Views on markets today
- Markets ended higher on Monday as better-than-expected second quarter GDP numbers released late Friday boosted the sentiment.
The 30-share Sensex ended up 106 points at 20,89- and the 50-share Nifty ended up 42 points at 6,218.
- Among the 13 Sectoral Indices 12 indices closed in positive while 1 sector ended in negative. Top Gainers: BSE Healthcare up by 2.00%, BSE Capital Goods by 1.61% and BSE Bankex by 1.16%. Top Loser: BSE Oil & Gas down by 0.38%.
Market breadth was positive at ~1.45 as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.90bn worth of Indian equities and DII's bought Rs 6.18bn worth of equities.
Economic and Corporate Developments
- After contracting for three consecutive months, manufacturing activity saw an eight-month high expansion in November as rising domestic orders provided impetus, according to the widely-tracked HSBC Purchasing Managers' Index (PMI).
The HSBC PMI for manufacturing stood at 51.3 points in November, up from 49.6 points in October this year. A reading below 50 points to contraction, while one above it shows expansion.
- Committed to keep fiscal deficit under check, Prime Minister Manmohan Singh has convened a high-level meeting today to push forward the disinvestment programme with a view to achieve the budgetary target of Rs 40,000 crore in the current fiscal.
The meeting, according to sources, will be attended by Finance Minister P Chidambaram, and other concerned ministers.
"PM wants to review the progress with regard to disinvestment programme. Issues concerning Coal India, Bhel, Hindustan Zinc and Balco are likely to be discussed," according to a source.
The government has budgeted to raise Rs 40,000 crore from minority stake sale in PSUs in the current fiscal. With eight months of the fiscal over, it has managed to garner only over Rs 1,325 crore through stake sale in six PSUs.
Buzzing Stocks
- Jubilant Life Sciences closed 4.89% up at Rs 145.95 on BSE, with the stock extending Friday's rally triggered by the company receiving abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel.
- Shoppers Stop surged 4.62% to Rs 345 on BSE after a block deal of 4.5 lakh shares was executed in the counter on BSE at Rs 331.05 per share at 10:30 IST.
- Eicher Motors closed 6.83% up at Rs 5,006.10 on BSE, extending recent gains triggered by a foreign brokerage upgrading the stock to buy from underperform.
- State Bank of India rose 1.35%, in the early trade to Rs 1,846 on BSE after the bank said it plans to raise up to Rs 9,576 crore through issue of equity shares to institutional investors or a follow-on public offer or any other mode.
- Swan Energy closed 2.92% up at Rs 111.11 on BSE after the company said it has been selected by the Gujarat Maritime Board as the developer for a Greenfield project in Gujarat.
- ONGC closed 1.54% down at Rs 293.90 on BSE on reports the Gujarat high court on Saturday, 30 November 2013, directed the company to pay royalty dues worth over Rs 10,000 crore to the state government.
- L&T closed 2.22% up at Rs 1,066.55 on BSE after the company said it is evaluating alternatives for monetisation of certain assets of its subsidiary L&T Infrastructure Development Projects.
- Amtek India closed 19.96% up at Rs 80.85 on BSE after net profit surged 86.9% to Rs 55.13 crore on 48.9% increase in net sales to Rs 558.25 crore in the quarter ended September 2013 over the quarter ended September 2012.
- Maruti Suzuki India closed 0.96% down at Rs 1,661.35 on BSE after the company said its total sales declined 10.7% to 92,140 units in November 2013 over November 2012.
- Idea Cellular rose 1.37% to Rs 177.85, in the early trade, on BSE after the company said its board has approved increase in the aggregate investment limit of Foreign Institutional Investors from 24% to 49% of the paid-up equity capital of the company.
- Power Grid Corporation of India closed 1.74% down at Rs 93.40 on BSE as the price band for the company's follow on public offer was set at a discount to ruling market price.
- Financial Technologies (India) closed 0.30% down at Rs 166.20 on BSE after net profit fell 61.16% to Rs 27.01 crore on 12.83% decline in total income to Rs 128.92 crore in Q2 September 2013 over Q2 September 2012.
- Mahindra & Mahindra closed 1.34% up at Rs 958.25 on BSE after the company said its total auto sales declined 18% to 39,255 units in November 2013 over November 2012.
