The key benchmark indices registered small losses, recovering sharply from a steep intraday slide triggered by a sharp setback in Chinese stocks. Stronger-than-expected domestic industrial production data and recovery in European stocks aided the rebound in the second half of the trading session. The BSE 30-share Sensex lost 54.43 points or 0.36%, up 320 points from the day's low.
As per provisional data, foreign funds today, sold stocks worth a net Rs 504.99 crore. Domestic funds bought equities worth a net Rs 190.58 crore.
The barometer index BSE Sensex regained the psychological 15,000 mark in late trade after falling below that level in earlier in the day. Healthcare, telecom and readlty stocks gained. Index heavyweight Reliance Industries recovered from intraday low. IT and metal stocks fell. The market breadth, indicating the overall health of the market, was negative.
Intraday volatility was high. Equities cut losses after an early slide triggered by weak global stocks. However, the recovery proved short-lived. The market weakened in mid-morning trade. The market witnessed an intraday recovery once again in early afternoon trade soon after a stronger-than-expected industrial data hit the market. The Sensex slumped later as Chinese stocks declined sharply. The market cut losses after hitting a fresh intraday low in afternoon trade. The recovery gathered steam later as European stocks rose.
Industrial output expanded at its fastest pace in 16 months in June 2009, beating forecasts by a wide margin, as higher salaries of government employees and stimulus spending boosted consumer demand. Industrial production jumped 7.8% in June 2009, data released by the government at about 11:55 IST today, showed. The growth was much higher than a revised 2.2% growth in May 2009. The growth in industrial production for May 2009 was revised downwards to 2.2% from 2.7%. Planning commission deputy chairman Montek Singh Ahluwalia said positive trend in industrial output will continue.
The initial estimates showed that India's exports declined 26.2% in July 2009 to $13.6 billion due to a slump in global demand.
Nifty August 2009 futures were at 4472.10 at a premium of 14.60 points as compared to the spot closing of 4457.50. Turnover in NSE's futures & options (F&O) segment surged to Rs 73,347.15 crore from Rs 63,519.37 crore on Tuesday.
Aban Offshore August 2009 futures were 1169, at a premium compared to the spot closing of 1150.15.
Reliance Industries August 2009 futures were at a premium at 1996.90 compared to the spot closing of 1990.70.
Sesa Goa August 2009 futures were at slight premium at 228.60 compared to the spot closing of 228.
In the cash market, the S&P CNX Nifty fell 13.85 points or 0.31% at 4457.50.
BSE clocked a turnover of Rs 5,668 crore higher than Rs 5,072.56 crore on Tuesday,
Concerns about the spread of swine flu remain. A Maharashtra schoolboy succumbed to swine flu just hours after three others in the state died of the same disease on Wednesday morning. With these deaths, the toll due to the viral infection has risen to 11 in the state and 15 in the country. A worried health minister Ghulam Nabi Azad has urged the chief ministers to take urgent steps to tackle the H1N1 disease that was unknown to India till the first case was reported 16 May 2009.
State-run NHPC's initial public offer (IPO) was subscribed by a 23.44 times by 16:00 IST on Wednesday, 12 August 2009. The IPO got bids for 3932.57 crore shares as against 168 crore shares offered by the company. More than 133.11 crore shares were bid at cut off price.
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