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Reports India

Indian stock market daily morning report (March 24, 2014, Monday)

March 24, 2014, Monday, 05:29 GMT | 01:29 EST | 09:59 IST | 12:29 SGT
Contributed by Keynote Capitals

Views on markets today

- It was a lacklustre session marked by low volumes on the bourses and feeble movement during the day.

The 30-share BSE Sensex edged 1.57 points higher to close at 21755 levels and the 50-unit Nifty added almost 1.7 points to end at 6494 levels.

The 30-Share BSE Sensex had closed at 21753.75 points and 50-Unit Nifty had closed at 6493.20 points on Friday.

- Axis Bank closed 2.69% up at Rs 1,393.40 on BSE on reports the government will sell 4.22 crore shares, or 9% stake, in the bank through block deals on, 21st March 2014.

- Among the 12 BSE Sectoral Indices 9 sectors closed in positive while 3 sectors ended the day in negative. Top Gainer: BSE Consumer Durables up by 0.39% and BSE Auto by 0.36%. Top Losers: BSE Metal down by 0.19% and BSE Realty by 0.09%.

Market breadth was positive at ~1.52 as investors bought large cap stocks. On provisional basis, FII's bought Rs 42.22bn worth of Indian equities and DII's sold Rs 40.76bn worth of equities.

Economic and Corporate Developments

- The Reserve Bank of India (RBI)'s foreign exchange reserves are at an almost 27-month high — a level that is seen comfortable by the Street to tackle the US Fed's tapering.

The foreign exchange reserves rose by $1.84 billion to $ 297.29 billion for the week ending March 14, shows RBI data released on Friday. The latest data shows the foreign exchange reserves are back to the December 23, 2011 level. For the week ending December 23, the reserve position was at $ 300.86 billion.

Foreign currency assets, a key component of reserves rose by $ 1.84 billion to $269.81 billion. Gold reserves remained unchanged during the week.

Foreign exchange reserves had hit a 39-month low on September 6 when it touched $ 274 billion. The reserves started rising, after the central bank took several steps to encourage inflows.

Buzzing Stocks

- IL&FS Engineering and Construction Company closed 9.14% up at Rs 40.00 on BSE after the company said it has bagged a Rs 69.97 crore contract for construction of elevated depot cum workshop for the Rapid Metro Rail Gurgaon.

- Canara Bank rose 1.21%, in the morning trade, to Rs 242.25 on BSE after the bank said that it plans to raise Rs 1,000 crore from bonds.

- Unity Infraprojects closed 3.49% up at Rs 20.75 on BSE after the company said that its board of directors would consider and approve CDR application.

- Mercator closed 14.93% up at Rs 24.25 on BSE after the company said it has acquired one 1992 built VLGC, or very large gas carrier.

- Dewan Housing Finance Corporation closed 5.96% up at Rs 218.55 on BSE after 1.3% equity changed hands in a bulk deal on, 21st March 2014.

- Tulip Telecom hit a lower circuit limit of 5% to Rs 4.02 on BSE on reports the company's chairman-cum-managing director has been arrested for allegedly evading service tax of about Rs 32 crore.

- SJVN closed 0.48% up at Rs 20.80 on BSE after the company said that Rampur Hydro Electric Project, located on river Satluj in Himachal Pradesh, commenced power generation on Thursday, 20th March 2014.

- Tata Global Beverages rose 1.77%, in the morning trade, to Rs 143.85 on BSE after the company's joint venture firm, Starbucks, registered a record growth in India.

- Claris Lifesciences opened 2.02% up at Rs 184 on BSE after the company announced buyback of upto 92.50 lakh equity shares at Rs 250 per share for an amount not exceeding Rs 231.25 crore.

- Emami Paper Mills hit an upper circuit limit of 10% at Rs 26.95 on BSE after the company said that a committee will meet on 2- March 2014 to consider preferential allotment of cumulative redeemable non-convertible preference shares.

- Jain Irrigation Systems closed 1.46% up at Rs 58.95 on BSE after the company said it has allotted 75 lakh equity shares at an issue price of Rs 86.30 per share upon conversion of share warrants by the promoter group entities.

- Apollo Hospitals Enterprises closed 2.61% up at Rs 897.55 on BSE after a foreign brokerage assigned an outperform rating on the stock with a target price of Rs 1,085, citing strong growth visibility and proven execution.

- KPR Mill closed 3.46% down at Rs 105.90 on BSE after the company said that on Tuesday, 18th March 2014, an accident occurred at the company's processing unit situated at SIPCOT, Perundurai, Erode.

- Housing Development & Infrastructure closed 5.16% up at Rs 48.90 on BSE on bargain hunting after the stock tumbled 7.28% in the preceding six trading sessions to Rs 46.50 on 20th March 2014, from a recent high of Rs 50.15 on 11th March 2014.