• Indian stock market daily morning report (September 18, 2015, Friday)

    Markets Today

    - Benchmark share indices closed higher, amid upbeat global cues, helped by a rebound in financials ahead of the two-day US FOMC meet which begins later today. The barometer BSE Sensex closed at 25,964 levels, higher by 258 points or 1% while the CNX Nifty closed at 7,899 levels, higher 70 points or 0.9%.

    Investors didn't show much enthusiasm in the broader markets as BSE Midcap and Smallcap indices closed 0.17 % and 0.44% down respectively.

    - Sun Pharmaceutical Industries closed 2.38% up at Rs 887.35 on BSE after the company announced that one of its subsidiary has entered into an agreement and plan of merger with InSite Vision Inc.

    Among the 12 BSE sectoral indices, 8 indices closed in positive while 4 indices closed in negative. Top Gainers: BSE Bankex up by 1.42% and BSE Power by 0.70%. Top Losers: BSE Consumer Durables down by 1.45% and BSE Oil & Gas by 0.60%.

    Market breadth was negative at ~0.89 as investors sold large cap stocks. On provisional basis, FII's sold Rs 3.37bn worth of Indian equities while DII's bought Rs 4.23bn worth of Indian equities.

    Economic and Corporate Developments

    - The government is considering allowing state retirement funds to invest more in equities and opening them up to private-sector management to improve returns, as Prime Minister Narendra Modi seeks to expand the country's tiny pensions net.

    Hemant Contractor, head of the Pension Fund Regulatory and Development Authority (PFRDA), told Reuters he was pushing for state pension funds to be allowed to invest up to half of their funds in stocks, up from the current 15%.

    - Days after RJD chief Lalu Prasad took jibes at the Narendra Modi government's smart cities programme, the union cabinet allocated Rs 5,142 crore to develop 300 smart village clusters across the country.

    Telecom Minister Ravi Shankar Prasad said the scheme would be called Shyama Prasad Mukherjee Rurban Mission will be launched in 300 village clusters to develop smart villages on the lines of smart cities. Rural Development minister Chaudhary Birendra Singh said the scheme has 14 components including providing health care and education.

    - The government panel set up to suggest a uniform rate of indirect tax under the GST regime will submit its report by this month-end and the roll out of the reform measure is possible any time next fiscal, a senior CBEC official said today.

    CBEC has also suggested to Finance Minister Arun Jaitley to set up consultative bodies in each state in the form of GST Secretariat for better coordination between the Centre and states for the roll out. On the uniform tax rate, CBEC member GST V S Krishnan said: "A very high rate could dilute the advantages of GST. There is a committee which has been set up under the Chief Economic Advisor, which is likely to give its report by the end of this month."

    Buzzing Stocks

    - National Aluminium Company closed 2.42% down at Rs 36.35 on BSE on profit booking after the stock rose 13.91% in the preceding seven trading sessions to Rs 37.25 yesterday, 15 September 2015, from a recent low of Rs 32.70 on 4 September 2015.

    - GAIL (India) closed 0.33% up at Rs 291 on BSE after the company today, 16 September 2015 announced the first phase implementation of Jagdishpur-Haldia pipeline project.

    - Rajesh Exports closed 9.53% down at Rs 388.25 on BSE, with the stock extending its recent steep slide.

    - Orchid Chemicals & Pharmaceuticals closed 2.84% up at Rs 54.25 on BSE on reports the company is planning to convert its rupee term loans into foreign currency loans to reduce interest cost.

    - JMC Projects (India) closed 14.41% up at Rs 227.90 on BSE after the company announced that it has recently secured new orders worth of Rs 702 crore.

    - Nila Infrastructures closed 4.04% up at Rs 8.49 on BSE after the company said it received another order of Rs 41.30 crore from Ahmedabad Municipal Corporation.

    - Apcotex Industries closed 0.09% down at Rs 548 on BSE amid volatility after the company fixed 24 September 2015 as record date for the purpose of ascertaining the names of the shareholders who would be entitled to receive bonus shares.

    - Pennar Industries closed 0.53% down at Rs 47 on BSE amid volatility after the company said its subsidiary received orders worth Rs 165 crore.

    - CMI closed 3.47% up at Rs 191.10 on BSE after the company said it is setting up a new manufacturing facility at Bawal, Haryana to cater of growing demand for products.

    - Yes Bank closed 3.98% up at Rs 758.35 on BSE after the bank's advance tax payment reportedly rose 30% to Rs 310 crore in Q2 September 2015 over q2 September 2014.

    - Shares of Sadbhav Infrastructure Project closed at Rs 106.15 on BSE, a premium of 3.06% compared with the initial public offer price of Rs 103.

    - Suven Life Sciences closed 4.27% up at Rs 241.80 on BSE after the company said it secured three product patents in Canada and China.

    - Tech Mahindra closed 0.36% up at Rs 543.15 on BSE after the company announced the release of Telco360, a Salesforce Fullforce Solution for Telco and Communications.

    - Natco Pharma closed 1.12% up at Rs 2,249.85 on BSE after the company said it raised Rs 340.88 crore by issuing shares to qualified institutional buyers.

    - Seven IT stocks closed 0.28% to 1.61% up on BSE on weak rupee. Oracle Financial Services Software (up 1.57%), Wipro (up 1.61%), HCL Technologies (up 1.02%), Tech Mahindra (up 0.36%), TCS (up 0.31%), Infosys (up 0.28%) and MindTree (up 0.42%) edged higher.

    Contributed by Keynote Capitals
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