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Reports India

Indian stock market daily morning report (April 16, 2014, Wednesday)

April 16, 2014, Wednesday, 05:24 GMT | 00:24 EST | 09:54 IST | 12:24 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets ended lower on Tuesday, weighed down by financial shares, as the spike in whole-sale-price inflation to 3-month highs in March could lead to a delay in policy rate cuts by the central bank in the near to medium term.

The wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.

Further, market sentiment were dampened after foreign investors turned net sellers on Friday. As per the provisional data on the stock exchanges, FIIs were net sellers in Indian equities to the tune of Rs 362 crore on Friday.

The 30-share Sensex ended down 144 points at 22,485 and the 50-share Nifty ended down 43 points at 6,733.

- Essar Oil closed 4.89% down at Rs 60.30 on BSE after 0.05% equity changed hands in a bulk deal on BSE, on 15th April, 2014.

- Among the 12 BSE sectoral indices, 3 indices closed on positive while 9 indices ended the day in negative. Top Gainers: BSE IT up by 2.16% and BSE Teck by 1.62%. Top Losers: BSE Realty down by 2.99% and BSE by 2.81%.

Market breadth was negative at ~0.91 as investors sold large cap stocks. On provisional basis, FII's sold Rs 0.21bn worth of Indian equities and DII's sold Rs 2.78bn worth of equities.


Economic and Corporate Developments

- The wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.

The inflation stood higher in all the three broad categories -primary articles (unprocessed items), fuel and power and manufactured goods.

Food inflation went up to 9.90% in March from 8.12% in February. With fears of El Nino hitting the monsoon, food inflation may see further rise in the coming months.


Buzzing Stocks

- Infosys rose 3.05%, in the opening trade, to Rs 3,334.70 on BSE after consolidated net profit rose 4.1% to Rs 2,992 crore on 1.2% decline in revenues to Rs 12,875 crore in Q4 March, 2014 over Q3 December, 2013.

- CMC rose 1.53%, in the opening trade, to Rs 1,54- on BSE after consolidated net profit rose 26.78% to Rs 89.43 crore on 11.10% increase in total income from operations to Rs 623.21 in Q4 March, 2014 over Q3 December, 2013.

- Tata Motors closed 2.58% down at Rs 412.35 on BSE after the company reported fall in global wholesales in March, 2014 over March, 2013.

- Gruh Finance closed 14.45% up at Rs 357.65 on BSE after the company's net profit rose 16.71% to Rs 73.60 crore on 31% growth in total income to Rs 254.42 crore in Q4 March, 2014 over Q4 March, 2013.

- Tata Steel closed 2.79% down at Rs 408.40 on BSE, with the stock reversing initial gain triggered by declaring good production and sales volumes data for Q4 and FY ended 31st March, 2014.

- MindTree gained 1.67% to Rs 1,400 on BSE after the company said that its board of directors will consider a proposal for declaration of bonus shares, on 16th April, 2014.

- United Spirits closed 11.58% up at Rs 2,853.15 on BSE after Diageo plc, the world's largest alcoholic beverages company, announced an open offer to the public shareholders of the company.

- Clariant Chemicals (India) closed 6.08% up at Rs 700.15 on BSE after the company said it has sold its land in Thane to a unit of Lodha Developers for Rs 1,154.25 crore.

- Jet Airways (India) closed 4.02% down at Rs 291.10 on BSE on profit booking after the stock jumped 11.26% in the preceding three trading sessions to Rs 303.30 on 11th April, 2014, from a recent low of Rs 272.60 on 7th April, 2014.

- BEML closed 6.77% down at Rs 400.70 on BSE, with the stock declining on profit booking after sharp recent rally.

- MCX closed 3.90% down at Rs 584.15 on BSE after stakeholder Financial Technologies (India) said it had received nine non-binding bids in the sale of its 24% stake in MCX.

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