Indian stock market daily morning report

Views on markets today

– Benchmark share indices ended flat on Thursday, amid range bound trade, as investors remained cautious ahead of Infosys second quarter earnings.

The 30-share Sensex ended up 24 points at 20,273 and the 50-share Nifty ended up 14 points at 6,021.

– Among the 13 BSE Sectoral Indices, 10 sectors ended the day in positive while 3 sectors ended in negative. Top Gainers: BSE Auto up by 1.94%, BSE Metal by 0.49%. Top Losers: BSE Bankex down by 0.39% and BSE Oil & Gas by 0.09%.

Market breadth was positive at ~1.05 as investors bought large cap stocks. On provisional basis, FII’s bought Rs 6.14bn worth of Indian equities and DII’s sold Rs 4.60bn worth of equities.

Economic and Corporate Developments

– The Reserve Bank of India pumped in $3.1- billion in the forex market to arrest the slide of the rupee in August, when it fell to an all-time low against the dollar.

As per the RBI’s monthly bulletin released on Thursday, the central bank bought $724 million from the market in August, leading to net sales of $2.46 billion.

– Finance Ministry is considering additional capital infusion of Rs 4-5,000 crore in public sector banks for extending cheaper loans to auto and consumer durables buyers.

The ministry is examining the issue extensively and there could be additional fund infusion in excess of Rs 4,000 crore, a senior official said.

This amount will be over and above the Rs 14,000 crore for the public sector banks announced in the Budget for this fiscal, the official added.

– A survey by industry body Ficci has lowered the country’s economic growth forecast for 2013-14 fiscal to 5%, from 6% projected in July, indicating tough times ahead.

“Economic growth in the current year would be restrained and we should be prepared for another year of slow growth. The median forecast for GDP growth in 2013-14 by the participating economists stands at 5%,” Ficci’s Economic Outlook Survey said.

Buzzing Stocks

– Glenmark Pharmaceuticals jumped 4.31% to Rs 595.15 on BSE after the company said that its subsidiary filed a lawsuit in a US court seeking 180 days of exclusivity for its generic skin infections cream.

– Multi Commodity Exchange of India hit an upper circuit limit of 5% at Rs 425 on BSE after a stock and currency exchange partly owned by the company announced changes to its management and board.

– Balaji Amines jumped 5.33% to Rs 34.60 on BSE after the company said that its fully-owned five-star hotel, Balaji Sarovar Premiere, will start commercial operations from 12 October 2013.

– IL&FS Transportation Networks rose 2.02% to Rs 113.50 on BSE after the company said that it set up a new infrastructure company in Sharjah, UAE.

– NMDC rose 1.57% to Rs 129.15 on BSE on reports that the company has raised prices of iron ore lumps and fines by Rs 90 to Rs 100 a tonne.

DLF rose 2.04% to Rs 149.95 on BSE, extending Tuesday’s 5.76% rise triggered by the company selling its stake in unit Star AluBuild as part of its strategy to exit non-core businesses.

– Garware-Wall Ropes jumped 4.59% to Rs 49 on BSE after the company said that the buyback offer commences from today, 10 October 2013.

– Ashok Leyland rose 2.53% to Rs 16.20 on BSE after a block deal of 2.6 crore shares was struck at Rs 15.90 per share on BSE at 9:26 IST.

– IL&FS Engineering and Construction Company jumped 4.82% to Rs 35.85 on BSE after the company’s board approved rights issue of equity shares.


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