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Reports India

Indian stock market daily morning report (December 06, 2013, Friday)

December 6, 2013, Friday, 17:14 GMT | 12:14 EST | 21:44 IST | 00:14 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets remained exuberant on Thursday after a gap-up opening but came off its peak as the day progressed. Investors booked profits at higher levels after stocks surged in morning session trades as exit polls in the assembly elections indicated that Bharatiya Janata Party (BJP) could win 3 out of 5 states poised to declare assembly poll results on December8.

The 30-share BSE Sensex ended 249 points higher at 20,957 levels and the 50-share Nifty was up 80 points at 6,160.

- Among the 13 Sectoral Indices 9 indices closed in positive while 4 indices ended in negative. Top Gainers: BSE Bankex up by 4.44% and BSE Capital Goods by 3.59%. Top Loser: BSE Healthcare down by 1.47% and BSE FMCG by 0.94%.

Market breadth was flat at ~1.01 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 11.51bn worth of Indian equities and DII's sold Rs 6.74bn worth of equities.

Economic and Corporate Developments

- The US-India Business Council (USIBC) has welcomed the Indian government's decision to reject a proposal limiting pharmaceutical investment caps to 49 percent in the Brownfield investment sector.

"Such a reversal would have sent chilling signals to investors, chased capital to other markets, and prevented domestic companies from growing and collaborating," the trade advocacy group comprising over 350 top-tier US and Indian companies said Wednesday.

"Instead, the decision by the Government of India reassures investors that India is not going back on reforms," the group said.

Market regulator Sebi allowed stock exchanges to introduce cash settled interest rate futures (IRFs) on 10-year government bonds, which has been a long pending demand of market participants.

- "It has been decided to permit stock exchanges to introduce cash settled IRFs on 10-year Government of India (GoI) security," the Securities and Exchange Board of India (Sebi) said in a circular.

The decision was taken after consulting Reserve Bank and feedback from market participants and stock exchanges.

Buzzing Stocks

- Bharti Airtel closed 0.96% up at Rs 335.45 on BSE after the company said that its wholly-owned subsidiary -- Bharti Airtel International (Netherlands) B.V.-- has priced euro 750 million 4% Guaranteed Senior Notes due 2018.

- Shares of Wyeth and Pfizer closed down by 16.39% to 24.75% on BSE as they turned ex-dividend on 5 December 2013 for highly liberal interim dividends.

Wyeth (closed down by 16.39% at 830.10), and Pfizer (closed down by 24.75% at Rs 1287.15).

- AXIS Bank gained 4.38% to Rs 1,241.80 on BSE, on reports that three global payment processing giants are bidding for the bank's network of credit and debit card swipe machines business valued at Rs 1200 crore.

- Strides Arcolab closed 14.50% down at Rs 843.00 on BSE after the company said it has completed sale of its Agila Specialties Division to Mylan Inc. for a total consideration of up to $1.75 billion.

- CEAT was locked at 5% lower circuit at Rs 313.85 on BSE on profit booking, with the stock reversing direction after scaling a record high in intraday trade.

- Swan Energy closed 5.89% up at Rs 120.45 on BSE after the company said its board of directors at a meeting held on Wednesday, 4 December 2013, approved 2-for-1 stock split.

- Mirc Electronics was locked at 5% upper circuit at Rs 5.39 on BSE after the company said its board at a meeting held on Wednesday approved raising of funds upto Rs 33 crore by rights issue of equity shares to the existing shareholders.

- Jyothy Laboratories surged 7.04%, in the morning trade, to Rs 213.75 on BSE, with the stock extending recent up move.

- Wipro lost 0.18% to Rs 492.50 on BSE after the firm said it will discontinue manufacturing of Wipro branded desktops, laptops and servers to enable the company to focus on IT solutions and services.

- Jubilant Life Sciences tumbled 9.82% to Rs 126.25 on BSE after the firm said that one of its manufacturing facilities, Jubilant HollisterStier, LLC in the United States has been issued a warning letter by US Food and Drug Administration.

- Symphony closed 2.09% down at Rs 401.50 on BSE as the stock turned ex-dividend on 5 December 2013, for dividend of Rs 6.50 per share for the year ended 30 June 2013.

- Force Motors closed 2.27% down at Rs 389.75 on BSE, with the stock halting six-day 39.15% rally on profit booking.

- Bajaj Electricals rose 0.63% to Rs 176.75 on BSE after a block deal of 2.82 lakh shares was executed in the counter on BSE at Rs 177.40 per share at 13:20 IST.

- Eicher Motors closed 2.89% down at Rs 4,776.50 on BSE, after 0.068% equity changed hands in a bulk deal on BSE on 5 December 2013.