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Reports India

Indian stock market daily morning report (April 17, 2014, Thursday)

April 17, 2014, Thursday, 05:33 GMT | 01:33 EST | 09:03 IST | 11:33 SGT
Contributed by Keynote Capitals

Views on markets today

- The markets lost their way in the post-noon session due to caution surrounding FII outflows and higher-than-expected inflation data released on Tuesday. Muted Q4 growth expectations from TCS, further dampened sentiments.

The Sensex ended at 22,277, weaker by 207 points and the Nifty ended at 6675, down 5- points. There was also pain in the hitherto-outperforming broader markets, with the midcap index ending at 7232, down 79 points and the smallcap index shutting shop at 7418, down 83 points. All the sectoral indices were gripped by selling pressure, with the sole exception of the defensive FMCG pack and metals.

- Shares of three Adani group companies gained in the early trade by 2.92% to 8.5% on BSE on renewed buying.

Adani Enterprises galloped 8.5% to Rs 453.35 on volume of 11.92 lakh shares on BSE. Adani Power gained 2.92% to Rs 54.60 on volume of 7.4- lakh shares on BSE. Adani Ports & Special Economic Zone jumped 4.66% to Rs 195.55 on volume of 4.21 lakh shares on BSE.

- Among the 12 BSE sectoral indices, 2 indices closed on positive while 10 indices ended the day in negative. Top Gainers: BSE FMCG up by 0.63% and bSe Metal by 0.19%. Top Losers: BSE Realty down by 3.87% and BSE IT by 2.49%.

Market breadth was negative at ~0.63 as investors sold large cap stocks. On provisional basis, FII's sold Rs 0.44bn worth of Indian equities and DII's sold Rs 3.47bn worth of equities.

Economic and Corporate Developments

- The direction and pace of policy reforms of the government to be formed in May after the ongoing general elections will determine the credit rating of India, global rating agency Standard & Poor's (S&P) said on Tuesday. "The direction and pace of policy reforms, more than which political party takes control, can affect the ratings on the sovereign," the rating agency.

At present, the rating of India is investment grade 'BBB-' with negative outlook. The outcome of India's general election can provide an insight into the political stability, ability, and willingness of the new government to implement reforms for boosting economic growth, it said.

The results of general elections would be announced on May 16. To claim the right to form a new government, a single political party or a coalition of political parties require 272 of 543 elected Lok Sabha seats. "We believe the current political landscape in India suggests no single party could win an outright majority," said S&P sovereign credit analyst Kim Eng Tan.

Buzzing Stocks

- Jubilant FoodWorks closed 2.46% down at Rs 1,004.20 on BSE after the Reserve Bank of India allowed foreign institutional investors to purchase up to 55% of the paid-up capital of the company.

- Infosys closed 3.19% down at Rs 3,156.40 on BSE after the company's American depository receipt, or ADR, fell 4.6-% to settle at $52.98 on New York Stock Exchange on Tuesday, 15th April, 2014

- Mukand closed 9.12% down at Rs 29.90 on BSE on profit booking after the stock surged 36.51% in the preceding six trading sessions to Rs 32.90 on 15th April 2014, from a recent low of Rs 24.10 on 3rd April, 2014.

- Dhanuka Agritech closed 3.69% up at Rs 247.90 on BSE after 1.99% equity changed hands in a bulk deal on BSE today, 16 April 2014.

- Gujarat Pipavav Port rose 2.65%, in the morning trade, to Rs 87.15 on BSE after the company said its board will meet on 17th April, 2014, to consider revision in expansion plan and its commencement.

- Just Dial closed 5.41% up at Rs 1,250.50 on BSE, with the stock reversing recent slide on bargain hunting.

- Cairn India rose 1.24%, in the morning trade, to Rs 362.90 on BSE after US crude prices edged up in Asian trade on Wednesday, 16th April, 2014.

- Maruti Suzuki India rose 1.12%, in the noon trade, to Rs 1943.-0 on BSE after a foreign brokerage maintained buy rating on the stock with an increased target price of Rs 2,295 per share from Rs 2,135 earlier.

- The Ramco Cements closed 2.90% up at Rs 22-.50 on BSE after 0.26% equity changed hands in three bulk deals on BSE, on 16th April, 2014.

- MCX closed 4.41% up at Rs 609.90 on BSE, extending Tuesday's 3.90% rise triggered by stakeholder Financial Technologies (India) receiving nine non-binding bids in the sale of its 24% stake in MCX.

- IndusInd Bank rose 1.01%, in the opening trade, to Rs 4-9.05 on BSE after net profit rose 28.83% to Rs 396.05 crore on 23.35% increase in total income to Rs 2,702.19 crore in Q4 March, 2014 over Q4 March, 2013.

- Pipavav Defence and Offshore Engineering Company closed 3.41% down at Rs 43.90 on BSE on profit booking after recent steep rally.

- Clariant Chemicals (India) closed 1.65% up at Rs 711.90 on BSE, extending Tuesday's 6.08% rise triggered by the company selling its land in Thane to a unit of Lodha Developers for Rs 1,154.25 crore.