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Indian stock market daily morning report (January 04, 2013, Friday)

Contributed by Keynote Capitals

Views on markets today

The BSE Sensex and Nifty50 indices opened positive on Thursday and ended session in green. BSE Sensex gained 50.54 points or 0.26% to close at 19,764.78 and Nifty50 surged 16.25 points or 0.27% to close at 6,009.50 led by stocks of Dr Reddy, Bharti Airtel, ONGC, RIL and also supported by positive global cues.

Jet Airways surged over 6% in early trade to hit its day's high of Rs 618.70 after media reports suggested that the airliner is the front-runner for an investment by Gulf carrier Etihad Airways. The deal is likely to get completed in ten days, added reports.

The country's largest car maker Maruti Suzuki India reported 3.24% increase in its total sales at 95,145 units in December 2012. Stock of Maruti declined 0.95% to close at Rs1542.95 per share.

IT stocks gained ahead of Quarterly results. Infosys Ltd surged 1.24%, while Tata Consultancy Services Ltd increased 1.24% percent.

Cairn, ONGC, Reliance gained between 1.5% to 2%had a good run after Rangarajan panel suggested mandating a price of domestically produced natural gas at an average of international hub prices and cost of imported LNG instead of present mechanism of market discovery

Among the 13 sectoral indices, six sectors closed in negative, while remaining seven sectors closed in positive. Top Gainers: BSE Oil & Gas up by 1.65%, BSE Teck gained by 1.32%, BSE IT surged by 1.10%. Top Losers: BSE FMCG down by 0.50%, BSE CD down by 0.38%.

Market breadth was positive at ~1.36x as investors bought large cap stocks. On provisional basis, FII bought equity of "13.97bn and domestic institutions sold equity of "9.05bn in cash segment.

Indian markets may open flat today following the Asian markets.

Economic and Corporate Developments

The current account deficit is likely to be around the last year's level of 4.2 per cent of the GDP for 2012-13 fiscal, Prime Minister's Economic Advisor Council Chairman C Rangarajan said.

Worldwide IT spending is projected to reach USD 3.73 trillion in 2013, a 4.2 per cent increase from USD 3.58 trillion in 2012, research firm Gartner said.

Buzzing Stocks

JSW Steel has increased prices by about 2 per cent or about Rs 750 per tonne across all categories for the current month.

Reliance Industries Ltd wants to merge four of its associate companies in real estate with its main property development subsidiary, Reliance Commercial Land and Infrastructure Ltd, under the scheme of amalgamation proposed before the Bombay High Court.

M&M owned Ssangyong Motor Company posts sales growth of 6.3% in 2012

An RPG group company, KEC International has announced that it has bagged orders worth a whooping Rs 1,511 crore in various sectors in different countries around the world.

CEO and Director of Anant Raj Industries said that the company has managed to ensure its debt reduction plan. At present Anant Raj Industries debt stands between Rs 1,150 crore and Rs 1,200 crore and they are planning to repay almost Rs 300 crore by Diwali this year.