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Reports India

Indian stock market daily morning report (December 19, 2013, Thursday)

December 19, 2013, Thursday, 06:03 GMT | 01:03 EST | 10:33 IST | 13:03 SGT
Contributed by Keynote Capitals

Views on markets today

- Key benchmark indices surged as the Reserve Bank of India's (RBI) surprised markets by keeping its main lending rate viz. the repo rate unchanged at 7.75% after mid-quarter monetary policy review on 1- December 2013.

- The Sensex garnered 247.72 points or 1.2% to settle at 20,859.86, its highest closing level since 12 December while CNX Nifty jumped 78.10 points or 1.27% to 6,217.15, also its highest closing level since 12 December 2013.

- Shares of 14 banks rose by 2.17% to 5.55%, in the intraday, on BSE after the Reserve Bank of India left key interest rates unchanged at mid-quarter monetary policy review on 18th December 2013.

Canara Bank (up 5.55%), Bank of India (up 4.13%), Union Bank of India (up 4.08%), Punjab National Bank (up 3.69%), IndusInd Bank (up 3.56%), Axis Bank (up 3.35%), Bank of Baroda (up 3.3%), Yes Bank (up 3.28%), HDFC Bank (up 3.14%), State Bank of India (up 3.06%), ICICI Bank (up 2.89%), IDBI Bank (up 2.7%), Kotak Mahindra Bank (up 2.65%) and Federal Bank (up 2.17%), edged higher.

- Shares of four organised retailers rose by 1.77% to 8.76 on BSE after UK's largest retailer Tesco announced that it is planning to enter multi-brand retailing in the country in partnership with Trent.

Trent (up 10.74%), Future Retail (up 5.14%), Store One Retail India (up 1.06%) and Shopper's Stop (up 3.75%), edged higher.

- All the 13 BSE Sectoral Indices ended the day in positive. Top Gainers: BSE Realty up by 3.51%, BSE Capital Goods by 2.61%.

Market breadth was positive at ~1.57 as investors bought 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 Reserve Bank of India (RBI) on Wednesday surprised the market by maintaining the status quo on interest rates in the mid-quarter review of its monetary policy. It, however, warned of a possible rate increase in the coming months if inflation did not come down.

The repo rate was kept unchanged at 7.75% and the cash reserve ratio — the proportion of deposits banks must park with RBI in cash — remains 4%.

Buzzing Stocks

- PTC India Financial Services closed 1.75% up at Rs 12.1- on BSE after the company said it has divested its entire stake of 16.76% in Meenakshi Energy for a consideration of Rs 209.73 crore.

- MCX closed 8.29% up at Rs 421.35 on BSE after the company said that the Forward Markets Commission has cleared private equity major Blackstone's proposal for increasing its stake in the company.

- Alok Industries closed 2.51% down at Rs 7.39 on BSE as the stock turned ex-dividend on 18th December, 2013 for dividend 30 paise per share for the year ended 30 September 2013.

- Eveready Industries India closed 3.67% up at Rs 35.30 on BSE after ICICI Mutual Fund bought 4.79 lakh equity shares of the company from the open market on Tuesday, 17 December 2013.

- Godrej Industries closed 2.86% up at Rs 257.30 on BSE after the company said that ICRA has upgraded the rating of the company's public deposit programme of Rs 100 crore from MAA to MAA+.

- Trent closed 10.74% up at Rs 1181.15 on BSE after the company said UK's largest retailer Tesco Plc plans to acquire a 50% stake in Trent Hypermarkets.

- L&T closed 2.83% up at Rs 1093.50 on BSE after the company said that its power transmission & distribution business has secured a prestigious major international EPC order worth Rs 2,935 crore from Qatar General Electricity & Water Corporation.

- Biocon closed 11.38% up at Rs 437.35 on BSE after the company said it has entered into a licensing & collaboration agreement with Quark Pharmaceuticals, Inc. for the development of a range of small interfering RNA based novel therapeutics.

- PI Industries rose 2.22% to Rs 246.80 on BSE after a block deal of 4 lakh shares was executed in the counter on BSE at Rs 250 per share at 10:24 IST.

- Tata Steel closed 1.49% up at Rs 414.85 on BSE after a media report suggested that the company has put its Borivli manufacturing facility up for sale.

- IRB Infrastructure Developers closed 3.25% up at Rs 92.15 on BSE, with the stock extending Tuesday's 0.96% gains triggered by the company emerging as a preferred bidder for a highway project in Maharashtra.

- Aurobindo Pharma jumped 9.36%, in the ending session, to Rs 38- on BSE, extending recent gains triggered by the company receiving the final approval from USFDA to manufacture and market a generic medicine in the United States.