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Reports India

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

April 4, 2014, Friday, 05:16 GMT | 00:16 EST | 08:46 IST | 11:16 SGT
Contributed by Keynote Capitals

Views on markets today

- Market snapped its 10-day winning streak as investors booked profits at higher levels in heavyweight oil & gas and banking stocks. Benchmark stock indices came under selling pressure in morning deals after HSBC Purchasing Managers' Index data showed that economy's largest sector -- services -continued to contract in the month of March.

However, a recovery was made in the hour of trade led by buying in banking, metals and realty stocks.

The 30-share BSE Sensex closed 42 points down at 22,509 levels and the 50-unit NSE Nifty slipped 16 points at 6,736 levels.

- Shares of fifteen banking licence applicants fell by 1.10% to -.14% on BSE after the Reserve Bank of India granted inprinciple approval for new bank licences to IDFC and Bandhan Financial Services.

SREI Infrastructure Finance (down -.14%), L&T Finance Holdings (down 7.31%), IFCI (down 5.9-%), Magma Fincorp (down 5.90%), Muthoot Finance (down 4.49%), IIFL Holdings (down 3.77%), Tourism Finance Corporation of India (down 3.69%), Reliance Capital (down 3.07%), Edelweiss Capital (down 2.27%), LIC Housing Finance (down 2.1-%), Indiabulls Housing Finance (down 1.96%), Religare Enterprises (down 1.95%), JM Financial (down 1.43%), Bajaj Finserv (down 1.39%) and Aditya Birla Nuvo (down 1.10%), edged lower.

- Among the 12 BSE sectoral indices, 4 indices closed on positive while - indices ended the day in negative. Top Gainers: BSE Healthcare up by 0.95% and BSE FMCG by 0.44%. Top Losers: BSE Bankex down by 1.09% and BSE Oil & Gas by 0.-7%.

Market breadth was sharply negative at ~0.-5 as investors sold large cap stocks. On provisional basis, FII's bought Rs 7.17bn worth of Indian equities and DII's sold Rs 7.16bn worth of equities.

Economic and Corporate Developments

Activity in the largest segment of the Indian economy -services -- failed to pickup in March as contraction continued for the ninth straight month, HSBC Purchasing Managers' Index data showed here.

The PMI services stood at a three-month low of 47.5 points in March compared to 4-.- points in February -- indicating a contraction. In February, the index had inched up from 47.7 points in the previous month.

A PMI reading below 50 marks a fall, whereas one above that indicates growth.

Buzzing Stocks

- Ashok Leyland rose 1.7%, in the morning trade, to Rs 23.90 on BSE after the company said it has bagged a contract valued at approximately $50 million from the Ministry of Tourism & Hospitality Industry, Government of Zimbabwe for supplying 670 vehicles.

- IDFC rose 3.13%, in the morning trade, to Rs 132 on BSE after the Reserve Bank of India granted in-principle bank licence to the company.

- Aurobindo Pharma closed 1.94% up at Rs 569.65 on BSE, with the stock extending Wednesday's gains triggered by the company completing acquisition of certain commercial operations in Western Europe from Actavis plc.

- GlaxoSmithKline Pharmaceuticals closed 0.99% down at Rs 2.572.90 on BSE after the stock turned ex-dividend on 3rd April, 2014, for a dividend of Rs 50 per equity share for the year ended 31st December, 2013.

- Transformers and Rectifiers (India) closed 3.00% up at Rs 97.90 on BSE after the company said it has achieved the highest ever production of 20,650 megavolt ampere in the financial year ended March, 2014.

- Siti Cable Network closed 4.30% up at Rs 21.-5 on BSE after the company said the promoters have invested additional Rs 243 crore in the business to support the company's aggressive growth plans.

- Sharon Bio-Medicine closed 1.79% up at Rs 42.70 on BSE, extending Wednesday's 0.12% rise triggered by the company completing expansion in its three manufacturing facilities.

- L&T closed 0.77% down at Rs 1,290.00 on BSE on a media report that the company is likely to trim its Rs 1.7-lakh crore order book by about 10%.

- Hindustan Motors closed 2.72% down at Rs 7.51 on BSE after the company said its total vehicle sales declined 73.-7% to 232 units in March, 2014 over March, 2013.

- Ashoka Buildcon rose 2.57%, in the morning trade, to Rs 79.70 on BSE, with the stock extending Wednesday's gains triggered by the firm's subsidiary receiving fourth tranche of investment of Rs 133 crore.

- NCC closed 1.10% up at Rs 36.60 on BSE after the company said its board of directors will meet on 9th April, 2014, to consider the proposal for raising funds by rights issue of equity shares or by any other permissible means.

- Unitech closed 1.61% up at Rs 14.56 on BSE after the company said it has been approached by a third party for its stake in Candor Investment.

- Venus Remedies closed 5.9-% up at Rs 264.15 on BSE after the company said it received approval to market meropenem antibiotic in Venezuela.