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Reports India

Indian stock market daily morning report (August 28, 2014, Thursday)

August 28, 2014, Thursday, 06:30 GMT | 01:30 EST | 10:00 IST | 12:30 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets continued their winning streak for the fourth straight session with the Nifty ending at a fresh record closing high.

The 30-share Sensex ended 117 points higher at 26,560 and the 50-share Nifty gained 31 points to end at 7,936.

The broader markets ended in line with the benchmark indices-BSE Midcap and Smallcap indices gained 0.7% and 0.8%, respectively.

- Shares of six defence equipment makers rose by 4.06% to 5.08%, in the days trade, on BSE after the government notified increase in foreign direct investment limit to 49% through approval route in the defence sector.

Bharat Electronics (up 5.08%), BEML (up 4.99%), Astra Microwave Products (up 4.63%), Dynamatic Technologies (up 4.54%), Walchandnagar Industries (up 4.24%) and Pipavav Defence & Offshore Engineering Company (up 4.06%), edged higher.

- Shares of six companies operating TV news channels rose 0.56% to 19.98% on BSE on reports of strong buying from domestic high networth individuals.

NDTV (up 12.91%), Zee Media Corporation (up 10.49%), Network 1- Media & Investments (up 4.93%), TV1- Broadcast (up 2.03%) and BAG Films and Media (up 0.56%) edged higher.

Among the 12 BSE Sectoral Indices - Indices closed in positive while 4 Indices ended the day in negative. Top Gainers: BSE Oil & Gas up by 0.84% and BsE Auto by 0.81%. Top Losers: BSE Realty down by 1.35% and BSE Power by 0.61%.

Market breadth was positive at ~1.14 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.70bn worth of Indian equities while DII's bought Rs 2.36bn worth of equities.

Economic and Corporate Developments

- Rating agency Moody's expects the GDP to grow at 5.1% in the first quarter (April-June) of current fiscal, better than 4.7% clocked a year ago.

"The Indian economy likely accelerated in the second quarter of 2014. We expect GDP growth of 5.1%. Most parts of the economy are improving. Capital expenditure could surprise on the upside," Moody's Analytics said in a report.

The Indian economy grew by 4.7% in the April-June quarter last year and the growth rate was also 4.7% for full 2013-14. After a gap of several years, the Indian economy grew by sub-5% in 2012-13 and 2013-14.

Buzzing Stocks

- IIFL Holdings closed 4.97% up at Rs 135.20 on BSE after the company said it received registration from Securities and Exchange Board of India to undertake investment advisory services.

- Tata Motors closed 1.70% up at Rs 521.60 on BSE, after the company said it would be filing an appeal against the CCI order pertaining to penalty on 14 car makers.

- Hindustan Media Ventures advanced 3.94%, in the opening trade, to Rs 166.00 on BSE after 0.47% equity changed hands in a bulk deal on BSE yesterday.

- Jindal Saw closed 2.35% up at Rs 76.30 on BSE after the company entered into a Memorandum of Understanding with SULA Shipping and Logistics to restructure transhipment business of wholly owned subsidiary Jindal ITF.

- UCO Bank closed 8.24% down at Rs 90.25 on BSE on reports the government has ordered limited forensic audit into some of the non-performing loan accounts of the bank.

- Shriram EPC closed 20.00% up at Rs 34.20 on BSE on reports the corporate debt restructuring cell has approved a Rs 2,530 crore debt recast proposal of the company.

- GVK Power & Infrastructure was locked at 5% upper circuit at Rs 13.02 on BSE after the company led consortium leased a land parcel in Mumbai for commercial development to Oasis Realty for Rs 580 crore.

- Venus Remedies closed 14.77% up at Rs 295.65 on BSE after the company said it has entered into a collaborative agreement with Israel-based generic drug maker Teva for selling an anti-cancer drug in the Canadian market.

- Infosys closed 0.34% up at Rs 3,632.75 on BSE after a senior officer reportedly reiterated the company's revenue growth guidance in dollar terms for the current financial year.

- Mangalore Refinery and Petrochemicals closed 0.16% up at Rs 61.40 on BSE after the company said that Petro Fluidized Catalytie Cracking unit has been successfully commissioned, on 27th August, 2014.

- MCX closed 5.08% up at Rs 856.85 on BSE after the company said that Forward Market Commission has approved Kotak Mahindra Bank's proposal to buy 15% stake in MCX.

- Jain Irrigation Systems closed 5.39% up at Rs 90.85 on BSE on bargain hunting after the stock tumbled 8.15% in the preceding five trading sessions to Rs 86.20 on 26th August, 2014, from a recent high of Rs 93.85 on 19th August, 2014.

- DLF closed 4.44% down at Rs 183.05 on BSE on reports the Supreme Court on Wednesday, 27th August, 2014, directed the company to submit Rs 630 crore within three months.