• Indian stock market daily morning report (September 21, 2015, Monday)

    Markets Today

    Benchmark share indices ended 1% higher on Friday after the US Federal Reserve's decision to maintain status quo on key policy rates eased concerns over foreign fund outflows while hopes that the Reserve Bank of India may reduce key policy rates also aided sentiment.

    The 30-share Sensex ended up 255 points at 26,219 and the 50-share Nifty closed 83 points higher at 7,982. In the broader market, the BSE Mid-cap and Small-cap indices were up 0.7-1% each.

    Maruti Suzuki closed 1.09% up at Rs 4,403.65 on BSE on reports that it is planning to start an investor roadshow in a bid to explain why it let Suzuki oun the upcoming plant in Gujarat.

    GAIL closed 1.15% down at Rs 287.65 on BSE after the company has re-invited bids to hire nine newly-built LNG ships on modified terms that allow Indian shipyards to pick up to 13% stake in three of these carriers that shipbuilders have to make in the country.

    Among the 12 BSE sectoral indices, 9 indices closed in positive while 3 indices closed in negative. Top Gainers: BSE Realty up by 3.16% and BSE Bankex by 2.66%. Top Losers: BSE FMcG down by 0.60% and BSE Consumer Durables by 0.21%.

    Market breadth was positive at ~1.87 as investors bought large cap stocks. On provisional basis, FII's bought Rs 6.43bn worth of Indian equities while DII's bought Rs 4.15bn worth of Indian equities.

    Economic and Corporate Developments

    Government will notify spectrum sharing guidelines in a few days while trading rules will be out by the month-end, a top Department of Telecom official said today. Spectrum sharing and trading guidelines will allow mobile operators to better utilise the available airwaves and will help in checking the call drop issue. The norms are also likely to push consolidation in the telecom sector.

    Expressing India's commitment to continuing with economic reforms, Finance Minister Arun Jaitley today said the government has several legislations in the pipeline that will be pursued in coming days. Asserting that reforms are an ongoing process, he assured investors at a function that the government will continue them to make India an attractive investment destination and a better place to do business.

    India must focus on keeping inflation low and avoid using monetary policy alone and short-term government incentives to fuel shortterm economic growth, the country's central bank governor said on Friday. Rajan said monetary policy can help strengthen the current economic recovery, but he added India will ultimately "expand sustainable growth potential only by continuing to implement reforms the government and regulators have announced."

    Rajan used Brazil as a "salutary lesson" in how the wrong policies -including using low rates to fuel unsustainable growth and government policies that favoured only some sectors - can impact emerging markets. He noted Brazil's current fiscal and economic woes today came after the country "tried to grow too fast". Although Rajan said India was far sturdier, calling it "an island of calm in an ocean of turmoil".

    Buzzing Stocks

    - Kitex Garments closed 2.84% up at Rs 767.70 on BSE after the company proposed to launch its own brand of infants wear labeled "Little Star" in US market by October 2016.

    - Jubilant Life Sciences closed 2.13% up at Rs 337.60 on BSE after the company got ANDA approval for Zolmitriptan ODT Tablets, 2.5 mg and 5 mg, the generic version of Zomig-ZMT, which is used for acute treatment of migraine headaches in adults.

    - Colgate-Palmolive (India) closed 1.77% down at Rs 1,946.25 on BSE on profit booking after the stock rose 9.45% in the preceding six trading sessions to Rs 1,981.30 on Wednesday, 16 September 2015, from a recent low of Rs 1,810.30 on 8 September

    - 8K Miles Software Services closed 1.16% up at Rs 1,399 on BSE, after the company announced acquisition of NexAge Technologies USA Inc., a leading Regulatory Compliance and Technology Solutions Company for the Life Sciences Industry in US.

    - ARSS Infrastructure Projects closed 1.24% up at Rs 32.60 on BSE after the company said it received a Rs 148 crore order from Odisha government.

    - Rajesh Exports closed 4.43% up at Rs 405.45 on BSE, on bargain hunting after sliding 15.91% in preceding three trading days.

    - Tata Motors closed 2.81% down at Rs 328.40 on BSE after Tata Steel said it sold 3.85 crore shares of Tata Motors to institutional investors on stock exchange today, 18 September 2015.

    - Rubfila International closed 3.33% up at Rs 46.50 on BSE after the company scheduled a meeting of the board of directors of the company on 26 September 2015 to consider the current business scenario and options for growth/ investments.

    - Entertainment Network (India) closed 3.74% up at Rs 686.75 on BSE after the company said it won new licences in the electronic auctions for private FM radio.

    - GMR Infrastructure closed 1.79% up at Rs 12.52 on BSE after GMR Energy's two power plants in Andhra Pradesh were awarded allocation of gas through a fresh round of e-bidding conducted by the Government of India.

    - SKS Microfinance closed 15.47% down at Rs 380.65 on BSE after the company failed to bag the small bank license from the Reserve Bank of India.

    - Granules India closed 4.64% up at Rs 120.75 on BSE after the USFDA approved its ANDA for Ibuprofen tablets USP, 400 mg, 600 mg and 800 mg.

    - National Buildings Construction Corporation closed 0.83% up at Rs 927.50 on BSE after the company said it is foraying into e-commerce business.

    - Infosys closed 0.30% up at Rs 1,104.75 on BSE after Qantas Credit Union chose Infosys Finacle to improve its customer's digital experience, as part of its business transformation strategy.

    - Lupin closed 2.59% up at Rs 1,895.70 on BSE on reports it has received another nod from the US FDA for a drug that can treat bacterial infections.

    Contributed by Keynote Capitals
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