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Indian stock market daily morning report (December 18, 2013, Wednesday)
Views on markets today
- The BSE Sensex fell for a sixth consecutive session on Tuesday as rate-sensitive stocks such as HDFC Bank continued to tumble a day before the Reserve Bank of India is widely expected to raise interest rates at its policy review.
The benchmark BSE index fell 0.23 per cent, or 47.3- points, to end at 20,612.14, its lowest close since November 2- after earlier gaining as much as 0.6 per cent during the day. The BSE index is now 4.1 per cent away from the record high. The broader NSE index ended 0.25 per cent lower, or 15.65 points, to end at 6,139.05.
- Among the 13 Sectoral Indices 4 indices closed in positive while 9 indices ended in negative. Top Gainers: BSE Healthcare up by 1.51%, BSE Consumer Durables by 1.04%. Top Losers: BSE Bankex down by 1.28%, BSE Realty by 0.66%.
Market breadth was negative at ~0.86 as investors sold large cap stocks. On provisional basis, FII's bought Rs 2.50bn worth of Indian equities and DII's sold Rs 0.96bn worth of equities.
Economic and Corporate Developments
- The yearly income earned by an individual in India is the lowest when compared with people living in the BRICS (Brazil, Russia, India, China, South Africa) nations, a Gallup survey showed on Monday.
The annual median per capita income in India stood at $616, the 99th position among 131 countries.
Median means half of the respondents involved in the research get an income less than $616 and the others half above that. Among the BRICS economies, Russia's median per capita income was the highest as people earned $4,129 a month.
- Domestic mutual funds (MFs), for a third month in a row, offloaded shares in November, selling equities worth Rs 482 crore to take total outflows from equities to Rs 13,721 crore in 2013 so far.
MFs have sold shares through 2013, barring May and August. MFs offloaded shares worth Rs 4,01- crore in October and Rs 2,801 crore in September.
On the other hand, net inflows by foreign institutional investors were more than Rs 8,000 crore into stocks last month, according to data available with the market regulator. That took total investments by foreign investors in equities to over Rs 97,000 crore in 2013 so far.
- HDFC Bank fell 2.59% to Rs 665 on BSE after the central bank restricted foreign institutional investors from buying additional shares in HDFC Bank as their shareholding has exceeded the limit.
- Wockhardt spurted 11.44% to Rs 378.45 on BSE on bargain hunting after the stock tumbled 20.72% in the preceding 10 trading sessions to Rs 339.60 on 16 December 2013 from a recent high of Rs 428.35 on 2 December 2013.
- Alstom T&D India rose 2.47% to Rs 182.70 on BSE after the firm said it has entered into an agreement with a large Indian business group company for the sale of the firm's land in Bengaluru for a total consideration of about Rs 120 crore.
- Elder Pharmaceuticals rose 3.04% to Rs 281 on BSE, with the stock recovering on bargain hunting after recent slide triggered by the firm selling its domestic formulation business to Torrent Pharmaceuticals for Rs 2004 crore.
- Apollo Tyres jumped 7.49% to Rs 91.10 on BSE on reports Cooper Tire & Rubber Company lost its court bid on Monday, 16 December 2013, to force Apollo Tyres to complete their proposed $2.5 billion merger.
- Bharti Airtel rose 2.02% to Rs 320.35 on BSE on reports the company is close to selling its operations in Sri Lanka to UAE-based telecom company Etisalat.
- IRB Infrastructure Developers rose 3.62% to Rs 91.60 on BSE after the company said it has emerged as a preferred bidder for a road project in Maharashtra.
- Speciality Restaurants rose 2.28% to Rs 125.50 on BSE after Saif India IV FII Holdings bought 15 lakh shares of the company through a bulk deal on Monday, 16 December 2013.
- Jet Airways (India) jumped 3.55% to Rs 271 on BSE on bargain hunting after the stock tumbled 12.61% in the preceding four trading sessions to Rs 261.70 on 16 December 2013 from a recent high of Rs 299.45 on 10 December 2013.
- JSW Steel rose 1.24% to Rs 925.15 on BSE after the fair trade regulator Competition Commission of India has approved the acquisition of HeidelbergCement India's cement grinding facility at Raigad, Maharashtra, by JSW Steel.
TCS rose 1.87% to Rs 2,055 on BSE after the company's chief N. Chandrasekaran told the media that 2014-15 will be better for the company than the ongoing fiscal with uptick in client spending in the Us and Europe.
Sharon Bio-Medicine lost 4.8% to Rs 350.30 on BSE, with the stock sliding on profit booking after Monday's 18.33% rally after the company said that its formulation plant at Dehradun has been reapproved by UK MHRA
Zee Entertainment Enterprises rose 2.57% to Rs 289.05 on BSE after the company's board approved the scheme of arrangement with Diligent Media Corporation.
Tata Communications rose 3.02% to Rs 275 on BSE, with the stock recovering on bargain hunting after recent slide.
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