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Reports India

Indian stock market daily morning report (August 20, 2014, Wednesday)

August 20, 2014, Wednesday, 06:20 GMT | 01:20 EST | 09:50 IST | 13:20 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices gained for the sixth straight session, amid firm global cues, to end at fresh record closing highs on the back of agrressive buying by instiutional investors.

The 30-share Sensex ended up 30 points at 26,421 after hitting a record intra-day high of 26,531 and the 50-share Nifty ended 23 points higher at 7,89- after touching a fresh high of 7,919.

- Three PSU OMCs rose 1.99% to 3.28% on BSE on recent downtrend in crude oil prices amid geopolitical tensions.

HPCL (up 3.28% at Rs 455), BPCL (up 2.81% at Rs 666.85) and Indian Oil Corporation (up 1.99% at Rs 359.55) edged higher.

- Whirlpool of India lost 1.94% to Rs 445 on BSE, with the stock sliding on profit booking after recent rally triggered by the company reporting strong Q1 earnings.

- Indian Hotels Company rose 5.44% to Rs 85.25 on BSE on bargain hunting after the stock tumbled 15.96% in the preceding 14 trading sessions to Rs 80.85 on 1- August 2014, from a recent high of Rs 96.20 on 25 July 2014.

- Voltas lost 1.06% to Rs 233.10 on BSE, with the stock sliding on profit booking after recent rally triggered by the company reporting strong Q1 earnings.

Supreme Infrastructure India was locked at 5% lower circuit at Rs 352 on BSE, extending Monday's 5% fall triggered by the company's weak Q1 June 2014 results.

Among the 12 BSE Sectoral Indices 10 Indices closed in positive while 2 Indices ended the day in negative. Top Gainers: BSE Auto up by 2.25% and BSE Realty by 1.63%. Top Losers: BSE IT down by 0.57% and BSE Teck by 0.36%.

Market breadth was positive at ~1.29 as investors bought large cap stocks. On provisional basis, FII's bought Rs 5.59bn worth of Indian equities while DII's sold Rs 2.63bn worth of equities.


Economic and Corporate Developments

- Prime Minister Narendra Modi here invited ideas on the shape of the new institution to replace the Planning Commission. "We envision the proposed Institution as one that caters to the aspirations of 21st century India and strengthens participation of the States.... Let the ideas flow," Modi said in a statement.

A special open forum has been created on the website mygov.nic.in for suggestions on the new institution, the statement added.In his his maiden Independence Day speech, the Prime Minister had announced abolition of the Planning Commission, saying it will be replaced with a new institution which would cater to the needs of changing economic realities and different demand from states.


Buzzing Stocks

- JSW Steel rose 1.01% to Rs 1289.45 on BSE after the company entered into a definitive pact with Welspun Enterprises to acquire the entire stake held by Welspun Enterprises in Welspun Maxsteel for an enterprise value of Rs 1000 crore.

- Jyoti Structures rose 1.37% to Rs 44.45 on BSE after the company said its board approved raising upto Rs 40 crore by issuing equity shares, warrants to promoters of the company.

- Bhushan Steel hit a lower circuit limit of 5% at Rs 144.90 on BSE, with the stock extending its recent steep slide.

- Amara Raja Batteries rose 5.35% to Rs 608.30 on BSE, with the stock extending recent gains triggered by the company reporting decent Q1 earnings.

- Future Retail fell 1.38% to Rs 125.40 on BSE on profit booking after the stock rose 5% in the preceding two trading sessions to Rs 127.15 on 1- August 2014, from a recent low of Rs 121.10 on 13 August 2014.

- Tata Power Company rose 0.92% to Rs 92.85 on BSE after the company in a clarification said that MERC issued transmission license and distribution license to the company for the next 25 years with effect from 16 August 2014.

- Butterfly Gandhimathi Appliances rose 3.26% to Rs 280 on BSE on bargain hunting after the stock fell 10.14% in the preceding six trading sessions to Rs 271.15 on 1- August 2014, from a recent high of Rs 301.75 on 7 August 2014.

- Lanco Infratech was locked at 5% upper circuit at Rs 9.85 on BSE, with the stock extending Monday's 5% rally triggered by the company reporting lower net loss in Q1 June 2014.

- Ramco Systems was locked at 5% upper circuit at Rs 390.90 on BSE after the company said it has secured a five-year contract from the Asia division of Vopak for a HR integration system.

- Bharat Heavy Electricals rose 1.67% to Rs 224.75 on BSE after the company announced that it has developed fuel flexible supercritical boilers, which will end uncertainties regarding coal shortages.

- Marico Kaya Enterprises fell 1.98% to Rs 405.05 on BSE on profit booking after the stock rose 53.23% in the preceding five trading sessions to Rs 413.25 on 1- August 2014 from a recent low of Rs 269.70 on - August 2014.

- Tata Motors rose 2.36% to Rs 515.80 on BSE, with the stock extending recent upmove triggered by foreign brokerages upgrading the stock post the company's strong Q1 earnings and robust July sales from its British luxury car unit JLR.