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Indian stock market daily morning report (October 17, 2012, Wednesday)

Contributed by Keynote Capitals

Views on markets today

- The BSE Sensex ended 135.85 points to close at 18,577.70 despite positive global cues. Meanwhile, the Nifty 50 lost 39.25 points to close at 5,648.

The BSE Sensex erased intraday gains and ended in the red, even as the European markets opened on a positive note. Realty, Metal and capital goods sectors led the decline while consumer Durable and Teck stocks edged higher.

Tata Motors Ltd retreated after monthly sales at unit Jaguar Land Rover disappointed, while Reliance Industries Ltd was pressured by profit-taking after quarterly earnings. However, among gainers, Maruti Suzuki India shares gained 2.15% after introducing a cheaper, more powerful and fuel-efficient version of its Alto at a base price of Rs.244,000.

- Among the 13 sectoral indices, eleven sectors closed in negative, while remaining two sectors closed in positive. Top Gainers: BSE CD up by 0.21% and BSE Teck surged by 0.05%. Top Losers: BSE Realty down by 3.05%, BSE Metal declined by 1.89% and BSE CG down by 1.51%

- Market breadth was negative at ~0.69x as investors sold large cap stocks. On provisional basis, FII sold equity of '2.04bn and domestic institutions bought equity of '5.95bn in cash segment.

- Asia stocks up today, following the positive close in the US markets and weak yen helping Japanese exporters.

- We expect a positive opening for the Indian markets today following the cues from the Asian markets. However, uncertain quarterly results may keep the sentiments dampen.

Economic and Corporate Developments

Group of Ministers finalises draft of Land Acquisition Bill. According to news, the final draft of the bill now proposes consent of two-third of "land losers" (from whom land would be purchased) for acquiring land for public-private-partnership and private projects.

Buzzing Stocks

- GMR ready to buy out DIAL partners

- AV Birla has revived negotiations to buy JP Associates cement plans in Guj and AP, offer $130/tn, valuations could again prove deal-breaker

- Oil exploration blocks in future may not face CAG scrutiny, but would have to share profits

- KFA management to convene meeting on lockout today

- SMS Pharma to sell unit-VI for Rs 173 cr to Mylan Lab

- CBI files chargesheet against JSW Steel's Sajjan Jindal, CEO and Senior VP

- NTPC's 2 blocks at Chatti- Bariatu & Kerandari deallocated