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Indian stock market daily morning report (January 21, 2013, Monday)

Contributed by Keynote Capitals

The barometer index, BSE Sensex, settled above the psychological 20,000 mark for the first time in more than two years. The 50-unit S&P CNX Nifty also attained over two-year closing high. The BSE Sensex advanced 75.01 points or 0.38%, off close to 90 points from the days high and up about 50 points from the days low. The market breadth was negative. The BSE Small-Cap and Mid-Cap indices, both, edged lower.

IDBI bank has reported 1.69% rise in its net profit at Rs 416.76 crore for the quarter as compared to Rs 409.81 crore for the same quarter in the previous year. Total income of the bank has increased by 12.55% at Rs 7070.19 crore for quarter under review as compared to Rs 6281.83 crore for the quarter ended December 31, 2011.

Cigarettes major ITC posted healthy quarterly results. Net profit of Rs. 2,052 cr, up 21% crore, helped by strong growth in FMCG and agri businesses. Its net sales cigarette revenue rise 13 percent to Rs 3,657 crore, helped by the price hikes that it took.

Among the 13 sectoral indices, seven sectors closed in negative, while six sector closed in positive. Top Gainers: BSE OIL & GAS up by 3.09%, BSE PSU index up by 2.77% and BSE POWER by 1.44 Top Losers:

BSE IT and BSE TECK down by 1.13%,BSE AUTO by 0.73% and BSE METAL by 0.61%.

Market breadth was negative at ~0.97x as investors sold large cap stocks. On provisional basis, FII bought equity of Rs11.65bn and domestic institutions sold equity of Rs9.67bn in cash segment

Asian markets were trading mix today.We expect a weak opening for Indian markets following the cues from the Asian markets

Economic and Corporate Developments

Semi-decontrol to calm diesel prices, hit inflation: Montek

Budget 2013-14: Par Panel for rice at Rs 3, wheat at Rs 2 for beneficiaries

Buzzing Stocks

Wipro is putting together a team of 3,000 people to develop a new line of business under advanced technologies which includes creating solutions around cloud, mobility and analytics

BHEL wins 720 MW hydroelectric project worth Rs 730-750 crore in Bhutan.

Quanto has garnered bookings of more than 12,000 units within the first two months of its launch: M&M

Hero MotoCorp recently commenced construction of its fourth manufacturing plant and a new Global Parts Centre (GPC) at Neemrana in Rajasthan. The company will invest a total of Rs 550 crore in setting up the fourth manufacturing plant and the GPC.

Hindalco Industries is to acquire an alumina refinery and bauxite mines assets in Brazil from its group company Novelis Do Brasil Ltd, a wholly owned subsidiary of Novelis Inc.