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Indian stock market daily morning report (January 01, 2014, Wednesday)
Views on markets today
- Markets ended flat on Tuesday, the last trading day of 2013, amid lacklustre participation from institutional investors. However, for the calendar year 2013, both the benchmark indices ended with single digit gains.
The 30-share Sensex ended up 2- points at 21,171 and the 50-share Nifty ended up 13 points at 6,304.
- For the year ended 2013, the BSE Sensex gained 9% compared to its close of 19,427 on December 31, 2012 while the NSE Nifty ended gained nearly 7% compared to its close of 5,905 last year.
- Reliance Industries ended up 1.1% contributing the most to the gains on the Sensex. Other Sensex gainers include, TCS, L&T, Axis Bank and Tata Power among others.
Infosys was among the top Sensex losers along with HDFC Bank, ITC and M&M.
- Among the BSE sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainers: BSE Power up by 0.60% and BSE Oil & Gas by 0.52%. Top Losers: BSE Metal down by 0.21% and BSE FMCG by 0.06%.
Market breadth was positive at ~1.41 as investors bought large cap stocks. On provisional basis, FII's bought Rs 3.09bn worth of Indian equities and DII's sold Rs 2.79bn worth of equities.
Economic and Corporate Developments
- With investment proposals of over Rs 62,000 crore featuring during 2013, the performance of electronic sector overtook that of telecom, once a top notch segment of Indian economy.
Though the largest chunk of investment of about Rs 51,550 crore was approved during the year and is yet to close, about 20 entities separately proposed to invest about Rs 12,000 crore in Indian electronics manufacturing sector which is highly dominated by imports.
In absence of corrective measures, it is estimated India will be importing electronics products worth about $ 300 billion, which will be more than the value of the country's imports of petroleum products.
- In a move that will bring relief to banks, the Reserve Bank of India (RBI) has allowed bullet repayment — lump sum payment for entire loan at maturity — of loans taken against gold, except for agriculture purposes, at the end of its one-year tenure. This will help banks to avoid classifying the loan as non-performing; even it is not serviced for 90 days.
- Mercator hit a lower circuit limit of 5% to Rs 19.75 on BSE on equity dilution worries after the company's board approved raising Rs 100 crore through various options.
- Paper Products closed up 1.36% to Rs 74.60 on BSE, after the company said that it has sold a small office property in Mumbai.
- Deep Industries closed up 3.63% to Rs 47.05 on BSE after the company said it allotted 29.50 lakh convertible warrants of Rs 34 each on a preferential basis to five promoter group entities.
- Canara Bank closed up 2.02% to Rs 282.15 on BSE after the bank said it would hike the base rate and the benchmark prime lending rates by 25 basis points each, with effect from Wednesday, 1 January 2014.
- Gati closed up 5.80% to Rs 46.50 on BSE after a fund run by independent investor Radhakishan Damani bought nearly 5% stake in the company on Monday, 30 December 2013, through bulk deals on BSE and NSE.
- Apollo Tyres closed up 5.77% to Rs 107.15 on BSE after US-based Cooper Tire & Rubber Company terminated the merger agreement with the Indian company on Monday, 30 December 2013.
- TVS Motor Company closed down 3.80% to Rs 75.95 on BSE, with the stock declining on profit booking after steep recent gain.
- Shares of four organised retailers rose by 0.50% to 7.10% on BSE after media reports suggested that the FIPB has approved the UK-based retailer Tesco's proposal to purchase 50% stake in Trent Hypermarket.
Trent (up 0.67%), Shopper's Stop (up 1.84%), Future Retail (up 7.10%) and Store One Retail India (up 0.50%), edged higher.
- McNally Bharat Engineering Company closed up 0.17% to Rs 59.30 on BSE after the company said it has secured a new order worth Rs 42.50 crore.
- GMR Infrastructure closed up 2.05% to Rs 24.85 on BSE after the company said that it has signed a definitive agreement to divest its stake in Istanbul airport.
- Jain Irrigation Systems closed up 2.33% to Rs 72.60 on BSE after the company said it bagged one of the country's largest irrigation projects worth Rs 385.70 crore in Karnataka.
- Global Offshore Services ended locked in upper circuit of 5% at Rs 107.35, extending its past two month long rally on the BSE, after reporting robust net profit growth for the quarter ended September 2013. The stock is currently trading at its highest level since August 2011.
- Piramal Enterprises closed down 0.76% to Rs 551.35 after surging over 5% intra-day. The Foreign Investment Promotion Board (FIPB) approved Vodafone's proposal to buy out minority shareholders.
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