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Indian stock market daily morning report (December 12, 2013, Thursday)
Views on markets today
- Markets ended lower on Wednesday, amid a volatile trading session, as investors turned cautious ahead of the consumer price inflation data for November due for release tomorrow. Further, markets shrugged off the November trade data.
The 30-share Sensex ended down 84 points at 21,171 and the 50-share Nifty closed 25 points lower at 6,308.
- Among the 13 Sectoral Indices 1 index closed in positive while 12 indices ended in negative. Top Gainer: BSE FMCG up by 0.56%. Top Losers: BSE Capital Goods down by 1.39% and BSE Auto down by 1.05%.
Market breadth was negative at ~0.7- as investors sold large cap stocks. On provisional basis, FII's bought Rs 9.62bn worth of Indian equities and DII's sold Rs 8.41bn worth of equities.
Economic and Corporate Developments
- With seven more days to go for the next monetary policy review, the Reserve Bank said it will focus on controlling inflation and roll back measures taken to check rupee volatility to improve liquidity.
"It (inflation) is proving very costly to our economy in terms of savings, in terms of investment. We need to bring inflation down.... No single data or point or number will determine our next move, but our effort is firmly on controlling inflation," RBI Governor Raghuram Rajan said.
The Reserve Bank of India (RBI) hiked key interest rates by 0.25 per cent each in the last two reviews to tame inflation.
- The Reserve Bank also said India's economy would grow about 5% in this financial year while the current account deficit would be below 3% of GDP.
The central bank also asserted that the country is ready for the tapering of the US Federal Reserve's bond purchases.
"We are seeing some glimmerings of stronger growth. But it's too early to say we have certainly hit bottom. But I am hopeful that we should be around 5%," RBI Governor Raghuram Rajan told reporters on the sidelines of the Delhi Economic Conclave here.
- Coal India fell 2.40%, in the morning tarde, to Rs 278.60 on BSE on reports that the competition regulator has imposed a fine of Rs 1,773.05 crore on the company for abusing its dominant position.
- United Breweries closed 1.93% up at Rs 791.25 on BSE after Dutch beer maker Heineken International BV, on Tuesday, 10 December 2013, hiked its stake in United Breweries for an estimated Rs 275 crore.
- Suzlon Energy closed 6.46% up at to Rs 10.50 on BSE after the company said its wholly-owned subsidiary, REpower Systems SE, won orders to deliver 103 wind turbines in Germany.
- SKF India closed 1.30% up at Rs 669.55 on BSE after a mutual fund bought 0.97% stake in the company on Tuesday, 10 December 2013.
- Strides Arcolab closed 1.48% up at to Rs 889.90 on BSE, extending Tuesday's 1.48% gain triggered by the company's board approving a special dividend of Rs 500 per share.
- Orient Green Power Company closed 8.39% up at Rs 12.40 on BSE on report that a PE arm of IDFC is looking to buy a controlling stake in select wind power assets owned by the company.
- State Bank of India closed 2.59% down at Rs 1,796.70 on BSE, with the stock extending Tuesday's 2.36% fall triggered by equity dilution worries after the bank got government nod to raise funds through a qualified institutional placement.
- Bharti Infratel rose 3.85% to Rs 185 on BSE after Bharti Airtel entered into an infrastructure-sharing deal with the telecom arm of Reliance Industries.
- NTPC rose 2.79% to Rs 139.80 on BSE on bargain hunting after the stock slumped 11.26% on Tuesday, 10 December 2013.
- GVK Power & Infrastructure lost 4.29% to Rs 8.70 on BSE, with the stock falling on profit booking after recent upmove.
- Oriental Bank of Commerce closed 4.03% down at Rs 215.60 on BSE on profit booking after the stock jumped 18.02% in the preceding four trading sessions to Rs 224.65 on 10 December 2013, from a recent low of Rs 190.35 on 4 December 2013.
- Crompton Greaves closed 2.94% down at Rs 130.40 on BSE on reports the company is considering either selling or shutting its Canadian power transformer plant, to cut losses in its foreign business.
- Shakti Pumps (India) advanced 3.2% to Rs 77.50 on BSE after the company's board of directors approved issue of warrants to promoter and promoter group on a preferential basis.
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