Sun Pharmaceutical Industries scales record high
Key benchmark indices dropped to fresh intraday low in mid-morning trade. The barometer index, BSE Sensex, was down 77.05 points or 0.41%, off 107.78 points from the day's high and up 7.04 points from the day's low. Weakness in Asian stocks weighted on sentiment on the domestic bourses. Asian stocks fell on Monday, 8 October 2012, on doubts about the duration of monetary easing after an upbeat US jobs report on Friday, 5 October 2012, with investors also cautious amid concerns over Spain's financial health. Index heavyweight and cigarette maker ITC edged higher. Another index heavyweight(RIL) extended intraday fall. The market breadth was positive.
Healthcare stocks were in demand on fresh buying. Pharma major Sun Pharmaceutical Industries scaled a record high. Bank stocks declined.
Key benchmark indices reversed direction after a positive start. The market cut initial losses in morning trade. Market dropped to intraday low in mid-morning trade.
At 11:18 IST, the BSE Sensex was down 77.05 points or 0.41% to 18,861.41. The index declined 84.09 points at the day's low of 18,854.37 in mid-morning trade. The index rose 30.73 points at the day's high of 18,969.19 in opening trade.
The S&P CNX Nifty was down 28.60 points or 0.50% to 5,718.35. The index hit a high of 5,751.85 and a low of 5,715.95 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,381 shares rose and 1,031 shares fell. A total of 106 shares were unchanged.
The total turnover on BSE amounted to Rs 836 crore by 11:25 IST compared with Rs 566 crore by 10:25 IST
From the 30-share Sensex pack, 16 stocks declined and rest of them gained. Tata Power Company (down 2.21%), Bhel (down 2.20%) and Wipro (down 1.69%) edged lower from the Sensex pack.
Index heavyweight Reliance Industries (RIL) dropped 2.31% to Rs 837.60, extending intraday fall. RIL last week signed a 15 year heavy crude oil supply contract and a memorandum of understanding with Venezuelan state-run oil company Petroleos de Venezuela SA (PDVSA) for further development of Venezuelan heavy oil fields. PDVSA will supply between 300,000 to 400,000 barrels per day of Venezuelan heavy crude oil to RIL's two refineries in Jamnagar under a 15 year crude oil supply contract. As per the MoU with PDVSA, RIL is to explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt. RIL will also co-operate with Petroleos by providing technical assistance in areas of offshore upstream, refining and other downstream projects.
Meanwhile, RIL has purchased 3.9 crore shares and spent Rs 2794.73 crore (excluding brokerage, service tax, Securities Transaction Tax, Stamp Duty, Exchange Transaction Charges and Sebi fees) till 18 September 2012 under the company's 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 chairmansaid 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.
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