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Reports India

Indian stock market daily morning report (December 17, 2013, Tuesday)

December 17, 2013, Tuesday, 06:29 GMT | 01:29 EST | 10:59 IST | 13:29 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets remained choppy in a narrow range through the day as investors remained jittery ahead of RBI and US Fed meetings on their respective monetary policies, later in the week.

- Key benchmark indices closed on a weak note on Monday as higher-than-expected November wholesale price inflation has upped the probability of a rate hike by the Reserve Bank of India (RBI) in its upcoming monetary policy review on December 18.

The 30-share Sensex ended 56 points down at 20,659 levels and the 50-share Nifty scrapped almost 14 points to end at 6,155 levels.

- Shares of 12 MNC associate firms closed up by 0.26% to 5.95% on BSE as an open offer for GlaxoSmithkline Pharmaceuticals by its overseas parent raised expectations that other MNC parents may at some stage take similar course.

Merck (up 5.95%), Fulford (India) (up 5.26%), 3M India (up 2.14%), Astrazeneca Pharma India (up 1.42%), Linde India (up 1.10%), Goodyear India (up 1.15%), Siemens (up 0.74%), Bosch (up 0.26%), Federal-Mogul Goetze (India) (up 3.16%), Oracle Financial Services Software (up 3.78%), DIC India (up 0.76%) and Ricoh India (up 0.49%), edged higher.

- Among the 13 Sectoral Indices 9 indices closed in positive while 4 indices ended in negative. Top Gainers: BSE IT up by 1.56%, BSE Consumer Durables by 1.20% and BSE Teck by 1.03%. Top Losers: BSE Oil & Gas down by 1.61%, BSE Auto by 0.70% and BSE FMCG by 0.49%.

Market breadth was negative at ~0.83 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.59bn worth of Indian equities and DII's sold Rs 1.29bn worth of equities.

Economic and Corporate Developments

- The wholesale price inflation continued to show an uptick in November as it casts a shadow over possibility of a rate cut by the Reserve Bank of India in its upcoming monetary policy review.

The Wholesale Price Index (WPI), a measure of inflation at wholesaler's level, rose to 7.52% in November from 7% a month ago mainly due to continued rise in vegetable prices. This takes the wholesale price inflation to a 14 month high.

The prices of vegetables went up by 95.25% in November against a price rise by 78.38% in the previous month, marked by a rise in the prices of potato this time. This took the food inflation to 19.93% from 18.19% a month ago.

Buzzing Stocks

- Motherson Sumi Systems closed up 1.32% to Rs 288.20 on BSE, extending recent gains ahead of book closure for 1:2 bonus share issue.

- L&T closed up 0.83% to Rs 1,058.20 on BSE, with the stock recovering on bargain hunting after 4-day 8.42% slide.

- Elder Pharmaceuticals closed down 8.58% to Rs 272.70 on BSE, extending Friday's 8.17% fall triggered by the company selling its domestic formulation business to Torrent Pharmaceuticals for a consideration of Rs 2004 crore.

- Clariant Chemicals (India) closed down 2.56% to Rs 628.25 on BSE after the company announced its intent to acquire Plastichemix Industries, a pioneer in the masterbatches business in India.

- TCS closed up 0.72% to Rs 2,017.30 on BSE after the company said it was upgraded to strategic partner for Royal HaskoningDHV on the basis of delivering exceptional results.

- Tata Chemicals closed down 1.23% to Rs 264.10 on BSE after the central bank restricted foreign institutional investors from purchasing shares of the company as the foreign shareholding in the company has reached the trigger limit.

- Oriental Bank of Commerce closed down 1.41% to Rs 206.45 on BSE, with the stock extending Friday's slide triggered by the bank allotting 80.87 lakh equity shares at Rs 185.47 per share to the government on preferential basis.

- Torrent Pharmaceuticals closed down 1.88% to Rs 470.50 on BSE after three block deals aggregating 4.11 lakh shares were executed in the counter on BSE.

- Adani Enterprises closed up 4.03% to Rs 258.25 on BSE on bargain hunting after the stock fell 10.88% in the preceding four trading sessions to Rs 248.25 on 13 December 2013, from a recent high of Rs 278.55 on 9 December 2013.

- Aurobindo Pharma closed up 12.62% to Rs 348.95 on BSE, with the stock extending Friday's 3.99% gains triggered by the company receiving the final approval from USFDA to manufacture and market a generic medicine in the United States.

- SpiceJet closed up 7.64% to Rs 16.90 on BSE after the company said it has signed a three-year interline agreement with Tigerair, Singapore's largest budget airline.

- Essar Ports closed down 0.27% to Rs 56.45 on BSE after the company said its wholly-owned subsidiary has entered into a concession agreement with Visakhapatnam Port Trust for development and operations of three iron ore berths.

- GlaxoSmithkline Pharmaceuticals closed up 18.60% to Rs 2,927.40 on BSE after its overseas parent GlaxoSmithkline plc announced a voluntary open offer to acquire additional 2.06 crore equity shares of the company at Rs 3,100 per share.

- Tata Motors closed down 0.66% to Rs 367.80 on BSE after Tata Motors Group global wholesales, including Jaguar Land Rover, fell 19.91% to 81,957 units in November 2013 over November 2012.