New York: 19:50 || London: 00:50 || Mumbai: 06:20 || Singapore: 08:50

Reports » India

Indian stock market daily morning report (August 06, 2014, Wednesday)

August 6, 2014, Wednesday, 05:51 GMT | 00:51 EST | 10:21 IST | 12:51 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices ended higher amid short covering in late trades with auto and realty shares leading the gains as the SLR cut by the RBI would facilitate funding of credit to both these sectors.

The 30-share Sensex surged 185 points to end at 25,90- and the 50-share Nifty ended up 63 points at 7,747.

- Shares of six real estate companies fell 0.43% to 1.94%, in the intraday trade, on BSE, in a volatile session after the Reserve Bank of India kept key rates unchanged in its third bimonthly monetary policy review on 5th August, 2014.

Interest rate sensitive realty stocks declined in volatile trade. DLF (down 1.09%), Housing Development and Infrastructure (HDIL) (down 0.43%), Hubtown (down 1.94%), Indiabulls Real Estate (down 1.22%), Unitech (down 0.59%) and Orbit Corporation (down 1.1%) edged lower. Purchases of both residential and commercial property are largely driven by finance

- Twelve bank shares rose 0.19% to 2.08% on BSE, in volatile trade after the Reserve Bank of India kept key rates unchanged in its third bi-monthly monetary policy review on 5th August, 2014

Among PSU bank stocks, Bank of Baroda (up 2.08%), State Bank of India (up 0.62%), Punjab National Bank (up 1.71%), Union Bank of India (up 1.47%), IDBI Bank (up 0.72%), Bank of India (up 1.18%) and Canara Bank (up 1.73%) gained.

Among private bank stocks, Axis Bank (up 0.77%), IndusInd Bank (up 0.29%), Kotak Mahindra Bank (up 0.19%), HDFC Bank (up 0.55%) and Yes Bank (up 0.42%) edged higher. ICICI Bank shed 0.24%.

- All the 12 BSE Sectoral Indices, except one Index, ended the day in positive. Top Gainers: BSE Realty up by 2.65% and BSE Auto by 2.11%. Top Losers: BSE Capital Goods down by 0.15%.

Market breadth was positive at ~1.50 as investors bought large cap stocks. On provisional basis, FII's bought Rs 3.72bn worth of Indian equities while DII's sold Rs 2.50bn worth of equities.


Economic and Corporate Developments

- In line with market expectations, RBI governor Raghuram Rajan on Tuesday left key interest rates unchanged. The repo rate and cash reserve ratio (CRR) remained at - per cent and 4 per cent, respectively. However, the RBI cut statutory liquidity ratio (SLR) by 50 basis points to 22 per cent in an attempt to free up resources for banks. Though the governor seems more bullish on the economy he continues to remain cautious on the inflation front.


Buzzing Stocks

- Punj Lloyd was locked at 5% lower circuit at Rs 39.65 on BSE after the company reported a net loss of Rs 364 crore in Q1 June 2014 as against net profit of Rs 5 crore in Q1 June, 2013.

- Crompton Greaves closed 4.23% up at Rs 194.80 on BSE after consolidated net profit rose 6.55% to Rs 64.02 crore on 7.73% growth in total income to Rs 3,480.11 crore in Q1 June, 2014 over Q1 June, 2013.

- SRF jumped 16.84%, in the opening trade, to Rs 684.00 on BSE after net profit surged 127% to Rs 99.47 crore on 14.3% rise in net sales to Rs 936.25 crore in Q1 June, 2014 over Q1 June, 2013.

- Kalpataru Power Transmission closed 6.10% up at Rs 170.40 on BSE after net profit rose 21% to Rs 41.90 crore on 20% growth in revenue to Rs 1,063.40 crore in Q1 June, 2014 over Q1 June, 2013.

- Sudarshan Chemical Industries closed 15.15% up at Rs 1,164.90 on BSE, with the stock extending Monday's 20% rally triggered by the company's stock-split and bonus issue proposal.

- India Glycols rose 1.2%, in the morning trade, to Rs 126.70 on BSE after the company reported a net profit of Rs 1.31 crore in Q1 June, 2014 as against net loss of Rs 26.23 crore in Q1 June, 2013.

- Marico jumped 7.37%, in the early trade, to Rs 275.50 on BSE, with the stock scaling record on renewed buying after the company declared good Q1 result during market hours on Monday, 4th August, 2014.

- Deep Industries closed 0.47% up at Rs 74.85 on BSE after net profit rose 16.36% to Rs 5.83 crore on 26.35% growth in total income from operations to Rs 26.99 crore in Q1 June, 2014 over Q1 June, 2013.

- Shilpi Cable Technologies was locked at 5% upper circuit at Rs 70.95 on BSE, with the stock extending Monday's 5% rally triggered by the company reporting strong Q1 earnings and the company's board approving 1:1 bonus issue.

- Bajaj Auto closed 2.71% up at Rs 2,150.00 on BSE after a foreign brokerage upgraded the stock to overweight from equalweight citing improving demand for two-wheeler sales.

- Mahindra Ugine Steel Company rose 2.93%, in the afternoon trade, to Rs 423.40 on BsE after net profit jumped 136.06% to Rs 8.64 crore on 2.39% decline in total income from operations to Rs 177.92 crore in Q1 June, 2014 over Q1 June, 2013.

- Ajanta Pharma closed 8.24% down at Rs 1,597.00 on BSE after net profit surged 80% to Rs 59 crore on 32% growth in revenue from operations to Rs 287 crore in Q1 June, 2014 over Q1 June, 2013.

- Tata Chemicals closed 3.04% up at Rs 374.40 on BSE after consolidated net profit jumped 133.34% to Rs 175.50 crore on 17.41% growth in total income from operations to Rs 3846.64 crore in Q1 June, 2014 over Q1 June, 2013.

- Petronet LNG closed 4.25% up at Rs 172.30 on BSE, with the stock extending Monday's 3.25% slide triggered by reporting weak Q1 result