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Indian stock market and companies daily report (February 21, 2014, Friday)
Views on markets today
- Markets closed lower dragged down by banking stocks such as ICICI bank and HDFC among other heavyweights. BSE Bankex and metal indices which track top banking and metal stocks shed 1.6% and 1.1% respectively. After opening lower, key benchmarks stock indices traded in narrow range while broader markets edged higher.
The 30-share BSE Sensex shed 186 points at 20,536.64 while the 50-unit NSE Nifty ended 61.30 points lower at 6,091.45.
Weakness in the global markets weighed on the investor sentiment after Fed minutes released late Wednesday signalled continuation of trimming its bond buying program at the usual pace of $10bn-a-month unless economy surprises significantly. Also, macro-economic data from China also signaled a slowdown in the world's second-largest economy for second month in a row. The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5. A reading below 50 indicates a contraction while one above shows expansion.
- Eight metal shares fell by 0.67% to 2.19%, in the afternoon trade, on BSE after a Chinese manufacturing index dropped more than estimated this month.
Tata Steel (down 2.19%), Hindalco Industries (down 1.01%), Sail (down 1%), Jindal Steel & Power (down 0.96%), Sesa Sterlite (down 0.83%), NMDC (down 0.73%), JSW Steel (down 0.68%) and Bhushan Steel (down 0.67%), edged lower.
- Among the 12 BSE Sectoral Indices 2 sectors closed in positive while 10 sectors ended the day in negative. Top Gainer: BSE Power up by 0.24% and BSE Capital goods by 0.12%. Top Losers: BsE Bankex down by 1.63% and BsE Metal by 1.01%.
Market breadth was negative at ~0.80 as investors sold large cap stocks. On provisional basis, FII's bought Rs 2.06bn worth of Indian equities and DII's sold Rs 6.00bn worth of equities.
Economic and Corporate Developments
- India has recorded an average annual economic growth rate of 8% during the 11th Five Year Plan (2007-12) compared to targeted 9%, Parliament was informed.
"The shortfall in achievement of (various growth targets) can be attributed both to internal and external factors viz. global slowdown, fluctuations in international prices, strong inflationary pressures and negative growth in agriculture due to drought like situation," Planning Minister Rajeev Shukla said in a written reply to the Rajya Sabha.
- Esab India closed 8.92% down at Rs 438.80 on BSE after net profit fell 33% to Rs 7.06 crore on 10.5% decline in net sales to Rs 109.30 crore in Q4 December 2013 over Q4 December 2012.
- Mahindra & Mahindra closed 1.16% down at Rs 929.60 on BSE after the company announced a reduction in prices of its passenger vehicle portfolio ranging from Rs 13,000 to Rs 49,000.
- DCM Shriram Consolidated closed 13.94% up at Rs 68.25 on BSE after the company said that its board will meet on 22 February 2014 to consider various options for rewarding shareholders, including share buyback, bonus issue and dividends.
- HMT closed 5.23% up at Rs 31.20 on BSE, with the stock extending recent gains.
- TCS closed 0.25% up at Rs 2192.85 on BSE after the company said that Diageo, the world's leading premium drinks business, has selected TCS as its new global IT provider.
- Uflex lost 7.48% to Rs 64.95, in the noon trade, on BSE on reports the income tax department has raided 37 premises associated with the company in nine cities.
- Geodesic was locked at 5% lower circuit at Rs 3.01 on BSE after the London Court directed the software firm to pay Citibank in a case filed by bondholders against the company.
- Rhodia Specialty Chemicals India hit an upper circuit limit of 10% to Rs 797.50 on BSE after Solvay SA, one of the promoter of the company, pegged an indicative offer price of Rs 675 per share to delist shares of the company.
- Opto Circuits (India) closed 3.57% up at Rs 26.10 on BSE after the company said its Powerheart G5 automated external defibrillator received market clearance from the US drug regulator.
- Shiv-Vani Oil & Gas Exploration Services was locked at 5% lower circuit at Rs 13.05 on BSE after the London Court directed the company to pay Citibank in a case filed by bondholders against the company.
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