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Indian stock market daily morning report (April 23, 2014, Wednesday)

April 23, 2014, Wednesday, 05:53 GMT | 00:53 EST | 10:23 IST | 12:53 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets closed flat with negative bias as investors turned cautious ahead of the expiry of April derivative contracts on Wednesday. This decline was following a near 500 point rally over the last two trading sessions.

After both the Sensex and Nifty hit their respective record all time highs for second consecutive session, benchmark indices edged lower in late trades amid profit booking emerged in select blue chips.

At close, the Sensex ended down six points at 22,75- and the Nifty edged lower by two points to close at 6,815.

- Supreme Petrochem closed 6.47% down at Rs 62.15 on BSE after net profit slumped 62.84% to Rs 9.7- crore on 4.23% increase in net total income from operations to Rs 823.40 crore in Q3 March, 2014 over Q3 March, 2013.

- HEG closed 1.06% down at Rs 241.85 on BSE after the company's net profit rose 32.6% to Rs 46.57 crore on 12.7% increase in net sales to Rs 499.49 crore in Q4 March, 2014 over Q4 March, 2013.

- HDFC Bank closed 1.36% up at Rs 726.35 on BSE after net profit rose 23.11% to Rs 2,326.52 crore on 14.94% increase in total income to Rs 12,789.9- crore in Q4 March, 2014 over Q4 March, 2013.

- MRF closed 7.14% down at Rs 21,879.50 on BSE after net profit declined 18.86% to Rs 170.87 crore on 13.66% growth in total income to Rs 3,309.66 crore in Q2 March, 2014 over Q2 March, 2013.

- Jindal Steel & Power closed 2.15% down at Rs 275.80 on BSE, with the stock sliding on profit booking after recent gains.

- Among the 12 BSE Sectoral indices 5 indices closed in positive while 7 indices ended the day in negative. Top Gainers: BSE Capital Goods up by 1.19%, BSE Oil & Gas by 1.15%. Top Losers: BSE IT by 0.55% and BSE Teck by 0.52%.

Market breadth was positive at ~1.15 as investors bought large cap stocks. On provisional basis, FII's bought Rs.1.63bn worth of Indian equities and DII's sold Rs.2.98bn worth of equities.


Buzzing Stocks

- Shasun Pharmaceuticals closed 11.16% at Rs 117.05 on BSE, with the stock extending Monday's rally triggered by the announcement that its board will consider issuing convertible warrants/equity shares on preferential basis to promoters.

- IL&FS Engineering and Construction Company hit an upper circuit limit of 10% at Rs 50.90 on BSE after the company said its subsidiary has received letter of award for road drainage works in Saudi Arabia worth Rs 26- crore.

- South Indian Bank opened 2.85% up at Rs 25.30 on BSE after the central bank allowed foreign investors to buy shares in South Indian Bank as the foreign shareholding in the bank has gone below the prescribed limit.

- Glenmark Pharmaceuticals closed 0.33% down at Rs 574.50 on BSE after the company said it has lost its appeal to invalidate Abbott Laboratories' TARKA patent.

- Himalya International was locked at 10% upper circuit at Rs 17.06 on BSE, with the stock extending Monday's rally triggered by the statement that its board will meet to review finances to achieve the financial goals for FY 2015.

- Sterlite Technologies closed 0.64% up at Rs 31.30 on BSE after the company announced a milestone technology development in telecommunication space.

- Liberty Shoes closed 2.99% down at Rs 182.00 on BSE on profit booking after the stock surged 16.92% in the preceding two trading sessions to Rs 187.60 on 21st April, 2014, from a recent low of Rs 160.45 on 16th April, 2014.

- Paper Products closed 3.55% down at Rs 106.00 on BSE as the stock turned ex-dividend on 22nd April, 2014, for dividend of Rs 2.80 per share for the year ended 31s 2013.

- Gujarat Gas Company closed 8.60% down at Rs 374.50 on BSE after the company said its board has approved consolidation of its entities.

- Jaiprakash Associates closed 1.63% down at Rs 57.50 on BSE, with the stock sliding on profit booking after recent rally.

- United Spirits closed 0.46% down at Rs 2,833.10 on BSE after the company said that the lock-out at its bottling unit at Palakkad in Kerala has been lifted and operations resumed at the said unit from Monday, 21st April, 2014.

- Novartis India closed 6.34% up at Rs 497.20 on BSE after the company's Swiss parent Novartis AG agreed to fork out $16 billion to buy GlaxoSmithKline Plc's cancer drug business.

- IndusInd Bank closed 1.33% down at Rs 499.00 on BSE, with the stock sliding on profit taking after recent gains.

- Sesa Sterlite closed 4.01% down at Rs 193.70 on BSE on profit booking after the stock rose 6.35% in the preceding three trading sessions to Rs 201.80 on 21st April, 2014, from a recent low of Rs 189.75 on 15th April, 2014.

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