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Reports India

Indian stock market daily morning report (July 07, 2014, Monday)

July 7, 2014, Monday, 07:24 GMT | 02:24 EST | 10:54 IST | 13:24 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets recouped from their day's lows in late trades to end at fresh record closing highs on hopes that the Finance Minister Arun Jaitley in his maiden Budget next week would announce reforms to revive economic growth.

The 30-share Sensex ended up 13- points at 25,962 and the 50-share Nifty ended up 37 points at 7,752. Meanwhile, both the benchmark indices gained over 3% during the week ended July 4.

Among the index heavyweights, Reliance Industries ended up 2.47%, Infosys gained 0.--% and ITC ended up 0.62%.

Railway-related stocks ended higher by up to -% ahead of the Railway Budget on Tuesday, July -. Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Kernex Microsystems (India) and Stone India were among the gainers on the BSE.

- Among the 12 BSE Sectoral Indices, 9 indices ended the day in positive while other 3 indices ended the day in negative. Top Gainers: BSE Oil & Gas up by 1.67% and BsE Realty by 1.10%. Top Losers: BSE Metal down by 0.-7% and BsE Consumer Durables by 0.36%.

Market breadth was positive at ~1.15 as investors bought large cap stocks. On provisional basis, FII's bought Rs 1.92bn worth of Indian equities and DII's sold Rs -.53bn worth of equities.

Economic and Corporate Developments

- The Reserve Bank of India (RBI) will issue the guidelines that will be used to grant on-tape and differentiated banking licenses later this year, deputy governor R Gandhi told reporters on the sidelines of an event on Friday. Gandhi also said the assessment of the monsoon rains on the economy would not be carried out until later.

- India Inc could now find it easier to buy foreign assets, with the Reserve Bank of India (RBI) restoring the limit on their overseas direct investments (ODIs) under the automatic route to 400 per cent of net worth. The limit was cut by three-fourths to 100 per cent in August last year after the rupee touched an all-time low of 6-.-0 a dollar.

- The Reserve Bank of India (RBI) has changed its intervention strategy in the foreign exchange market for meeting the dollar requirements of state-run oil marketing companies, as well as for building up its reserves.

Buzzing Stocks

- Claris Lifesciences closed 4.-7% up at Rs 166.75 on BSE after the company said its board approved transferring the speciality injectable business by way of a slump sale to a wholly-owned subsidiary of the company.

- Jain Irrigation Systems closed 4.94% up at Rs 127.35 on BSE after the company said it won an order worth approximately Rs 100 crore from Himachal Pradesh government.

- Hindalco Industries closed 0.40% down at Rs 173.05 on BSE on reports a foreign brokerage maintained its underweight rating on the stock.

- Akzo Nobel India closed 3.-0% up at Rs 1120 on BSE after the company said it formally inaugurated a new laboratory facility at its Thane site on 2 July 2014.

- TVS Motor Company closed 0.12% down at Rs 171.05 on BSE, with the stock declining on profit booking after recent upmove.

- Fertilisers & Chemicals Travancore closed 5.35% up at Rs 42.30 on BSE on reports that the government is planning to provide Rs 990 crore revival package to the company.

- Amtek Auto closed 3.41% down at Rs 242.20 on BSE after a foreign fund sold 0.94% stake in the auto components maker on Thursday, 3 July 2014.

- Siemens closed 0.57% down at Rs 9-2.75 on BSE. The stock hit 52 week high at Rs 1,010 after the company said it sold a land parcel in Bangalore to builder Prestige City Properties for Rs 345 crore.

- NMDC closed 0.49% down at Rs 1-3.-0 on BSE. The stock had touched an intraday high of Rs 1-6.-0 after the company reported rise in iron ore production and despatches in Q1 June 2014 over Q1 June 2013.

- Videocon Industries closed 5.40% up at Rs 196.05 on BSE on reports that the company' satellite TV arm Videocon d2h is likely to go ahead with its proposed initial public offer this financial year.

- Great Eastern Shipping Company closed 1.-3% up at Rs 373.75 on BSE after the company signed a contract to sell a very large gas carrier.

- There was a mixed effect on the IT stocks on BSE on positive economic data in US, the biggest outsourcing market for the Indian IT firms.

- Tech Mahindra (up 0.11%), MphasiS (up 0.69%), HCL Technologies (up 0.92%), Hexaware Technologies (up 1.94%) and Infosys (up 0.--%), edged higher while TcS (down 0.33%), Oracle Financial Services Software (down 1.06%), CMC (down 0.32%) and Wipro (down 1.46%)

- Bharti Airtel closed 0.34% up at Rs 33-.50 on BSE after the Reserve Bank of India allowed foreign institutional investors to purchase up to 74% of the paid-up capital of the company.