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Indian stock market daily morning report (September 02, 2014, Tuesday)

September 2, 2014, Tuesday, 10:05 GMT | 05:05 EST | 14:35 IST | 17:05 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices ended at record closing highs with the Nifty breaching the psychological 8,000 level for the first time after better-than-expected first quarter GDP data fuelled a rally led by capital goods and bank shares.

- The 30-share Sensex ended up 229 points at 26,868 after hitting a record high of 26,900 and the 50-share Nifty ended up 73 points at 8,028 after touching a record high of 8,035.

- Brigade Enterprises closed 7.98% up at Rs 136 after the company said Brigade Group and GIC, Singapore's sovereign wealth fund, through its affiliate Company, have entered into a Memorandum of Understanding (MOU) to jointly invest up to Rs 1,500 crore in residential and mixed-use developments in select cities of South India.

- French electrical engineering group Alstom India closed 6.78% up at Rs 519.45 after winning contracts worth 800 million euros (approx Rs 6,320 crore) in order to build high-voltage direct current power transmission lines in India, South Korea and Canada.

- Three PSU OMCs closed 1.37% to 5.98% on BSE after the under-recovery on High Speed Diesel declined to Rs 0.08 per litre in the first fortnight of September 2014, effective 1 September 2014. HPCL (up 1.88%), Indian Oil Corporation (up 5.98%) and BPCL (up 1.37%).

- Among the 12 BSE Sectoral Indices 11 Indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Metal up by 2.79%, BSE Capital Goods by 2.75% and BSE Realty by 2.72%. Top Losers: BSE FMCG down by 0.67%.

Market breadth was positive at ~1.90 as investors bought large cap stocks. On provisional basis, FII's bought Rs 5.54bn worth of Indian equities while DII's sold Rs 5.61bn worth of equities.


Economic and Corporate Developments

- Prime Minister Narendra Modi on Monday said Japan will invest $33.5 billion in infra projects over a period of 5 years to build smart cities and infra projects. The East Asian nation will also provide technical and financial support for bullet trains in India.

India has also signed five other agreements with Japan, among them health care, women's rights and the Kyoto-Varanasi smart city development project.

- Growth in the country's manufacturing activities slowed down a bit in August due to higher base in the previous month, showed the widely tracked HSBC purchasing managers' index (PMI).

Employment was down marginally for the second consecutive month in August, while price pressures remained high which may not allow the Reserve Bank of India to cut the policy rate. PMI dipped slightly from July's 17-month high of 53 points to 52.4 in August.


Buzzing Stocks

- Jindal Steel & Power closed 6.56% up at Rs 248.55 on BSE, with the stock rebounding sharply after reversing intraday fall in volatile trade.

- Radico Khaitan was locked at 5% upper circuit at Rs 82.35 on BSE after 0.54% equity changed hands in five bulk deals on BSE today, 1 September 2014.

- Sharon Bio-Medicine closed 2.98% up at Rs 72.65 on BSE after consolidated net profit jumped 37.66% to Rs 20.54 crore on 7.45% growth in net sales to Rs 349.51 crore in Q4 June 2014 over Q4 June 2013.

- Kemrock Industries & Exports was locked at 5% upper circuit at Rs 52.70 on BSE after the company reported a net loss of Rs 22.51 crore in Q3 June 2014, lower than net loss of Rs 169.77 crore in Q3 June 2013.

- NCC closed 1.31% down at Rs 67.80 on BSE after the company said it will allot 29.93 crore shares at Rs 20 per share on rights issue basis.

- Adhunik Metaliks closed 2.11 % down at Rs 41.75 on BSE as the company reported a consolidated net loss of Rs 10.69 crore in Q4 June 2014, higher than net loss of Rs 9.89 crore in Q4 June 2013.

- Asian Granito India was locked at 5% upper circuit at Rs 104.35 on BSE after the company said its board has framed a Committee of Directors to analyze the matter on allotment of warrants by way of preferential issue.

- Wockhardt closed 2.78% up at Rs 709.70 on BSE after the company said that two of its anti-infective drugs have received Qualified Infectious Disease Product status from the US Food and Drug Administration.

- Maruti Suzuki India closed 4.71% up at Rs 2,915.50 on BSE after the company said its total sales surged 26.9% to 1.10 lakh units in August 2014 over August 2013.

- Bajaj Electricals closed 2.76% up at Rs 292 on BSE after the company's engineering and project business unit bagged four new orders aggregating to Rs 602.12 crore.

- Natco Pharma was locked at 5% upper circuit at Rs 1,262.55 on BSE after the company said that its marketing partner in US, Mylan Inc. has filed an ANDA for a three-times-a-week generic Copaxone.

- Bharti Airtel closed 1.69% up at Rs 375.95 on BSE after the company's subsidiary signed a definitive agreement with Essar Telecommunications, Kenya, to acquire over 2.7 million subscribers.

- Piramal Enterprises closed 0.38% up at Rs 693.45 on BSE after the company issued a clarification with regard to media news.

- ONGC closed 1.01% up at Rs 439.55 on BSE after the company said it will be investing Rs 5219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian sea.

- Jaiprakash Associates closed 3.32% up at Rs 48.20 on BSE, with the stock reversing recent decline on bargain hunting.