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Indian stock market daily morning report (January 08, 2013, Tuesday)

Contributed by Keynote Capitals

Views on markets today

The BSE Sensex and Nifty50 indices opened higher on Monday on hopes of global growth recovery in US after better-than-expected economic data, however, gains were capped on caution ahead of corporate earnings starting this week and IIP data. BSE Sensex declined 92.66 points or 0.47% to close at 19,691.42 and Nifty50 declined 27.75 points or 0.46% to close at 5988.40.

Auto stocks continue to outperform since early trades on hopes of robust earnings growth in the third quarter. Maruti Suzuki gained 2.59%, Mahindra & Mahindra surged 1.12% and Hero MotoCorp increased 0.74%.

Shares of telecom companies like Reliance Communications and Tata Teleservices (Maharashtra) gained momentum after the telecom minister Kapil Sibal said the cabinet will soon decide on lowering of the reserve price for CDMA spectrum.

Among the main losers were Larsen and Toubro snapped 2.35%, HDFC declined 1.68%, HDFC Bank down1.64% and Hindustan Unilever down 1.55%.

Among the 13 sectoral indices, six sectors closed in negative, while remaining seven closed in positive. Top Gainers: BSE metal up by 0.94% BSE Healthcare gained by 0.41% and BSE Auro surged by 0.37%. Top Losers: BSE CG down by 1.47%, BSE FMCG down by 1.05% and BSE CD 0.26%.

Market breadth was positive at ~1.22x as investors bought large cap stocks. On provisional basis, FII bought equity of Rs9.63bn and domestic institutions sold equity of Rs9.01bn in cash segment

Asian markets trading weak.

We expect a weak opening for Indian markets following the cues from the Asian markets

Economic and Corporate Developments

Government may look at fixing per litre diesel subsidy.

Power Ministry's recommendation to restore 30% coal linkage for Mundra Power Project

IIP data to release on Friday

Buzzing Stocks

Marico shareholders to get 1 share of new Kaya entity for every 50 held.

Bajaj Auto launches Discover 100 cc bike for Rs 50,500, ex-showroom Delhi.

Suzlon Energy wins 2 new orders of 16.4 MW in UK.

Hindustan Sanitaryware shareholder sells over 8% stake for Rs68 Cr through open market transactions

Kingfisher lenders will soon decide on future course of action with regard to the grounded airline as they don't want the company to close down.

Hindustan Motors board to meet on January 10 to consider restructuring

LIC Housing plans to raise Rs 1000cr via ECBs