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Indian stock market daily morning report (December 26, 2013, Thursday)
Views on markets today
- Benchmark share indices ended flat, amid a range bound trading session, as investors booked profits in late trades unwilling to carry over positions ahead of the Christmas holiday tomorrow followed by expiry of December derivative contracts on Thursday.
The 30-share Sensex ended down 6- points at 21,033 after touching an intra-day low of 21,010 and the 50-share Nifty ended down 16 points at 6,26- after hitting an intra-day low of 6,262.
- Among the 12 BSE Sectoral Indices 4 sectors closed in positive while - sectors ended the day in negative. Top Gainers: BSE Capital Goods up by 0.66% and BSE Consumer Durables by 0.38%. Top Losers: BSE Metal down by 1.09% and BSE Bankex by 0.43%.
Market breadth was positive at ~1.36 as investors bought large cap stocks. On provisional basis, FII’s bought Rs 0.40 bn worth of Indian equities and DII’s sold Rs 0.44bn worth of equities.
Economic and Corporate Developments
- Advocating relaxation of gold import norms to check smuggling, Commerce and Industry Minister Anand Sharma said the government will take action at an appropriate time.
"There is a mechanism to periodically review it (gold import norms). We will take an appropriate view as and when required," Sharma told PTI.
The government has raised import duties on the yellow metal in order to check rising current account deficit (CAD). The RBI had imposed curbs on its import and had also laid down various pre-conditions for inward shipments.
- Asserting that the 26% FDI cap acts as a disincentive for foreign companies to invest in India's crucial defence sector, an Indian defence expert has called for increasing the investment limit.
Increase in FDI in the defence sector becomes all the more important as India and the US are working to boost their defence ties and co-development under the Defence Trade Initiative (DTI), said Vivek Lall, Chairman of the Indo-US Strategic Dialogue by the Indo-American Chamber of Commerce.
- UPL rose 1.62% to Rs 191.80, in the early trade, on BSE after the company said its board will meet on 30 December 2013 to consider a proposal for buyback of the company's equity shares in accordance with the applicable provisions of law.
- Bajaj Auto closed 1.91% up at Rs 1,981.35 on BSE after three block deals aggregating 3.07 lakh shares were executed in the counter on BSE at 9:15 IST.
- UltraTech Cement closed 1.61% up at Rs 1,795.15 on BSE after the company said that the Competition Commission of India has cleared the company's acquisition of the cement unit of Jaypee Cement Corporation located in Gujarat.
- Lanco Infratech closed 0.29% up at Rs 6.85 on BSE after the company said that its board has accepted the letter of approval issued by Corporate Debt Restructuring Empowered Group approving the CDR proposal submitted by the company.
- T D Power Systems lost 0.3% to Rs 236.10 on BSE after three block deals aggregating 4.3- lakh shares were executed in the counter on BSE at 9:20 IST.
- GMR Infrastructure closed 0.42% up at Rs 23.95 on BSE on reports Malaysia Airport Holding Berhard has offered 225 million euros to acquire GMR's 40% stake in Turkey's Sabiha Gokcen Airport and its operating company LGM Tourism.
- Kirloskar Electric Company closed 1.00% down at Rs 19.85 on BSE after the company said it has successfully exported a generator duty transformer of 24/30 MVA, 115/38.5/10.5 kV for a hydro-electric project in Song-Giang, Vietnam.
- Marico closed 0.32% at Rs 216.35 on BSE after a block deal of 4 lakh shares was executed in the counter on BSE at Rs 215 per share at 11:13 IST.
- Alstom T&D India closed 4.29% up at Rs 199.40 on BSE, with the stock extending recent gains triggered by the company securing two orders aggregating Rs 298.30 crore in Himachal Pradesh.
- Shares of L&T and L&T Finance Holdings were up 0.95% to 1.52% on BSE after L&T said it has completed the sale of 1.71 crore shares of L&T Finance Holdings to comply with minimum public shareholding requirement.
- Infotech Enterprises closed 1.45% down at Rs 328.95 on BSE after a block deal of 5.5 lakh shares was executed in the counter on BSE at Rs 327 per share at 9:15 IST.
- Alok Industries closed 7.89% up at Rs 8.20 on BSE after the company said that its Audit Committee will consider a proposal for the demerger of real estate business of Alok Infrastructure into the company.
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