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Indian stock market daily morning report (December 20, 2013, Friday)
Views on markets today
- Benchmark shares indices ended lower amid fears that foreign institutional investor would reduce their allocations to emerging markets including India thereby hurting incremental inflows after the US Federal Reserve Bank announced gradual reduction in its bond-buying program.
The 30-share Sensex ended down 151 points at 20,709 and the 50-share Nifty ended down 50 points at 6,166.
- Suzlon Energy rose 3.54% to Rs 9.65 on BSE after the company said its wholly owned subsidiary has secured two wind turbine contracts totalling 40 megawatts from GDF-SUEZ Futures Energies.
- Financial Technologies (India) closed 3.45% down while MCX closed 1.48% down on BSE after commodity market regulator ordered Financial Technologies (India) to sell most of its holding in MCX.
Maruti Suzuki India rose 3% to Rs 1,781.40 on BSE as the Japanese yen touched a five-year low against the dollar overnight on the US Federal Reserve's decision to reduce stimulus for the US economy.
Among the 12 BSE Sectoral Indices 4 sectors closed in positive while - sectors ended the day in negative. Top Gainers: BSE IT up by 1.74%, BSE Teck by 1.26%. Top Losers: BSE Bankex down by 2.43% and BSE Capital Goods by 1.91%.
Market breadth was negative at ~0.83 as investors sold large cap stocks. On provisional basis, FII's bought Rs 22.64bn worth of Indian equities and DII's sold Rs 0.41 bn worth of equities.
Economic and Corporate Developments
- United Nations has lowered India's economic growth forecast for 2013 to 4.8% while warning that emerging markets should be prepared to deal with the impact of US Federal Reserve's quantitative easing programme.
India's economy is forecast to grow at 4.8% in 2013, down 1.3% from its earlier projection, the UN's World Economic Situation and Prospects 2014 report said.
Similarly, it has lowered the growth projection for 2014 to 5.3%, down 1.2% from earlier forecast. The UN sees India to grow by 5.7% in 2015.
- HDFC Bank closed 2.16% down at Rs 671 on BSE after the bank said it has filed an application with the Foreign Investment Promotion Board seeking approval for increasing foreign shareholding limit in the bank.
- Strides Arcolab slumped 57.79% to Rs 372.65 on BSE on turning ex-dividend on 19th December 2013, for special dividend of Rs 500 per share.
- Power Grid Corporation of India fell 3.30% to Rs 96.80, in the opening trade, on BSE as shares allotted in the company's follow-on public offer will be admitted for trading on the bourses on 19th December 2013.
- D-Link (India) closed 1.38% up at Rs 29.70 on BSE after the company said that its board will meet on 21 December 2013, to consider raising funds through preferential allotment of equity shares, or rights issue.
- ALSTOM India closed 2.07% up at Rs 372.50 on BSE after the company said it won an order to supply components to Bhel for Neyveli New Thermal Power Project.
- Wockhardt closed 9.16% up at Rs 417.25 on BSE after the company said that its Swiss arm will list on the Berne Stock Exchange in Switzerland on 19 December 2013.
- Lupin closed 2.01% up at Rs 909.45 on BSE, with the stock extending Wednesday's 1.2% gains triggered by the company's US subsidiary launching its Abacavir Sulfate, Lamivudine and Zidovudine Tablets in the United States.
- SKS Microfinance rose 0.82%, in the morning trade, to Rs 177.80 on BSE after the company said it has completed its third substantial microfinance securitization transaction of Rs 215 crore during current financial year.
- Biocon closed 1.90% down at Rs 429.50 on BSE, with the stock sliding on profit booking after Wednesday's 11.38% rally triggered by the company entering into a licensing & collaboration agreement with Quark Pharmaceuticals, Inc.
- Eveready Industries India rose 1%, in the intraday, to Rs 35.25 on BSE, extending Wednesday's 2.50% rise triggered by ICICI Mutual Fund buying equity shares of the company from the open market on Tuesday, 17 December 2013.
- Aurobindo Pharma rose 1.53%, in the late morning trade, to Rs 382.45 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.
- Meghmani Organics was locked at 5% upper circuit at Rs 8.25 on BSE after the company said it has installed and commissioned its pigment manufacturing facility at Dahej SEZ, Bharuch.
- Sobha Developers closed 0.78% to Rs 302.50 on BSE after Lakshmi Machine Works said it has concluded a joint development pact with Sobha Developers for the construction of residential apartments at Lakshmi Machine Works' land in Coimbatore.
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