Views on markets today
- Markets surged on Monday snapping a three-day losing streak, amid short covering at lower levels, as easing of global crude oil prices following a landmark deal between Iran and world powers would help India reduce its current account deficit and contain inflationary pressures.
On Sunday, US along with five other global powers, reached a landmark agreement with Iran on curbing some of its nuclear programmes in exchange for a limited relief on sanctions.
The 30-share Sensex ended up 38- points at 20,605 and the 50-share Nifty ended up 120 points at 6,115.
- Shares of eight offshore oil services providers rose by 2.60% to 18.33% on BSE on reports that the oil ministry plans to kick-start the tenth round of New Exploration and Licensing Policy in January 2014.
Aban Offshore (up 20.00%), Dolphin Offshore Enterprises India (up 17.31%), GOL Offshore (up 15.23%), Jindal Drilling Industries (up 10.57%), Global Offshore Services (up 7.36%), Deep Industries (up 6.48%), Shiv Vani Oil & Gas Exploration Services (up 4.98%) and sEaMEC (up 2.60%), edged higher.
- Among the 13 BSE Sectoral Indices 12 sectors closed in positive while 1 sector ended the day in negative. Top Gainers: BSE Capital Goods up by 3.82%, BSE Bankex by 3.63% and BSE Realty by 2.28%. Top Losers: BSE IT down by 3.80%
Market breadth was negative at ~1.41 as investors sold large cap stocks. On provisional basis, FII's bought Rs 8.38bn worth of Indian equities and DII's sold Rs 7.92bn worth of equities.
Economic and Corporate Developments
- Analytic firms have predicted India's economic growth in the wide range of 4.5-5.5% in the second quarter of 2013-14.
While Moody's Analytics pegged the Gross Domestic Product (GDP) in April-September period to grow at a sluggish 4.5%, Deutsche Bank pegged the growth at an 18-month high of 5.5%.
The research wing of Moody's Group said: "GDP growth in the second quarter cooled to its slowest pace in four years as production slowed across most parts of the economy".
In the quarter ended June, the GDP grew at a four-year low of 4.4% even as industries contracted 0.86% and the services expanded by 6.17%.
The official GDP numbers will be released on Friday this week by the Central Statistics Office.
Buzzing Stocks
- Shares of three state-run upstream oil and gas firms rose by 0.85% to 3.54% on BSE on anticipation that falling crude oil prices may reduce subsidy burden on these companies.
ONGC (up 3.70%), Oil India (up 1.44%) and GAIL (India) (up 1.20%), edged higher.
- Pfizer and Wyeth rose by 12.14% to 13.59% on BSE after the boards of Pfizer and Wyeth approved the proposed merger with a 7:10 equity swap ratio.
Wyeth (up 13.59% at Rs.924.80), and Pfizer (up 12.14% at Rs.1,605.30), edged higher.
- Valecha Engineering closed 5.53% up at Rs 36.25 on BSE after the company said it has won a Rs 176.29 crore contract from NHPC for civil work of a tunnel in Himachal Pradesh.
- NHPC closed 1.42% up at Rs 17.90 on BSE after the company said it will commence the buyback of shares from Friday, 29 November 2013.
- DIC India hit an upper circuit limit of 20% at Rs 282.80 on BSE after the company's promoter proposed a voluntary delisting offer.
- Cairn India closed 1.21% up at Rs 330.00 on BSE, extending Friday's 3.09% rise triggered by the company's plan to buyback equity shares.
- Tata Power closed 1.62% up at Rs 78.25 on BSE after the company signed memorandum of understanding with government of Vietnam to develop Long Phu 2 power project.
- Siemens closed 6.94% up at Rs 601.05 on BSE after net profit fell 43.5% to Rs 193.95 crore on 12.3% decline in net sales to Rs 11,145.24 crore in the year ended September 2013 over the year ended September 2012.
- Markets surged on Monday snapping a three-day losing streak, amid short covering at lower levels, as easing of global crude oil prices following a landmark deal between Iran and world powers would help India reduce its current account deficit and contain inflationary pressures.
On Sunday, US along with five other global powers, reached a landmark agreement with Iran on curbing some of its nuclear programmes in exchange for a limited relief on sanctions.
The 30-share Sensex ended up 38- points at 20,605 and the 50-share Nifty ended up 120 points at 6,115.
- Shares of eight offshore oil services providers rose by 2.60% to 18.33% on BSE on reports that the oil ministry plans to kick-start the tenth round of New Exploration and Licensing Policy in January 2014.
Aban Offshore (up 20.00%), Dolphin Offshore Enterprises India (up 17.31%), GOL Offshore (up 15.23%), Jindal Drilling Industries (up 10.57%), Global Offshore Services (up 7.36%), Deep Industries (up 6.48%), Shiv Vani Oil & Gas Exploration Services (up 4.98%) and sEaMEC (up 2.60%), edged higher.
- Among the 13 BSE Sectoral Indices 12 sectors closed in positive while 1 sector ended the day in negative. Top Gainers: BSE Capital Goods up by 3.82%, BSE Bankex by 3.63% and BSE Realty by 2.28%. Top Losers: BSE IT down by 3.80%
Market breadth was negative at ~1.41 as investors sold large cap stocks. On provisional basis, FII's bought Rs 8.38bn worth of Indian equities and DII's sold Rs 7.92bn worth of equities.
Economic and Corporate Developments
- Analytic firms have predicted India's economic growth in the wide range of 4.5-5.5% in the second quarter of 2013-14.
While Moody's Analytics pegged the Gross Domestic Product (GDP) in April-September period to grow at a sluggish 4.5%, Deutsche Bank pegged the growth at an 18-month high of 5.5%.
The research wing of Moody's Group said: "GDP growth in the second quarter cooled to its slowest pace in four years as production slowed across most parts of the economy".
In the quarter ended June, the GDP grew at a four-year low of 4.4% even as industries contracted 0.86% and the services expanded by 6.17%.
The official GDP numbers will be released on Friday this week by the Central Statistics Office.
Buzzing Stocks
- Shares of three state-run upstream oil and gas firms rose by 0.85% to 3.54% on BSE on anticipation that falling crude oil prices may reduce subsidy burden on these companies.
ONGC (up 3.70%), Oil India (up 1.44%) and GAIL (India) (up 1.20%), edged higher.
- Pfizer and Wyeth rose by 12.14% to 13.59% on BSE after the boards of Pfizer and Wyeth approved the proposed merger with a 7:10 equity swap ratio.
Wyeth (up 13.59% at Rs.924.80), and Pfizer (up 12.14% at Rs.1,605.30), edged higher.
- Valecha Engineering closed 5.53% up at Rs 36.25 on BSE after the company said it has won a Rs 176.29 crore contract from NHPC for civil work of a tunnel in Himachal Pradesh.
- NHPC closed 1.42% up at Rs 17.90 on BSE after the company said it will commence the buyback of shares from Friday, 29 November 2013.
- DIC India hit an upper circuit limit of 20% at Rs 282.80 on BSE after the company's promoter proposed a voluntary delisting offer.
- Cairn India closed 1.21% up at Rs 330.00 on BSE, extending Friday's 3.09% rise triggered by the company's plan to buyback equity shares.
- Tata Power closed 1.62% up at Rs 78.25 on BSE after the company signed memorandum of understanding with government of Vietnam to develop Long Phu 2 power project.
- Siemens closed 6.94% up at Rs 601.05 on BSE after net profit fell 43.5% to Rs 193.95 crore on 12.3% decline in net sales to Rs 11,145.24 crore in the year ended September 2013 over the year ended September 2012.
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