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Indian stock market daily morning report (December 11, 2013, Wednesday)
Views on markets today
- Markets ended marginally lower on Tuesday amid profit taking at higher levels after they ended at all-time closing highs on Monday as the BJP emerged victorious in the three of the four state elections.
The 30-share Sensex ended down 75 points at 21,251 and the 50-share Nifty ended down 31 points at 6,333.
- Among the 13 Sectoral Indices 5 indices closed in positive while - indices ended in negative. Top Gainers: BSE IT up by 2.07% and BSE Teck by 1.47%. Top Loser: BSE Power down by 4.12% and BSE Capital Goods by 2.98%.
Market breadth was negative at ~0.67 as investors sold large cap stocks. On provisional basis, FII's bought Rs 3.96bn worth of Indian equities and DII's sold Rs 6.28bn worth of equities.
Economic and Corporate Developments
- Rating agency Fitch said the setback faced by the Congress Party in state elections could potentially raise political pressure on the government's near-term fiscal goals.
The government has articulated a strong commitment to fiscal consolidation. But this commitment may be tested further as the deficit-reduction goals are stretched, and a steeper political struggle to pull in more votes may hinder the full scope of expenditure restraint, rating agency said.
The state of public finances forms an important driver of India's sovereign ratings.
- Indonesia's economic growth rate stood at a four-year low in the second quarter of 2013-14, but even at that level it was higher than that of India.
India, which was replaced by Indonesia as the second fastest growing economy in the world a few years ago, saw its growth at sub-5% for the fourth quarter in a row at 4.8% in Q2 of 2013-14. However, Indonesian economy clocked 5.6% growth in Q2, which was the weakest in around four years. Its economy rose 5.8% in the first quarter of 2013-14.
India's economy, on the other hand, picked up pace from a four-year low of 4.4% in the second quarter of the current financial year.
- NTPC closed 11.26% down at Rs 136.00 on BSE after India's electricity regulator released draft regulations which will decide the multi-year power tariffs for 2014-2019.
Bhel closed 3.52% down at Rs 165.65 on BSE on profit booking after the stock jumped 17.28% in the preceding eight sessions to Rs 171.70 on 9 December 2013, from a recent low of Rs 146.40 on 27 November 2013.
- Venus Remedies closed 3.12% up at Rs 236.10 on BSE after the company signed a pact with South African pharmaceutical firm to exclusively outlicense its flagship product, Elores, in South Africa.
- ONGC closed 2.26% down at Rs 297.95 on BSE as the stock turned ex-dividend on 10th December 2013, for an interim dividend of Rs 5 per share for the year ending March 2014.
- Lupin closed 2.30% up at Rs 872.45 on BSE after the company said it received final approval for its generic version of Trizivir tablets from the US drug regulator.
- State Bank of India closed 2.36% down at Rs 1,844.55 on BSE on equity dilution worries after the state-run bank received government approval to raise funds through a qualified institutional placement in the current financial year.
- C & C Constructions closed 3.53% up at Rs 29.35 on BSE after the company received an order worth Rs 133.56 crore for building a flyover and rail under bridge in Uttarakhand.
- L&T closed 4.00% down at Rs 1,100.25 on BSE on profit booking after the company said its shipbuilding unit won orders worth $154 million in Q3 December 2013.
- Hexaware Technologies closed 4.16% up at Rs 122.55 on BSE after the company's board of directors approved the merger of a business process outsourcing with itself.
Ess Dee Aluminium Ltd. closed 7.59% up at Rs 572.75 on BSE after the Reserve Bank of India on Monday, 9 December 2013, allowed foreign institutional investors and non-resident Indians to increase stake in the company.
Strides Arcolab closed 1.48% up at Rs 876.95 on BSE in highly volatile trade after the company's board of directors at its meeting held on 10th December 2013, approved a special dividend of Rs 500 per share.
GVK Power & Infrastructure closed 9.09% to Rs 9.05 after the company said that it has relieved the Australian Federal Government's approval for its Abbot Point Port Capital Dredging programme.
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