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Reports India

Indian stock market daily morning report (March 26, 2014, Wednesday)

March 26, 2014, Wednesday, 05:40 GMT | 01:40 EST | 10:10 IST | 12:40 SGT
Contributed by Keynote Capitals

Views on markets today

- Key stock indices inched higher on Tuesday, closing at fresh lifetime highs amid continued strength seen in the rupee against the greenback.

It was lacklustre session though which saw both the benchmarks - Nifty and Sensex move in a narrow range.

Capital goods, realty and power stocks led from the front while losses in oil & gas heavyweights offset the gains.

The 50-unit National stock exchange (NSE) Nifty index edged 6 points higher to end at its all-time high of 6,589.75.

The 30-share Bombay Stock Exchange (BSE) Sensex ended flat with a negative bias at 22,055 levels, it touched an all-time intra-day high of 22,079.96 during the day.

- BF Utilities hit an upper circuit limit of 10% at Rs 563.05 on BSE after the company said it is evaluating corporate restructuring to enhance shareholders value.

State Bank of Bikaner and Jaipur closed 3.22% up at Rs 324.10 on BSE after the company declared attractive interim dividend for the financial year ending March 2014.

- SKS Microfinance rose 1.15%, in the opening trade, to Rs 19- on BSE after the company said it completed eleventh securitization transaction during the current financial year of Rs 183.02 crore.

- Among the 12 BSE Sectoral Indices - sectors closed in positive while 4 sectors ended the day in negative. Top Gainer: BSE Power up by 1.92% and BSE Capital Goods by 1.67%. Top Losers: BSE Oil & Gas down by 1.46% and BsE IT by 0.77%.

Market breadth was negative at ~0.70 as investors sold large cap stocks. On provisional basis, FII's bought Rs 14.65bn worth of Indian equities and DII's sold Rs 7.70bn worth of equities.

Economic and Corporate Developments

- Owing to slowdown, advance tax collections this year grew 8.7 per cent to Rs 2.9 lakh crore, from Rs 2.66 lakh crore last year. The income-tax department is still hopeful of meeting its revised direct tax collection target of Rs 6.36 lakh crore on the back of last-minute payments.

“We are hopeful of achieving the revised estimate for 2013-14. Our officers are working 24x7 to see the tax collection target is met,” Central Board of Direct Taxes (CBDT) Chairman R K Tewari told reporters.

Buzzing Stocks

- GAIL (India) closed 0.62% down at Rs 368.05 on BSE, with the stock sliding on profit taking after Monday's 4.81% gains after the company said it has signed a Memorandum of Understanding with Chubu Electric Power Co., Inc., Japan on 21st March 2014.

- Jaiprakash Associates rose 1.53%, in the morning trade, to Rs 49.75 on BSE after the company's board approved selling 74% stake in Bokaro Jaypee Cement, a joint venture with Sail, to Dalmia Cement (Bharat).

- Sasken Communication Technologies rose 1.06%, in the morning trade, to Rs on BSE after the company said it has successfully delivered full phone development of Inmarsat's IsatPhone 2 satellite mobile handset.

- Sterling Biotech closed 3.09% down at Rs 8.77 on BSE after the company said it has completed the cashless exchange offer by issue of zero coupon convertible bonds due 2019 aggregating $206.464 million in exchange of existing bonds.

- Gujarat NRE Coke closed 10.80% up at Rs 8.62 on BSE after the company said it has received the formal approval for the restructuring of the debts, from the Empowered Group of Corporate Debt Restructuring Cell.

- Financial Technologies (India) hit the 5% upper circuit limit at Rs 376.25 on BSE after the company said it raised Rs 72.89 crore by selling a partial stake in Indian Energy Exchange to Golden Oak (Mauritius).

- Bharat Heavy Electricals closed 4.41% up at Rs 196.50 on BSE, with the stock extending Monday's 0.67% gains triggered by the company securing a large contract worth Rs 3.000    crore from NtPc.

- Arshiya International was locked at 10% upper circuit at Rs 16.09 on BSE, with the stock extending Monday's rally triggered by the firm scheduling its board meeting on Thursday, 27th March 2014, to review CDR package approved by CDR Cell.

- TCS rose 0.54%, in the noon trade, to Rs 2,164 on BSE after the company announced that it has won a multi-million, multiyear deal from GDF Suez, a global leader in the energy sector.

- MOIL closed 2.27% down at Rs 247.05 on BSE, with the stock sliding on profit booking after Monday's gains triggered by the company executing prospective licence deeds with the Government of Maharashtra over an area of 597.44 hectares.

- Rural Electrification Corporation closed 3.25% up at Rs 219.00 on BSE after the company said it has transferred its stake in Unchahar Transmission to Power Grid Corporation of India.

- Arvind closed 5.77% up at Rs 155.90 on BSE after the company said that it has joined Indian joint venture with PVH Corp for operation of Calvin Klein business in India.

- Power Grid Corporation of India closed 2.04% up at Rs 105.25 on BSE after the company said it has acquired Unchahar Transmission pursuant to the company's selection as the successful bidder under Tariff based competitive