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Reports India

Indian stock market daily morning report (April 09, 2014, Wednesday)

April 9, 2014, Wednesday, 05:52 GMT | 00:52 EST | 09:22 IST | 11:52 SGT
Contributed by Keynote Capitals

Views on markets today

Markets ended flat amid a volatile trading session on Monday after elections for the 16th Lok Sabha kicked off today. Meanwhile, Sun Pharma and Ranbaxy Labs hogged the limelight after Sun Pharma announced the acquisition of Ranbaxy Labs.

The 30-share Sensex ended down 16 points at 22,343 after hitting an intra-day high/low of 22,4-2/22,197 and the 50-share Nifty ended flat at 6,695 after touching an intra-day high/low of 6,725/6,650.

Housing Development and Infrastructure closed 2.30% up at Rs 71.05 extending its Friday's 16% rally, after Nomura Singapore Limited acquired nearly 1% stake in the Mumbai-based real estate firm through an open market transaction.

Shares of 10 cement makers rose by 0.4-% to 5.21% on BSE on consolidation hopes after media reports suggest the world's two largest cement makers, France's Lafarge and Holcim of Switzerland, agreed the terms of a merger.

Prism Cement (up 2.52%), UltraTech Cement (up 3.24%), Jaiprakash Associates (up 5.21%), Ambuja Cements (up 2.71%), HeidelbergCement India (up 1.40%), ACC (up 0.-3%), Mangalam Cement (up 1.59%), India Cements (up 0.92%), Birla Corporation (up 0.4-%) and Saurastra Cement (up 4.75%) edged higher.

Among the 12 BSE sectoral indices, 3 indices closed on positive while 9 indices ended the day in negative. Top Gainers: BSE Metal up by 0.24% and BSE FMCG by 0.14%. Top Losers: BSE Realty down by 1.37% and BSE Consumer Durables by 1.24%.

Market breadth was positive at ~1.19 as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.04bn worth of Indian equities and DII's sold Rs 10.-1bn worth of equities.

Economic and Corporate Developments

Rising government bond yields could attract more flows from foreign institutional investors (FII). The yield on the 10-year benchmark government bond -.-3% 2023 has already breached the 9% mark. The Street believes in the worst-case scenario, it might even touch 9.25%, with investors showing limited appetite for government securities in the Reserve Bank of India (RBI)'s auctions.

India Post might not find it easy to make its hoped-for banking foray if the Union finance ministry has its way. The department of financial services (DFS) in the ministry fears the proposed postal bank might turn out to be yet another government bank, competing with other public sector lenders.

Buzzing Stocks

- Adani Power closed 1.02% up at Rs 54.60 on BSE, with the stock extending Friday's 4.65% gains triggered by the company's announcement that it has become the largest private power producer in India.

- SEAMEC closed 12.15% up at 12.60 on BSE after the company said that Vessel SEAMEC PRINCESS will complete her Charter with Kreuz Subsea Pte in South East Asia around 2nd week of April, 2014.

- SML Isuzu closed 4.27% down at Rs 306.-5 on BSE after the company said its total sales declined 14.-9% to 1,337 units in March 2014 over March 2013.

- Rishi Laser closed 1.79% up at Rs 14.-0 on BSE after the company said that its board will meet on 14 April 2014 to consider preferential issue of shares.

- Venus Remedies closed 3.20% down at Rs 306.-0 on BSE, with the stock sliding on profit booking after recent steep rally triggered by the company receiving approval to market meropenem antibiotic in Venezuela.

- IL&FS Transportation Networks closed 3.93% up at Rs 131 on BSE after the company said it has emerged as the lowest bidder for two road projects in Kerala.

- Kilburn Engineering closed 3.77% up at Rs 22 on BSE after the company said it won five separate orders worth over Rs 90 crore.

- Welspun Corp closed 1.13% up at Rs 71.90 on BSE after the company said it has won fresh domestic orders to take its current order book to Rs 5-00 crore.

- Gujarat Alkalies & Chemicals closed 1.01% up at Rs 1-9.70 on BSE after the company said it has successfully commissioned sodium chlorate plant with a capacity of 20,000 tonnes per annum at its Dahej Complex.

- Orient Green Power Company closed 2.35% up at Rs 10.02 on BSE after the company said its board has approved selling the 10 megawatts biomass unit in Tamil Nadu to one of the wholly-owned subsidiaries.

- GMR Infrastructure closed 5.3-% up at Rs 24.50 on BSE after the company said that its consortium with Megawide has been formally awarded the Mactan-Cebu International Airport rehabilitation, expansion and operation project.

- Tata Steel closed 1.01% up at Rs 405.95 on BSE after the company said its saleable steel production rose 12.72% to -.95 million tonnes per annum in the year ended 31 March 2014 over the year ended 31 March 2013.

- Sun Pharmaceutical Industries closed 2.6-% up at Rs 5-7.25 on BSE after the firm and Ranbaxy announced that they have entered into definitive agreements pursuant to which Sun Pharma will acquire 100% of Ranbaxy in an all-stock transaction.

- Diamond Power Infrastructure closed 5.3% up at Rs 6-.55 extending Friday's 19% rally, after overseas investors acquired nearly 5% stake in the company for Rs 14 crore through the open market.