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Indian stock market daily morning report (February 07, 2013, Thursday)

Contributed by Keynote Capitals

Views on markets today

The barometer index, BSE Sensex, hit its lowest level in nearly four weeks in late trade as index Reliance Industries (RIL) edged lower in choppy trade. The Sensex was provisionally down 33.56 points or 0.17%, off close to 140 points from the day's high and up about 15 points from the day's low and closed at 19,639.72. Nifty50 provisionally ended almost unchanged for the day to close at 5,959.20 Tech Mahindra's consolidated net profit fell nearly 7 percent quarter-on-quarter to Rs 275.8 crore in the third quarter of financial year 2012-13. Net profit was impacted by the fall in Mahindra Satyam's (wherein Tech Mahindra holds 42.7 percent stake) profits during the quarter.

State-owned MOIL clocked 13% rise in net profit at Rs 114 crore for the third quarter ended December 2012 despite a slight dip in income. The net profit of the Nagpur-based firm was at Rs 101 crore a year ago.

Sales of the company declined to Rs 228 crore during the quarter from Rs 240 crore during the October-December quarter of the last fiscal, it said in BSE filing.

Shares of NTPC were down 2.4% ahead of the PSU's offer for sale (OFS). The government will sell 783 million shares in NTPC valuing the sale at about USD 2.14 billion at a floor price of Rs 145 per share Among the 13 sectoral indices, six sectors closed in negative, while seven sectors closed in positive. Top Gainers BSE Realty gained by 0.78%, BSE IT by 0.62% and BSE TECK by 0.60% . Top Losers: BSE Capital Goods declined by 0.93%, BSE PSU by 0.57% and BSE Power by 0.49%

Market breadth was positive at ~1.15x as investors bought large cap stocks. On provisional basis, FII bought equity of Rs11.38bn and domestic institutions sold equity of Rs12.24bn in cash segment.

Asian markets were trading mix today. We expect a weak opening for Indian markets following the cues from the global markets

Buzzing Stocks

GMR Infra has received Rs 415 crore from national carrier Air India (AI) for using infrastructure at Delhi and Hyderabad airports. Shares of GMR-the operator of Delhi and Hyderabad airports rose 2.33% to Rs 19.80 Bharat Heavy Electricals (Bhel) has bagged a contract worth Rs 2,854 crore for supply of the Steam Generator Package for three coal-fired thermal units of 660 MW each with supercritical parameters.

Customer budget increasing in coming years by 2% to 3%:TCS After acquiring majority stake in the ailing Lloyds Steel, Uttam Galva plans to raise Rs 1,500-2,000 crore working capital loan for the acquired entity and hopes to close the deal by the end of the current quarter. State-owned Indian Oil Corp (IOC) plans to lay 1,175 km of pipelines to transport liquid gas it will import at the proposed Ennore LNG terminal in Tamil Nadu.