Positive market breadth
DATE: 11/09/2012
A brief intraday recovery was derailed by fresh selling in morning trade. Subdued Asian stocks weighed on the sentiment. The BSE Sensex was down 41.26 points or 0.23%, off 30.04 points from the day's high and up 48.14 points from the day's low. Index heavyweight Reliance Industries (RIL) declined. Index heavyweight and cigarette maker ITC was marginally lower. HDFC Bank and Tata Motors declined mirroring an overnight fall in their ADRs. The market breadth, indicating the overall health of the market, was positive.
The key benchmark indices edged lower in early trade on mostly lower Asian stocks. Market retreated from intraday high on fresh selling in morning trade.
Asian shares were mostly lower on Tuesday ahead of a key German ruling on the euro zone's bailout funds and the US Federal Reserve's policy decision.
At 10:19 IST, the BSE Sensex was down 41.26 points or 0.23% to 17,725.52. The index shed 11.22 points at the day's high of 17,755.56 in morning trade. The index fell 89.40 points at the day's low of 17,677.38 in early trade.
The S&P CNX Nifty was down 16.35 points or 0.30% to 5,347.10. The index hit a high of 5,354.55 and a low of 5,332.10 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,049 shares rose and 854 shares fell. A total of 106 shares were unchanged.
The total turnover on BSE amounted to Rs 396 crore by 10:25 IST compared with Rs 143 crore by 09:25 IST
Among the 30-share Sensex pack, 19 declined while the rest gained. Sterlite Industries India (down 4.37%), Hero MotoCorp (down 2.08%) and Bharti Airtel (down 1.19%) edged lower from the Sensex pack.
GAIL (India) (up 1.12%), Sun Pharmaceutical Industries (up 0.96%) and HDFC (up 0.64%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) shed 0.78% to Rs 785. RIL has bought back 3.9 crore shares for about of Rs 2793.51 crore till 4 September 2012 under its ongoing share buyback program. RIL has set maximum buyback price of Rs 870 per share. The company has set aside Rs 10440 crore for share buyback. The buyback program opened on 1 February 2012 and closes on 19 January 2013. RIL chairman Mukesh Ambani said at the company's Annual General Meeting in June 2012 that the company's buyback program represents a highly accretive use of cash by the company and it will supplement earnings growth from operations, for higher EPS (earnings per share), in the near future.
Tata Motors fell 0.68% after the company's American depository receipt or ADR fell 1.65% to settle at $22.07 on the New York Stock Exchange on Monday, 10 September 2012.
HDFC Bank fell 0.85% after the private sector bank's American depository receipt or ADR fell 1.97% to settle at $34.30 on the New York Stock Exchange on Monday, 10 September 2012.
+POWERED BY: CAPITAL MARKET NEWS
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