• Indian stock market daily morning report (September 29, 2015, Tuesday)

    Markets Today

    - Markets kicked off the October series on a weak note as participants remained edgy ahead of the fourth bi-monthly monetary policy review for the year 2015-16 slated tomorrow amid persistent sell-off by the foreign investors. Meanwhile, losses in the global peers on caution ahead of the US jobs data due to be unveiled later during the week further dampened sentiment.

    - The Sensex dropped 247 points to close at 25,617 and the Nifty lost 73 points to end at 7,796. In the broader market, the BSE MidCap index and SmallCap index ended 0.2% lower.

    - Sun Pharmaceutical Industries closed 3.42% down at Rs 860.80 on BSE after the US Food and Drug Administration revoked an approval issued to the drugmaker, citing manufacturing quality problems at its production site.

    - Adani Ports and Special Economic Zone closed 1.72% up at Rs 307 on BSE as the company replaced NMDC as a constituent in the 50-unit CNX Nifty index with effect from today, 28 September 2015.

    - Among the 12 BSE sectoral indices, 3 indices closed in positive while 9 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 negative at ~0.71 as investors sold large cap stocks. On provisional basis, FII's sold Rs 6.50bn worth of Indian equities while DII's bought Rs 5.05bn worth of Indian equities.

    Economic and Corporate Developments

    - The country needs to increase its investment in the infrastructure sector to 10% of its total GDP to make the government's ambitious 'Make in India' programme successful, according to a joint study by industry body Assocham and Thought Arbitrage Research Institute (TARI).

    Suggesting that the pension and insurance funds being "long-term investors" may be mobilised for infrastructure spending, it said "public-private partnership model should be redesigned through engineering, procurement and construction model."

    - The government may consider reducing its stake in state-run lenders to 52%, Finance Minister Arun Jaitley said on Monday. The government would also consider other issues including problems tied to distressed state power providers, Jaitley said while speaking at a banking conference. The government was getting ready to unveil a draft for a bankruptcy code at the end of this month or in early October, he added.

    - Pitching for public sector banks being given independence from political decision-making, Finance Minister Arun Jaitley today said efforts were on to professionalise all personnel-related issues at these banks.

    - Speaking here at a banking industry event, Jaitley also said that the brick and mortar branches may probably lose relevance with alternative channels like online coming up. He said public sector banks have to be given independence from political decisionmaking and their decisions should be based only on banking merits.

    Buzzing Stocks

    - IDBI Bank closed 6.97% up at Rs 79.05 on BSE with the stock extending recent rally triggered by media reports suggesting that the government has firmed up plans to bring down its holding in the bank to 49%.

    - Tata Motors closed 6.06% down at Rs 285.25 on BSE on media reports that the company has been removed from Credit Suisse Asia Ex-Japan focus list.

    - Reliance Infrastructure closed 2.55% up at Rs 345.55 on BSE after firm's subsidiary signed a strategic MoU with Emirates Defence Industries, for manufacturing, services, knowledge transfer and technology development from the UAE.

    - Hinduja Global Solutions closed 0.22% up at Rs 445.70 on BSE after the US launch of Digital Natural Assist, a unified customer experience platform that helps companies streamline their customer service communications across all channels.

    - Supreme Industries closed 2.97% up at Rs 612.65 on BSE after RBI on Thursday, 24 September 2015, notified increase in foreign investment ceiling in the company to 30% from existing 24%.

    - IL&FS Transportation Networks closed 1.15% up at Rs 97.10 on BSE after the company said it has fixed 8 October 2015 as record date for rights issue of equity shares.

    - Orient Cement closed 0.51% up at Rs 157.40 on BSE after the company has commissioned and started commercial production at its new greenfield integrated cement plant from 26 September 2015.

    - Lanco Infratech closed 17.19% up at Rs 3.75 on BSE after step-down subsidiaries announced the financial closure of cost overrun of projects with lenders.

    - Crompton Greaves closed 1.66% down at Rs 171.40 on BSE amid volatility after the company said it has won a euro 17 million contract from Gas Natural Fenosa, to supply ZIV single and three phase smart meters.

    - Dr Reddy's Laboratories closed 5.54% up at Rs 4,191.85 on BSE after the company announced that it has launched Esomeprazole Magnesium Delayed-Release capsules USP, 20 mg and 40 mg, in the US market on 25 September 2015.

    - INOX Leisure closed 1.39% up at Rs 222.25 on BSE after the company said it has commenced commercial operations of a new multiplex cinema theatre in Rajasthan.

    - Indian Hume Pipe Company closed 12.19% up at Rs 384.70 on BSE after securing two work orders aggregating to Rs 1230.77 crore from Rural Water Supply and Sanitation Department of Telangana state government. 8 Gammon India closed 8.49% up at Rs 12.27 on BSE after the company said that it has secured a highway construction contract of Rs 1709.99 crore in Jammu & Kashmir from National Highways Authority of India.

    - Arshiya closed 4.36% up at Rs 28.75 on BSE after Citigroup Global Markets Mauritius bought 13.43 lakh shares of the company at an average price of Rs 27.30 per share in a bulk deal on the NSE on Thursday, 24 September 2015.

    Contributed by Keynote Capitals
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