stocks, Reliance Communications and Idea Cellular dropped by 2.06% to 2.6%.
Opto Circuits tumbled 17.54% on huge volumes. On BSE, 40.43 lakh shares changed hands on the counter, compared with average daily volume of 10.26 lakh shares in the past one quarter.
Core Education & Technologies (down 7.71%), Monnet Ispat & Energy (down 6.76%), Jain Irrigation (down 6.03%) and Jindal Saw (down 5.01%), were the other major losers from BSE Mid-Cap index in that order.
Cinemax India (up 10%), Astral Poly Technik (up 8.32%), KNR Constructions (up 8.21%) and EIH Associated Hotels (up 5.61%) were the biggest gainers from BSE Small-Cap index in that order.
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.
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 0.2% to 0.81%. Indonesia's Jakarta Composite fell 1.85%.
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 34 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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