• Indian stock market daily morning report (September 24, 2015, Thursday)

    Markets Today

    - After a dismal opening, markets staged recovery in noon trades and closed higher on renewed buying interest in beaten down bluechips particularly banks.A strong rebound in European shares amid recovery in global crude oil prices further bolstered trading sentiment. Meanwhile, investors are keenly awaiting for the expiry of the September F&O series and roll over positions to the October series due tomorrow.

    The Sensex closed 171 points higher at 25,823 while Nifty gained 34 points to end at 7,846. In the broader markets, BSE MidCap and SmallCap index climbed between 0.5-7%.

    - Seven metal & mining stocks closed 0.14% to 3.96% down closed on BSE after the latest data showed that China's manufacturing slump has deepened, with faster contraction in factory output in September. Bhushan Steel (down 1.02%), Jindal Steel & Power (down 1.62%), NMDC (down 3.96%), Hindustan Copper (down 0.45%), Hindalco Industries (down 0.21%), JSW Steel (down 4.05%) and National Aluminium Company (down 0.14%) edged lower.

    - FMCG major and cigarette maker ITC closed 1.71% up at Rs 317.40 on BSE on renewed buying interest at attractive valuations. Meanwhile, advancement of monsoon aided the sentiments.

    - Among the 12 BSE sectoral indices, 10 indices closed in positive while 2 indices closed in negative. Top Gainers: BSE Consumer Durables up by 1.70% and BSE Bankex by 1.46%. Top Losers: BSE Power down by 0.31% and BSE Teck by 0.03%.

    Market breadth was positive at ~1.34 as investors bought large cap stocks. On provisional basis, FII's sold Rs 13.30bn worth of Indian equities while DII's bought Rs 8.91bn worth of Indian equities.

    Economic and Corporate Developments

    - Economic Affairs Secretary Shaktikanta Das said the government was in discussions with the Reserve Bank of India (RBI) to ease some of the rules for external commercial borrowings, adding the central bank would issue a draft paper "soon."

    He added the government was also discussing ways to loosen sectoral caps for foreign direct investment, while saying it was looking for ways to resolve issues facing electricity distribution companies.

    - India does not need further fiscal stimulus to revive the economy, despite record low inflation and growth seen at the lower end of an 8.1-8.5% target this financial year, chief economic adviser Arvind Subramanian said on Wednesday.

    - Iran has offered to supply natural gas at $2.95 for a urea plant that India will set up at Chabahar port on the Persian Gulf, but New Delhi wants rates to be lowered.

    With the US and other western powers easing sanctions against Iran, India has been in talks with Tehran to set up a gas-based urea manufacturing plant at the Chabahar port, besides developing a gas discovery oNgC had made. The total investment in the projects will be around Rs 1,00,000 crore, Road Transport, Highways and Shipping Minister Nitin Gadkari said.

    Buzzing Stocks

    - Bharti Infratel closed 4.88% down at Rs 393.80 on BSE on profit booking after the stock gained 8.96% in preceding three trading days.

    - TCS closed 0.54% up at Rs 2,540 on BSE after company's Digital Software & Solutions unit launched an analytics-based software solution for intelligent city operations.

    - Cadila Healthcare closed 4.19% up at Rs 2,018.35 on BSE after the company fixed 7 October 2015 as record date for five-for-one stock split proposal.

    - Motherson Sumi Systems closed 1.94% up at Rs 246.60 on BSE after clarification that as per its assessment there is no material impact on operational performance regarding regulatory problems being faced by its key client, Volkswagen.

    - Trident closed 10.46% up at Rs 42.25 on BSE after the company said it has commenced bed-linen production at its integrated bed-linen project at Budni, Madhya Pradesh.

    - Six pharma stocks closed 0.04% to 2.83% up on BSE on weak rupee. Aurobindo Pharma (up 2.41%), Lupin (up 2.83%), Wockhardt (up 2.45%), Dr Reddy's Laboratories (up 0.04%), and Divi's Laboratories (up 0.61%) gained.

    - Future Retail closed 2.02% up at Rs 121 on BSE after a bulk deal of 15.26 lakh shares was executed on the counter at Rs 119.70 per share at 09:55 IST on BSE today, 23 September 2015.

    - Bosch closed 2.88% down at Rs 20,307.55 on BSE after German parent firm, Bosch reportedly said it had delivered components so-called common jail injection systems, to Volkswagen diesel cars, which face regulatory woes.

    - Dishman Pharmaceuticals and Chemicals closed 16.22% up at Rs 306.95 on BSE after the company informed that it holds a license agreement from Janssen to produce a medicine used in the treatment of tuberculosis.

    - Sterlite Technologies closed 2.73% up at Rs 82.80 on BSE after the company said that it has entered into a definitive agreement for the acquisition of Elitecore Technologies, a global telecom software product company.

    - Pratibha Industries closed 4.25% up at Rs 35.55 on BSE after the company secured a work order worth of Rs 376.07 crore for providing drinking water from Singur Source in Medak district, Telangana.

    - Ujaas Energy closed 4.44% up at Rs 16.23 on BSE after receiving a letter of intent for 10 megawatts of Teesta Canal Fall Hydroelectric Power Plant, Haptiagachh, Uttar Dinajpur, West Bengal.

    - Visa Steel closed at an upper circuit of 20% at Rs 17.32 on BSE, after lenders of the company decided to invoke Strategic Debt Restructuring pursuant to RBI Circular dated 8 June 2015.

    - Tara Jewels closed 3.04% up at Rs 33.85 on BSE, after the company signed an exclusive manufacturing and supply agreement with Sterling Jewelers Inc (USA), for the designer Brand Angel Sanchez.

    - Mindtree closed 1.88% up at Rs 1,497.55 on BSE after the company announced the launch of a state-of-the-art global learning & delivery center at Bhubaneshwar in Odisha.

    Contributed by Keynote Capitals
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