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Indian stock market daily morning report (March 19, 2014, Wednesday)

March 19, 2014, Wednesday, 05:55 GMT | 01:55 EST | 11:25 IST | 13:55 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices came off their day's highs to end marginally higher as investors booked profits after they touched fresh all-time highs in intra-day trades on Tuesday.

The 30-share Sensex ended up 22 points at 21,- 32 after touching a fresh intra-day high of 22,040.72 and the 50-share Nifty ended up 12 points at 6,517 after hitting a new intra-day high of 6,574.95.

Foreign institutional investors have been aggressive buyers in Indian equities during the month so far after they bought equities worth Rs 9,543 crore.

- Among the 12 BSE Sectoral Indices 7 sectors closed in positive while 5 sectors ended the day in negative. Top Gainer: BSE FMCG up by 1.- 4% and BSE Oil & Gas by 1.27%. Top Losers: BSE iT down by 0.- 2% and BSE Realty by 0.52%.

Market breadth was positive at ~1.23 as investors bought large cap stocks. On provisional basis, FII's bought Rs 9.- 2bn worth of Indian equities and Dll's sold Rs - .66bn worth of equities.


Economic and Corporate Developments

- India remains the biggest buyer of arms in the world, importing nearly three times as many weapons as its nearest competitors China and Pakistan over the last five years, a Swedish think tank said on Monday.

The total volume of arms sales was up 14 per cent in 2009-13 compared to the previous five years, according to the Stockholm International Peace Research Institute (SIPRI). Indian imports of major weapons rose 111 per cent in the last five years compared to 2004-0- . Its share of total global arms imports increased from seven to 14 per cent, SIPRI said.

India replaced China as the world's biggest arms buyer in 2010. With its domestic defence industry struggling to manufacture high-tech arms, India is in the midst of a defence spending binge as it struggles to keep up with better-equipped Chinese forces and a range of military challenges in its volatile neighbourhood.

The main supplier of arms to India in 2009-13 was Russia, accounting for 75 per cent of all imports- reflecting India's need to upgrade and modernise weapons systems dating back to their close relationship during the Cold War.


Buzzing Stocks

- Infosys rose 0.25%, in the morning trade, to Rs 3,39- on BSE after the company said it won a multi-year application development services contract from Volvo Car Corporation.

- Maruti Suzuki India closed 7.58% up at Rs 1,865.85 on BSE after the company said its board reviewed the proposed Gujarat project on Saturday, 15th March 2014.

NTPC closed 0.73% up at Rs 117.85 on BSE after the company said its board approved Rs 14,366.5- crore investment for North Karanpura Super Thermal Power Project in Jharkhand.

- Astrazeneca Pharma India surged 4.63%, in the opening trade, to Rs 1,213.60 on BSE, after the company's board approved the delisting proposal received from the promoter of the company.

- Orchid Chemicals & Pharmaceuticals hit an upper circuit limit of 10% at Rs 53.60 on BSE after the company said the corporate debt restructuring empowered group approved the debt restructuring package.

- Amtek India closed 19.97% up at Rs 77.50 on BSE after the company said that it has successfully completed the acquisition of substantial interest of Germany-based Kuepper Group.

- Induslnd Bank closed 3.14% up at Rs 482.55 on BSE after 0.23% equity changed hands in a bulk deal on BSE on 18th March 2014.

- Reliance Industries closed 1.04% up at Rs 895.35 on BSE after the company said its telecom arm, Reliance Jio Infocomm, has inked a telecom tower-sharing agreement with independent telecom tower firm Viom Networks.

- Financial Technologies (India) closed 4.99% up at Rs 378.95 on BSE after the company said it sold its entire stake in National Bulk Handling Corporation to IVF Trustee Company for Rs 241.74 crore.

- Dhampur Sugar Mills closed 5.28% up at Rs 39.85 on BSE after 2.51% equity changed hands in a bulk deal on BSE on 18th March 2014.

- Zensar Technologies closed 3.37% up at Rs 399.15 on BSE after the company signed significant multimillion dollar wins in the United States and Europe.

- State Bank of India closed 2.72% up at Rs 1,698.40 on BSE on a media report that the bank is planning to sell around Rs 5,000 crore of its Rs 67,799 crore non-performing assets to asset reconstruction companies.

- United Bank of India closed 3.15% up at Rs 27.85 on BSE after the bank decided to reduce the Base Rate from 10.50% to 10.25% with effect from 24th March 2014.

- Polaris Financial Technology closed 11.57% up at Rs 152.80 on BSE after the company announced the demerger of its products business into a separately listed company.