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Reports India

Indian stock market daily morning report (July 03, 2014, Thursday)

July 3, 2014, Thursday, 05:35 GMT | 00:35 EST | 09:05 IST | 11:35 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets ended at fresh record highs on Wednesday as institutional investors bought stocks across the board on hopes that the Finance Minister would announce reforms to boost the economy.

Finance Minister Arun Jaitley on Tuesday hinted at taking bold measures by discarding populism to curtail wasteful expenditure and making "reasonable" tax policies for reviving economic growth.

The S&P BSE Sensex gained 325 points or 1.2% at 25841.21 while CNX Nifty surged 90 points or 1.1% at 7725.15.

-Shares of Adani Group companies were into limelight and ended higher by up to 10% on back of heavy volumes.

All three listed entities - Adani Enterprises, Adani Ports and Special Economic Zone (SEZ) and Adani Power gained 410% on NSE.

- All the BSE Sectoral Indices ended the day in positive. Top Gainers: BSE Metal up by 2.01%, BSE Power by 1.93%, BSE Healthcare by 1.88% and BSE Capital Goods by 1.67%.

Market breadth was positive at ~1.65 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.92bn worth of Indian equities and Dll's sold Rs 7.74bn worth of equities.

Economic and Corporate Developments

- Improved market sentiments helped mutual funds' assets under management (AUM) soar by Rs 80,000 crore or nine per cent to Rs 9.85 lakh crore in the first quarter of the current fiscal.

The country's 44 fund houses together had an average AUM of Rs 9.85 lakh crore during April-June quarter of 2014-15, up from Rs 9.05 lakh crore in the preceding three months, according to the latest data available with Association of Mutual Funds in India (AMFI).

- It is expected while announcing the norms for setting up smaller banks in India, the Reserve Bank of India (RBI) will mandate minimum capital requirement of Rs 200 crore, against Rs 5 crore mandated in 1996, when guidelines to set up local area banks were announced.

According to the central bank's new guidelines on new bank licences, the minimum capital requirement to set up a full-fledged bank is Rs 500 crore.

Buzzing Stocks

- MphasiS closed 3.65% up at Rs 434.80 on BSE on reports that promoter company Hewlett-Packard has revived plans to sell its stake in the Indian company.

- Coal India closed 2.25% up at Rs 393.50 on BSE after the company declared production and offtake data of June 2014.

- Apollo Hospitals Enterprises closed 3.82% up at Rs 1,026.75 on BSE on reports a foreign brokerage issued a 'buy' rating on the stock.

- Castrol India closed 8.94% up at Rs 361.20 on BSE on a media report that the company's promoter Castrol Plc is exploring options to delist Castrol India from the Indian stock market.

- Bajaj Auto closed 0.93% up at Rs 2,351.45 on BSE after the company said total vehicle sales rose 3% to 3.05 lakh unit in June 2014 over June 2013.

- MM Forgings closed 6.30% down at Rs 235.75 on BSE, with the stock declining on profit booking.

- IFCI closed 0.12% up at Rs 41.65 on BSE after the company said it acquired 49% stake in Rajasthan Consultancy Organisation from Hardicon for an undisclosed amount.

- IVRCL closed 4.91% up at Rs 27.80 on BSE after the Corporate Debt Restructuring Empowered Group approved the Corporate Debt Restructuring proposal submitted by the company.

- Gujarat Gas Company closed 8.81% up at Rs 539 on BSE after Gujarat Finance Minister Saurabh Patel on Tuesday, 1 July 2014, reportedly said the company and GSPC will be merged.

A2Z Maintenance & Engineering Services was locked at 5% upper circuit at Rs 19.95 on BSE after the company secured orders worth approximately Rs 2400 crore for EpC work.

- Tata Steel closed 0.42% up at Rs 543.65 on BSE after the company said it will restructure UK strip products business to improve competitiveness.

- Ashok Leyland closed 1.09% down at Rs 36.35 on BSE. The stock had touched an intraday high of Rs 38.10 after the company reported 7% increase in total sales to 7,452 units in June 2014 over June 2013.  - Sasken Communication Technologies closed 13.75% up at Rs 302.05 on BSE, with the stock extending recent rally.

- Shares of six real estate developers rose by 0.20% to 3.21% on BSE on hopes of favorable announcements for the sector in the final Union Budget 2014-15 to be unveiled on 10 July  2014

- Indiabulls Real Estate (up 0.61%) Hubtown (up 1.30%), Oberoi Realty (up 3.21%), DLF (up 1.04%), Parsvnath Developers (up 0.29%) and Godrej Properties (up 0.20%) edged higher.