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Reports India

Indian stock market daily morning report (June 19, 2014, Thursday)

June 19, 2014, Thursday, 05:39 GMT | 01:39 EST | 10:09 IST | 11:39 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices ended over 1% lower on Wednesday as investors pressed sales after escalating violence in Iraq's main oil refinery raised concerns that high oil prices could escalate inflationary pressures.

The 30-share Sensex ended down 275 points or 1.1% at 25,246 and the 50-share Nifty ended down 73 points or 1% at 7,558.

- Reliance Industries closed 2.12% down at Rs 1,066.80 on BSE, with the stock sliding amid volatility as the company held its 40th Annual General Meeting yesterday.

- Three PSU OMCs fell by 2.99% to 4.20%, in the intraday trade, on BSE after crude oil prices edged higher in Asian trade.

BPCL (down 4.20%), HPCL (down 4.14%) and Indian Oil Corporation (down 2.99%), edged lower.

- Among the 12 BSE Sectoral indices, 1 index closed in positive while 11 indices ended the day in negative. Top Gainers: BSE Healthcare up by 0.06%. Top Losers: BSE Realty down by 2.10% and bSe Consumer Durables by 1.59%.

Market breadth was sharply negative at ~0.83 as investors sold large cap stocks. On provisional basis, FII's bought Rs 3.66bn worth of Indian equities and DII's bought Rs 3.18bn worth of equities.

Economic and Corporate Developments

- Indian companies mopped up Rs 2.71 lakh crore through private issue of debt securities in 2013-14, a 23 per cent drop from the preceding year.

"On a year-on-year basis, last fiscal year's raising of Rs 2.71 lakh crore was a decrease of 23 per cent from Rs 3.52 lakh crore mobilised in 2012-13," according to a report by Prime Database.

Market analysts say fund raising through private debt placement -- where firms issue debt securities or bonds to institutional investors to raise capital -- has been subdued lately due to the good performance of equities.

The biggest mobilisation was by financial institutions and banks at Rs 1.45 lakh crore in 2013-14, a plunge of 21 per cent from the preceding year.

Mobilisation by private sector firms fell 21 per cent to Rs 89,603 crore, while funds raised by public sector companies declined to Rs 31,24- crore from Rs 39,551 crore.

Buzzing Stocks

- Bank of India closed 3.10% down at Rs 290.75 on BSE after the bank said its board of directors at its meeting held on 29th May, 2014, approved raising of Tier-1 and Tier-2 capital.

- Kotak Mahindra Bank closed 2.19% up at Rs 960.00 on BSE as the bank proposes to raise the ceiling for foreign investors in the bank to 40% from 37%.

- DCW closed 2.94% down at Rs 23.15 on BSE ahead of board meeting yesterday, to consider issue of equity shares of the company on preferential basis to promoters and promoter group.

- Ricoh India hit a lower circuit limit of 20% at Rs 138.25 on BSE, extending Tuesday's 20% slump triggered by the company's failed delisting offer.

- Hanung Toys & Textiles was locked at 5% upper circuit at Rs 35.95 on BSE, with the stock extending Tuesday's 5% gains triggered by the company's board giving its nod for preferential allotment of shares to promoters.

- MTNL closed 8.96% up at Rs 34.65 on BSE on reports the government will take steps to revive ailing state-run telecom firms MTNL and BSNL.

- Moser Baer India was locked at 5% upper circuit at Rs 8.33 on BSE after the company said its subsidiary has etched a new landmark by commissioning a 32.3 megawatts solar farm in a record time of 39 days.

- Pennar Industries rose 3.97%, in the morning trade, to Rs 37.95 on BSE, with the stock extending Tuesday's gains triggered by the company along with its subsidiaries receiving orders worth Rs 105 crore.

- Network 1- Media & Investments hit an upper circuit limit of 5% at Rs 63.95 on BSE after the company made an additional investment in Bigtree Entertainment, which owns online entertainment ticketing brand BookMyShow.

- Man Infraconstruction closed 1.23% up at Rs 139.70 on BSE, with the stock extending Tuesday's gains triggered by the firm's announcement that its board will meet on 25th June, 2014, to consider stock-split and declaration of interim dividend.

- C Mahendra Exports closed 4.02% up at Rs 226.75 on BSE, with the stock sliding amid volatility after the company said it has allotted 5.67 lakh equity shares at Rs 234.95 per share to Bennett Coleman & Co. on preferential allotment basis.

- Cipla closed 2.98% up at to Rs 425.15 on BSE after the company denied rumours that promoters are in talks with a multinational firm for selling their stake.

- TVS Motor Company closed 5.29% up at Rs 142.25 on BSE after a foreign brokerage upgraded its rating on the stock to buy from underperform with a target of Rs 200 per share.

- Fulford (India) closed 4.98% down at Rs 1,505.40 on BSE, extending Tuesday's 5% fall triggered by the company uploading a cautionary statement on its delisting offer on BSE.