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Reports India

Indian stock market daily morning report (April 03, 2014, Thursday)

April 3, 2014, Thursday, 06:24 GMT | 01:24 EST | 09:54 IST | 12:24 SGT
Contributed by Keynote Capitals

Views on markets today

Benchmark indices regained lost ground in closing deals after trimming initial gains during the day. Both Sensex and Nifty touched record intra-day highs levels on back of foreign fund inflows.

It was the tenth session of consecutive gains as investors lapped up heavyweight oil & gas and auto stocks among others.

The 30-share BSE Sensex closed 105 points higher at 22,551 levels and the 50-unit Nifty was up 32 points at 6,752.

Reliance Industries closed 1.5- % up at Rs 956.05 on BSE after the company said that Export Development Canada has announced $500 million in financing for the company.

Among the 12 BSE sectoral indices, 10 indices closed on positive while 2 indices ended the day in negative. Top Gainers: BSE Realty up by 1.- 9% and BSE Healthcare by 1.57%. Top Losers: bSe FmCG down by 1.50% and BsE Metal by 0.50%.

Market breadth was sharply positive at ~2.06 as investors bought large cap stocks. On provisional basis, FII's bought Rs 5.95bn worth of Indian equities and DII's sold Rs 4.71bn worth of equities.

Economic and Corporate Developments

- 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 on Tuesday.

Manufacturing PMI 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 while one below 50 indicates contraction.

This data comes a day after official estimates showed the eight infrastructure sectors grew at a five-month high of 4.5 per cent in February against 1.6 per cent in the previous month.

Buzzing Stocks

- Hero MotoCorp rose 1.02%, in the opening trade, to Rs 2.271.40 on BSE after total sales increased 11.9% to 5.24 lakh units in March, 2014 over March, 2013.

- Bharat Electronics rose 2.19% to Rs 1160, in the opening trade, on BSE after the company said it reported a record turnover of Rs 6,1- 0 crore on provisional basis in the year ended 31st March 2014.

- Axis Bank closed 0.43% down at Rs 1,462.50 on BSE after the central bank restricted foreign institutional investors from buying additional shares in the company as their shareholding has reached the limit.

- Bajaj Auto closed 0.5- % down at Rs 2052.60 on BSE after the company said its total sales rose 1% to 3.04 lakh units in March, 2014 over March, 2013.

- Ashok Leyland closed 3.31% up at Rs 23.40 on BSE after the company said its total sales surged 29.95% to 10,2- 6 units in March, 2014 over February, 2014.

- JSW Steel closed 0.39% up at Rs 1027.50 on BSE after the firm's commercial and marketing director, Jayant Acharya, said that steel consumption may rise in the current fiscal by around 5-6% in line with the projected GDP growth of the country.

- IL&FS Engineering and Construction Company closed - .17% up at Rs 45.00 on BSE after the company said it bagged a Rs 176 crore order to construct a luxury residential project in Gurgaon.

- ALSTOM India closed 1.99% down at Rs 413.75 on BSE after the company said it has agreed to sell its auxiliary components business to Triton, a leading European investment firm, for an enterprise value of around euro 730 million.

- Ashoka Buildcon closed 5.44% up at Rs 79.50 on BSE after the company said its subsidiary has received fourth tranche of investment of Rs 133 crore for equity investments into various under construction projects.

- Colgate-Palmolive (India) closed 0.45% down at Rs 1,34- .00 on BSE as the stock turned ex-dividend on 2nd April, 2014, for third interim dividend of Rs 9 per share for the year ended 31st March 2014.

Sharon Bio-Medicine rose 1.19%, in the morning trade, to Rs 42.40 on BSE after the company said it has completed expansion in its three manufacturing facilities.

Aurobindo Pharma closed 4.51% up at Rs 55- .- 0 on BSE after the company said it has completed the previously announced acquisition of certain commercial operations in Western Europe from Actavis plc.

Jindal Steel & Power closed 2.15% down at Rs 2- - .90 on BSE, with the stock sliding on profit booking after recent rally.

Nirlon closed 4.- 7% down at Rs 64.45 on BSE on profit booking after the stock surged 33.63% in the preceding five trading sessions to Rs 67.75 on 1st April 2014, from a recent low of Rs 50.70 on 25th March 2014.