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Reports India

Indian stock market daily morning report (March 27, 2014, Thursday)

March 27, 2014, Thursday, 06:05 GMT | 03:05 EST | 11:35 IST | 13:05 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark stock indices scaled new closing highs yet again with the 'hope rally' continuing on Wednesday following strong rupee and firm global cues amidst robust foreign fund inflows.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1223.2- crore on Monday, as per provisional exchange data.

The 30-share BSE Sensex added 40 points or 0.2% to close at 22,095 while 50-unit Nifty edged 12 points or 0.2% higher to close at 6,601.

- Tata Steel closed 2.07% up at Rs 374.30 on BSE after the company said it sold its 25-acre land parcel in Borivali, Mumbai for Rs 1,155 crore to Oberoi Realty through e-auction.

- Shriram City Union Finance rose 1.63% to Rs 1,060 on BSE after a foreign brokerage initiated coverage on the stock with an overweight rating.

- JBM Auto hit an upper circuit limit of 5% at Rs 127.40 on BSE after the company said that the commercial operation of its new bus project is likely to start from October, 2014.

- Godrej Properties rose 2.06% to Rs 186 on BSE after the company said it has entered into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune.

- Ambuja Cements rose 1.83% to Rs 186.45 on BSE after the company said that High Courts of Gujarat and New Delhi have approved the scheme of amalgamation of Holcim India with the company.

- SREI Infrastructure Finance spurted 12.08% to Rs 28.30 on BSE after the company said it bagged approval from the Reserve Bank of India to operate payment system for white label ATMs with effect from 25th March, 2014.

- Among the 12 BSE Sectoral Indices 5 sectors closed in positive while 7 sectors ended the day in negative. Top Gainer: BSE Metal up by 2.70% and BSE Capital Goods by 1.35%. Top Losers: BSE healthcare down by 1.82% and BsE Consumer Durables by 1.37%.

Market breadth was negative at ~0.80 as investors sold large cap stocks. On provisional basis, FII's bought Rs 10.04bn worth of Indian equities and DII's sold Rs 3.56bn worth of equities.

Economic and Corporate Developments

- The rupee is trading at 60.21/22 versus its previous day's close of 60.48/49, helped by gains in the domestic sharemarket and other Asian currencies.The rupee rose to as high as 60.1350 in intraday trade, its highest since July, 30.

Buzzing Stocks

- Gujarat NRE Coke rose 1.97%, in the morning trade, to Rs 8.79 on BSE, with the stock extending Tuesday's 10.79% rally triggered by the company receiving the formal approval for the restructuring of the debts, from the Empowered Group of CDR Cell.

- Oberoi Realty jumped 11.22%, in the opening trade, to Rs 221 on BSE after the company said it was declared the highest bidder at the auction of about 25 acres of land parcel owned by Tata Steel in Borivali, Mumbai.

- Arshiya International surged 8.45%, in the opening hours, to Rs 17.45 on BSE, with the stock extending recent steep rally triggered by the firm scheduling its board meeting on, 27th March 2014, to review CDR package approved by CDR Cell.

- Unity Infraprojects jumped 7.11%, in the openin trade, to Rs 21.85 on BSE after the company said its board has approved referring to corporate debt restructuring cell of Reserve Bank of India.

- Redington (India) closed 1.25% down at Rs 70.90 on BSE after the company said it has transferred its balance 14% shareholding in Easyaccess Financial Services to the promoter company, Harrow Investment Holding, Mauritius.

- Wheels India closed 10.03% up at Rs 512.15 on BSE on bargain hunting after the stock slumped 21.34% in the preceding thirteen trading sessions to Rs 465.45 on 25th March 2014, from a recent high of Rs 591.70 on 6th March 2014.

- Educomp Solutions closed 5.32% up at Rs 24.75 on BSE after the company said the corporate debt restructuring empowered group has approved the firm's proposed debt restructuring scheme.

- Suven Life Sciences rose 1.19%, in the late morning trade, to Rs 72.05 on BSE after the company said it has received two product patents from the United States corresponding to NCEs for the treatment of disorders associated with Neurodegenerative diseases.

- Arvind closed 6.22% up at Rs 165.60 on BSE, extending Tuesday's 5.77% rise triggered by the company joining Indian joint venture with PVH Corp for operation of Calvin Klein business in India.

- Sintex Industries jumped 4.10%, in the noon trade, to Rs 43.20 on BSE after the company said it has decided to disinvest its entire stake in its wholly-owned subsidiary, Zep Infratech, to Khadayata Decor.

- SKS Microfinance rose 2.64%, in the noon trade, to Rs 201.90 on BSE, with the stock extending Tuesday's gains triggered by the company completing its eleventh securitization transaction of Rs 183.02 crore during the current financial year.

- Bharat Forge closed 3.13% down at Rs 400.65 on BSE on profit booking after the stock rose 4.75% in the preceding two trading sessions to Rs 413.60 on 25th March 2014, from a recent low of Rs 394.85 on 22nd March 2014.