Intraday recovery witnessed in early afternoon trade proved short lived, with key benchmark indices weakening again in afternoon trade. The market breadth, indicating the overall health of the market, was negative. The barometer index, the SP BSE Sensex, was down 106.33 points or 0.52%, up 15.71 points from the day’s low and off 105.52 points from the day’s high.
Infosys trimmed intraday losses in volatile trade. Tata Motors dropped. Eicher Motors hit record high. Shares of budget carrier SpiceJet hit 52-week low. Pharma shares were mixed.
The market edged lower in early trade on weak Asian stocks. A bout of volatility was witnessed as key benchmark indices trimmed initial losses in morning trade. Volatility continued as key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. Intraday recovery witnessed in early afternoon trade proved short lived, with key benchmark indices weakening again in afternoon trade.
The market may remain volatile this week as traders roll over positions in the futures options (FO) segment from the near month November 2013 series to December 2013 series. The near month November 2013 derivatives contract expire on Thursday, 28 November 2013.
At 13:15 IST, the SP BSE Sensex was down 106.33 points or 0.52% to 20,498.75. The index dropped 122.04 points at the day’s low of 20,483.04 in afternoon trade. The index fell 0.81 points at the day’s high of 20,604.27 in opening trade.
The CNX Nifty was down 35.60 points or 0.58% to 6,079.75. The index hit a low of 6,077.45 in intraday trade. The index hit a high of 6,112.70 in intraday trade.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,281 shares fell and 978 shares rose. A total of 166 shares were unchanged.
Among the 30-share Sensex pack, 21 stocks fell and rest rose. Tata Steel (down 1.95%), Coal India (down 1.74%) and ITC (down 1.53%) edged lower from the Sensex pack. Bharat Heavy Electricals (Bhel) (up 3.64%), Hindustan Unilever (up 2.01%) and Sesa Sterlite (up 1.46%) edged higher from the Sensex pack.
Infosys trimmed intraday losses in volatile trade. The stock was off 0.19% at Rs 3,321.30. The scrip hit a high of Rs 3,323.65 and low of Rs 3,293.25 so far during the day.
Tata Motors was off 1.09% at Rs 381.30. The stock hit a high of Rs 388.70 and low of Rs 378.85 so far during the day.
Pharma shares were mixed. Cipla (up 0.09%), Wockhardt (up 0.58%) and Lupin (up 0.96%) gained. Dr Reddy’s Laboratories (down 1.39%), Glenmark Pharmaceuticals (down 0.71%) and Ranbaxy Laboratories (down 0.23%) declined.
Sun Pharmaceutical Industries rose 0.6%. Taro Pharmaceutical Industries, the US based subsidiary of Sun Pharma announced on Monday, 25 November 2013, that it has commenced a modified “Dutch auction” tender offer to repurchase up to $200 million of its ordinary shares at a price not greater than $97.50 per share nor less than $84.50 per share (the “Offer”). If the Offer is fully subscribed, the number of shares to be purchased in the Offer represents approximately 4.6% to 5.3% of Taro’s currently issued and outstanding shares depending on the purchase price payable for those shares pursuant to the Offer, Taro said in a statement. The NYSE closing price of Taro ordinary shares on 22 November 2013, the last full trading day before announcement and commencement of this tender offer, was $89.57 per share.
The Offer will expire at 12:00 midnight, New York City time, on Monday, 23 December 2013, unless extended by Taro. Tendering stockholders may specify a price not greater than $97.50 per share nor less than $84.50 per share (in increments of $0.25) at which they are willing to sell their shares pursuant to the Offer. On the terms and subject to the conditions of the Offer, the company will designate a single per share price that the company will pay for shares properly tendered and not properly withdrawn from the Offer, taking into account the total number of shares tendered and the prices specified by tendering stockholders. The company will select the lowest purchase price, not greater than $97.50 per share nor less than $84.50 per share, that will allow it to purchase ordinary shares having an aggregate purchase price of $200 million, or a lower amount depending on the number of ordinary shares properly tendered and not properly withdrawn. Only shares validly tendered at prices at or below the Final Purchase Price, and not properly withdrawn, will be eligible for purchase in the Offer.
As of 31 October 2013, Taro had approximately $741 million in cash and cash equivalents and short-term bank deposits. Taro will use a portion of its cash and cash equivalents and short-term bank deposits to fund the tender offer.
Eicher Motors gained 3.7% to Rs 4,345. The stock hit a record high of Rs 4,353.50 in intraday trade.
SpiceJet fell 2.05% to Rs 16.70. The stock hit a 52-week low of Rs 16.60 in intraday trade.
Torrent Power (up 6.45%), Indian Hotels (up 5.5%), Prestige Estates Projects (up 2.92%), Tata Global Beverages (up 2.6%) and Jain Irrigation Systems (up 2.25%) were among the top gainers from the BSE’s ‘A’ group.
In the foreign exchange market, the rupee edged higher against the dollar on board weakness of the dollar. The partially convertible rupee was hovering at 62.36, compared with its close of 62.50/51 on Monday, 25 November 2013.
The Reserve Bank of India (RBI) announces next Mid-Quarter Review of Monetary Policy for 2013-14 on 18 December 2013. The Third Quarter Review of Monetary Policy for 2013-14 is scheduled 28 January 2014.
Asian stocks edged lower in choppy trade on Tuesday, 26 November 2013. Key benchmark indices in China, Indonesia, Singapore, and Japan were off 0.14% to 1.18%. Key benchmark indices in South Korea, Taiwan and Hong Kong were up 0.01% to 0.74%.
Most Bank of Japan board members agreed that inflation was likely to reach around 2% toward the latter half of the projection period of between the 2013 and 2015 fiscal years, according to minutes of the Oct. 31 meeting released today in Tokyo.
Trading in US index futures indicated that the Dow could advance 7 points at the opening bell on Tuesday, 26 November 2013. US stocks ended mixed on Monday, 25 November 2013, after disappointing report on the housing market. The number of contracts Americans signed to buy previously-owned homes unexpectedly fell in October for a fifth consecutive month amid higher borrowing costs that are denting the real-estate recovery. The gauge of pending home sales decreased 0.6% after a 4.6% drop in September, the National Association of Realtors said in Washington.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on interest rates in the United States on 17-18 December 2013. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world’s biggest economy. Minutes of the Fed’s October meeting released on 20 November 2013 showed officials may reduce their $85 billion a month of bond buying if the economy improves as anticipated.
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