Views on markets today
- Markets closed on strong note with the BSE benchmark index gaining 257 points to end at 20,791 and the Nifty closed at 6,176, adding 84 points ahead of the provisional second quarter GDP and fiscal deficit data for Apr-Oct, which was announced after market hours.
- NHPC closed 1.97% up at Rs 18.15 on BSE as the company's buyback offer commenced on Friday, 29th November 2013.
- Nestle India closed 1.56% down at Rs 5,137.30 on BSE, with the stock extending Thursday's 4.24% slide triggered by the company's overseas parent Nestle S.A.'s clarification that there is no plan at present to increase stake in Nestle India.
- All the 13 BSE Sectoral Indices closed in positive. Top Gainers: BSE Bankex up by 2.21%, BSE PSU by 1.88% and BSE Capital Goods by 1.79%.
Market breadth was positive at ~1.3- as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.45bn worth of Indian equities and DII's bought Rs 1.01bn worth of equities.
Economic and Corporate Developments
- Giving no respite to the government's hope of a more than 5% economic growth in 2013-14, the Gross Domestic Product (GDP) growth continued to remain sluggish in the second quarter, however up from the previous quarter. The GDP grew 4.8% in the second quarter of 2013-14 against 4.4% in the previous quarter. In the corresponding period last year, the GDP growth was 5.2%.
This takes the economic activity expansion in the first half of the year to 4.6%. The figures may be quite contrasting from the optimism displayed by the Finance Ministry to rein in the deficit at 4.8% of GDP in the current financial year.
Data released by the Controller General of Accounts on Friday showed that the deficit stood at Rs 4.57 lakh crore during April-October, 2013-14 against the Budget Estimate of Rs 5.43 lakh crore for the financial year.
Buzzing Stocks
- Jubilant Life Sciences closed 9.78% down at Rs 139.15 on BSE after the company said it has received abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel.
- Tech Mahindra rose 1.13%, in the early trade, to Rs 1,710 on BSE after the company said its board approved the amalgamation of Mahindra Engineering Services with the company.
- Syndicate Bank closed 5.71% up at Rs 88.85 on BSE after the bank said its board of directors will meet on 3 December 2013 to consider issue of equity shares aggregating to Rs 200 crore by way of preferential allotment to Government of India.
- MRF closed 1.38% down at Rs 17,316.45 on BSE after net profit rose 11.73% to Rs 184.10 crore on 4.87% growth in total income to Rs 3,159.80 crore in Q4 September 2013 over Q4 September 2012.
- Dr Reddy's Laboratories closed 1.15% up at Rs 2,484.85 on BSE, extending Thursday's 1.27% rise triggered by hopes that the company's market share of generic Toprol may rise after a plant operated by its competitor Wockhardt received import alert.
- Alphageo (India) closed 3.46% up at Rs 43.35 on BSE after the company secured two separate contracts worth an aggregate of Rs 47.87 crore for acquiring 2D and 3D seismic data.
- Shoppers Stop jumped 5.33%, in the early trade, to Rs 338.65 on BsE after IDFC Mutual Fund bought the company's shares through open market on Thursday, 2- November 2013.
- Sesa Sterlite closed 4.42% up at Rs 183.00 on BSE on reports that the government may take a decision later on 29th November 2013, on the long-delayed plans to sell government's stake in Balco and Hindustan Zinc.
- Wockhardt rose 1.45%, in the early trade, to Rs 430 on BSE, with the stock recovering on bargain hunting after recent slide triggered by firm receiving a warning letter from USFDA for its two manufacturing units in Aurangabad.
- Steel Strips Wheels closed 4.00% up at Rs 146.95 on BSE after the company said it received an export order worth approximately $5 million from SSangYong Motors Company, Korea.
- Reliance Power closed 2.49% up at Rs 71.95 on BSE after the company said that pre-commissioning activities have commenced for its concentrated solar power project in Rajasthan's Jaisalmer district.
- IL&FS Transportation Networks closed 3.46% up at Rs 127.00 on BSE after the company said its Spain-based subsidiary received a road maintenance contract in Ukraine worth approximately Rs 427 crore.
