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Reports India

Indian stock market daily morning report (April 01, 2014, Tuesday)

April 1, 2014, Tuesday, 05:13 GMT | 00:13 EST | 08:43 IST | 11:13 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets closed FY14 on a triumphant note with both the benchmark indices closing at record highs with the Nifty gaining past the 6,700 levels.

The benchmark indices have reported their sharpest rally in past four years during the financial year 2013-14 aided by supportive global cues and continued buying by foreign institutional investors (FII’s) on expectations of a Narendra Modi led government at the Centre post elections.

For the financial year 2013-2014, the Bombay Stock Exchange’s benchmark S&P BSE Sensex gained 1-.9% at 22,3-6 led by capital goods, information technology (IT), auto and pharmaceuticals. The National Stock Exchange CNX Nifty ended the fiscal with a 17.9% gain at 6,704.

- FI Is have made net investments of Rs 79,0-0 crore ($13.35 billion) in Indian equities during the financial year 2013-14, according to market regulator data.

- Among the 12 BSE sectoral indices, - indices closed on positive while 4 indices ended the day in negative. Top Gainers: BSE Metal up by 3.-7% and BSE Realty by 2.-3%. Top Losers: BSE FmCg down by 0.64% and BSE Power by 0.60%.

Market breadth was positive at ~1.66 as investors bought large cap stocks. On provisional basis, FII’s bought Rs 94.2-bn worth of Indian equities and DII’s sold Rs 6.11bn worth of equities.

Economic and Corporate Developments

- India’s economic growth is likely to pick up and reach 5.5 per cent in 2014-15 as industrial output will recover to expand at 3.3 per cent, says Ficci.

The Economic Outlook Survey by the industry chamber pegs agriculture and services sector growth in the next financial year, starting April 1, at 3.3 per cent and 7 per cent, respectively.

It also estimates that growth in the fourth quarter of the current fiscal will pick up marginally to 5 per cent.

"However, this might imply that actual growth in the year 2013-14 will be slightly lower than the growth of 4.9% projected by the Central Statistical Organization some time back," Ficci said.

Buzzing Stocks

- GMR Infrastructure rose 3.93%, in the morning trade, to Rs 22.50 on BSE after the company said its subsidiary, GMR Energy, filed for initial public offering with Securities and Exchange Board of India on 2-th March, 2014.

- Larsen & Toubro closed 1.21% down at Rs 1,272.65 on BSE after the company said L&T Construction has won new orders worth Rs 1,009 crore across various business segments in March, 2014.

- Suzlon Energy closed 12.23% up at Rs 11.10 on BSE on a media report that the company is planning to raise Rs 10,000 crore by listing its German subsidiary on the London Stock Exchange.

- Jain Irrigation Systems rose 2.17%, in the opening trade, to Rs 65.-5 on BSE after a media report suggested that the company is planning to sell a stake in its food-processing business to private equity funds.

- Tata Motors closed 0.4-% up at Rs 39-.35 on BSE on reports the company will increase prices of its vehicles in April, 2014 due to inflationary pressure and higher input costs.

- GM Breweries was locked in 20% upper circuit limit at Rs 15-.45 on BSE, extending Friday's 20% rise triggered by the company's plan to issue bonus shares to shareholders.

- Bhel closed down 1.25% at Rs 196.-0 on BSE, recovering from the day's low after the company said it won a contract for setting up a 120 megawatts hydro electric project in Uttarakhand.

- Pennar Industries closed 2.32% up at Rs 24.25 on BSE, extending Friday's 19.40% surge triggered by the company receiving orders to the tune of Rs 102 crore.

- Emami Paper Mills closed 3.01% down at Rs 25.-0 on BSE after the company said it has allotted cumulative redeemable non-convertible preference shares on preferential basis to the promoters.

- IDFC closed 2.67% down at Rs 122.65 on BSE on profit booking after the stock rose 14.92% in the preceding six trading sessions to Rs 125.55 on 2-th March, 2014 from a recent low of Rs 109.25 on 21st March, 2014.

- Suzlon Energy closed up 12.23% to Rs 11.10 on BSE after the company clarified on a media report suggesting that the firm may list its German subsidiary on the London Stock Exchange.