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Indian stock market daily morning report (October 09, 2012, Tuesday)
Views on markets today
- The BSE Sensex dropped by over 229 points or 1.21% to close at 18,708.98 on profit booking in RIL, SBI and L&T amid weakness European stocks ahead of a key meeting to discuss the region's debt crisis. After opening slightly weaker on weak Asian cues, the BSE Sensex stayed in the negative zone throughout the session and touched the day's low of 18,684.40.
- Meanwhile, the Nifty 50 ended below the 5700 level for the first time in last six sessions; it was down 70.95 points or 1.23% to 5,676 ahead of quarterly results.
- Among the 13 sectoral indices, twelve sectors closed in negative, while remaining one sector closed in positive. Top Gainers: BSE HC up by 1.2%. Top Losers: BSE Realty down by 3.5% and BSE Oil&Gas down by 2.8%, BSE CG down by 2.7%.
- Market breadth was negative at ~0.90x as investors sold large cap stocks. On provisional basis, FII bought equity of '5.64bn and domestic institutions sold equity of '7.78bn in cash segment.
- Asian markets indicated a mix trend, as Chinese markets sharply gained after People's Bank of China injected liquidity to ease tight money conditions in the banking system, with the lenders leading the advance while Japanese shares lost the ground on weakness in commodity shares.
- We expect a cautious opening for the Indian markets, following the mix cues of the Asian shares.
Economic and Corporate Developments
- Government approves 14 FDI proposals worth Rs 113 crore
- Fitch ups Indian banks' FY13 gross NPAs estimate to 4.2% from 3.75%
- Oil ministry prepares new empowered group of ministers (EGoM) note on Reliance Industries' KG-D6 gas allocation, according to news reports
- Government has reduced export duty drawback from 5.5% to 2% (with effect from 10th October 2012). (Negative for auto co having exports)
- Coal ministry asks Reliance Power to stop mining at Sasan project blocks
- RIL scales down KG-D6 spend by USD 3 billion to USD 5.9 billion on the back of drop in reserves
- Suzlon to meet bondholders tomorrow to get a 4-month extension of the October FCCBs
- Adani Power OFS oversubscribed, bids for 4.93 crore shares as against 3.55 crore shares on sale
- Uflex looking at 2-3 major acquisitions in the US and European markets
- International Paper moves SC over SAT's offer price to shareholders of AP Paper Mills
- Geometric board okays merger of Delmia Solutions with company's arm
- Essel Group sells another 1.5% stake in IVRCL, inches closer to exit
- Aban Offshore bags 3-year contract from Petronas, company to earn approximately USD 152.75 million (Rs 800 crore)
- COMPAT issues notice to CCI, DLF arms In Jasola case
- EGoM to fix price band for RINL IPO on Tuesday
- Road Minister says to award 4,000 km road projects under EPC mode in FY13
- Railways form tariff authority to decide fares
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