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Indian stock market daily morning report (December 24, 2013, Tuesday)
Views on markets today
- Key benchmark scrapped all gains in closing deals, ending on a positive note after being range bound on Monday supported by buying in rate sensitive realty, capital goods and banking stocks. Last week, the Reserve Bank of India (RBI) kept key policy rates citing the need to push sagging growth while being equally wary of the inflation, sparking off a relief rally on the bourses.
Broader markets outperformed the benchmarks after market regulator Securities and Exchange Board of India (SEBI) announced rationalisation of the rules on trading of thinly-traded stocks.
BSE Small-Cap and Mid-Cap indices were up more than 1% each, with both these indices outperforming the Sensex.
The Sensex ended provisionally at 21101.03, up 21.31 points higher from its previous close and the broader 50-unit Nifty gained 10.25 points at 6,284.50.
- Shares of three state-run oil marketing companies rose 1.83% to 2.6%, in the intraday, on BSE, after the Central Government hiking petrol and diesel prices.
Indian Oil Corporation (up 2.6% at Rs 209), HPCL (up 1.9% at Rs 233.80) and BPCL (up 1.83% at Rs 350.10) edged higher.
- Among the 12 BSE Sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainers: BSE Realty up by 3.16% and bSe Metal by 1.52%. Top Losers: BSE IT down by 0.98% and BSE Teck by 0.83%.
Market breadth was positive at ~1.72 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.35bn worth of Indian equities and DII's sold Rs 0.38bn worth of equities.
Economic and Corporate Developments
- CRISIL, Mumbai-based research and ratings agency, has estimated the government can cut its fiscal deficit by Rs 20,000 crore in the current financial year by using cash reserves of top 20 Public Sector Undertakings (PSUs).
The state-owned companies are likely to have a pre-dividend corpus of Rs 1,60,000 crore at the end of March 2014. The PSUs can easily pay special dividends of Rs 27,000 crore in addition to their individual dividend payouts without any impact on capital expenditure plans.
- United Spirits closed 3.65% down at Rs 2,573.20 on BSE after a division bench of the Karnataka High Court on Friday declared United Breweries (Holdings)' stake sale in United Spirits to UK-based spirits giant Diageo null and void.
- L&T closed 0.67% up at Rs 1,068.65 on BSE after the company said it is in discussions with a large global institutional investor for a proposed acquisition of a stake in L&T's subsidiary viz. L&T Infrastructure Development Projects.
- GMR Infrastructure closed 3.70% up at Rs 23.85 on BSE after the company said that GMR Energy has signed a joint development agreement with the International Finance Corporation for a hydropower project in Nepal.
- Andhra Bank closed 2.14% up at Rs 62.10 on BSE after the bank said it has allotted 3 crore equity shares at Rs 66.59 per share for a consideration of about Rs 200 crore to the Government of India on preferential allotment basis.
- IL&FS Engineering and Construction Company closed 4.59% up at Rs 34.15 on BSE after the firm said it has received a letter of award for a joint venture contract worth Rs 144.65 crore.
- Hindustan Construction Company closed 5.19% up at Rs 14.19 on BSE after the firm said it has won a contract worth Rs 1,597 crore from THDC India to construct Vishnugad Pipalkoti Hydro Electric Power project in Chamoli district of Uttrakhand.
- AXIS Bank closed 1.07% up at Rs 1,290.40 on BSE, as the stock replaced Jindal Steel & Power as a constituent of the S&P BSE Sensex with effect from 23rd December, 2013.
- Yes Bank closed 2.43% up at Rs 379.45 on BSE after the bank said it has raised $150 million from International Finance Corporation, Washington, a member of the World Bank Group, for tenor of up to 7 years.
- Electrosteel Steels closed 3.88% up at Rs 3.75 on BSE after the company said that the corporate debt restructuring related documents has been executed on Saturday, 21 December 2013.
- Gayatri Projects closed 2.37% up at Rs 58.25 on BSE after the company said that the shareholding of its wholly owned subsidiary -- Gayatri Energy Ventures -- in NCC Power Projects may get reduced to below 45%.
- Lupin closed 0.82% down at Rs 912.55 on BSE, with the stock sliding on profit booking after 5-day 5.77% gains.
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