Indian stock market daily morning report (February 05, 2014, Wednesday)
February 5, 2014, Wednesday, 06:05 GMT | 01:05 EST | 11:35 IST | 14:05 SGT
Views on markets today
- After falling to their 4-month low levels, key benchmark stock indices recovered from lower levels on account of short-covering in key heavyweights around. U.S. manufacturing in January expanded at its slowest pace in eight months as new order growth slumped the most in 33 years, while spending on construction projects barely rose in December. This along with foreign funds turning net sellers of Indian stocks on Monday weighed on the sentiment. Markets however recovered on account of short-covering in heavyweights.
The 30-share Sensex closed almost 3 points higher at 20,212 levels after hitting a low of 19,963 and the 50-unit Nifty was down 1 point at 6,001 after touching an intra-day low of 5,933.
- Hero MotoCorp closed 1.27% up at Rs 1,988.05 on BSE after the company said its total two-wheeler sales rose 0.61% to 561,253 units in January 2014 over January 2013.
- Power Grid Corporation of India closed 0.42% up at Rs 95.50 on BSE after the central bank raised foreign institutional investors' investment limit in the company to 30% of its paid up capital.
- Whirlpool of India surged 6.34%, in the afternoon trade, to Rs 193.85 on BSE after net profit jumped 111.02% to Rs 21.25 crore on 8.73% growth in total income from operations to Rs 672.77 crore in Q3 December 2013 over Q3 December 2012.
- Among the 12 BSE Sectoral Indices 7 Sectors closed in positive while 5 Sector ended the day in negative. Top Gainer: BSE Bankex up by 0.90% and BSE FMCG by 0.78%. Top Losers: BSE IT down by 1.78% and BSE Teck by 0.98%.
Market breadth was near flat at ~1.02 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's sold Rs 8.35bn worth of Indian equities and DII's bought Rs 2.03bn worth of equities.
Economic and Corporate Developments
- The country's forex reserves inched higher to $292.24 billion as of January 24, from $292.0- billion in the earlier week, the RBI said on Friday. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves, the RBI said in its weekly statistical supplement.
Foreign exchange reserves include the country's Reserve Tranche position in the International Monetary Fund (IMF).
- Idea Cellular closed 7.70% up at Rs 151.15 on BSE after the company said that the Department of Telecommunications transferred the licenses for Punjab and Karnataka service areas held by Spice Communications to the company on 1 February 2014.
- Jaiprakash Power Ventures lost 5.01%, in the early trade, to Rs 12.13 before ending the day 0.23% up at Rs12.80 on BSE after the company reported a net loss of Rs 153.05 crore in Q3 December 2013, higher than net loss of Rs 97.5- crore in Q3 December 2012.
- Tata Chemicals closed 1.95% up at Rs 259.10 on BSE after the company reported a consolidated net loss of Rs 15.93 crore in Q3 December 2013 compared to net profit of Rs 224.07 crore in Q3 December 2012.
- Divi's Laboratories rose 5.40%, in the morning trade, to Rs 1,384 on BSE after net profit rose 51.84% to Rs 219.02 crore on 25.24% increase in total income to Rs 697.1- crore in Q3 December 2013 over Q3 December 2012.
- Aksh Optifibre closed 2.06% down at Rs 16.65 on BSE after net profit fell 58.9% to Rs 2.53 crore on 11.4% decline in net sales to Rs 46.07 crore in Q3 December 2013 over Q3 December 2012.
- Jaypee Infratech closed 1.32% down at Rs 18.75 on BSE after net profit declined 34.7% to Rs 101.1- crore on 5.9% growth in net sales to Rs 987.80 crore in Q3 December 2013 over Q3 December 2012.
- Tata Motors closed 2.76% up at Rs 345.90 on BSE after the company unveiled a sedan and a premium hatchback on Monday, 3 February 2014.
- TRF closed 2.44% down at Rs 120.00 on BSE after the company reported a consolidated net loss of Rs 17.44 crore in Q3 December 2013, higher than net loss of Rs 4.22 crore in Q3 December 2012.
- Chambal Fertilisers & Chemicals closed 1.56% down at Rs 37.95 on BSE after net profit declined 6% to Rs 90.2- crore on 13% growth in net sales to Rs 2359.25 crore in Q3 December 2013 over Q3 December 2012.
- Wheels India closed 1.84% up at Rs 844.25 on BSE after the company said its board of directors has approved rights issue of equity shares to the existing shareholders of the company.
- Bharat Forge closed 1.17% down at Rs 338.70 on BSE after net profit fell 2.5% to Rs 94 crore on 1.5% fall in total revenues to Rs 832.10 crore in Q3 December 2013 over Q2 September 2013.
- Pipavav Defence and Offshore Engineering Company hit an upper circuit limit of 5% at Rs 33.75 on BSE on bargain hunting after the stock slumped about 29% in the preceding fifteen trading sessions.
- Monsanto India closed 15.70% up at Rs 1,239.70 on BSE, with the stock extending recent steep rally triggered by the company reporting strong Q3 earnings.