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Reports India

Indian stock market daily morning report (December 13, 2013, Friday)

December 13, 2013, Friday, 07:06 GMT | 02:06 EST | 11:36 IST | 14:06 SGT
Contributed by Keynote Capitals

Views on markets today

- Market closed on a weak note for straight 3 days this week. After a weak start key indices tumbled through the day with Bombay Stock Exchange (BSE) Sensex slipping below the key psychological level of 21,000, marking its biggest singleday fall in three weeks.

Market participants remained jittery ahead of key economic data. Benchmarks extended losses in the afternoon trades dragged down by heavyweight stocks.

The 30-share BSE Sensex ended almost 246 lower at 20,926 levels down 1.16% from its previous close while the broader 50-share Nifty index of the National Stock Exchange (NSE) scrapped 71 points to close at 6,237 levels, down 1.2% as compared to its yesterday's close.

- Among the 13 Sectoral Indices 1 index closed in positive while 12 indices ended in negative. Top Gainer: BSE Power up by 0.41%. Top Losers: BSE Auto down by 2.20% and BsE Bankex by 1.42%.

Market breadth was negative at ~0.69 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.88bn worth of Indian equities and DII's sold Rs 3.55bn worth of equities.

Economic and Corporate Developments

- IT-ITeS industry body Nasscom said it expects emerging technologies like Big Data, cloud and mobility to create a new platform for enterprises to develop new business capabilities across verticals.

At the first edition of its annual technology conference 2013 (ATC 2013), the industry body focused on emerging technologies with an objective to transgress conventional limits and disperse significant information.

"The convergence of these three areas - Big Data, Cloud and Mobility - will create a new platform for enterprises to develop new business capabilities across verticals. These capabilities will enable a more integrated view of Indian IT architecture," Nasscom President Som Mittal said.

The industry body aims to achieve revenue of $300 billion for the IT industry by 2020 and it is confident that Internet and mobile technology, big data and cloud computing will form a major driving force for it to achieve this target, he added.

Buzzing Stocks

- Cadila Healthcare closed 2.14% up at Rs 740.95 on BSE after the company said it has settled a patent litigation with US-based Warner Chilcott Company LLC.

- Bharti Infratel closed 3.19% down at Rs 179.00 on BSE on profit booking after the stock rose 18.60% in the preceding nine trading sessions to Rs 184.90 on 11 December 2013, from a recent low of Rs 155.90 on 2- November 2013.

- SKS Microfinance closed 2.97% up at Rs 176.65 on BSE after the company announced the second microfinance securitization during the current financial year of Rs 80.81 crore.

- Wheels India closed 1.65% up at Rs 768.45 on BSE, after the company's board of directors proposed to issue shares to public shareholders on rights basis to comply with the minimum public shareholding requirements.

- Tata Motors closed 4.55% down at Rs 360.60 on BSE on media reports that the company's UK subsidiary Jaguar Land Rover has increased its capital expenditure guidance for the fiscal year ending March 2015.

- Power Grid Corporation of India closed 0.56% down at Rs 97.45 on BSE, with the stock reversing intraday fall after three large block deals were executed on the counter on BSE on 12, December 2013.

- Just Dial closed 1.21% up at Rs 1,158.30 on BSE on reports the company's shares will be included in the FTSE All Cap index starting 23 December 2013.

- Wipro closed 1.47% down at Rs 510.65 on BSE, with the stock declining on profit booking after recent upmove.

- NHPC closed 1.11% up at Rs 18.25 on BSE as the company's buyback offer closed yesterday on 12 December 2013.

- Titan Industries closed 1.13% down at Rs 222.40 on BSE, after 0.09% equity changed hands in a bulk deal on BSE on 12 December 2013.

- MRF closed 2.48% up at Rs 19,547.75 on BSE on market rumours that the company may declare stock split and bonus issue.

- Shasun Pharmaceuticals rose 1.28% to Rs 79, in the afternoon trade, on BSE after the company said its board has approved selling the unit situated at JN Pharma City in Vizag.

- Gujarat Pipavav Port closed 3.97% up at Rs 61.60 on BSE after 0.14% equity changed hands in two bulk deals executed on the counter on BSE on 12th December, 2013.