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Reports India

Indian stock market daily morning report (June 23, 2014, Monday)

June 23, 2014, Monday, 05:58 GMT | 00:58 EST | 09:28 IST | 11:58 SGT
Contributed by Keynote Capitals

Views on markets today

- The BSE Sensex and Nifty fell for a third straight day on Friday, hitting their lowest close in two weeks as Mahindra & Mahindra declined on concerns over a weak monsoon, while other blue-chips slipped on risk aversion related to Iraq violence.

Oil held near $115 a barrel on Friday, close to a nine-month high, and was headed for its second weekly gain on increased risks of disruption to supply from Iraq.

The Sensex fell 0.3- per cent, or 96.29 points, to end at 25,105.51. For the week, it closed down 0.4- per cent. The Nifty lost 0.39 per cent, or 29.25 points, to end at 7,511.45, also falling 0.4 per cent over the week.

- Among the 12 BSE Sectoral indices, 4 indices closed in positive while - indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 3.47% and BSE Realty by 0.52%. Top Losers: BSE Auto down by 0.91% and BSE Power by 0.7-%.

Market breadth was negative at ~0.72 as investors sold large cap stocks. On provisional basis, FII's sold Rs 2.20bn worth of Indian equities and DII's bought Rs 73.-5bn worth of equities.

Economic and Corporate Developments

- The Reserve Bank of India's (RBI) foreign exchange reserves rose by $951 million to $313.54 billion in the week ending June 13, reveals latest Reserve Bank data released on Friday. Foreign currency assets, a key component of reserves rose by $959 million to $2-6.59 billion.

Gold reserves remained unchanged during the week. For the week under review, the special drawing rights fell $5.5 million to $4.45 billion, while India's reserve position with the International Monetary Fund was down $2.1 million to $1.71 billion.

- The Reserve Bank of India (RBI) has set a limit of $10 million on banks' proprietary positions in exchange-traded currency derivatives (ETDC) and has allowed foreign portfolio investors (FPIs) to hedge their currency risks without any underlying exposure up to the same limit. According to currency dealers this move will help to bring about more liquidity in the market.

In July, RBI had barred all banks from taking any proprietary positions in the currency futures market.

Buzzing Stocks

- Orchid Chemicals & Pharmaceuticals surged 6.12% to Rs 76.25 on BSE after the company said it has received approval from USFDA for its abbreviated new drug application for Eszopiclone tablets, 1 mg, 2 mg, and 3 mg strengths.

- Pricol rose 3.60% to Rs 41.75 on BSE after HDFC Mutual Fund bought 2.69% stake in the company through bulk deal on NSE on Thursday, 19 June 2014.

- Atul Auto surged 4.63% to Rs 4-4.90 on BSE after the company said its board of directors will meet on 26 June 2014, to consider stock-split.

- ICRA jumped 13.64% to Rs 2,6-4.25 on BSE after Moody's Corporation secured a majority equity ownership stake in the Indian company through open offer.

- UPL rose 0.-4% to Rs 326 on BSE after the company through its overseas subsidiary, has completed the transaction to sell its entire stake of 50% in the Brazilian agrochemical company Sipcam UPL Brasil S.A.

- MindTree jumped 5.-6% to Rs 911.20 on BSE after the company received shareholders' approval to raise upto $1 billion.

- Cairn India rose 1.62% to Rs 372.50 on BSE as crude oil prices continue to hover at higher level amid escalating violence in Iraq, the second-largest OPEC producer.

- TVS Motor Company rose 3.43% to Rs 149.35 on BSE after the company announced the launch of its all new motorcycle, StaR HLX 125, in Tanzania.

- Sun TV Network rose 3.3-% to Rs 434 on BSE, with the stock recovering on bargain hunting after recent slide.

- Future Consumer Enterprise rose 2% to Rs -.16 on BSE after the company said its board at a meeting held on Thursday, 19 June 2014, approved making investment in Sarjena Foods by way of acquisition of 35% stake in the company.

IFCI jumped 6.03% to Rs 40.45 on BSE after the company said it proposes disinvestment of partial stake in NSE and entire stake in IFCI Financial Services.

Fulford (India) hit an upper circuit limit of 5% to Rs 1,50-.05 on BSE on bargain hunting after a recent fall triggered by the company uploading a cautionary statement on its delisting offer on BSE.

Suzlon Energy rose 1.62% to Rs 2-.15 on BSE, with the stock recovering on bargain hunting after recent steep slide.

Jayaswal Neco Industries rose 1.41% at Rs 15.10 on BSE after the company said its board will meet on 25 June 2014, to consider issue of equity shares on preferential allotment basis to select group of companies.

Atul lost 1.51% to Rs --2 on BSE as the stock turned exdividend on 20 June 2014, for dividend of Rs 7.50 per share for the year ended 31 March 2014.