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Indian stock market daily morning report (January 02, 2014, Thursday)
Views on markets today
- It was a lacklustre session with flat trades as the norm on the first day of 2014. Key benchmark indices remained flat as volumes remained dull in frontline stocks, a day after world bid good riddance to another year of weak macros.
The 30-share BSE Sensex closed 30 points lower at 21,140 levels and the 50-component NSE Nifty closed 2 points lower at 6,302 levels.
- Official data released late Tuesday showed that core eight infrastructure industries witnessed a growth of just 1.7% in November. Core sector industries showed that industrial growth may also not rise drastically in November since these sectors constitute 39% of the Index of Industrial Production (IIP).
Among the BSE sectoral Indices 9 sectors closed in positive while 3 sectors ended the day in negative. Top Gainers: BSE Realty up by 2.89% and BSE Consumer Durables by 0.89%. Top Losers: BSE IT down by 0.65% and BSE Oil & Gas by 0.37%.
Market breadth was positive at ~1.7- as investors bought large cap stocks. On provisional basis, FII's bought Rs 0.10bn worth of Indian equities and DII's sold Rs 2.22bn worth of equities.
Economic and Corporate Developments
- The government is likely to allow Foreign Direct Investment in high speed trains and other projects including development of rail lines between project sites and existing network. "The Commerce and Industry Ministry has sent the cabinet note on the matter and a decision is likely to be taken this month only," a government official told PTI.
Besides, proposing 100% FDI through automatic route in the cash-starved railway sector, the Department of Industrial Policy and Promotion (DIPP) has also proposed to de-license and de-reserve few areas of the sector. However, FDI will not be allowed in train operations and safety.
According to the proposal, FDI would also be allowed in "suburban corridor, high speed train systems and dedicated freight line projects implemented in PPP mode” the official said.
- The Ministry of Power will float a Cabinet note on the proposal of disintegrating power supply and distribution network for providing electricity to consumers, in a month's time. This proposal -- carriage and content -- has been in the works for the past one year and may fructify by the end of the current financial year (2013-14), sources said. This move is aimed at reducing losses of discoms.
- Gujarat Gas Company closed up 3.37% to Rs 275.95 on BSE after the company announced details of the gas supply contracts executed earlier with Gujarat State Petroleum Corporation for supply of regassified LNG.
- Ashoka Buildcon closed up 15.16% to Rs 70.25 on BSE after the company said it has received letters of acceptance for project worth Rs 596.2- crore in South India.
- Viceroy Hotels closed up 13.02% to Rs 21.70 on BSE, after the company said that the J.W. Marriott deal had been concluded in favour of 'Ceebros Hotels', Chennai.
- Mahindra & Mahindra closed up 0.43% to Rs 947.60 on BSE after the company's total tractor sales rose 15% to 17,037 units in December 2013 over December 2012.
- CRISIL closed down 2.29% to Rs 1,179.45 on BSE on profit booking after the stock jumped 6.60% in the preceding three sessions to Rs 1,207.10 on 31 December 2013 from a recent low of Rs 1,132.40 on 26 December 2013.
- Apollo Tyres closed down 2.15% to Rs 104.85 on BSE, with the stock declining on profit booking after recent up move.
- Atul Auto closed up 4.02% to Rs 303.05 on BSE after the company said its total vehicle sales jumped 23.42% to 3,510 units in December 2013 over December 2012.
- HOV Services was locked at 5% upper circuit at Rs 83.25 on BSE after Source HOV LLC appointed an investment bank to explore various strategic options.
- Coromandel Engineering Company was locked at 5% upper circuit at Rs 260.15 on BSE after the company scheduled a board meeting to consider rights issue of equity shares.
- Maruti Suzuki India closed up 0.02% to Rs 1,763.35 on BSE after the company said its total vehicles sales declined 4.4% to 90,924 units in December 2013 over December 2012.
- Transport Corporation of India closed up 6.55% to Rs 91.10 on BSE after an investment firm run by independent investor Radhakishan Damani bought over 3% stake in the company on Tuesday, 31 December 2013, through a bulk deal on NSE.
- Lakshmi Vilas Bank closed up 4.41% to Rs 73.35 on BSE after the bank said its board will meet on 3 January 2014 to consider a rights issue of shares.
- Adani Power rose 1.41% to Rs 39.55 on BSE after the company announced that its Mundra plant has set a record by attaining the highest generation of 4,644 megawatts.
- Finolex Industries closed up 3.79% to Rs 173.90, as the promoters of the company are increasing its stake via creeping acquisition method. Prakash P Chhabria, one of the promoters of the company, has bought over 60,000 shares in past one month via open market purchases.
- Godrej Properties, Indiabulls Real Estate, Housing Development and Infrastructure (HDIL), DB Realty and Sobha Developers closed 3-17% higher, while DLF, Anant Raj and Unitech ended 2-3%% higher each.
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