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Indian stock market daily morning report (December 31, 2013, Tuesday)
Views on markets today
- Key benchmark indices edged lower after Reserve Bank of India (RBI) Governor Raghuram Rajan said that the commencement of tapering by the US Federal Reserve will mean a reprising of certain assets with consequent volatility in the global financial markets and that a potential additional source of uncertainty for India is the coming general election.
The 30-share Sensex ended 51 points lower at 21,143 and the 50-unit Nifty was down 23 points at 6,291 levels.
- Twelve bank shares fell by 0.37% to 1.98% on BSE after the central bank said in a report that the risks to the banking sector have further increased since June this year.
Union Bank of India (down 1.96%), Federal Bank (down 2.13%), Canara Bank (down 1.98%), Yes Bank (down 1.40%), Punjab National Bank (down 1.53%), Kotak Mahindra Bank (down 0.81%), ICICI Bank (down 1.13%), IDBI Bank (down 0.76%), IndusInd Bank (down 1.26%), Bank of Baroda (down 1.43%), State Bank of India (down 0.37%) and AXIS Bank (down 0.50%) edged lower.
- Among the BSE sectoral Indices 3 sectors closed in positive while 9 sectors ended the day in negative. Top Gainers: BSE Metal up by 0.68% and BSE FMCG by 0.33%. Top Losers: BSE Realty down by 1.59% and BSE IT by 0.85%.
Market breadth was positive at ~1. 19 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.16bn worth of Indian equities and DII's sold Rs 2.07bn worth of equities.
Economic and Corporate Developments
- With Current Account Deficit (CAD) falling and having built foreign exchange reserves through various steps, the Reserve bank of India (RBI) believes that the country's external position appears to be manageable and reserves are adequate. “Fall in gold imports during second quarter of the fiscal 2013-14 augers well for the current account balance. If gold is excluded from the import basket, it improves the import coverage ratio of reserves. On balance, India's external position appears to be manageable and reserves seem adequate,” said RBI in its Financial Stability Report released on Monday.
The CAD for the second quarter of the current fiscal ending September 30 declined to $5.2 billion, or 1.2 per cent of Gross Domestic Product (GDP) as compared with $21 billion recorded in the corresponding quarter of last year.
- Gitanjali Gems closed down 9.04% at Rs 67.95 on BSE, with the stock declining on profit booking after recent surge.
- Lanco Infratech closed up 1.04% to Rs 7.76 on BSE, with the stock extending recent steep rally triggered by the company's board securing the lenders' nod for corporate debt restructuring.
- Union Bank of India closed down 1.96% to Rs 127.60 on BSE, with the stock falling on profit booking after recent up move.
- Trent closed up 2.03% to Rs 1257.75 on BSE on report the Department of Industrial Policy and Promotion has approved UK-based Tesco's application to invest in Trent Hypermarket.
- UPL closed up 1.66% to Rs 196.45 on BSE after the company said its board approved the proposed buyback of equity shares.
- Welspun Corp was locked at 10% upper circuit at Rs 64.40 on BSE after the company announced that its subsidiary has entered into a share sale agreement with Leighton Group to sell its entire stake in Leighton Welspun Contractors India.
- Mukand was locked at 5% upper circuit at Rs 25.20 on BSE, after 0.51% equity changed hands in two bulk deals today, 30 December 2013.
- Globus Spirits closed up 5.01% to Rs 91.20 on BSE after board of directors approved for incorporation of a wholly owned subsidiary of the company in Singapore.
- Idea Cellular closed up 1.40% to Rs 169.80 on BSE on reports that the company has received shareholders' nod for raising the ceiling on investment in the company by foreign institutional investors to 49% from 24%.
- Sesa Sterlite closed up 0.75% to Rs 202.70 on BSE after the Supreme Court permitted the company to resume iron ore mining at Karnataka.
- Eight rail stocks rose by 0.41% to 20% on BSE on reports the government is likely to allow foreign direct investment in railways.
Kalindee Rail Nirman (Engineers) (up 20%), Titagarh Wagons (up 10%), Kernex Microsystems (India) (up 18.29%), Hind Rectifiers (up 12.63%), NeLcO (up 2.04%), Texmaco Infrastructure & Holdings (up 4.37%), Transformers & Rectifiers (India) (up 0.41%) and BEML (up 1.09%).
- Shares of three public sector oil marketing companies fell by 0.78% to 1.32% on BSE as crude oil prices edged higher.
HPCL (down 1.32%), BPCL (down 0.88%) and Indian Oil Corporation (down 0.78%), edged lower.
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