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Indian stock market daily morning report (December 10, 2013, Tuesday)
Views on markets today
- Markets ended on a high note as investors hailed the victory of the Bharatiya Janata Party in the assembly elections. Both the Sensex and Nifty closed at their all-time high as Bhartiya Janata Party (BJP) emerged triumphant with maximum seat count in three of the four states that went to polls.
The 50-share Nifty index of the National Stock Exchange (NSE) opened at 6,415 levels, surpassing its previous high of 6,357 touched on January 8, 2008, after the outcome of the state assembly election polls in four states of Delhi, Rajasthan, Madhya Pradesh and Chattisgarh that saw BJP emerge at the single largest party in terms of seats bagged. Nifty crossed the 6,400 mark for the first time ever, surpassing its previous high after a gap of 5 years and 11 months.
The 30-share Bombay Stock Exchange (BSE) Sensex closed almost 330 points higher at 21,326 levels after hitting an alltime intra-day high of 21,484 during the day and the 50-share Nifty closed at its all-time high of 6,363.90, up 104 points.
- Among the 13 Sectoral Indices 12 indices closed in positive while 1 ended in negative. Top Gainers: BSE Capital Goods up by 3.14% and BSE Bankex by 2.93%. Top Loser: BSE Consumer Durables down by 0.11%.
Market breadth was close to flat at ~0.91 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 24.73bn worth of Indian equities and DII's sold Rs 12.05bn worth of equities.
Economic and Corporate Developments
- Foreign lender HSBC said the Government's fiscal deficit target of 4.8% for FY14 is likely to be breached as the revenue growth has slowed, while expenditure has gone up in the first half of the fiscal.
Finance Minister P Chidambaram has been repeatedly stressing he will meet the fiscal deficit target of 4.8% of the GDP in this fiscal, but HSBC said the spending- revenue gap may overshoot to 5.1%.
"The Finance Minister has put a line in the sand when it comes to deficit and he last year delivered on his promises. We, therefore, believe the deficit will end up quite close to the target, but slightly higher at 5.1% of the GDP," it said in a note here.
- Shares of five shipping companies rose by 1.15% to 11.4% on BSE after the Baltic Dry Index, which tracks rates to ship dry commodities, gained 1.45% on Friday, 6 December 2013.
Great Eastern Shipping Company (up 1.15%), Shipping Corporation of India (up 11.4%), Mercator (up 3.35%), Varun Shipping Company (up 3.34%) and Essar Shipping (up 1.31%) gained.
- Colgate-Palmolive (India) fell 0.91%, in the early trade, to Rs 1,262.45 on BSE on turning ex-dividend on 9th December 2013, for second interim dividend of Rs 9 per share for the year ending 31 March 2014.
- Glenmark Pharmaceuticals closed 1.31% up at Rs 532.00 on BSE after the company said its US-based subsidiary announced an exclusive launch of Hydrocortisone Butyrate cream in the United States.
- JSW Steel closed 0.32% up at Rs 930.40 on BSE after the company reported 28% rise in crude steel production on a pro forma basis to 10.72 lakh tonnes in November 2013 over November 2012.
- Maruti Suzuki India closed 3.85% up at Rs 1,763.45 on BSE on reports that the company will increase car prices from January 2014 due to rising input costs.
- Jindal Steel & Power closed 6.01% down at to Rs 266.50 on BSE on profit booking after the stock surged 15.26% in the preceding 11 trading sessions to Rs 283.55 on 6 December 2013, from a recent low of Rs 246 on 21 November 2013.
- Accel Frontline was locked at 5% circuit filter at Rs 35.50 on BSE after the company said that CAC Corporation, Japan would acquire majority stake in the company.
- VST Tillers Tractors rose 2.47% to Rs 675.20 on BSE, extending recent gains triggered by HDFC Mutual Fund buying 1.71% stake in the company on Tuesday, 3 December 2013.
- Bharti Airtel closed 1.37% up at Rs 336.70 on BSE after the company announced partnership with Government of Punjab to expand high speed 4G LTE services across the state.
- Gujarat Pipavav Port rose 1.04% to Rs 58.10, in the early trade, on BSE after a bulk deal of 5 lakh shares was executed on the counter on BSE on, 9th December 2013.
- McNally Bharat Engineering Company closed 1.95% up at Rs 60.00 on BSE after the company said that it received an order worth Rs 209.84 crore from a thermal power producer for operation and maintenance of coal handling plant.
- Canara Bank closed 5.00% up at Rs 279.40 on BSE after the bank's chief R.K. Dubey told the media that he expects the bank's asset quality to improve by 20-30 basis points by March 2014.
- KPIT Technologies closed 1.94% up at Rs 149.74 on BSE after a bulk deal of 4.91 lakh shares was executed on the counter on BSE at Rs 145 per share at 11:54 IST.
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