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Indian stock market daily morning report (October 08, 2012, Monday)

Contributed by Keynote Capitals

Views on markets today

- The BSE sensex and Nifty 50 snapped four day winning streak Friday owing to profit booking after sensex crossed 19000 and 5800 on Nifty50. The BSE Sensex, which rallied 479 points in previous four sessions, fell 139.64 points to close at 18,918.51, weighed down by banking & financials, telecom, technology and healthcare stocks. The index had gained 79 points in early trade following Cabinet's approval to 49% FDI in insurance and pension.

- Meanwhile, the NSE Nifty, which plunged 899 points intraday due to freak trade by a brokerage house, declined 40.65 points to end at 5,746.95.

- Among the 13 sectoral indices, seven sectors closed in negative, while remaining six sectors closed in positive. Top Gainers: BSE CD up by 0.66%, BSE FMCG gained by 0.61%, BSE Auto surged by 0.55%. Top Losers: BSE Teck down by 1.65% and BSE IT down by 1.62%, BSE HC down by 1.40%.

- Market breadth was negative at ~0.60x as investors sold large cap stocks. On provisional basis, FII bought equity of '43.525bn and domestic institutions sold equity of '1.89bn in cash segment.

- Asian markets fall today morning, as commodity stocks declined sharply.

- We expect a negative opening for the Indian markets today morning, following the renewed sentiment for profit taking among the investors and weak global cues.

Economic and Corporate Developments

India looks set to begin dismantling a complex web of regulatory requirements that throttle its infrastructure growth, with plans to set up a special body this week to speed up projects in a sector seen as vital to reviving economic momentum.

Buzzing Stocks

- Deccan Chronicle Holdings lenders may be forced to write-off Rs 3000Cr loan

- DB Realty to issue upto 3.7 crore warrants on preferential basis to promoters

- Essel Group sold shares in IVRCL, lowers holding to 3%

- Reliance Industries refused to follow oil ministry order to swap its KG D6 gas with an Andhra gas firm

- Godrej Properties gives up plans to buy HDIL's 14 acre Bangalore plot due to pending regulatory approvals

- Max India may offload 5% in life insurance JV to foreign investors

- Wipro shelves plans to sell its water treatment business

- Omaxe to raise Rs 600 Cr to offload stake to comply with minimum public shareholding norm

- Dabur looks at healthcare buys abroad