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Reports India

Indian stock market daily morning report (August 21, 2014, Thursday)

August 21, 2014, Thursday, 05:45 GMT | 01:45 EST | 10:15 IST | 12:45 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets ended lower on Wednesday, amid weak European cues, on profit taking after sharp gains in the previous two sessions which lifted the benchmark share indices to their record highs.

Meanwhile, the Nifty which had earlier hit its third successive record high of 7,922.70 today also failed to end above 7,900 mark for the second straight day. The 30-share Sensex dropped 106 points to close at 26,314 and the 50-share Nifty shed 22 points to end at 7,875.

- Thirteen pharma stocks rose 0.40% to 4.64% on BSE as rupee edged lower against the dollar today, 20 August 2014.

Glenmark Pharmaceuticals (up 0.40%), Aurobindo Pharma (up 3.52%), Ranbaxy Laboratroes (up 4.60%), Piramal Enterprises (up 2.29%), Sun Pharmaceutical Industries (up 4.64%), Biocon (up 1.39%), Wockhardt (up 1.52%), Divi's Laboratories (up 1.85%), Dr Reddy's Laboratories (up 2.25%), Lupin (up 2.33%), Cadila Healthcare (up 1.17%), Cipla (up 3.79%), and IPcA Laboratories (up 1.18%) edged higher.

- Karur Vysya Bank closed 0.70% up at Rs 473 on BSE after the bank on Tuesday, 19 August 2014, initiated a share sale process to raise Rs 1000 crore from institutional placement.

- Glenmark Pharmaceuticals closed 0.40% up at Rs 722.35 on BSE after the firm said its wholly owned subsidiary announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302.

- Eros International Media closed 8.74% up at Rs 247.05 on BSE after the company said its on-demand entertainment portal Eros Now has acquired worldwide rights of Zee TV shows.

- Among the 12 BSE Sectoral Indices 5 Indices closed in positive while 7 Indices ended the day in negative. Top Gainers: BSE Healthcare up by 2.93% and BSE Power by 0.73%. Top Losers: BSE Oil & Gas down by 1.32% and BSE FMCG by 0.70%.

Market breadth was positive at ~1.2- as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.51bn worth of Indian equities while DII's sold Rs 4.81bn worth of equities.


Economic and Corporate Developments

July's growth in indirect tax collection slowed to 4.9% over a year before, against 13.5% in June. The collection rose to Rs 41,890 crore in July from Rs 39,949 crore in the corresponding month last year. During April-July this year, total indirect tax collection rose to Rs 154,350 crore, compared with Rs 148,58- crore in the corresponding period in 2013. At this level, it is 24.8% of the full year's Budget Estimate.

During April-July this year, total indirect tax collection rose to Rs 154,350 crore, compared with Rs 148,58- crore in the corresponding period in 2013. At this level, it is 24.8% of the full year's Budget Estimate.


Buzzing Stocks

- Ramco Systems was locked at 5% upper circuit at Rs 410.40 on BSE, with the stock extending Tuesday's 5% rally triggered by the company securing a five-year contract from the Asia division of Vopak for a HR integration system.

- Shares of Oriental Bank of Commerce and Dena Bank closed 3.63% and 5.06% down respectively on BSE on reports that Mumbai-based branches of Oriental Bank of Commerce and Dena Bank had misappropriated funds to the tune of Rs 436 crore.

- Venus Remedies closed 5.30% up at Rs 263.10 on BSE after the company said it received marketing authorisation from Swiss drug authority for anti-cancer drug Gemcitabine.

- Suzlon Energy closed 2.20% down at Rs 22.25 on BSE, with the stock sliding on profit booking after recent rally after a report indicated that Suzlon Energy Senvion SE unit is preparing to raise about euro 500 million in a bond sale this year.

- Lumax Industries closed 13.60% up at Rs 432.25 on BSE extending recent gains triggered by the company's strong Q1 June 2014 results.

- Indiabulls Real Estate closed 1.99% down at Rs 74 on BSE on profit booking after the company jumped 13.70% in the preceding three trading sessions to Rs 75.50 on 19 August 2014, from a recent low of Rs 66.40 on 13 August 2014.

- Cadila Healthcare closed 1.17% up at Rs 1,206 on BSE after the company said Zydus Cadila has received the final approval from the US drug regulator to sell anti-viral drug in multiple strengths in the US market.

- Shares of three companies engaged in the business of natural gas production fell 0.22% to 2.62% on BSE on reports that the announcement of the new gas price may get deferred once again due to assembly polls scheduled by the end of year.

ONGC (down 2.62% at Rs 423.80), Oil India (down 0.22% at Rs 601.40), and Reliance Industries (down 1.04% at Rs 998.20) edged lower.

- Adani Ports & Special Economic Zone closed 2.50% up at Rs 293.25 on BSE on reports that the company is planning to expand Dhamra Port's capacity to 100 million tonnes per annum from the current capacity of 25 million tonnes a year.

- Dr Reddy's Laboratories closed 2.25% up at Rs 2,88- on BSE after a filing with the US Securities and Exchange Commission on Monday, 1- August 2014, showed market share gained in key drugs in the US market.

- Shares of Deepak Fertilisers and Petrochemicals Corporation and Mangalore Chemicals and Fertilizers closed 2.61% and 3.21% up respectively on BSE on reports that CCI has approved Deepak Fertilizers' proposed additional stake buy in MCFL.

- Just Dial closed 2.33% up at Rs 1,775.50 on BSE after the company said its board approved increasing the shareholding limit of foreign institutional investors in the company to 75% from 49%.

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