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Indian stock market daily morning report (December 09, 2013, Monday)
Views on markets today
- Markets extended gains for a second consecutive session to close at its highest level in more than a month with the Sensex up 39 points or 0.2% at 20,996 and the Nifty gained 19 points or 0.3% to close the week at 6,260.
- Eighteen PSU stocks rose by 0.28% to 10.79% on BSE on strong demand from investors for follow on public offer of state-run Power Grid Corporation of India.
State Trading Corporation of India (up 1.67%), Hindustan Copper (up 1.14%), Andrew Yule & Company (up 10.79%), Power Grid Corporation of India (up 1.72%), MMTC (up 0.47%), Bhel (up 1.03%), BEML (up 5.79%), Engineers India (up 5.69%), ITI (up 1.25%), Shipping Corporation of India (up 2.76%), HMT (up 2.24%), ONGC (up 1.36%), Oil India (up 0.37%), Coal India (up 1.93%), NHPC (up 0.28%), NTPC (up 2.05%), Neyveli Lignite Corporation (up 0.74%) and SJVN (up 0.72%) edged higher.
- Among the 13 Sectoral Indices 12 indices closed in positive while 1 ended in negative. Top Gainers: BSE Power up by 2.27% and BSE Consumer Durables by 1.24%. Top Loser: BSE IT down by 4.81%.
Market breadth was flat at ~1.11 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 8.64bn worth of Indian equities and DII's sold Rs 7.43bn worth of equities.
Economic and Corporate Developments
- Foreign institutional investors (FIIs) continue to pour money into the Indian equity markets with their net inflow in calendar year (CY) 2013 crossing a milestone figure of Rs 100,000 crore on Thursday. As per official data, the inflows have touched a whooping Rs 100,432 crore on year-to-date (YTD) basis.
As per market regulator, the Securities and Exchange Board of India (SEBI), FIIs have thus far invested Rs 99,280 crore ($17.85 billion). On Thursday, they invested another Rs 1,152 crore (provisional data), taking the total amount invested thus far past the Rs 1-lakh crore mark.
Out of the total net inflow, nearly Rs 40,000 crore came in the last three months (since September) following the Reserve Bank of India's (RBI's) measures to boost the weakening rupee and revive economic growth
- MphasiS closed 1.61% down at Rs 394.75 on BSE after consolidated net profit declined 9.12% to Rs 190.22 crore on 20.04% growth in total income to Rs 1,616.1- crore in Q4 October 2013 over Q4 October 2012.
- Kohinoor Foods jumped 7.36%, in the morning trade, to Rs 40.85 on BSE after the company allotted 70.4- lakh equity shares at Rs 160 each to Al Dahra International Investments LLC, UAE, after receiving the total consideration of Rs 112.77 crore.
- Jubilant Life Sciences closed 7.30% down at Rs 116.85 on BSE, with the stock extending Thursday's 10% slide triggered by the company receiving a warning letter from USFDA for one of its manufacturing facilities in the United States.
- Power Grid Corporation of India advanced 2.44% in the morning trade, to Rs 98.50 on BSE on strong demand from investors for the company's ongoing follow on public offer.
- Strides Arcolab closed 2.21% up at Rs 861.65 on BSE, with the stock recovering on bargain hunting after Thursday's slide triggered by firm's completion of sale of Agila Specialties to Mylan Inc. for a total consideration of up to $1.75 billion.
- Lupin closed 0.29% up to Rs 862.25 on BSE after the company said that its US subsidiary has launched its generic Fenofibric Acid Delayed-Release Capsules 45 mg and 135 mg in the United States.
- Mirc Electronics was locked at 5% upper circuit at Rs 5.65 on BSE, with the stock extending Thursday's gains triggered by the company's board approving rights issue of equity shares to the existing shareholders.
- SML Isuzu jumped 10.89%, in the intraday trade, to Rs 309 on BSE after the company said its total vehicle sales rose 11 % to 666 units in November 2013 over October 2013.
- IVRCL closed 2.77% down at Rs 16.50 on BSE on profit booking after gaining 21.21% in prior four trading days.
- Cairn India closed 1.83% up at Rs 324.75 on BSE as US crude oil futures headed for the biggest weekly gain in five months as the US economy posted the fastest growth since the start of 2012 and crude stockpiles shrank.
- Symphony closed 2.38% up at Rs 411.05 on BSE after a block deal of 1.24 lakh shares was executed in the counter on BSE at Rs 403.25 per share at 14:06 IST.
- Eight sugar stocks rose by 2.67% to 11.36% on BSE on reports that the group of ministers are meeting today, 6 December 2013 to discuss a bailout package for cash-starved sugar mills and to ensure timely payments to cane growers.
Triveni Engineering & Industries (up 2.7%), Dwarikesh Sugar Industries (up 5%), Dhampur Sugar Mills (up 4.96%), Oudh Sugar Mills (up 10.98%), Shree Renuka Sugars (up 4.74%), Bajaj Hindusthan (up 6.25%), Sakthi Sugars (up 11.36%), and Balrampur Chini Mills (up 2.67%) edged higher.
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