- Markets ended higher on Monday as better-than-expected second quarter GDP numbers released late Friday boosted the sentiment.
The 30-share Sensex ended up 106 points at 20,89- and the 50-share Nifty ended up 42 points at 6,218.
- Among the 13 Sectoral Indices 12 indices closed in positive while 1 sector ended in negative. Top Gainers: BSE Healthcare up by 2.00%, BSE Capital Goods by 1.61% and BSE Bankex by 1.16%. Top Loser: BSE Oil & Gas down by 0.38%.
Market breadth was positive at ~1.45 as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.90bn worth of Indian equities and DII's bought Rs 6.18bn worth of equities.
Economic and Corporate Developments
- After contracting for three consecutive months, manufacturing activity saw an eight-month high expansion in November as rising domestic orders provided impetus, according to the widely-tracked HSBC Purchasing Managers' Index (PMI).
The HSBC PMI for manufacturing stood at 51.3 points in November, up from 49.6 points in October this year. A reading below 50 points to contraction, while one above it shows expansion.
- Committed to keep fiscal deficit under check, Prime Minister Manmohan Singh has convened a high-level meeting today to push forward the disinvestment programme with a view to achieve the budgetary target of Rs 40,000 crore in the current fiscal.
The meeting, according to sources, will be attended by Finance Minister P Chidambaram, and other concerned ministers.
"PM wants to review the progress with regard to disinvestment programme. Issues concerning Coal India, Bhel, Hindustan Zinc and Balco are likely to be discussed," according to a source.
The government has budgeted to raise Rs 40,000 crore from minority stake sale in PSUs in the current fiscal. With eight months of the fiscal over, it has managed to garner only over Rs 1,325 crore through stake sale in six PSUs.
Buzzing Stocks
- Jubilant Life Sciences closed 4.89% up at Rs 145.95 on BSE, with the stock extending Friday's rally triggered by the company receiving abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel.
- Shoppers Stop surged 4.62% to Rs 345 on BSE after a block deal of 4.5 lakh shares was executed in the counter on BSE at Rs 331.05 per share at 10:30 IST.
- Eicher Motors closed 6.83% up at Rs 5,006.10 on BSE, extending recent gains triggered by a foreign brokerage upgrading the stock to buy from underperform.
- State Bank of India rose 1.35%, in the early trade to Rs 1,846 on BSE after the bank said it plans to raise up to Rs 9,576 crore through issue of equity shares to institutional investors or a follow-on public offer or any other mode.
- Swan Energy closed 2.92% up at Rs 111.11 on BSE after the company said it has been selected by the Gujarat Maritime Board as the developer for a Greenfield project in Gujarat.
- ONGC closed 1.54% down at Rs 293.90 on BSE on reports the Gujarat high court on Saturday, 30 November 2013, directed the company to pay royalty dues worth over Rs 10,000 crore to the state government.
- L&T closed 2.22% up at Rs 1,066.55 on BSE after the company said it is evaluating alternatives for monetisation of certain assets of its subsidiary L&T Infrastructure Development Projects.
- Amtek India closed 19.96% up at Rs 80.85 on BSE after net profit surged 86.9% to Rs 55.13 crore on 48.9% increase in net sales to Rs 558.25 crore in the quarter ended September 2013 over the quarter ended September 2012.
- Maruti Suzuki India closed 0.96% down at Rs 1,661.35 on BSE after the company said its total sales declined 10.7% to 92,140 units in November 2013 over November 2012.
- Idea Cellular rose 1.37% to Rs 177.85, in the early trade, on BSE after the company said its board has approved increase in the aggregate investment limit of Foreign Institutional Investors from 24% to 49% of the paid-up equity capital of the company.
- Power Grid Corporation of India closed 1.74% down at Rs 93.40 on BSE as the price band for the company's follow on public offer was set at a discount to ruling market price.
- Financial Technologies (India) closed 0.30% down at Rs 166.20 on BSE after net profit fell 61.16% to Rs 27.01 crore on 12.83% decline in total income to Rs 128.92 crore in Q2 September 2013 over Q2 September 2012.
- Mahindra & Mahindra closed 1.34% up at Rs 958.25 on BSE after the company said its total auto sales declined 18% to 39,255 units in November 2013 over November 2012.
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