Indian stock market daily morning report (January 08, 2014, Wednesday)
January 8, 2014, Wednesday, 07:16 GMT | 02:16 EST | 12:46 IST | 15:16 SGT
Views on markets today
- Markets closed in the negative territory for the fifth consecutive day as FI Is have turned net sellers in cash segment and index futures. This comes in the wake of concerns of economic recovery amid weak economic data and emerging political uncertainties. Also, weak Asian cues compounded the negative sentiment.
The Sensex was down 94 points or 0.5% at 20,693 and the Nifty gave off 29 points to end the day at 6,162.
- Mastek closed 1.38% up at Rs 183.05 on BSE, with the stock extending Monday's 11.55% rally triggered by the company's board mulling a proposal to buyback equity shares of the company.
- MCX closed 3.66% up at Rs 592.35 on BSE after Blackstone on Monday, 6 January 2014, bought 2.79% stake in MCX for around Rs 81 crore on BSE.
- Among the 12 BSE Sectoral Indices 4 sectors closed in positive while - sectors ended the day in negative. Top Gainers: BSE Capital Goods up by 0.49% and BSE Consumer Durables by 0.21%. Top Losers: BSE Metal down by 1.68% and BSE Realty by 1.65%.
Market breadth was flat at ~1.02 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's sold Rs 5.67bn worth of Indian equities and DII's bought Rs 0.59bn worth of equities.
Economic and Corporate Developments
- According to the Centre for Monitoring the Indian Economy (CMIE), new investment projects have risen to 4.9% of GDP in the quarter ended December 2013 from 3.6% in the quarter ended September.
At the end of December 2013, shelved or stalled investment projects added up to $3- billion. But the tide seems to have turned in the last two quarters of 2013, as government spending has seen a sharp pick-up.
- India has become a net exporter of steel in the first nine months of the current fiscal, mainly due to subdued domestic demand.
If the trend strengthens during the January-March period, the country may end up being a net exporter of steel for the entire fiscal, 2013-14, after a gap of five years.
Exports went up by 9.5% during the April-December period to 4.136 million tonne (MT), but imports in the same period registered 29.2% decline at 4.09 MT.
- Valecha Engineering was locked at 5% upper circuit at Rs 36.75 on BSE after the company said it has secured two orders aggregating Rs 133.45 crore.
- Maruti Suzuki India closed 2.18% up at Rs 1,846.50 on BSE, extending Monday's 0.48% rise triggered by foreign brokerages raising their target price on the stock.
- Four Soft closed 4.40% up at Rs 17.80 on BSE, with the stock extending Monday's 5% gains triggered by the company's board mulling a proposal to acquire Deals15.com from Premium Web Services.
- RPP Infra Projects surged 3.39% at Rs 62.45 on BSE, with the stock extending Monday's 20% rally triggered by the company recently securing new orders in Tamil Nadu.
- Wockhardt rose 2.74%, in the intraday, to Rs 442.85 on BSE after a media report suggested that the US drug regulator is likely to visit the company's factory at Shendra in Maharashtra for an inspection this month.
- Future Retail closed 2.58% down at Rs 81.30 on BSE on profit booking after the stock jumped 10.82% in the preceding two trading sessions to Rs 83.45 on 6 January 2014 from a recent low of Rs 75.30 on 2 January 2014.
- Sadbhav Engineering closed 0.77% up at Rs 91.25 on BSE after the company said that a special purpose vehicle promoted by the company for a highway project in Haryana has achieved commercial operations date on Monday, 6 January 2014.
- Ramky Infrastructure was locked at 10% upper circuit at Rs 51.80 on BSE after the company said that its 50:50 JV with IL&FS Transportation Networks has secured provisional completion certificate for a road project in AP.
- L&T closed 0.77% up at Rs 1,019.05 on BSE after the company said its Saudi Arabian subsidiary has secured a major international engineering, procurement and construction order from the Saudi Arabian Oil Company.
- Sobha Developers closed 3.41% down at Rs 311.95 on BSE, with the stock extending Monday's 3.03% slide triggered by the company reporting weak sales volume in Q3 December 2013
- Motherson Sumi Systems closed 3.35% down at Rs 193.15 on BSE on profit booking after the stock jumped 9.48% in the preceding four trading sessions to Rs 199.85 on 6 January 2014 from a recent low of Rs 182.55 on 31 December 2013.
- Claris Lifesciences surged 3.38%, in late trade, to Rs 204.80 on BSE after the company said its board has approved the buyback of upto 92.50 lakh equity shares at Rs 250 per share aggregating to Rs 231.25 crore.
- IL&FS Transportation Networks closed 0.87% up at Rs 139.60 on BSE after the firm said that a road project awarded to 50:50 JV of the firm and Ramky Infrastructure has been issued a provisional completion certificate effective 2 January 2014.