• Indian stock market daily morning report (September 15, 2015, Tuesday)

    Markets Today

    - Markets snapped two straight session of losses as the buying activity picked up on the back of favourable macroecomic numbers with the industrial production expanding at a better-than-estimated 4.2 % in July and the wholesale price index-based inflation plunging to a historic low of (-)4.95% in August creating room for RBI to slash key rates in the next monetary policy. However, investors are patiently awaiting for the US FOMC meet due later during the week. The Sensex ended at 25,857 up 247 points and the Nifty gained 83 points to close at 7,872. The broader markets ended in line with the benchmark indices- BSE Midcap and Smallcap indices ended higher by 1.3% and 0.9% each.

    - Ten power generation stocks closed 1.14% to 5.17% up on BSE on reports Prime Minister Narendra Modi is set to meet bosses of loss-making electricity utilities to debate a rescue package for the debt-laden sector. Adani Power (up 5.17%), Reliance Power (up 4.31%), Reliance Infrastructure (up 3.71%), CESC (up 4.13%), NTPC (up 5.06%), Jaiprakash Power Ventures (up 3.10%), JsW Energy (up 2.50%), Tata Power (up 3.78%), GMR Infrastructure (up 2.98%) and Torrent Power (up 1.14%), edged higher.

    - Ashoka Buildcon closed 0.53% up at Rs 162.65 on BSE after the company said it received letters of award for two projects worth Rs 440 crore from Karnataka Road Development Corporation.

    - Jubilant Life Sciences closed 2% up at Rs 319.25 on BSE after the company signed term sheet with Cyclopharm for exclusive license to market Technegas in the United States.

    - Colgate-Palmolive (India) closed 3.87% up at Rs 1,928.15 on BSE after the company fixed 24 September 2015 as the record date for the purpose of allotment of 1:1 bonus shares to the shareholders.

    - Among the 12 BSE sectoral indices, 11 indices closed in positive while 1 index closed in negative. Top Gainers: BSE Metal up by 2.70%, BSE Power by 2.50% and BsE Bankex by 1.88%. Top Losers: BSE Consumer Durables down by 0.13%.

    Market breadth was positive at ~1.79 as investors bought large cap stocks. On provisional basis, FII's bought Rs 0.58bn worth of Indian equities while DII's bought Rs 1.83bn worth of Indian equities.

    Economic and Corporate Developments

    - India's wholesale inflation remained in the negative territory for the tenth straight month in August at (-) 4.95% despite a sharp spike in onion and pulses' prices resulting in proactive measures by the government to arrest prise rise. The deepening of deflation in August could be explained by subdued global commodity and crude prices besides deflation in the core sector, an indication of weak demand in the economy. The sliding prices of potato and other vegetables also contributed to the decline.

    - Prime Minister Narendra Modi is set to meet bosses of loss-making electricity utilities on Monday to debate a rescue package for a sector whose vast debts weigh on the banking system and undermine promises to provide power for all. The government has identified $66 billion of troubled debt held by state-run utilities as a major obstacle to efforts to speed up growth in Asia's third-largest economy, hurting both credit growth and industrial performance.

    Buzzing Stocks

    - Banks edged higher closed 0.74% to 3.91% up on BSE on reports that Narendra Modi is set to meet bosses of loss-making state-run electricity utilities today, 14 September 2015, to debate a rescue package for the power transmission and distribution sector. Among state-run banks, Union Bank of India (up 3.34%), Andhra Bank (up 3.20%), IDBI Bank (up 3.62%), Canara Bank (up 3.19%), Syndicate Bank (up 3.91%), Bank of Baroda (up 2.93%), Bank of India (up 3.03%), UcO Bank (up 2.54%), Central Bank of India (up 2.18%), Corporation Bank (up 2.41%), State Bank of India (up 2.17%), Allahabad Bank (up 1.93%), United Bank of India (up 1.44%), Bank of Maharashtra (up 2.04%) and Punjab National Bank (up 2.12%), edged higher. Among private sector banks, Axis Bank (up 3.05%), Yes Bank (up 2.80%), Kotak Mahindra Bank (up 2.45%), ICICI Bank (up 1.80%), HDFC Bank (up 0.93%), Federal Bank (up 0.91%) and IndusInd Bank (up 0.74%), edged higher.

    - Just Dial closed 13.52% up at Rs 926.75 on BSE after the company launched its latest Android app Search Plus on the Google Play Store for users.

    - Monsanto India closed 6.33% up at Rs 2,335 on BSE on bargain hunting after falling 11.75% in the preceding three trading sessions.

    - Five steel makers closed 1.96% to 3.54% up on BSE on reports the government will soon notify a 20% import tax on some hot-rolled steel products. Jindal Steel & Power (up 3.19%), Tata Steel (up 3.54%), JSW Steel (up 3.19%), Steel Authority of India (Sail) (up 1.96%) and Bhushan Steel (up 2.47%), edged higher.

    - Amtek Auto closed 13.06% up at Rs 52.80 on BSE after the company said that it is considering various means to deleverage its balance sheet and company's promoter may infuse more money into the company in future if required.

    - Greaves Cotton closed 1.49% up at Rs 135.95 on BSE after the company launched its new range of Farm Equipment Products at manufacturing plant in Gummidipoondi near Chennai.

    - Siemens closed 2.04% up at Rs 1,300.10 on BSE after the company said it won order worth Rs 81 crore from Diesel Locomotive Works.

    - Automotive Axles closed 7.42% up at Rs 709 on BSE after UTI Mutual Fund bought 2.25 lakh shares of the company on Friday, 11 September 2015.

    - Rolta India closed 3.42% up at Rs 101.35 on BSE after the company said it won a $13 million contract for engineering systems.

    - Gayatri Projects closed 7.95% up at Rs 474.10 on BSE after the company said Thermal Powertech Corporation India successfully commenced full commercial operation with the completion of its second 660-megawatt unit.

    - Manali Petrochemicals closed 1.11% up at Rs 22.80 on BSE after the company entered into a Memorandum of Understanding with the Government of Tamil Nadu for expansion of the polyol capacity and a power project.

    - Venky's (India) closed 18.66% up at Rs 506.80 on BSE after the company said its board recommended a 1:2 bonus issue of equity shares.

    Contributed by Keynote Capitals
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