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Indian stock market daily morning report (August 04, 2014, Monday)

August 4, 2014, Monday, 06:42 GMT | 01:42 EST | 11:12 IST | 13:42 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets slumped in late trades, amid weak global cues, on aggressive selling by institutional investors on concerns that robust US jobs data due later in the day might give the US Federal Reserve much needed comfort to taper its bond buying program and end its easy money policy stance by raising rates sooner-than-expected. Further, investors also turned cautious ahead of RBI monetary policy meet next week.

- The 30-share Sensex ended down 414 points at 25,481 and the 50-share Nifty slipped 119 points at 7,603.

- Indian stock markets have purely driven by foreign fund inflows following the US Fed's bond buying program. Foreign funds have pumped over $5 billion in Indian equities during July on the back of the new government's reforms agenda. Total inflows since January are over $25 billion.

- Shares of five telecom companies rose by 0.16% to 4.87%, in the intraday trade, on BSE on reports that mobile call rates may rise by 8-9% over the year as telecom companies weed out freebies.

- Tata Teleservices (Maharashtra) (up 4.87% to Rs 12.27), Bharti Airtel (up 3.19% to Rs 384.50), Idea Cellular (up 2.74% to Rs 161), Reliance Communications (up 2.11% to Rs 137.85) and MTNL (up 0.16% to Rs 30.45) edged higher.

- DLF closed 1.11% up at Rs 200.60 on BSE after consolidated net profit fell 29.48% to Rs 127.77 crore on 24.52% decline in total income to Rs 1,851.60 crore in Q1 June, 2014 over Q1 June, 2013.

- All the 12 BSE Sectoral Indices ended the day in negative. Top Losers: BSE Consumer Durables down by 3.27% and BSE Oil & Gas by 2.16%.

- Market breadth was negative at ~0.62 as investors sold large cap stocks. On provisional basis, FII's sold Rs 10.76bn worth of Indian equities while DII's almost matched by buying Rs 10.72bn worth of equities.


Economic and Corporate Developments

- Factory activity expanded at its fastest pace in 17 months in July on increased orders, showed a widely-tracked HSBC purchasing managers' index (PMI).

However, this also jacked up prices, which might cause the RBI to hold the policy rate in its review next week. On the other hand, workers were laid off for the first time in ten months, albeit moderately.

PMI was up at 53 points in July from 51.5 in June. Any reading above 50 points shows an expansion and one below it is contraction.


Buzzing Stocks

- Castrol India lost 2.73%, in the opening trade, to Rs 327.50 on BSE after net profit fell 19.01% to Rs 124.40 crore on 4.82% increase in total income to Rs 923.90 crore in Q2 June, 2014 over Q2 June, 2013.

- JSW Steel lost 1%, in the intraday trade, to Rs 1,168.00 on BSE, with the stock sliding amid volatility after the company reported consolidated net profit of Rs 656.49 crore in Q1 June, 2014 as against net loss of Rs 381.82 crore in Q1 June, 2013.

- Tech Mahindra opened 3.80% down at Rs 2,068.50 on BSE after consolidated profit after tax rose 2.7% to Rs 631 crore on 1.3% growth in revenue to Rs 5,122 crore in Q1 June, 2014 over Q4 March, 2014.

- Peninsula Land closed 3.81% down at Rs 36.65 on BSE after the company announced poor Q1 result after market hours on Thursday, 31st July, 2014.

- Credit Analysis and Research closed 1.03% up at Rs 1,211.45 on BSE after net profit rose 9.4% to Rs 26.60 crore on 14.4% increase in total income to Rs 50.30 crore in Q1 June, 2014 over Q1 June, 2013.

- Artson Engineering rose 2.57%, in the opening hour, to Rs 43.85 on BSE, after the company bagged an order worth Rs 8.61 crore from Cairn India.

- Apcotex Industries hit an upper circuit limit of 20% at Rs 223.20 on BSE after net profit rose 48.45% to Rs 5.76 crore on 37.16% rise in net sales to Rs 102.50 crore in Q1 June, 2014 over Q1 June, 2013.

- Maruti Suzuki India closed 2.48% up at Rs 2,587.00 on BSE after the company said its total vehicles sales rose 21.7% to 1.01 lakh units in July, 2014 over July, 2013.

- Steel Strips Wheels rose 4.45%, in the afternoon trade, to Rs 304.10 on BSE after the company said total wheel rim sales rose 25% to 11.03 lakh units in July, 2014 over July, 2013.

- Mahindra & Mahindra Financial Services closed 2.70% up at Rs 241.55 on BSE after 0.32% equity changed hands in a bulk deal on BSE on Friday.

- Cadila Healthcare closed 2.50% down at Rs 1,090.55 on BSE, extending Thursday's 4.02% fall triggered by media reports that the US drug regulator has expressed concerns over the manufacturing process at one of the company's facility.

- Persistent Systems rose 1.03%, in the afternoon trade, to Rs 1,265 on BSE after the company said its board will meet on 2nd August, 2014, to consider increasing the existing investment limit of the foreign institutional investors in the company.

- Titan Company closed 4.37% up at Rs 326.15 on BSE after net profit fell 2.86% to Rs 177.27 crore in 7.28% decline in total income to Rs 2,916.84 crore Q1 June, 2014 over Q1 June, 2013.