• Indian stock market daily morning report (September 23, 2015, Wednesday)

    Markets Today

    - Markets have closed lower amid a sell-off in late trades tracking weak European cues while weak US stock futures also hinted a lower opening on Wall Street later today . Further, traders have turned cautious ahead of the expiry of September derivative contracts on Thursday.

    The 30-share Sensex closed lower by 541.14 points at 25,651.84 and the 50-share Nifty dipped 165.10 points at 7,812. The Nifty pierced the psychological 8,000 level in early trade. The Volatility index surged by almost 12% at 20.3450 levels. The broader markets were weak in line with the benchmark indices- BSE Midcap and Smallcap indices plunged 1.6%.

    - Infosys closed 0.08% up at Rs 1,105.50 on BSE touching an intraday high of Rs 1,135.40 after the company reportedly bagged a contract to build and maintain the technology network crucial for implementing the proposed goods and services tax system across the country. The company also signed a three-year agreement with TOMS Shoes to become its partner to maintain and develop its digital platform.

    - All the 12 BSE sectoral indices closed in negative. Top Losers: BSE Metal down by 4.24%, BSE Capital Goods by 3.10%, BSE Power by 3.09% and BSE Bankex by 3.04%.

    Market breadth was negative at ~0.56 as investors sold large cap stocks. On provisional basis, FII's sold Rs 10.52bn worth of Indian equities while DII's bought Rs 3.78bn worth of Indian equities.

    Economic and Corporate Developments

    - The Asian Development Bank (ADB) today lowered growth projections for India for the current fiscal to 7.4%, from the 7.8% earlier, citing weak monsoon, poor external demand and inability of the government to push economic reforms in Parliament.

    Though ADB, in its update on Asian Development Outlook (ADO), retained the consumer inflation forecast for India at 4% (plus/minus 0.2%), it cautioned that a possible increase in prices of crude oil in the international market could have adverse implications for prices.

    - The government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, which is the expiry date of the three-month compliance window to avoid punitive action, a senior tax official said today. "It has been cleared that the date is not extending. Those who want to disclose (unaccounted foreign assets), need to disclose by this period.

    - India's current account gap is likely to widen modestly to (-) 1.6% of GDP in the current financial year from (-) 1.3% last year, a DBS report says. "Factoring in weak exports that partly offsets the benefit from a lower commodity import bill and moderating services trade surplus, we expect the current account gap to widen modestly to (-) 1.6% of GDP in FY 15-16 from (-) 1.3% last year," DBS said in a research note.

    Buzzing Stocks

    - Techno Electric & Engineering Company closed 3.36% down at Rs 500 on BSE after a bulk deal of 1.50 lakh shares was executed on the counter at Rs 514.10 per share on BSE today, 22 September 2015.

    - Zenotech Laboratories was locked at 5% lower circuit to Rs 39.35 on BSE after the company registered as a sick industrial company with Board for Industrial and Financial Reconstruction.

    - Dish TV India closed 2.58% down at Rs 113.45 on BSE on profit booking after gaining 16.85% in preceding nine trading days.

    - Tata Motors closed 4.81% down at Rs 315.65 on BSE after reports of calls for a wider probe of the industry in the wake of Volkswagen AG admitting to rig emission tests in the US.

    - AXISCADES Engineering Technologies closed 0.31% up at Rs 259.20 on BSE after the company said it will be inaugurating its new engineering offshore development centre, for Siemens Wind Power, in Hyderabad on 24 September 2015.

    - Scooters India closed 4.07% up at Rs 25.60 on BSE after a bench of Board for Industrial & Financial Reconstruction, New Delhi during recent hearing held on 15 September 2015 has considered discharge of the company from BIFR.

    - United Bank of India closed 1.14% down at Rs 21.65 on BSE amid volatility after the bank proposed to issue and allot through private placement BASEL-III compliant additional Tier 1 bonds.

    - Amtek Auto closed 11.46% down at Rs 45.95 on BSE on reports that the company has missed payments on the Rs 800 crore worth of bonds that matured on 20 September 2015.

    - MMTC closed 1.54% up at Rs 42.85 on BSE after the company said that board in its meeting held on 11 September 2015 has approved the proposal for sale of 10% stake in Indian Commodity Exchange.

    - TCS closed 0.95% down at Rs 2,526.35 on BSE amid volatility after fixing 1 October 2015 as the record date for the scheme of merger with CMC.

    - Atlas Cycles (Haryana) closed 11.02% up at Rs 229.70 on BSE, with the stock extending its recent rally triggered by receiving board nod to sell its Malanpur Unit in Madhya Pradesh.

    - Mindtree closed 3.83% up at Rs 1,469.85 on BSE after MoInlycke Health Care selected the company to enhance its business efficiency using the SAP application suite.

    - State Bank of Mysore closed 1.21% down at Rs 409 on BSE touching an intraday high of Rs 433.05 after the bank revised downward the base rate from 10% to 9.9% effective from 21 September 2015.

    - Castrol India closed 0.60% up at Rs 439 on BSE after the company said it has decided to permanently close its Wadala, Mumbai facility, subject to statutory compliances as may be applicable.

    - Motherson Sumi closed 7.72% down at Rs 241.90 on BSE after German carmaker Volkswagen, its client, admitted that it had falsified emissions tests of diesel-powered vehicles in the United States.

    Contributed by Keynote Capitals
About us
StockMarketsReview.com provides news coverage, analysis and researches for world stock markets, commodities and currencies. We publish articles provided by experts of leading brokerage and investment companies. At our website investors can find daily, weekly and monthly reports, news, recommendations on the IPOs and fundamental analysis for stocks which are currently traded at the stock exchange.