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Reports India

Indian stock market daily morning report (March 06, 2014, Thursday)

March 6, 2014, Thursday, 06:32 GMT | 02:32 EST | 12:02 IST | 14:32 SGT
Contributed by Keynote Capitals

Views on markets today

- Market maintained initial firmness into closing deals led by an uptick in heavyweight banking and IT stocks. Investor sentiment too got a boost following remarks from the Russian President Vladimir Putin that allayed fears of an imminent military conflict in Ukraine.

Putin said Russia reserved the right to use all options to protect compatriots who were living in "terror" in Ukraine, but that force was not needed for now.

Investors also found solace in Chinese leaders' comments that their growth target will remain unchanged at 7.5 per cent on the first day of an annual session of the national legislature.

The 30-share Sensex was up 67 points at 21,277 and the 50 stock NSE Nifty index added 30 points to close at 6,329 levels.

- GlaxoSmithKline Pharmaceuticals closed 7.17% down at Rs 2,747.85 on BSE as the open offer made by the Britain-based parent to acquire additional stake in the Indian company ends today, 5 March 2014.

- National Aluminium Company closed 3.38% down at Rs 32.85 on BSE after the stock turned ex-dividend on 5th March 2014, for interim dividend of Rs 1.10 per share for the year ending 31 March 2014.

- Among the 12 BSE Sectoral Indices - sectors closed in positive while 4 sectors ended the day in negative. Top Gainer: BSE Realty up by 1.95% and BsE Bankex by 1.47%. Top Losers: BSE Consumer Durables down by 2.36% and BSE Auto by Auto 0.23%.

Market breadth was positive at ~1.27 as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.37bn worth of Indian equities and DII's sold Rs 2.01 bn worth of equities.

Economic and Corporate Developments

The 16th Lok Sabha elections, the first in which None of the Above (NOTA) option in voting will be used around the country, will be held in nine phases from April 07 to May 12.

Counting of votes in all the 543 Lok Sabha constituencies will be held on a single day on May 16.

Chief Election Commissioner V S Sampath announced the 9-phase schedule at a news conference on Wednesday morning where he was flanked by colleagues H S Brahma and S N A Zaidi.

Buzzing Stocks

- Bharti Infratel closed 4.47% up at Rs 199.95 on BSE after the company said it has signed a Master Services Agreement with Reliance Jio Infocomm for sharing of telecom tower infrastructure.

- Elantas Beck India rose 1.64%, in the opening trade, to Rs 53- on BSE after strong investor response to the divestment of the promoter's 3.39% stake in the company through the stock exchanges mechanism on Tuesday, 4 March 2014.

- Punjab National Bank closed 4.52% up at Rs 591.50 on BSE after the bank said it sold its entire stake in Credit Information Bureau India to TransUnion International Inc.

- UPL closed 2.60% up at Rs 187.20 on BSE after the company said it has increased its stake in Brazilian firm UPL do Brasil to 73% from 51% earlier.

- Dhanlaxmi Bank closed 3.80% up at Rs 35.50 on BSE, with the stock extending Tuesday's rally triggered by the bank's board approving issue of 5.96 crore shares at Rs 39 per share aggregating to Rs 232 crore through preferential allotment.

- Dr. Reddy's Laboratories rose 1.19%, in the opening trade, to Rs 2,836 on BSE after the company said it launched antibacterial Moxifloxacin generic in the US market on 4 March 2014.

- Monsanto India closed 0.27% down at Rs 1708.45 on BSE, with the stock sliding on profit booking after recent steep rally triggered by the Union environment ministry approving field trials of genetically modified food crops on a conditional basis.

- Jaiprakash Power Ventures closed 0.36% down at Rs 13.65 on BSE, extending recent fall triggered by the company's plan to sell two operational hydro-power plants to a consortium led by Abu Dhabi National Energy Company.

- Autoline Industries spurted 11.06%, in the late morning trade, to Rs 71.80 on BSE after the company said its board will meet on 11 March 2014, inter alia, to explore various avenues of raising funds to meet the funding requirements of the company.

- Cairn India closed 1.32% down at Rs 325.80 on BSE as US crude oil futures tumbled the most in two months amid speculation that tension between Ukraine and Russia won't disrupt oil supplies.

- Atul Auto lost 3.05%, in the afternoon trade, to Rs 296 on BSE, with the stock sliding on profit booking after recent steep rally.

- JBF Industries closed 2.39% down at Rs 72.80 on BSE after the firm's board decided for redemption of 1.13 crore, 2.5% redeemable preference shares at par in exchange for 14.15 lakh 20% cumulative redeemable preference shares at Rs 800 per share

- C. Mahendra Exports lost 3.27% to Rs 194.95 on BSE as the stock turned ex-dividend 5th March 2014, for interim dividend of 10 paise per share for the year ending 31 March 2014.