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Reports India

Indian stock market daily morning report (April 02, 2014, Wednesday)

April 2, 2014, Wednesday, 05:36 GMT | 01:36 EST | 10:06 IST | 12:36 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets edged higher in an otherwise choppy session of trade. The benchmark indices after touching a record high for a seventh consecutive session, fell as profit taking emerged in the financial counters post the RBI Policy.

For the day, the Sensex was up 60 points at 22,446 and the Nifty added 17 points to close the trade at 6,721.

- Shares of 10 banks fell by 0.03% to 1.07% on BSE after the Reserve Bank of India left key interest rates unchanged at the First Bi-monthly Monetary Policy Statement, 2014-15, on 1st April, 2014.

IDBI Bank (down 1.07%), Kotak Mahindra Bank (down 1.03%), Punjab National Bank (down 0.-%), Union Bank of India (down 0.5-%), State Bank of India (down 0.35%), HDFC Bank (down 0.33%), ICICI Bank (down 0.2-%), Federal Bank (down 0.26%), Bank of India (down 0.04%) and IndusInd Bank (down 0.03%), edged lower.

- Among the 12 BSE sectoral indices, 9 indices closed on positive while 3 indices ended the day in negative. Top Gainers: BSE IT up by 1.65% and BSE Teck by 1.27%. Top Losers: BSE Bankex down by 1.-1% and bSe Realty by 0.-5%.

Market breadth was positive at ~1.33 as investors bought large cap stocks. On provisional basis, FII's bought Rs 3.-6bn worth of Indian equities and DII's sold Rs 2.47bn worth of equities.

Economic and Corporate Developments

- As expected, Reserve Bank Governor Raghuram Rajan here on Tuesday, kept the key policy rate (repo) unchanged since retail inflation still remains "sticky" but introduced steps to increase liquidity and contain volatility in the money market.

The RBI, in its first bimonthly monetary policy statement, left the short-term lending rate or repo rate unchanged at -% and the cash reserve ratio static at 4%. It halved the overnight call money rate to 0.25% and increased the 7-day and 14-day repo limits to 0.75% from 0.50%.

- The expansion in the manufacturing sector moderated in March, after a year-high growth in the previous month, showed the HSBC Purchasing Managers' Index (PMI) data here.

The PMI manufacturing dipped to 51.3 points in March from 52.7 points in February, when it was at a year high, indicating moderate growth. A PMI reading above 50 shows expansion in the sector.

Buzzing Stocks

- Six fertiliser companies rose by 0.42% to 2.72% on BSE on reports Reliance Industries has agreed to continue supplying natural gas from its KG-D6 fields at the prevailing rate of $4.2 per unit to fertiliser companies.

Rashtriya Chemicals and Fertilisers (up 2.72%), National Fertilizers (up 2.07%), Zuari Global (up 1.5-%), Chambal Fertilisers & Chemicals (up 1.3-%), Coromandel International (up 0.74%) and Deepak Fertilisers & Petrochemicals Corporation (up 0.42%), edged higher.

- Kalpataru Power Transmission jumped 5.54%, in the opening trade, to Rs 100.90 on BSE after the company said it has secured new orders worth over Rs 700 crore.

- KEC International jumped 3.47%, in the opening trade, to Rs 70.05 on BSE after the company said it entered into an agreement to sell over 7.3 acres of land to a Tata Group subsidiary for about Rs 212 crore.

- Maruti Suzuki India closed 2.04% down at Rs 1,931.15 on BSE after the company said its total vehicle sales declined 5.5% to 1.13 lakh units in March, 2014 over March, 2013.

- Natco Pharma closed 14.10% down at Rs 6-4.65 on BSE after the company said that US Supreme Court has agreed to hear an appeal filed by Teva Pharmaceutical in a patent fight over top-selling multiple sclerosis drug Copaxone.

- TVS Motor Company closed 0.72% down at Rs 96.70 on BSE after the company recorded a 17% growth in total sales to 1.96 lakh units in March, 2014 over March, 2013.

- Mahindra & Mahindra closed 1.77% up at Rs 99-.05 on BSE after the company reported strong tractor sales in March, 2014.

Educomp Solutions hit an upper circuit limit of 10% at Rs 27.75 on BSE after a report suggested that a US-based firm is in talks to acquire the Indian company.