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Indian stock market daily morning report (December 05, 2013, Thursday)
Views on markets today
- Markets ended lower on Wednesday as investors turned cautious and booked profits ahead of the assembly election results due on Sunday.
The 30-share Sensex ended down 146 points at 20,70- and the 50-share Nifty ended down 40 points at 6,160.
- Five telecom stocks rose by 0.09% to 2.91%, in the early trading, on BSE after a panel of ministers on Tuesday, 3 December 2013, approved crucial changes to the rules on mergers and acquisitions in the fragmented telecom industry.
Bharti Airtel (up 1.32%), Idea Cellular (up 0.09%), MTNL (up 1.36%), Tata Teleservices (Maharashtra) (up 2.91%) and Reliance Communications (up 1.22%) gained.
- Eight stocks closed down by 4.92% to 16.76% on BSE after the NSE said it would suspend trading in shares of these companies from 10 December 2013 for non-compliance of certain provisions of the listing agreement.
Amar Remedies (down 4.92%), Aqua Logistics (down 16.76%), Asian Electronics (down 4.88%), Edserv Softsystems (down 5.13%), First Leasing Company of India (down 4.72%), Geodesic (down 4.87%), KDL Biotech (down 4.96%), KLG Systel (down 4.96%), Birla Power Solutions (down 5.26%) edged lower on BSE.
- Among the 13 Sectoral Indices 5 indices closed in positive while - indices ended in negative. Top Gainers: BSE Power up by 0.31% and BSE Metal by 0.26%. Top Loser: BSE Realty down by 2.67% and BSE FMCG by 1.36%.
Market breadth was negative at ~0.82 as investors sold large cap stocks. On provisional basis, FII's bought Rs 0.42bn worth of Indian equities and DII's sold Rs 0.18bn worth of equities.
Economic and Corporate Developments
- India's services sector, which constitutes the biggest chunk of its economy, shrank for the fifth month in a row in November, according to the widely-tracked HSBC purchasing managers' index released on Wednesday.
This may dash hopes of any significant recovery in the second half, particularly in the services sector, which grew at 11-year low in the second quarter of 2013-14 in the official GDP data.
Services PMI inched up to 47.2 points in November from 47.1 in October, remaining in the negative zone. PMI above 50 means expansion and below that number it is a decline.
- Pfizer closed 1.23% down at Rs 1,710.60 on BSE on profit booking after gaining 20.99% in prior seven trading days.
- Essar Oil closed 1.84% up at Rs 55.30 on BSE after the company said it has received a notice from promoter company, Essar Energy Holdings seeking conversion of FCCBs aggregating $262 million into equity shares.
- Force Motors closed 1.99% up at Rs 398.80 on BSE, with the stock extending its recent rally.
- Jyothy Laboratories closed 5.86% up at Rs 199.70 on BSE after the company said it has allotted 1.5 crore equity shares, aggregating Rs 262.72 crore, to Sahyadri Agencies on preferential allotment basis.
- Eicher Motors closed 4.34% down at Rs 4,918.80 on BSE, with the stock sliding on profit booking after recent rally triggered by a foreign brokerage upgrading the stock to buy from underperform.
- Infotech Enterprises closed 5.30% up at Rs 289.25 on BSE after 0.36% equity changed hands in a bulk deal on 4th December 2013.
- Thomas Cook (India) rose 4.21%, in the intraday, to Rs 84.20 on BSE after the company said it has expanded its footprint in South India with the launch of its new branch outlet in Pondicherry on 4th December, 2013.
- VST Tillers Tractors closed 5.04% to Rs 626.05 on BSE after HDFC Mutual Fund bought 1.71% stake in the company on Tuesday, 3 December 2013.
- Orient Bell jumped 3.52%, in the early trade to Rs 51.50 on BSE after the company on Tuesday, 3 December 2013, announced a licensing deal with Disney Consumer Products India to launch Disney and Marvel branded tiles collection in the country.
- Mahindra Holidays & Resorts India rose 3.19%, in the morning trade, to Rs 259 on BSE after the company announced the divestment of investment in the company's two Austrian subsidiaries.
- Cairn India rose 0.42% to Rs 321 on BSE as US crude oil futures advanced for a 4th straight day as TransCanada Corp. said it will start part of its Keystone XL pipeline next month and data showed United States crude inventories fell.
- Fedders Lloyd Corporation closed 1.71% down at Rs 28.70 on BSE as the stock turned ex-dividend on 4th December 2013, for dividend of Rs 1 per share for the year ended 30 June 2013.
- Dish TV India surged 3.97% to Rs 60.20 on BSE after a block deal of 12.74 lakh shares was executed in the counter on BSE at Rs 60 per share at 13:51 IST.
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