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Reports India

Indian stock market daily morning report (August 07, 2014, Thursday)

August 7, 2014, Thursday, 07:24 GMT | 02:24 EST | 11:54 IST | 14:24 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices ended nearly 1% lower with bank shares leading the decline after valuations of their bond portfolios took a hit as bond prices eased following RBI's status-quo on key policy rates.

Global cues such as the emerging tensions between Russia and Ukraine also dampened the investor sentiment.

The 30-share BSE Sensex dipped nearly 1% or 242.74 points at 25665.27 and the 50-share CNX Nifty shed also shed nearly 1% or 74.50 at 7,672.05.

Shares of - companies that have promoted insurance firms were mixed on BSE on reports of continued deadlock between the government and the opposition parties on the Insurance Bill.

Aditya Birla Nuvo (up 1.88%), Reliance Capital (up 0.18%), Max India (up 1.03%) and Religare Enterprises (up 1.72%) edged higher.

However, HDFC (down 0.39%), Bajaj Finserv (down 0.45%), State Bank of India (down 0.81%) and ICICI Bank (down 1.58%) edged lower.

- Hero MotoCorp lost 1.88%, in the morning trade, to Rs 2,535.65 on BSE after net profit rose 2.58% to Rs 562.76 crore on 14% increase in total income to Rs 7,149.59 crore in Q1 June, 2014 over Q1 June, 2013.

- Among the 12 BSE Sectoral Indices 2 Indices closed in positive while 10 Indices ended the day in negative. Top Gainers: BSE IT up by 0.67% and BSE Teck by 0.10%. Top Losers: BSE Metal down by 1.90% and BsE Bankex by 1.82%.

Market breadth was slightly negative at ~0.97 as investors sold large cap stocks. On provisional basis, FII's bought Rs 2.83bn worth of Indian equities while DII's bought Rs 0.32bn worth of equities.


Economic and Corporate Developments

- The rupee fell to 61.43/44, its lowest since March 14 and weaker than its 60.8450/8550 close on Tuesday.

The BSE Sensex and Nifty provisionally closed about 1% lower each.

Good dollar buying was seen from foreign banks likely on behalf of clients looking to exit their equity and debt investments in India.

Most Asian currencies also ended weaker versus the dollar.


Buzzing Stocks

- Bata India closed 1.74% down to Rs 1,231.35 on BSE after net profit fell 4.1% to Rs 59.39 crore on 8.6% rise in net sales to Rs 621.5- crore in Q2 June, 2014 over Q2 June, 2013.

- Adani Ports and Special Economic Zone closed 0.51% up at Rs 268.80 on BSE after consolidated net profit rose 36.04% to Rs 56- crore on 8.77% fall in total income to Rs 1,430.3- crore in Q4 March, 2014 over Q4 March, 2013.

- Gateway Distriparks closed 2.00% up at Rs 239.70 on BSE after consolidated net profit rose 23.03% to Rs 36.91 crore on 13.52% growth in total income from operations to Rs 279.87 crore in Q1 June, 2014 over Q1 June, 2013.

- Suven Life Sciences closed 2.39% up at Rs 124.10 on BSE after the company said it has secured two product patents for their NCEs one each in Australia and Eurasia.

- KRBL closed 15.62% up at Rs 92.55 on BSE after consolidated net profit surged 46.8% to Rs 72.89 crore on 17.5% growth in total income to Rs 810.81 crore in Q1 June, 2014 over Q1 June, 2013.

- JB Chemicals & Pharmaceuticals closed 15.12% up at Rs 196.40 on BSE after net profit jumped 56.44% to Rs 31.79 crore on 12.01% growth in net sales to Rs 256.71 crore in Q1 June, 2014 over Q1 June, 2013.

- Infosys closed 2.01% up at Rs 3,574.70 on BSE on reports that three former executives have asked the company to buyback shares worth Rs 11,200 crore.

- Bhushan Steel was locked in 20% lower circuit at Rs 304.60 on BSE, with the stock resuming fall after a seeing a small recovery on Tuesday.

- EIH closed 1.65% down at Rs 98.55 on BSE after net profit declined 39.2% to Rs 6.41 crore on 5.2% rise in net sales to Rs 280.91 crore in Q1 June, 2014 over Q1 June, 2013.

- Amara Raja Batteries closed 3.71% up at Rs 516.60 on BSE after net profit rose 8.16% to Rs 106 crore on 15.55% growth in net sales excluding other operating income to Rs 1,025 crore in Q1 June, 2014 over Q1 June, 2013.

- Adani Power closed 0.71% up at Rs 57.40 on BSE after the company reported a consolidated net loss of Rs 303 crore in Q1 June, 2014, lower than net loss of Rs 1,19- crore in Q1 June, 2013.

- Apollo Tyres closed 7.15% down at Rs 171.95 on BSE, with the stock declining on profit booking after declaring Q1 result during market hours, on 6th August, 2014.

- IDBI Bank closed 6.85% up at Rs 85.00 on BSE after net profit fell 65.85% to Rs 104.81 crore on 2.87% decline in total income to Rs 7,231.37 crore in Q1 June, 2014 over Q1 June, 2013.

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