• Indian stock market daily morning report (October 01, 2015, Thursday)

    Markets Today

    - Benchmark Indices gained for the second consecutive session after higher-than-expected repo rate cut by 50bps by the Reserve Bank of India on Tuesday while a strong rally in the global markets also boosted sentiment.

    The 30-share Sensex ended higher by 376 points or 1.4% at 26,155 and the 50-share Nifty settled at 7,949 levels, up by 105 points or 1.3%. In the broader market, the BSE MidCap index ended with 1.7% gains and the SmallCap index ended up by 1%.

    - Sun Pharmaceutical Industries closed 2.12% up at Rs 868.45 on BSE after the company said it has commenced a tender offer through its indirect wholly owned subsidiary, for acquisition of all of the outstanding shares of InSite Vision.

    - Eveready Industries India closed 2.98% up at Rs 288.75 on BSE after the Reserve Bank of India yesterday, 29 September 2015, notified that foreign investors can now invest up to 49% of the paid-up capital of the company.

    - Bank of Baroda closed 1.93% down at Rs 183.30 on BSE amid volatility after the bank said it has allotted 9.26 crore equity shares at an issue price of Rs 192.74 per share, aggregating to Rs 1786 crore to the Government of India on preferential allotment basis.

    - Among the 12 BSE sectoral indices, 11 indices closed in positive while 1 index closed in negative. Top Gainers: BSE Metal up by 3.36%, BSE FMCG by 2.36% and BSE Teck by 2.07%. Top Losers: BSE Bankex by 0.44%.

    Market breadth was positive at ~1.72 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.16bn worth of Indian equities while DII's sold Rs 1.91bn worth of Indian equities.

    Economic and Corporate Developments

    - The government today cut natural gas prices by 16% to $4.24 per unit for the six month period, beginning October 1. Natural gas prices, according to a formula approved by the government in October last year, will fall to $4.24 per million British thermal unit on net calorific value (NCV) basis from the current $5.50 per mmBtu. On gross calorific value (GCV) basis, the new gas price for October 1 to March 31 would be $3.82 per mmBtu as compared to $4.66 currently, officials said.

    - India needs to set long-term goals to insulate the farm sector from the vagaries of nature, Reserve Bank of India Governor Raghuram Rajan said on Wednesday after he surprised investors with a steeper-than-expected interest rate cut to juice up economic growth. India's farm output has taken a hit after two successive years of poor summer rains, stoking prices of some food items.

    - Corrective steps by the Modi government have led to roll out of majority of the Rs 3.8 lakh crore stuck highways projects, Union Minister Nitin Gadkari said today. Fast-tracking of projects could be made possible because of expediting decision-making process as well as policy interventions, the Road Transport and Highways Minister said.

    Buzzing Stocks

    - RIL closed 2.54% up at Rs 860.50 on BSE after Reliance Jio Infocomm raised Rs 3,500 crore by issuing non-convertible debentures through private placement.

    - Siemens closed 2.91% up at Rs 1,327.80 on BSE after the company announced that it has won an order approximately worth Rs 79 crore from Suzlon Energy.

    - Inox Wind closed 3.37% up at Rs 358.60 on BSE after the company said it has secured an order for a 50 megawatts wind power project in Rojmal in Gujarat from Gujarat Mineral Development Corp.

    - Sterlite Technologies closed 2.49% up at Rs 88.40 on BSE after the company completed the 100% acquisition of Elitecore Technologies.

    - HPCL closed 1.32% up at Rs 774.60 on BSE after the board of directors of the company approved the proposal for implementation of Mumbai refinery capacity expansion.

    - Vivimed Labs closed 5.28% up at Rs 345 on BSE after the firm announced signing of a definitive pact for the transfer and sale of identified products along with their associated trademarks and assets within the speciality chemicals division.

    - New Delhi Television closed 5.88% up at Rs 91.85 on BSE after the company said that its digital arm NDTV Convergence has signed a deal with Taboola to power content recommendations across its entire network of desktop and mobile sites.

    - L&T closed 1.27% up at Rs 1,466.70 on BSE after the company said that the power transmission and distribution business of L&T Construction won orders worth Rs 1376 crore in both domestic and international markets in September 2015.

    - Idea Cellular closed 7.21% up at Rs 149.35 on BSE after the company's shareholders approved raising of up to Rs 10000 crore through issue of non-convertible securities on private placement basis.

    - Ashok Leyland closed 1.71% up at Rs 92.20 on BSE after the company cumulatively sold 18 lakh shares in Induslnd Bank in the open market during the period between 25-29 September 2015 at a net price of Rs 918.76 per share.

    - Four steel stocks on BSE on media reports that the domestic steel producers are expected to take advantage of the hike in safeguard duty and increase prices by up to Rs 1,500 per tonne. Tata Steel (up 5.24% at Rs 211.90), Jindal Steel & Power (up 3.86% at Rs 60.60), JSW Steel (up 5.71% at Rs 888.20) and Steel Authority of India (up 1.98% at Rs 51.45) edged higher.

    - Blue Star Infotech was locked at 20% lower circuit at Rs 231.10 on BSE after the company said it will sell its IT business to Infogain and consequently will merge with Blue Star.

    - State Bank of Travancore closed 0.31% up at Rs 417 on BSE amid volatility after the bank said that it has reduced the base rate by 20 basis points from 10.15% to 9.95% effective from 5 October 2015.

    - Bank of India closed 1.67% down at Rs 135.55 on BSE amid heavy volatility after the bank said that it has decided to cut its base rate by 25 basis points to 9.7% from the earlier 9.95% effective from 5 October 2015.

    Contributed by Keynote Capitals
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