Indian stock market daily morning report (February 13, 2014, Thursday)
February 13, 2014, Thursday, 05:21 GMT | 00:21 EST | 09:51 IST | 12:21 SGT
Views on markets today
- Sentiment got a boost after US Federal Reserve's new chairperson Janet Yellen hinted at keeping the monetary policy unchanged under her leadership. Yellen said the central bank plans to continue easing its stimulus program, adding it would take a notable change in economic data for the Fed to change its plans.
The Fed must take cognizance of the turmoil in labor market, she added. Yellen expressed her discomfort about exceptionally high numbers of American citizens who can find only part-time work.
The 30-share BSE Sensex ended 74 points higher at 20,437 levels and the 50-unit Nifty added 17 points to close at 6,080 levels ahead of key macro economic data lined up ahead.
- BPCL closed 1.49% up at Rs 364.80 on BSE after the company reported a net loss of Rs 1,088.94 crore in Q3 December 2013 as against net profit of Rs 1,647.57 crore in Q3 December 2012.
- Tata Steel closed 4.05% down at Rs 374.35 on BSE after consolidated net profit dropped 45.1% to Rs 503.24 crore on 0.25% fall in total income to Rs 36,754.3- crore in Q3 December 2013 over Q2 September 2013.
- Among the 12 BSE Sectoral Indices 6 Sectors closed in positive while 6 Sectors ended the day in negative. Top Gainer: BSE Capital Goods up by 1.51% and BSE Oil & Gas by 1.27%. Top Losers: BSE Metal down by 1.33% and BSE FMCG by 0.85%.
Market breadth was negative at ~0.95 as investors sold large cap stocks. On provisional basis, FII's sold Rs 1.99bn worth of Indian equities and DII's sold Rs 2.62bn worth of equities.
Economic and Corporate Developments
India's trade deficit - the difference between merchandise exports and imports - continues to improve with each passing month, easing pressure on the rupee and cushioning the blow from the monetary tightening by US Federal Reserve. The trade deficit fell to $9.9 bbillion in January this year from $10.1 billion in the previous month and $20 billion in January 2013. On an annualised basis, trade deficit is now down to $145 billion or around 7.5% of the GDP during the 12 months ending January 2014 from an all time high of 11.3% in FY13, according to figures by RBI.
- Tata Motors rose 1.14%, in the morning trade, to Rs 378.55 on BSE, with the stock extending Tuesday's 2.82% gains triggered by the company reporting strong Q3 earnings.
- OnMobile Global closed 11.02% up at Rs 33.75 on BSE after the company's parent firm announced a voluntary open offer to the public shareholders.
- GMR Infrastructure closed 1.02% up at Rs 19.90 on BSE after the company reported a consolidated net loss of Rs 441.09 crore in Q3 December 2013, higher than net loss of Rs 217.45 crore in Q3 December 2012.
- HPCL closed 1.72% down at Rs 245.45 on BSE after the company reported a net loss of Rs 1,733.91 crore in Q3 December 2013 as against net profit of Rs 147.11 crore in Q3 December 2012.
- Oil India closed 1.21% up at Rs 461.05 on BSE after net profit declined 3.97% to Rs 902.96 crore on 5.37% growth in total income to Rs 3,052.37 crore in Q3 December 2013 over Q3 December 2012.
- Manappuram Finance closed 2.52% up at Rs 24.40 on BSE, with the stock extending Tuesday's 12% rally triggered by a ratings firm revising its rating outlook on ratings of the longterm debt instruments and bank facilities of the company.
- KSB Pumps closed 3.11% down at Rs 240.15 on BSE after net profit fell 44.8% to Rs 10.79 crore on 7.4% decline in net sales to Rs 179.49 crore in Q4 December 2013 over Q4 December 2012.
- Reliance Industries closed 1.48% up at Rs 817.45 on BSE after the company issued a media statement after the direction of the Delhi Government to order the registration of an FIR in relation to revision of gas price.
- Kanoria Chemicals & Industries closed 4.72% up at Rs 25.95 on BSE after the company reported a net profit of Rs 10.19 crore in Q3 December 2013 as against net loss of Rs 2.4- crore in Q3 December 2012.
- Asahi India Glass jumped 9.62%, in the morning trade, to Rs 46.70 on BSE, after 0.8% equity changed hands in a bulk deal on BSE on 12th February 2014.
- Orchid Chemicals & Pharmaceuticals was locked at 5% upper circuit at Rs 45.15 on BSE after the company reported a reduced net loss in the quarter ended 31 December 2013 over the quarter ended 31 December 2012.
- JB Chemicals & Pharmaceuticals closed 1.96% up at Rs 132.50 on BSE after the company reported net loss of Rs 6.47 crore in Q3 December 2013 as compared to net profit of Rs 21.87 crore in Q3 December 2012.
- Hind Rectifiers closed 10.09% up at Rs 31.65 on BSE after the company reported a net loss of Rs 1.86 crore in Q3 December 2013 as against net profit of Rs 2.53 crore in Q3 December 2012.
- Ambuja Cements closed 1.49% up at Rs 158.50 on BSE after the company kept mining operation at its Himachal Pradesh plants in abeyance pursuant to a notice received from the Ministry of Environment and Forest.