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Reports India

Indian stock market daily morning report (June 13, 2014, Friday)

June 13, 2014, Friday, 06:00 GMT | 01:00 EST | 09:30 IST | 12:00 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices ended positive amid day long choppy trading session led by buying amongst financials and auto shares.

The Bombay Stock Exchange's 30-share index, the Sensex closed at 25,576.21 up 102 points or 0.40% while National Stock Exchange's index, the Nifty-50 was at 7,649.90 - up 23 points or 0.30%.

Volatility was observed throughout the day as key benchmark indices alternately swung between positive and negative zone.

- Three PSU OMCs rose 0.73% to 1.32%, in the intraday trade, on BSE on reports the oil ministry is preparing a fresh proposal for the Cabinet to deregulate diesel price to reduce the government's fuel subsidy burden.

HPCL (up 1.32% at Rs 432.90), BPCL (up 0.83% at Rs 611), and Indian Oil Corporation (up 0.73% at Rs 354.25) edged higher.

- Infosys rose 1.58%, in the opening trade, to Rs 3,229.00 on BSE after the company said its board of directors selected Dr. Vishal Sikka as the Chief Executive Officer and Managing Director of the company.

- Among the 12 BSE Sectoral indices, 9 indices closed in positive while 3 indices ended the day in negative. Top Gainers: BSE Healthcare up by 1.39% and BSE Auto by 0.60%. Top Losers: BSE Teck down by 0.19% and BSE Oil & Gas by 0.15%.

Market breadth was positive at ~1.23 as investors bought large cap stocks. On provisional basis, FII's bought Rs 6.52bn worth of Indian equities and DII's sold Rs 7.42bn worth of equities.

Economic and Corporate Developments

- The government is considering major subsidy reforms to lower wasteful expenditure and release such funds for creation of capital assets. The plan is to gradually increase prices of cooking gas and urea, thereby bringing down the subsidy burden on the exchequer, without allowing the inflationary spiral to build up.

The carryover of subsidies has been on the rise and last year's "unpaid bills" of about Rs 1,15,000 crore that Finance Minister Arun Jaitley has inherited from the previous government are posing a huge challenge to reining in the fiscal deficit.

Buzzing Stocks

- Idea Cellular closed 1.67% down at Rs 141.20 on BSE after the company said it has issued and allotted 22.3- crore equity shares at Rs 134.00 per share to eligible qualified institutional buyers via qualified institutional placement.

- Wipro closed 0.70% up at Rs 530.65 on BSE after the company said it has been selected by Outokumpu as its Global Prime Partner for applications, maintenance and development of legacy applications across ten countries.

- L&T Finance Holdings closed 1.93% down at Rs 76.35 on BSE after its promoter L&T pared stake through an offer for sale to comply with minimum public holding rules of market regulator.

- JMT Auto was locked at 5% upper circuit at Rs 426.05 on BSE, with the stock extending Wednesday's 5% rally triggered by the company's board approving issue of bonus shares in the ratio of 5:2.

- Bharti Airtel closed 3.57% down at Rs 341.55 on BSE after a foreign brokerage downgraded the stock and reduced its target price citing competition.

- Jubilant Life Sciences closed 2.84% up at Rs 211.60 on BSE after the company announced a price-increase of 9% for Niacinamide, with immediate effect, for non-contract customers and wherever existing contracts permit.

- Den Networks closed 2.02% down at Rs 223.20 on BSE after 0.32% equity changed hands in a bulk deal on BSE yesterday.

- Thermax closed 1.62% down at Rs 933.45 on BSE, with the stock sliding on profit booking after recent rally.

- Tata Motors closed 0.91% up at Rs 44- on BSE after the company's British luxury car unit Jaguar Land Rover on Wednesday, 11th June, 2014, reported strong growth in retail sales for May, 2014.

- Hindalco Industries closed 3.78% up at Rs 168.75 on BSE, after the company's US subsidiary Novelis successfully cast the first production-sized ingot at its 200 million Euro aluminium recycling and casting center in Nachterstedt, Germany.

- KEC International rose 1.34%, in the noon trade, to Rs 125.00 on BSE after the company said it has secured new orders aggregating Rs 1,209 crore in its transmission & distribution and cables businesses.

- Jammu & Kashmir Bank closed 0.46% up at Rs 1,631.40 on BSE, with the stock reversing intraday fall in volatile trade after the bank's board approved a 10-for-1 stock split proposal.

- Future Retail closed 3.07% down Rs 130.85 on BSE, with the stock extending Wednesday's fall triggered by equity dilution worries.

- Housing Development & Infrastructure closed 3.24% down at Rs 97.20 on BSE after a foreign fund sold shares of the realty firm in a bulk deal on Wednesday, 11th June, 2014.