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Reports India

Indian stock market daily morning report (August 26, 2014, Tuesday)

August 26, 2014, Tuesday, 05:25 GMT | 00:25 EST | 08:55 IST | 11:25 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices which hit fresh record highs early on Monday ended flat amid selling pressure in metal and power stocks after the Supreme Court on Monday held that guidelines were breached in coal block allocations during the UPA government and that the terms of allotment, going as far back as 1993, were themselves illegal.

However, the 30-share Sensex ended at a record closing high up 17 points at 26,437 after hitting a fresh record high of 26,631 and the 50-share Nifty ended down seven points at 7,906 after hitting a fresh record high of 7,968.

- Twenty two stocks from metal and power sector lost between 0.21% to 10.37%, in the intraday trade, on BSE after the Supreme Court, on 25th August, 2014 termed the method of allotment of coal blocks between 1993 and 2011 as illegal.

The S&P BSE Metal index was down 3.84% at 12,355.76. The S&P BSE Power index was down 0.87% at 2,085.53. Both these indices underperformed the Sensex, which was up 0.12% at 26,451.79

Among metal and mining stocks, Jindal Steel & Power (down 10.37%), Hindalco Industries (down 7.17%), Bhushan Steel (down 4.99%), Sesa Sterlite (down 3.29%), JSW Steel (down 3.44%), Tata Steel (down 3.59%), NMDC (down 1.55%), Steel Authority of India (Sail) (down 0.9%), Hindustan Copper (down 0.95%), National Aluminium Company (down 3.05%) and Hindustan Zinc (down 1.22%) edged lower.

- Trident closed 6.38% up at Rs 25.85 on BSE after the company said that its credit ratings have been upgraded by Credit Analysis & Research to A-.

- BASF India closed 5.37% down at Rs 1,193.05 on BSE on profit booking after the stock jumped 52.36% in the preceding nine trading sessions to Rs 1,260.75 on 22 August 2014, from a recent low of Rs 827.50 on 8 August 2014.

- Among the 12 BSE Sectoral Indices 5 Indices closed in positive while 7 Indices ended the day in negative. Top Gainers: BSE FMCG up by 1.02% and BSE IT by 0.97%. Top Losers: BSE Metal down by 4.34% and BSE Realty by 2.01%.

Market breadth was negative at ~0.81 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.27bn worth of Indian equities while DII's bought Rs 0.45bn worth of equities.

Buzzing Stocks

- Asian Paints closed 0.87% down at Rs 605.05 on BSE after the company said its units has filed an application for setting up a paint manufacturing facility in Indonesia.

- KNR Constructions gained 3.25%, in the morning trade, to Rs 235 on BSE, with the stock extending Friday's 4.98% gain triggered by announcing new order win.

- RPP Infra Projects rose 4.28%, in the opening trade, to Rs 82.85 on BSE after the company said it bagged new order worth Rs 25.38 crore in Tamil Nadu.

- Jet Airways (India) closed 4.87% down at Rs 232.65 on BSE after ICRA downgraded the company's loan ratings due to delays in debt servicing.

- Pennar Industries closed 2.63% down at Rs 40.70 on BSE, after the company's promoter and promoter companies released their pledge shares.

- Ashoka Buildcon closed 3.48% down at Rs 130.30 on BSE after the company said it won projects worth Rs 863.31 crore from Bihar Power Distribution Company.

- United Spirits closed 1.19% down at Rs 2,382.30 on BSE after the National Stock Exchange excluded the stock from its equity derivatives segment.

- State Bank of India closed 0.57% down at Rs 2,509.10 on BSE, on reports that a foreign bank has upgraded the stock to "buy" from "hold"

- Sonata Software gained 3.47%, in the afternoon trade at Rs 101.30 on BSE, after the company said it has strengthened travel vertical with acquisition of stake in Rezopia Inc.

- Financial Technologies (India) rose 4.36%, the intraday trade, to Rs 279 on BSE after the Bombay High Court on Friday, 22 August 2014, granted bail to the company's promoter, Jignesh Shah.

- GAIL (India) closed 1.18% down at Rs 427.40 on BSE after the company said that work was set to commence on the 2,050-km Jagdishpur-Phulpur-Haldia natural gas pipeline

- Manappuram Finance closed 7.38% down at Rs 27.00 on BSE, with the stock declining on profit booking after the recent upmove.

- Alstom T&D India closed 5.51% up at Rs 335.05 on BSE after the company said it won a contract from Power Grid Corporation of India.