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Reports India

Indian stock market daily morning report (June 06, 2014, Friday)

June 6, 2014, Friday, 06:16 GMT | 01:16 EST | 09:46 IST | 12:16 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices gained momentum in the latter half of the trading session on renewed buying interest to end at record highs, with metal and information technology shares leading the gains. Further, reports that monsoons are expected shortly also helped improve sentiment.

The 30-share Sensex ended up 214 points at 25,020 and the 50-share Nifty ended up 72 points at 7,474.

- Four stocks lost 1.51% to 4.79%, in the intraday trading, on BSE on turning ex-dividend on 5th June, 2014.

Ramkrishna Forgings lost 4.79% to Rs 147 as the stock turned ex-dividend, for dividend of Rs 1 per share for the year ended 31st March, 2014. HDFC Bank lost 1.66% to Rs -03 as the stock turned ex-dividend, for dividend of Rs 6.-5 per share for the year ended 31st March, 2014. Capital First lost 1.66% to Rs 216.20 as the stock turned ex-dividend, for dividend of Rs 2 per share for the year ended 31st March, 2014, and ICICI Bank lost 1.51% to Rs 1,447 as the stock turned ex-dividend, for dividend of Rs 23 per share for the year ended 31st March, 2014.

- Three PSU OMCs surged 3.95% to 7%, in the intraday trade, on BSE as US crude oil futures fell for a second day in a row after inventories of gasoline and distillate fuels increased in the United States, the world's biggest oil consumer.

BPCL (up 7% at Rs 617.10), HPCL (up 5.46% at Rs 447.50), and Indian Oil Corporation (up 3.95% at Rs 367.10) edged higher.

- Among the 12 BSE Sectoral indices, 11 indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Metal up by 3.33% and BSE Power and Oil & Gas both by 1.96%. Top Losers: BSE Bankex down by 0.39%.

Market breadth was sharply positive at ~2.46 as investors bought large cap stocks. On provisional basis, FII's bought Rs 13.6-bn worth of Indian equities and DII's sold Rs 4.25bn worth of equities.


Economic and Corporate Developments

- Finance Minister Arun Jaitley might look at non-tax revenue and withdraw some tax exemptions to fund capital expenditure in his first Budget.

According to tax department officials, collections this current financial year are likely to be subdued, even as economic growth climbs above five per cent.

Finance ministry officials say a 19 per cent rise in tax collection projected in the interim Budget of 2014-15 was based on an assumption of high gross domestic product (GDP) growth.


Buzzing Stocks

- Idea Cellular closed 0.41% up at Rs 136.35 on BSE on reports the mobile phone operator plans to launch a share sale to raise as much as $500 million on Thursday to part fund its capital expenditure including a purchase of mobile radio waves.

- SML Isuzu rose 2.7-%, in the morning trade, to Rs 447.00 on BSE after the company said its sales rose 11.44% to 1,2-5 units in May, 2014 over May, 2013.

- Suzlon Energy closed 4.92% up at Rs 29.-5 on BSE after the company said it has been awarded a 100.- MW order by ReNew Wind Power, India's leading IPP in the wind energy sector.

- KSK Energy Ventures closed 4.75% up at Rs 117.95 on BSE after the firm said it has approved an issue price of Rs 99 per share as part of QIP issue of 4.04 crore equity shares aggregating to approximately Rs 400 crore.

- IL&FS Transportation Networks closed 1.24% up at Rs 207.50 on BSE after the firm said it has increased its equity stake from 14.5% to 49% in the capital of Srinagar Sonmarg Tunnel way.

- Mercator rose 2.-9%, in the morning trade, to Rs 37.35 on BSE after the company said that its step down overseas subsidiary engaged in carrying on the business of oil & gas and allied services has entered into an agreement to avail a facility of $55 million.

- Piramal Enterprises closed 1.0-% up at Rs 709.35 on BSE after the company said it has acquired 9.99% equity stake in Shriram City Union Finance.

- Polaris Financial Technology rose 0.7%, in the afternoon trade, to Rs 207.50 on BSE after the company said that Sweden's central bank has chosen to implement Polaris' Intellect Quantum Collateral Management System.

- Dynamatic Technologies was locked at 5% upper circuit at Rs 1,209.40 on BSE after the company said it has allotted equity shares to promoters on conversion of warrants.

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