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Indian stock market daily morning report (April 07, 2014, Monday)

April 7, 2014, Monday, 04:55 GMT | 23:55 EST | 09:25 IST | 11:55 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets edged lower on the last trading day of the week as investors took profit in most blue-chip stocks after nine consecutive days of record highs. This cautious move came ahead of the key US jobs data later in the day.

Also, market participants were reluctant to hold on to their positions, ahead of general elections scheduled to start next week.

Losses in heavyweights like RIL, TCS, HDFC and L&T dragged the Nifty below the 6,700 levels to end the week down 42 points at 6,694. The Sensex gave off 150 points to close at 22,360.

- GM Breweries was locked at 10% lower circuit at Rs 14-. on BSE after the company said its board has recommended a bonus issue of shares in the ratio of 1:4 i.e. one share of Rs 10 each for every four shares of Rs 10 each.

- Among the 12 BSE sectoral indices, 3 indices closed on positive while 9 indices ended the day in negative. Top Gainers: BSE Realty up by 3.37% and BSE Metal by 0.25%. Top Losers: BSE Auto down by 1.00% and BSE Teck by 0.92%.

Market breadth was positive at ~1.36 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.32bn worth of Indian equities and DII's sold Rs 11.25bn worth of equities.


Economic and Corporate Developments

- The International Monetary Fund (IMF) on Thursday reiterated that internal factors played a much larger role in pulling down India's economic growth in recent years than external ones.

“External factors have generally been much less important compared with internal factors for some relatively large or closed economies, such as China, India and Indonesia,” the Fund said in the analytical chapter for its World Economic Outlook, to be released later this month.

The analysis took India as a comparatively closed economy so far as merchandise exports are concerned. “Brazil and India have low levels of goods trade exposure to advanced economies and are relatively less open among the sample economies.”


Buzzing Stocks

- BS hit an upper circuit limit of 20% at Rs 15.04 on BSE after the company announced that it has won several orders to the tune of Rs 722 crore from power utilities.

- Usher Agro rose 5.50% to Rs 36.45 on BSE after the company said it has commenced commercial production of its new pulse milling, pulse flour and multigrain flour facilities at Chhata in Uttar Pradesh.

- Nelco surged 4.-7% to Rs 42 on BSE after the company said its board has approved the restructuring of the company's Industrial Security & Surveillance Solutions business.

- S. Kumars Nationwide was locked at 5% upper circuit at Rs 4.52 on BSE after the company said its board has approved issuing 9.74 crore equity shares to the promoters and promoter group companies on preferential basis.

- Adani Power rose 2.-1% to Rs 53.10 on BSE after the company said it has become the largest private power producer in India.

- Motherson Sumi Systems fell 1.22% to Rs 255.-5 on BSE on profit booking after the stock surged 17.94% in the preceding 11 trading sessions to Rs 259 on 3 April 2014, from a recent low of Rs 219.60 on 20 March 2014.

- Sobha Developers rose 1.4-% to Rs 3-4.05 on BSE after the company said it is confident of improving its sales performance in FY 2015 backed by the sales generated through recent launches in March 2014.

- SpiceJet lost 2.14% to Rs 17.3- on BSE, with the stock sliding on profit booking after recent steep rally triggered by state-run oil marketing companies on Tuesday, 1 April 2014, announcing reduction in the price of aviation turbine fuel

- Natco Pharma jumped 5.91% to Rs 755 on BSE after the company announced that the United States Patent and Trademark Office has rejected Teva's patent reissue application on Copaxone.

- Venus Remedies jumped 12.7-% to Rs 297.90 on BSE, with the stock extending Thursday's 5.9-% rally triggered by the company receiving approval to market meropenem antibiotic in Venezuela.

- SRF rose 1.26% to Rs 350.55 on BSE after the company said that five projects at SRF's Chemical Complex at Dahej, Gujarat have been commissioned and capitalized on 31 March 2014.

- Suprajit Engineering surged 4.5-% to Rs 73 on BSE after the company said its consolidated sales grew by 1-% in the year ended 31 March 2014 over the year ended 31 March 2013.

- Unitech rose 6.59% to Rs 15.52 on BSE, extending Thursday's 1.61% rise triggered by the company's announcement that it has been approached by a third party for its stake in Candor Investment.