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Reports India

Indian stock market daily morning report (December 16, 2013, Monday)

December 16, 2013, Monday, 09:31 GMT | 04:31 EST | 14:01 IST | 16:31 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets closed in the red for fourth consecutive day with the benchmark indices losing over 1% each on fears of rate hike by the central bank next week after consumer price inflation in November remained in double digits.

At close, the Sensex was down 210 points at 20,716 and the Nifty closed below 6,200 mark, down 69 points at 6,168.

- Ten realty stocks fell by 0.04% to 4.52%, in the intraday, on BSE as a sharp uptick in consumer price inflation raised the likelihood of the central bank hiking its main lending rate viz. the repo rate at a monetary policy review next week.

Indiabulls Real Estate (down 4.52%), HDIL (down 2.81%), DLF (down 2.78%), Peninsula Land (down 2.04%), D B Realty (down 1.74%), Sobha Developers (down 1.31%), Unitech (down 0.96%), Prestige Estates (down 0.58%), Sunteck Realty (down 0.44%) and Phoenix Mills (down 0.04%), edged lower.

- Among the 13 Sectoral Indices 1 index closed in neutral while 12 indices ended in negative. Top Losers: BSE Bankex down by 2.25% and BSE Power by 2.22% and BSE Realty by 2.10%.

Market breadth was negative at ~0.54 as investors sold large cap stocks. On provisional basis, FII's sold Rs 4.32bn worth of Indian equities and DII's sold Rs 0.45bn worth of equities.

Economic and Corporate Developments

- Foreign exchange reserves rose in the week ending December 6 by $4.41 billion to $295.71 billion, shows Reserve Bank of India (RBI) data released Friday. This is close to the level last seen in April 26 at $296.37 billion.

Foreign currency assets, a key component of reserves rose by $ 5.02 billion to $268.76 billion. However, gold reserves for the week dropped by $ 624.2 million to $ 20.60 billion.

- Industrial output contracted in October after three months of growth, showed official data issued on Thursday.

The Index of Industrial Production (IIP) declined 1.- per cent in October, a four-month low, despite it being a festival month, compared to two per cent growth in September.

Part of the decline could be attributed to a 15-month high growth rate of 8.4 per cent in factory production in the same month last year. Apart from this high base effect, experts cited various reasons for the decline but also said it was expected.

Buzzing Stocks

- Tata Motors rose 2.55% to Rs 369.80 on BSE on bargain hunting after the stock fell 8.19% in the preceding three trading sessions to Rs 360.60 on Thursday, 12 December 2013, from a recent high of Rs 392.75 on 9 December 2013.

- Berger Paints India gained 3.61%, in the early trade, to Rs 236.90 on BSE after foreign promoter bought 0.1% stake in the paint manufacturing company on Thursday, 12 December 2013.

- Bharti Airtel rose 1.27% to Rs 327.60, in the morning trade, on BSE after a foreign brokerage upgraded its rating on the stock to outperform from underperform.

- Mahindra & Mahindra rose 0.47% to Rs 946.75 on BSE after the company announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2%.

- Gujarat Pipavav Port closed 2.35% up at Rs 63.05 on BSE after 0.06% equity changed hands in a bulk deal executed on the counter on bSe on 13th December, 2013.

- Motherson Sumi Systems rose 1.34%, in the early trade, to Rs 28- on BSE, extending Thursday's gains ahead of book closure for 1:2 bonus share issue.

- Elder Pharmaceuticals closed 8.17% down at Rs 298.30 on BSE after the company said its board approved the sale of domestic formulation business to Torrent Pharmaceuticals for a consideration of Rs 2,004 crore.

- Torrent Pharmaceuticals closed 4.04% down at Rs 479.50 on BSE after the company said it has entered into an agreement to acquire Elder Pharmaceuticals' branded domestic formulations business in India and Nepal for about Rs 2,000 crore.

- Oriental Bank of Commerce closed 2.74% up at Rs 209.40 on BSE after the bank said it has allotted 80.87 lakh equity shares at Rs 185.47 per share to the government on preferential basis.

- Aurobindo Pharma closed 3.99% up at to Rs 309.85 on BSE after the company said it has received the final approval from USFDA to manufacture and market Duloxetine Hydrochloride Delayed-Release Capsules in 3 strengths in the United States.