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Indian stock market daily morning report (November 20, 2012, Tuesday)

November 20, 2012, Tuesday, 04:03 GMT | 00:03 EST | 09:33 IST | 12:03 SGT
Contributed by Keynote Capitals

Views on markets today

The BSE Sensex increased 29.63 points or 0.16% to close at 18,339.00 and Nifty50 down 2.65 points or 0.05% to close at 5,571.40 led by stocks of Auto, FMCG and Capital goods.

India’s largest car maker Maruti Suzuki gained 3.87%, followed by Bharti Airtel. Bharti Airtel surged 3% and 12.5% in five sessions after 2G spectrum auction got over and Credit Suisse has upgraded the stock to "outperform".

Among the 13 sectoral indices, nine sectors closed in negative, while remaining four sectors closed in positive. Top Gainers: BSE Auto surged by 1.04% and BSE FMCG gained by 0.87%. Top Losers: BSE CD down by 1.14%, BSE CG down by 0.83% and BSE HC snapped by 0.75%. Market breadth was negative at ~0.60x as investors sold large cap stocks. On provisional basis, FII sold equity of `0.02bn and domestic institutions sold equity of `5.02bn in cash segment.

Asian stocks rose today, following the US and European counterparts on hopes than an agreement to avert the so-called fiscal cliff will be reached, and after upbeat reports on home-builder sentiment and existing-home sales.

We expect a positive opening for the Indian markets, following the cues from the Asian stocks and short covering.

Economic and Corporate Developments

The Reserve Bank directed banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery, to dissuade people from indulging in speculative activity.

Buzzing Stocks

The Union home ministry has allowed Essar Ports and Adani Ports to bid for the mega container terminal project in Chennai, clearing the decks for the shipping ministry to begin the process of awarding the 4,000-crore project.

National Aluminium has suspended operations at its only bauxite mine in eastern India as its mining lease has expired, Ansuman Das, chairman and managing director.

Contractual workers of Hindustan Paper Construction Limited (HPCL) resorted to indefinite strike to protest against non-payment of their due salaries.

Uttam Galva group has acquired majority stake of about 58.35 per cent in ailing Lloyds Steel and plans to invest additional Rs 380 crore in the steelmaker to turnaround the company.

The Coal Ministry has asked for forfeiture of Bank Guarantee (BG) of Rs 11.8 crore with regard to Gondhkari coal block jointly allotted to Maharashtra Seamless, Dhariwal Infrastructure and Kesoram Industries Ltd.