- Markets closed on strong note with the BSE benchmark index gaining 257 points to end at 20,791 and the Nifty closed at 6,176, adding 84 points ahead of the provisional second quarter GDP and fiscal deficit data for Apr-Oct, which was announced after market hours.
- NHPC closed 1.97% up at Rs 18.15 on BSE as the company's buyback offer commenced on Friday, 29th November 2013.
- Nestle India closed 1.56% down at Rs 5,137.30 on BSE, with the stock extending Thursday's 4.24% slide triggered by the company's overseas parent Nestle S.A.'s clarification that there is no plan at present to increase stake in Nestle India.
- All the 13 BSE Sectoral Indices closed in positive. Top Gainers: BSE Bankex up by 2.21%, BSE PSU by 1.88% and BSE Capital Goods by 1.79%.
Market breadth was positive at ~1.3- as investors bought large cap stocks. On provisional basis, FII's bought Rs 7.45bn worth of Indian equities and DII's bought Rs 1.01bn worth of equities.
Economic and Corporate Developments
- Giving no respite to the government's hope of a more than 5% economic growth in 2013-14, the Gross Domestic Product (GDP) growth continued to remain sluggish in the second quarter, however up from the previous quarter. The GDP grew 4.8% in the second quarter of 2013-14 against 4.4% in the previous quarter. In the corresponding period last year, the GDP growth was 5.2%.
This takes the economic activity expansion in the first half of the year to 4.6%. The figures may be quite contrasting from the optimism displayed by the Finance Ministry to rein in the deficit at 4.8% of GDP in the current financial year.
Data released by the Controller General of Accounts on Friday showed that the deficit stood at Rs 4.57 lakh crore during April-October, 2013-14 against the Budget Estimate of Rs 5.43 lakh crore for the financial year.
Buzzing Stocks
- Jubilant Life Sciences closed 9.78% down at Rs 139.15 on BSE after the company said it has received abbreviated new drug application approval from USFDA for a generic version of AstraZeneca's Seroquel.
- Tech Mahindra rose 1.13%, in the early trade, to Rs 1,710 on BSE after the company said its board approved the amalgamation of Mahindra Engineering Services with the company.
- Syndicate Bank closed 5.71% up at Rs 88.85 on BSE after the bank said its board of directors will meet on 3 December 2013 to consider issue of equity shares aggregating to Rs 200 crore by way of preferential allotment to Government of India.
- MRF closed 1.38% down at Rs 17,316.45 on BSE after net profit rose 11.73% to Rs 184.10 crore on 4.87% growth in total income to Rs 3,159.80 crore in Q4 September 2013 over Q4 September 2012.
- Dr Reddy's Laboratories closed 1.15% up at Rs 2,484.85 on BSE, extending Thursday's 1.27% rise triggered by hopes that the company's market share of generic Toprol may rise after a plant operated by its competitor Wockhardt received import alert.
- Alphageo (India) closed 3.46% up at Rs 43.35 on BSE after the company secured two separate contracts worth an aggregate of Rs 47.87 crore for acquiring 2D and 3D seismic data.
- Shoppers Stop jumped 5.33%, in the early trade, to Rs 338.65 on BsE after IDFC Mutual Fund bought the company's shares through open market on Thursday, 2- November 2013.
- Sesa Sterlite closed 4.42% up at Rs 183.00 on BSE on reports that the government may take a decision later on 29th November 2013, on the long-delayed plans to sell government's stake in Balco and Hindustan Zinc.
- Wockhardt rose 1.45%, in the early trade, to Rs 430 on BSE, with the stock recovering on bargain hunting after recent slide triggered by firm receiving a warning letter from USFDA for its two manufacturing units in Aurangabad.
- Steel Strips Wheels closed 4.00% up at Rs 146.95 on BSE after the company said it received an export order worth approximately $5 million from SSangYong Motors Company, Korea.
- Reliance Power closed 2.49% up at Rs 71.95 on BSE after the company said that pre-commissioning activities have commenced for its concentrated solar power project in Rajasthan's Jaisalmer district.
- IL&FS Transportation Networks closed 3.46% up at Rs 127.00 on BSE after the company said its Spain-based subsidiary received a road maintenance contract in Ukraine worth approximately Rs 427 crore.
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