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Reports India

Indian stock market daily morning report (March 10, 2014, Monday)

March 10, 2014, Monday, 05:39 GMT | 02:39 EST | 11:09 IST | 13:39 SGT
Contributed by Keynote Capitals

Views on markets today

- The improving macro economic data and a private survey which showed BJP-led government coming to power seems to have vindicated persistent buying by foreign institutional investors over the past fortnight to lift the stock markets to fresh all-time highs for the second straight session on Friday.

The 30-share Sensex ended 405 points at 21,919 after touching an intra-day high of 21,961 and the 50-share Nifty ended up 125 points at 6,526 after hitting an intra-day high of 6,538. Both the benchmark indices posted their highest ever single day intra-day gains since 18th November, 2013.

Foreign Institutional Investors have remained net buyers in equities for the past 15 straight trading sessions. Since February 12 they have bought Indian equities worth Rs 7,000 crore ($1.1 billion). On Thursday, they were net buyers to the tune of Rs 1,273 crore, their largest single day purchase since December 19, provisional data showed.

- Bharti Airtel closed 5.46% up at Rs 301.40 on BSE after global ratings agency Standard and Poor's upgraded its issuer rating of the company to 'BBB-'.

- Among the 12 BSE Sectoral Indices 9 sectors closed in positive while 3 sector ended the day in negative. Top Gainer: BSE Bankex up by 5.35% and BSE Realty by 5.40%. Top Losers: BSE Healthcare down by 2.02% and BSE IT down by 1.97%.

Market breadth was negative at ~0.94 as investors sold large cap stocks. On provisional basis, FII's bought Rs 12.73bn worth of Indian equities and DII's sold Rs 5.67bn worth of equities.

Economic and Corporate Developments

- The growth in energy demand in India will be highest among all the countries by 2030-35 beating even China, said the 2014 energy outlook report issued by the British oil giant BP.

"We project that by 2035 India becomes increasingly import dependent despite increases in non-fossil fuel production," it said. According to the report, India's energy production would rise by 112% while consumption grows by 132%.

Oil imports will rise by 169% and account for over 60% of the net increase in imports, followed by increasing imports of gas (+573%) and coal (+85%). "India's energy mix evolves very slowly over the next 20 years with fossil fuels accounting for 87% of demand in 2035, compared to a global average of 81%. This is down from 92% today," the report added.

Buzzing Stocks

- Lupin closed 1.80% down at Rs 965.75 on BSE after the company said it has received final approval from USFDA to market a generic version of Aqua Pharmaceuticals Monodox Capsules in the United States.

- Financial Technologies (India) closed 3.89% up at Rs 384.40 on BSE after global financial services firm Merrill Lynch bought an additional 0.57% stake in the company through bulk deal on NSE on Thursday, 6 March 2014.

- Central Bank of India rose 1.43% to Rs 46.20 on BSE after the bank said it has after due approval sold its entire stake in Credit Information Bureau of India to Transunion International Inc (FII).

- Prism Cement closed 6.35% up at Rs 30.15 on BSE after the company said it has started production of coal at the Prism Coal Mine in Chhindwara, Madhya Pradesh.

- L&T closed 4.86% up at Rs 1,197.55 on BSE after a foreign brokerage house raised its target price on the stock to Rs 1,305 from Rs 1,137.

- Bharti Infratel closed 1.09% up at Rs 204.55 on BSE, with the stock extending recent gains triggered by the company signing a Master Services Agreement with Reliance Jio Infocomm for sharing of telecom tower infrastructure.

- Prestige Estates Projects closed 6.73% up at Rs 174.35 on BSE on profit booking after the stock surged 23.66% in the preceding four trading sessions to Rs 163.35 on 6th March 2014, from a recent low of Rs 132.10 on 28th February 2014.

- Sadbhav Engineering closed 0.11% down at Rs 88.90 on BSE after the company said it has secured an EPC road contract worth Rs 139.50 crore in Odisa.

- Astrazeneca Pharma India rose 2.33%, in the morning trade, to Rs 1089.20 on BSE, with the stock recovering on bargain hunting after recent steep slide

- IL&FS Transportation Networks closed 5.67% up at Rs 127.60 on BSE, with the stock extending Thursday's rally triggered by the company's fund raising plan.

- Anuh Pharma closed 4.94% down at Rs 153.00 on BSE as the stock turned ex-dividend on 7th March 2014, for interim dividend of Rs 1.25 per share for the year ending 31st March 2014.

- Thermax closed 3.06% down at Rs 732.85 on BSE on profit booking after the stock jumped 9.92% in the preceding three trading sessions to Rs 755.95 on 6th March 2014, from a recent low of Rs 687.75 on 3rd March 2014.

- Priti Mercantile Company closed 3.84% up at Rs 726.80 on BSE after the company said it has fixed 15th March 2014 as the record date for the purpose of 8:10 bonus issue.