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Reports India

Indian stock market daily morning report (June 12, 2014, Thursday)

June 12, 2014, Thursday, 06:52 GMT | 01:52 EST | 10:22 IST | 12:52 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets ended lower on Wednesday after earlier hitting record highs for the fourth straight session on profit taking with oil shares leading the decline.

The 30-share Sensex ended down 110 points at 25,474 after hitting a record high of 25,736 and the 50-share Nifty ended down 30 points at 7,627 after touching a record high of 7,700.

- Three associate banks of State Bank of India closed up by 4.54% to 10.85% on BSE on reports that SBI is planning to merge its three listed and two unlisted associate banks with itself.

India's largest commercial bank by branch network State Bank of India (SBI) closed 0.97% up at Rs 2,690.65, on BSE.

State Bank of Mysore closed 10.85% up at Rs 598.05 after hitting 52-week high of Rs 647.40 in intraday trade.

State Bank of Travancore closed 8.33% up at Rs 652.85 after hitting 52-week high of Rs 662.90 in intraday trade.

State Bank of Bikaner and Jaipur closed 4.54% up at Rs 597.40 after hitting 52-week high of Rs 660 in intraday trade.

- Four stocks closed 1.25% to 3.39% down, on BSE, on turning ex-dividend yesterday.

Hindustan Unilever closed 2.09% down at Rs 625.40, ING Vysya Bank closed 2.32% down at Rs 622.00, Kansai Nerolac Paints closed 1.25% down at Rs 1,382.00, and Syndicate Bank closed 3.39% down at Rs 166.50.

- Kotak Mahindra Bank closed 2.65% up at Rs 921.10 on BSE after a foreign brokerage upgraded the stock to buy from hold and increased the price target.

- Among the 12 BSE Sectoral indices, 4 indices closed in positive while - indices ended the day in negative. Top Gainers: BSE IT up by 2.23% and BSE Teck by 1.25%. Top Losers: BSE Consumer Durables down by 2.99% and BSE Metal by 2.82%.

Market breadth was positive at ~1.10 as investors bought large cap stocks. On provisional basis, FII's sold Rs 3.13bn worth of Indian equities and DII's sold Rs 4.07bn worth of equities.

Buzzing Stocks

- L&T Finance Holdings closed 5.00% down at Rs 77.85 on BSE as the floor price for offer for sale of shares by promoter L&T was set at a discount to the stock's ruling market price.

- JMT Auto was locked at 5% upper circuit at Rs 405.80 on BSE after the company's board at its meeting held on Tuesday, 10th June, 2014, approved the issue of bonus shares in the ratio of 5:2 i.e., five bonus shares for every two shares held.

- Future Lifestyle Fashions jumped 5.31% to Rs 109.00 in the morning trade, on BSE, after the company said it has acquired 12% stake in Unico Retail, a company engaged in the business of handbags, belts and wallets under the brand PEPERONE in India.

- DCW surged 4.78%, in the opening hours, to Rs 21.90, on BSE, after the company scheduled a board meeting on 18th June, 2014 to consider issue of shares on preferential basis to promoters and promoter group.

- Reliance Communications closed 3.95% down at Rs 148.25 on BSE after the company announced the launch of its Next-Gen 3G services in 5 more telecom circles thereby expanding its 3G footprint to 1- circles across the country.

- Crompton Greaves closed 1.99% down at Rs 209.20 on BSE, with the stock reversing direction after hitting 52-week high in highly volatile trade.

- Aksh Optifibre closed 4.94% up at Rs 24.45 on BSE after the company said that its wholly owned subsidiary has commissioned a manufacturing unit in Jebel Ali Free Zone, Dubai.

- PTC India closed 1.92% down at Rs 99.70 on BSE, with the stock reversing direction after hitting 52-week high in intensely volatile trade.

- Gulshan Polyols closed 11.28% up at Rs 187.50, on BSE, after the company said it has successfully commissioned ITC's cigarette paper making plant.

- Tech Mahindra closed 0.67% up at Rs 2,018.80 on BSE after the company and HPS announced that they have entered into a global services alliance agreement.

- Cadila Healthcare closed 1.18% up at Rs 995.00 on BSE after the company and Zydus Pharmaceuticals (USA), Inc., announced settlement of all outstanding patent litigation related to Asacol HD (mesalamine) delayed-release tablets.

- Future Retail closed 7.22% down at Rs 135.00 on BSE on equity dilution worries after the company said its board of directors has considered various fund raising options to raise up to Rs 2,000 crore.

- TTK Prestige closed 8.97% down at Rs 3,752.40 on BSE, with the stock declining on profit booking after recent rally.

Economic and Corporate Developments

- The World Bank has scaled down its estimate for India's economic growth this financial year to 5.5 per cent from 5.7 per cent projected in April. For India, as well as other developing countries, it recommended fiscal reforms such as simplifying the tax structure and broadening its base.

In a report on global economic prospects released on Tuesday, the World Bank said robust growth might be elusive, owing to capacity constraints in several middle-income countries, including India.

For 2012-13, India's economy grew at a decade-low of 4.5 per cent; for 2013-14, it grew 4.7 per cent. For 2015-16 and 2016-17, the World Bank forecast India's economic growth at 6.3 per cent and 6.6 per cent, respectively.

- Exports grew by a six-month high of 12.40% at $27.9 billion in May this year against $24.91 billion in the same a year ago.

The outbound shipment was driven by 28.7% increase in petroleum products and 22.09% in engineering goods, showed official figures released here. Commerce secretary Rajeev Kher, however, said that he would like to see data for one more month to assess if signs of recovery in exports are there.

Imports, on the other hand, contracted 11.41% at $39.23 billion in May against $44.2- a year ago. This was partly reflective of 72% decline in gold imports.

As such, trade deficit declined by 42.01% at $11.23 billion in May against $19.37 billion in the same month of 2013-14.