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Indian stock market daily morning report (April 15, 2013, Monday)
Views on markets today
Key benchmark indices snapped two day winning streak as Q4 earnings season started on a weak note, with shares of IT major Infosys tumbling a staggering 22% after the company's tepid revenue growth guidance for the year ending 31 March 2014 (FY 2014). Other IT pivotals also declined. Weakness in European and Asian stocks also weighed on sentiment. The barometer index, BSE Sensex, was provisionally down 317.73 points or 1.71%, off close to 115 points from the day's high and up about 40 points from the day's low to end at 18242.56. Whereas Nifty50 dropped 65.45 points or 1.17% to close at 5528.55
Clariant Chemicals hit its 52-week low. The stock lost 3.34% to Rs 474.45 on BSE, as the stock turned ex-dividend today, 12 April 2013, for final dividend of Rs 17.50 per share for the year ended 31 December 2012.
Jindal Stainless lost 3.66% to Rs 54 at on BSE, with the stock sliding on profit booking after 2-day 19.12% rally.
Reliance Communications advanced 4.12% to Rs 78.30 on BSE, with the stock extending recent gains on reports the company may announce a stake-sale deal with Bahrain Telecommunications Company.
Among the 13 sectoral indices, six sectors closed in positive while seven sectors closed in negative. Top Gainers: BSE FMCG up by 1.95%, BSE Power by 1.02%, BSE Power by 0.96%. Top Losers: BSE IT slashed by 11.09%, BSE Teck by 8.87% and BSE Capital goods dropped by 0.69%.
Market breadth was negative at ~0.83 as investors sold large cap stocks. On provisional basis, FII sold equity of Rs0.29bn and domestic institutions sold equity of Rs3.12bn in cash segment.
Economic and Corporate Developments
Retail inflation declined to 10.39% in March, snapping the five month rising trend, as prices of vegetables and protein based items eased. The Consumer Price Index (CPI) based inflation was at 10.91% in February. The inflation, however, continued to remain in the double digit terrain for the fourth consecutive month in March.
The industrial output (IIP) numbers for the month of February has come in better-than expected at 0.6% against an expectation of a contraction. The bounce in the industrial output has come due to contribution from consumer goods sector, which turned positive for the first time in a year at 0.5%
The government will auction Rs 29,108 crore in government debt to foreign investors on April 22, according to the website of market regulator Securities and Exchange Board of India (SEBI).
Tilaknagar Industries rose 9% on news that liquor baron Kishore Chhabria's Allied Blenders & Distillers (ABD) is discussing a merger deal with rival Tilaknagar Industries, makers of Mansion House brandy. The proposed deal could be the biggest consolidation move in Indian liquor industry
SBI has mopped up one billion dollars in an international bond sale programme, according to one of the merchant bankers Citigroup. "SBI successfully sold its five-year senior unsecured bond (REG S)at 255 BPS over the US treasury yielding a coupon of 325 base per annum raising USD one billion through its London branch. The issue was closed late last night," Citigroup said.
Private sector Kotak Mahindra Bank said Singapore's Heliconia Pte Ltd will buy 2.6% stake in the bank for Rs 1,296 crore. The price of Rs 648 per share offered by Heliconia Pte Ltd values Kotak Mahindra Bank at about Rs 49,000 crore. Shares of Kotak Bank were trading at Rs 635 apiece, up 1% on the BSE during the afternoon.
Domestic auto major Mahindra and Mahindra has suffered a production loss of around 3,000 engines due to the " tools down" protest by workers of its Igatpuri engine manufacturing facility near Nashik even as the stir entered the fourth day
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