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Reports India

Indian stock market daily morning report (March 11, 2014, Tuesday)

March 11, 2014, Tuesday, 06:24 GMT | 02:24 EST | 10:54 IST | 13:24 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets ended flat amid range bound trade on Monday as gains in cyclicals helped offset losses in defensive sectors.

The 30-share Sensex ended up 15 points at 21,935 and the 50-share Nifty ended up 11 points at 6,537.

Earlier in the day, the Sensex's surged to all-time high of 22,023.9- points marking its third consecutive record high in as many sessions, while the Nifty hit a second consecutive milestone at 6,545.10 points.

- Among the 12 BSE Sectoral Indices 6 sectors closed in positive while 6 sector ended the day in negative. Top Gainer: BSE Capital Goods up by 2.77% and BSE Realty by 2.47%. Top Losers: BSE IT down by 2.42% and BSE Healthcare down by 1.67%.

Market breadth was positive at ~1.0- as investors bought large cap stocks. On provisional basis, FII's bought Rs 26.56bn worth of Indian equities and DII's sold Rs 10.45bn worth of equities.

Economic and Corporate Developments

- Foreign direct investment (FDI) into the services sector declined by about 60% to $1.59 billion in the first nine months of this financial year.

The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $4.04 billion in the April-December period of 2012, according to data with the Department of Industrial Policy and Promotion (DIPP).

An industry expert said foreign investors are waiting for the next government.

"Worldwide, foreign investors are eagerly waiting for elections. They want to take a call after the formation of the new government," said Krishan Malhotra, head of the tax division at corporate law firm Amarchand & Mangaldas.

The month-long general election will start on April 7, with polls staggered over nine stages.

With the drop in FDI in services, overall foreign inflows in the country dipped by 3% to $22 billion during the nine-month period. Investments of $22.7- billion were made in April-December 2012.

The services sector contributes over 60% to India's GDP

Buzzing Stocks

- Tata Power Company closed 0.25% down at Rs 78.95 on BSE on equity dilution worries after the firm announced the details of the proposed rights issue.

- Reliance Industries closed 1.93% up at Rs 885.80 on BSE, with the stock extending recent upmove.

- Indian Oil Corporation rose 1.69%, in the morning trade, to Rs 271.10 on BSE after the company signed a deal to buy 10% stake in Malaysian firm Petronas' gas and liquefied natural project.

- Ranbaxy Laboratories closed 1.51% down at Rs 364.50 on BSE on reports the company recalled more than 64,000 bottles of the generic version of a cholesterol-lowering drug in the United States after dosage mix-up was detected.

- Mahindra & Mahindra closed 3.42% up at Rs 1014.10 on BSE after the Bombay High Court approved demerger of the trucks undertaking of its wholly owned subsidiary and transfer and vesting thereof into the company.

- Dishman Pharmaceuticals and Chemicals closed 1.89% down at Rs 93.30 on BSE on reports the company is in talks to sell its 175 hectares of land in Gujarat to Nirma for about Rs 650 crore to cut its debt.

- Manappuram Finance closed 3.15% up at Rs 22.95 on BSE, after the central bank allowed foreign investors to hike their stake in the company.

- SPML Infra hit an upper circuit limit of 10% at Rs 34. on BSE after the company said it received new orders worth Rs 721 crore.

- Vascon Engineers closed 19.77% up at Rs 21.20 on BSE after the company said it has secured two new projects aggregating about Rs 245 crore.

- L&T closed 3.33% up at Rs 1,237.40 on BSE after the company said L&T Construction has won new orders worth Rs 2,935 crore across various business segments in February and March 2014.

- Sun Pharmaceutical Industries closed 2.64% down at Rs 596.00 on BSE on reports the company is voluntarily recalling 2,52- bottles of its generic version of diabetes drug Glumetza from US-based Santarus Inc.

- Tata Power Company closed 0.25% down at Rs 78.95 on BSE, amid high intraday volatility, on equity dilution worries after the firm announced the details of the proposed rights issue.

- GlaxoSmithKline Pharmaceuticals closed 5.27% down at Rs 2,509.80, with the stock extending its recent steep losses.