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Reports India

Indian stock market and companies daily report (April 04, 2014, Friday)

April 4, 2014, Friday, 05:12 GMT | 00:12 EST | 08:42 IST | 11:12 SGT
Contributed by Angel Broking


Indian markets are expected to open in the red following weak start to SGX Nifty. Asian indices too are trading cautiously ahead of the release of the US jobs data scheduled today.

US stocks gave back some ground on Thursday as market participants resorted to profit booking. The major averages closed in the red as traders also seemed to be looking for safer bets ahead of the release of the Labor Department's closely watched monthly jobs report on Friday. Meanwhile, according to a Labor Department report, initial jobless claims climbed to 326,000 in the week ended March 29 as against economist expectations of 320,000. A separate report from the Commerce Department showed that the US trade deficit unexpectedly widened to US$42.3bn in the month of February amid an increase in imports and a drop in exports. Additionally, as per the ISM report, US services sector activity expanded at a faster rate in March to 53.1, although it was slightly lower than economist's expectations of 53.5.

Back home, domestic markets fell modestly on Thursday as mixed global cues and disappointing services sector data (headline index fell to a three-month low of 47.5 from 48.8 in the previous month) prompted traders to lock in some profits after recent sharp gains. Trading on Friday is likely to be driven by reaction to the US jobs report. Economists expect employment to increase by about 200,000 jobs in March following the addition of 175,000 jobs in February.


Markets Today

The trend deciding level for the day is 22,500/6,737 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,630 - 22,751/ 6,776 - 6,816 levels. However, if NIFTY trades below 22,500/6,737 levels for the first half-an-hour of trade then it may correct 22,379 - 22,248/6,696 - 6,657 levels.


Coal India hikes prices for certain grades

Media reports suggest that Coal India has hiked prices of certain grades of coal. However, media reports also suggest that the hike is limited to one of its mine located in Jharkhand. In such a case, the hike is unlikely to have a material impact on the company's financials. We await further clarity on the matter. Until then, we maintain our estimates and rating.


Tata Motors forays into the Philippines

Tata Motors has announced that it has entered into the Philippines market. According to the announcement, the company willl commence its business in Philippines with the exports of Manza, Vista, Indigo and Indica from its passenger vehicles portfolio and Xenon, Ace and Super Ace from its commercial vehicles range. The company has appointed Pilipinas Taj Autogroup Inc., as its distributor in Philippines. We see this as a long term positive for the company which is expecetd to boost its exports going ahead. We maintain our Buy rating on the stock with a target price of Rs.487.


Economic and Political News

- Private investment in roads hinges on key policy changes

- Assocham urges TN Government to expedite approval on solar projects

- Maharashtra tops Gujarat as investment destination: Assocham

- Governments ore distribution policy gets HC nod


Corporate News

- Airtel's data user base expected to reach 129mn by FY201 7: CLSA

- Rel iance Power refutes AAP allegations on coal allotment for Sasan project

- SAIL keeps prices unchanged in April

- PNB raises Rs.500cr through bonds