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Indian stock market daily morning report (April 11, 2014, Friday)

April 11, 2014, Friday, 05:34 GMT | 00:34 EST | 10:04 IST | 12:34 SGT
Contributed by Keynote Capitals


Views on markets today

- Key indices shed early gains in the last half hour of trade to close flat, a day after touching their all-time closing high levels.

The 30-share BSE Sensex closed 56 points lower at 22,715, while the 50-stock NSE Nifty closed flat at 6,796 levels.

- MAN Industries (India) galloped 14.6-%, in the opening trade, to Rs 74.60 on BSE after the company said that it has built up order book, which includes the recently received orders from domestic and international customers.

- Supreme Petrochem closed 7.9-% up at Rs 64.30 on BSE after the company said its board will meet on 21st April, 2014, to consider the buyback of equity shares of the company.

- NCC surged 11.14%, in the afternoon trade, to Rs 46.40 on BSE, with the stock extending Wednesday's rally triggered by the company's board of directors approving raising funds upto an amount of Rs 650 crore through rights issue of equity shares.

- Among the 12 BSE sectoral indices, 7 indices closed on positive while 5 indices ended the day in negative. Top Gainers: BSE Power up by 2.52% and BSE Capital Goods by 1.61%. Top Losers: BSE Healthcare down by 1.47% and BsE IT by 0.-0%.

Market breadth was positive at ~1.23 as investors bought large cap stocks. On provisional basis, FII's bought Rs 3.43bn worth of Indian equities and DII's bought Rs 0.13bn worth of equities.


Economic and Corporate Developments

- China's exports unexpectedly fell for the second straight month in March and import growth dropped sharply, intensifying concerns about weak manufacturing and slowing growth in the world's second-largest economy.

Exports fell 6.6% in March from a year earlier, following an 1-.1% slide in February, the Customs Administration said on Thursday. It was the first time exports have fallen for two months in a row since 2009.

Imports fell 11.3%, leaving the country with a trade surplus of $7.7 billion for the month, a marked turnaround from a deficit of $23 billion in February.

That compared with market expectations in a Reuters poll of a rise of 4% in exports, a 2.4% rise in imports and a trade surplus of $900 million.


Buzzing Stocks

- GTL Infrastructure was locked at 5% upper circuit at Rs 1.-1 on BSE after the firm said it will consider allotment of equity shares consequent upon conversion notice received for conversion of FCCB at a conversion price of Rs 10 per share

- Infosys closed 1.43% down at Rs 3,206.60 on BSE, reversing initial gain triggered by the company announcing that its Finacle core banking solution running on an Oracle SuperCluster engineered system has set new global benchmarks.

- Ramco Systems closed 3.13% down at Rs 190.10 on BSE after the company said it will issue 79.5- lakh shares on rights basis in the ratio of 1:2 at Rs 155 per share.

- Suven Life Sciences rose 3.12%, in the morning trade, to Rs 77.70 on BSE after the firm said it has secured 2 product patents one each from Hong Kong and Canada corresponding to the NCEs for the treatment of disorders associated with Neurodegenerative diseases

- Anuh Pharma surged 5.73%, in the morning trade, to Rs 160.50 on BSE after the company said it has received approval from Health Authority of Mexico for three of its Erythromycin products.

- Piramal Enterprises rose 6.13%, in the morning trade, to Rs 569 on BSE after the firm said it has agreed to divest its entire equity stake in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for total consideration of Rs -,900 crore

- Cairn India closed 2.50% up at Rs 359.25 on BSE as US crude oil futures climbed to a one-month high as a US government report showed that rising gasoline use reduced inventories of the fuel.

- Prime Focus rose 4.24%, in the noon trade, to Rs 30.70 on BSE, with the stock extending Wednesday's 5.37% gains triggered by the company's technology subsidiary raising Rs 45 crore through a private placement of optionally convertible debentures.

- Sesa Sterlite gained 2.07%, in the afternoon trade, to Rs 201.70 on BSE after the company announced its production results for the Q4 and full year ended 31st March, 2014.

- Sun Pharmaceutical Industries closed 1.-5% down at Rs 616.20 on BSE, with the stock sliding on profit taking after recent rally triggered by the announcement that the company will acquire 100% of Ranbaxy Laboratories in an all-stock transaction

- D B Corp rose 1.36%, in the noon trade, to Rs 295 on BSE, after HDFC Mutual Fund bought 0.54% stake in the company on Wednesday, 9th April, 2014.

- Havells India closed 1.47% up at Rs 915.30 on BSE, with the stock extending Wednesday's 1.46% gains triggered by the company's announcement that CARE has assigned a credit rating of CARE AA+ to the Fixed Deposit programme of the company.