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Indian stock market daily morning report (June 04, 2013, Tuesday)
Views on markets today
Markets ended lower on Monday, amid weak global cues, weighed down by profit taking in oil and gas shares along with banks and autos. The Sensex, after touching a low of 19,542, ended at 19610 - down 150 points or 0.76%. Nifty ended down 47 points or 0.78% at 5,939.
Shares of Maruti Suzuki were down 2.3% at Rs 1,570 after the company announced that total sales in May 2013 were down 14% compared to the same month last year. The country's largest car-maker reported 14.4% decline in total sales in May this year at 84,677 units compared with sales of 98,884 units in May 2012.
Shares of Bajaj Auto dropped 3.3% at Rs 1,762 as the company reported 5.32% decline in its motorcycle sales at 3,04,780 units in May 2013. The company had sold 3,21,922 units in the corresponding month last year, Bajaj Auto Ltd (BAL) said in a statement.
Mahindra & Mahindra gained 0.8% at Rs 973 after its tractor sales rose 24.24% to 23,626 units in May 2013, as compared to 19,016 units in the same period of previous year. The company's domestic sales of tractors grew 24.70%, standing at 22,471 units during May 2013, as compared to 18,019 units in corresponding period previous year.
Among the 13 sectoral indices, 4 sectors closed in positive while 9 sectors closed in negative. Top Gainers: BSE Teck up by 1.11%, BSE IT by 1.01% and BSE Metal by 0.38%. Top Losers: BSE Oil & Gas down by 1.84%, BSE Power by 1.02% and BSE Consumer Durables by 0.99%.
Market breadth was negative at ~0.78 as investors sold large cap stocks. On provisional basis, FII's sold Rs 0.87bn worth of Indian equities, while DII's sold Rs 0.72bn worth of equities.
Economic and Corporate Developments
A recent survey by the Confederation of Indian Industry (CII) has shown that the confidence of India Inc slowed a bit in the first quarter of 2013-14 against the fourth quarter of the previous year. The CII Business Confidence Index (CII-BCI) fell to 51.2 points for the April-June 2013 quarter as compared to 51.3 in the previous quarter. This is much lower than 55 points during the first quarter of 2012-13 and 62.5 during the April to June quarter of 2011-12.
Shares of Infosys surged over 4.4% at Rs 2,514 after the board on Saturday appointed NR Narayana Murthy as executive chairman for a period of five years.
McGraw Hill Financial Inc which owns 52.77% of credit rating and research company CRISIL plans to acquire up to 15.7 million shares, or a 22.23% stake, through the open offer. The open offer price has been set at Rs 1,210 a share, a premium of roughly 29% over CRISIL's share price on Friday. Shares in CRISIL jumped as much as 20% on Monday to Rs 1,126.60 on BSE.
Dr Reddy's Laboratories rose 1% to Rs 2,113 on BSE after the company and Fujifilm decided to terminate the memorandum of understanding to enter into an exclusive partnership in the generic drugs business for the Japanese market.
Tata Communications tumbled 6.02% to Rs 194.45 on BSE after weak investor response to the divestment of the promoter's 0.96% stake in the company through the stock exchanges mechanism today, 3 June 2013.
BGR Energy Systems slumped 11.88% to Rs 169.50 on BSE after weak investor response to the divestment of the promoter's 6.13% stake in the company through the stock exchanges mechanism today, 3 June 2013.
Omaxe tumbled 6.09% to Rs 141.20 on BSE after weak investor response to the divestment of the promoters' 12.19% stake in the company through the stock exchanges mechanism today, 3 June 2013.
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