• Indian stock market daily morning report (October 08, 2015, Thursday)

    Markets Today

    - Benchmark share indices hit their highest level in over six weeks led by commodity shares tracking a recovery in global crude oil prices while beaten down metal shares surged amid value buying and short covering at lower levels.

    The 30-share Sensex ended up 103 points to end above 27,000 at 27,036 for the first time since August 21, 2015 and the 50-share Nifty ended up 25 points at 8,177. In the broader market, BSE MidCap and SmallCap indices ended up 0.1-0.4%.

    - Sun Pharmaceutical Industries closed 1.80% up at Rs 926.10 on BSE after the pharma maor sought shareholder approval to raise up to Rs 12,000 crore through convertible debentures or a qualified institutional placement (QIP).

    - Bajaj Corp closed 4.50% down at Rs 442.85 on BSE, on profit booking after net profit rose 24.95% to Rs 46.77 crore on 10.73% growth in total income from operations to Rs 208.18 crore in Q2 September 2015 over Q2 September 2014.

    - Glenmark Pharmaceuticals closed 2.33% down at Rs 1,032.85 on BSE on reports the Delhi High Court restrained the company from selling its anti-diabetes drugs for infringing patent of an American company.

    - Among the 12 BSE sectoral indices, 10 indices closed in positive while 2 indices closed in negative. Top Gainers: BSE Metal up by 2.76% and BSE Realty by 1.90%. Top Losers: BSE IT down by 1.63% and BSE Teck by 1.38%.

    Market breadth was positive at ~1.56 as investors bought large cap stocks. On provisional basis, FII's sold Rs 0.50bn worth of Indian equities while DII's sold Rs 2.18bn worth of Indian equities.

    Economic and Corporate Developments

    - Ahead of the festive season, the Centre today cleared a proposal to give 78-day wages as productivity-linked bonus (PLB) to over 12 lakh railway employees for the fiscal 2014-15, the same as in the last three years, despite the financial crunch.

    - The decision will cover 12.58 lakh non-gazetted railway employees who could get up to Rs 8,975 this month as bonus. The financial implication is estimated to be Rs 1,030.02 crore.

    - Insurance Regulatory and Development Authority of India (IRDAI) chairman T S Vijayan today said they will soon take a view on extending long-term products to health insurance sector as the same was introduced for the first time for the two-wheeler insurance earlier this year. A committee constituted by the insurance regulator on health insurance has been correctly evaluating the proposal, according to him.

    - Insurance companies will now be required to not only disclose more details about the product returns in the life policies that are being sold, but also have segment-wise reporting on the general insurance side to ensure that there is no cross-subsidisation of products.

    Buzzing Stocks

    - DQ Entertainment (International) closed 12.56% up at Rs 21.95 on BSE after the company said it will co-produce an animated television series with Disney Channel Germany.

    - Muthoot Finance closed 6.44% up at Rs 173.50 on BSE after a domestic brokerage reportedly initiated coverage on the stock with a 'buy' rating.

    - KEC International closed 1.33% up at Rs 145.10 on BSE after the company said it has secured new orders worth Rs 668 crore in its transmission & distribution, cables and renewables (solar) businesses.

    - Punj Lloyd closed 5.37% up at Rs 26.50 on BSE after the company said it received Rs 488 crore worth of projects in the power sector including its first two wins in the transmission and distribution segment.

    - Redington (India) closed 3.45% up at Rs 118.60 on BSE after the company said its step-down subsidiary entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, T urkey.

    - Tata Global Beverages closed 1.22% up at Rs 132.80 on BSE as parent firm of Cafe Coffee Day chain of restaurants will launch its initial public offering on 14 October 2015.

    - Jubilant FoodWorks closed 4.85% down at Rs 1,585.45 on BSE after Yum Brands reported decline in sales and same store sales in India in Q3 September 2015.

    - Maruti Suzuki India closed 0.32% up at Rs 4,371.45 on BSE, with the stock recovering on bargain hunting after recent sharp slide.

    - Sobha closed 2.23% down at Rs 274.30 on BSE after the company said total sales value fell 9.7% at Rs 533.20 crore in Q2 September 2015 compared with Rs 590.50 crore in Q2 September 2014.

    - HMT closed 19% up at Rs 59.50 on BSE after the company clarified that it signed a memorandum of understanding with a German company.

    - Phoenix Mills closed 1.92% up at Rs 332.55 on BSE after the company said it has acquired entire 19.38% equity stake held by MTX Hotels, Amitabh Tayal and Priyank Tayal in Gangetic Hotels.

    - Alphageo (India) closed 3.29% up at Rs 536.60 on BSE after the company said its board of directors will meet on 13 October 2015, to consider issue of shares or warrants to promoter group and others on preferential allotment basis.

    Contributed by Keynote Capitals
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