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Indian stock market daily morning report (February 17, 2014, Monday)
Views on markets today
- Markets staged a recovery on Friday led by gains in IT majors and index heavyweight like Reliance and Tata Motors after key indices declined sharply in the previous session. Further, whole sale price inflation in January which eased to an 8-month low also helped improve sentiment.
IT shares led the gains in the session, with Infosys and TCS adding over 1 percent each.
The 30-share Sensex closed 173 points higher at 20,366 and the 50-unit Nifty ended 47 points up at 6,04- levels.
- Shares of four telecom companies rose by 0.29% to 1.43%, in the afternoon trade, on BSE after auctions of telecom spectrum concluded on Thursday, 13 February 2014, after 6- rounds of bidding.
Reliance Communications (up 1.43%), Idea Cellular (up 1.37%), Bharti Airtel (up 1.16%) and Tata Teleservices (Maharashtra) (up 0.29%), edged higher.
- Among the 12 BSE Sectoral Indices only 11 Sectors closed in positive while 1 Sector ended the day in negative. Top Gainer: BSE IT up by 1.39% and BSE Teck by 1.22%. Top Losers: BSE Healthcare down by 0.12%.
Market breadth was negative at ~0.84 as investors sold large cap stocks. On provisional basis, FII's sold Rs 0.15bn worth of Indian equities and DII's sold Rs 0.45bn worth of equities.
Economic and Corporate Developments
- Just a few days ahead of interim Budget 2014-15, a United Nations (UN) report has said the Centre is unlikely to meet its fiscal deficit target for this financial year, owing to low growth and high subsidy.
“In India, the government is unlikely to meet its target of reducing the deficit to 4.- per cent of GDP (gross domestic product) in 2013-14, as growth is below projections and depreciation of the rupee is pushing up the subsidy bill,” the UN said in a report titled ‘World Economic Situation and Prospects 2014'.
- Industrial production, which contracted for a third month in a row in December, might have bottomed out, if one goes by calculations of financial research company ZyFin.
ZyFin's Business Cycle Indicator (BCI) rose from 4.2 per cent in November to 4.7 per cent in December and then further to 4.- per cent in January year-on-year.
Explaining the indicator, Debopam Chaudhuri, vice-president of research and development in the firm, said it tells us about industrial activity one month in advance.
- Sun Pharmaceutical Industries rose 1.42%, in the opening trade, to Rs 623.45 on BSE after the company said that its subsidiary secured final approval from USFDA to market a generic version of Temodar, Temozolomide Capsules in the United States.
- Bharti Airtel jumped 3.5%, in the opening trade, to Rs 313.20 on BSE after the company said it has acquired 115.0 MHz spectrum for a total consideration of Rs 18,530 crore in the just concluded spectrum auction conducted by the Government of India.
- Idea Cellular jumped 3.84%, in the opening trade, to Rs 136.50 on BSE after the firm said that its winning a total of 65.2 MHz of spectrum gives it necessary impetus to expand the network in Delhi to 3G on 900 MHz, and launch 4G in - of its key revenue markets
- Indian Oil Corporation closed 1.47% down at Rs 240.50 on BSE after the company reported a net loss of Rs 961.45 crore in Q3 December 2013 as compared to net profit of Rs 3,331.96 crore in Q3 December 2012.
- Future Retail spurted 16.45%, in the morning trade, to Rs 94.50 on BSE after the company reported a net profit of Rs 21.74 crore in the quarter ended 31 December 2013 as against net loss of Rs 20.41 crore in the quarter ended 31 December 2012.
- ONGC closed 0.88% up at Rs 275.80 on BSE after net profit rose 28.1% to Rs 7,126 crore on 1.2% decline in sales revenue to Rs 20,833 crore in Q3 December 2013 over Q3 December 2012.
- Amtek Auto closed 18.57% up at Rs 81.10 on BSE after net profit jumped 57.8% to Rs 78.04 crore on 59.3% growth in net sales to Rs 839.10 crore in the quarter ended 31 December 2013 over the quarter ended 31 December 2012.
- State Bank of India closed 1.64% down at Rs 1475.10 on BSE after net profit fell 34.21% to Rs 2,234.34 crore on 14.91% increase in total income to Rs 39,060.76 crore in Q3 December 2013 over Q3 December 2012.
- United Spirits closed 1.11% down at Rs 2,337.40 on BSE after net profit declined 19.4% to Rs 64.92 crore on 5.22% growth in total income to Rs 2351.49 crore in Q3 December 2013 over Q3 December 2012.
- Mahindra & Mahindra closed 0.45% down at Rs 902.60 on BSE after the combined net profit of M&M and MVML rose 9.3% to Rs 1,000.10 crore on 2.18% decline gross revenue and other income to Rs 11,270 crore in Q3 December 2013 over Q3 December 2012.
- Hanung Toys & Textiles closed 4.85% down at Rs 18.65 on BSE after the company reported a net loss of Rs 251.81 crore in Q3 December 2013 as against net profit of Rs 33.30 crore in Q3 December 2012.
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