Views on markets today
- Markets edged up recovering from mid-day losses as buying activity was observed in Oil & Gas, Banking and Capital Goods shares.
Firm opening of European markets during late noon trading session also boosted the local investors' sentiment.
The S&P BSE Sensex traded nearly 330 points or 1.31% up at 25,521.19 while the CNX Nifty surged by 9- points or 1.3% at 7,631.70.
- Jaypee Infratech closed 12.82% up at Rs 33.00 on BSE on bargain hunting after the stock slumped 21.69% in the preceding five trading sessions to Rs 29.25 on 16th June 2014, from a recent high of Rs 37.35 on 9th June, 2014.
- Berger Paints India closed 4.82% up at Rs 268.35 on BSE, with the stock recovering on bargain hunting after recent slide.
- Two aviation stocks rose 1.92% and 3.09%, in the intraday trade, on BSE on reports the aviation ministry has drawn up a plan to push infrastructure development, e-governance and air connectivity during the first 100 days of the new government.
Jet Airways (India) (up 3.09% at Rs 252.15) and SpiceJet (up 1.92% at Rs 18.55) edged higher.
- Tata Steel closed 1.38% up at Rs 532.10 on BSE after the company said it plans to raise upto Rs 14,000 crore through privately placed debt securities in the domestic and or international capital markets.
- Among the 12 BSE Sectoral indices, 11 indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Oil & Gas up by 2.86% and BSE Bankex by 2.28%. Top Loser: BSE FMcG down by 0.17%.
Market breadth was sharply positive at ~2.15 as investors bought large cap stocks. On provisional basis, FII's sold Rs 1.94bn worth of Indian equities and DII's sold Rs 4.48bn worth of equities.
Economic and Corporate Developments
- Wholesale Price Index (WPI)-based inflation rose to a five-month high of 6.01 per cent in May from 5.2 per cent in the previous month, driven by costlier protein-based items, fuel and some manufactured products. In May 2013, WPI inflation was 4.5- per cent.
Core inflation (inflation for manufactured products, excluding food items) rose to 3.- per cent in May from 3.4 per cent in April, showed official data released on Monday. The data present a complex picture before the government and the Reserve Bank of India (RBI), as retail inflation, gauged by the Consumer Price Index (CPI), eased to a three-month low of 8.2- per cent in May.
Buzzing Stocks
- Mahindra Lifespace Developers closed 2.17% down at Rs 558.50 on BSE, with the stock sliding on profit booking after the firm said its board has recommended raising an amount not exceeding Rs 750 crore through private placement of NCDs.
- Mangalore Refinery & Petrochemicals closed 3.49% up at Rs 66.70 on BSE, with the stock recovering on bargain hunting after recent steep slide.
- Hanung Toys & Textiles was locked at 5% upper circuit at Rs 34.25 on BSE after the firm said its board has given its nod for issue and allotment of equity shares to promoters, promoters group by way of preferential issue.
- Fulford (India) hit a lower circuit limit of 5% at Rs 1,584.30 on BSE after the company said its promoter may consider other strategic alternatives in relation to its ownership of shares in the company if the delisting offer fails.
- Pennar Industries closed 4.25% up at Rs 36.80 on BSE after the company along with its subsidiaries received orders worth Rs 105 crore.
- Idea Cellular closed 3.68% up at Rs 141.05 on BSE, with the stock extending Monday's gains triggered by RBI allowing hike in FII investment ceiling to 49% from earlier 24% of the paid-up capital of the company.
- GAIL (India) closed 2.55% up at Rs 444.30 on BSE, with the stock extending Monday's 3.95% gains triggered by buzz that a foreign brokerage has raised the price target on the stock to Rs 525 from Rs 450 earlier.
- State Bank of Travancore closed 3.01% up at Rs 610.00 on BSE after the bank said its board of directors will meet on 20 June 2014 to consider and review the issue size of the proposed rights issue of the equity shares of the bank.
- Ricoh India hit a lower circuit limit of 20% at Rs 172.80 on BSE after the company said its delisting offer has failed and the equity shares of the company will continue to remain listed on the BSE.
- Cairn India closed 1.71% up at Rs 372.80 on BSE on reports the company received environmental clearance for raising crude oil production from its Rajasthan block to 300,000 barrels per day.
- Maruti Suzuki India closed 1.72% up at Rs 2,417.90 on BSE after a foreign brokerage maintained buy rating on the stock with a 15% increase in target to Rs 2,700 per share.
- Cipla closed 0.18% down at Rs 412.85 on BSE amid volatility after the firm said its wholly owned subsidiary has signed a definitive pact with the firm's existing Sri Lankan distributor for acquisition of 60% stake in a new company.
- Man Infra construction closed 7.27% up at Rs 138.00 on BSE after the company said its board of directors will meet on 25th June, 2014, to consider stock-split and declaration of interim dividend.
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