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Indian stock market daily morning report (February 18, 2014, Tuesday)
Views on markets today
- Markets gained in late trades to end higher after the Finance Minister P Chidambaram forecasted GDP growth rate of atleast 5.2% in the last two quarters of the current fiscal. Further, containment of fiscal deficit and reducting in current account deficit along with excise duty cuts for select sectors also boosted sentiment.
The 30-share Sensex ended up 97 points at 20,464 and the 50-share Nifty gained 25 points at 6,073.
- Six auto stocks rose by 0.83% to 2.59%, in the afternoon trade, on BSE, after finance minister proposed to reduce the excise duty on the automobile industry for the period up to 30 June 2014.
Escorts (up 2.59%), TVS Motor Company (up 2.43%), Hero MotoCorp (up 1.74%), M&M (up 1.32%), Eicher Motors (up I.12%) and Maruti Suzuki India (up 0.83%), edged higher.
- Jet Airways (India) closed 3.38% up at Rs 223.40 on BSE on reports Etihad Airways may be forced to make an open offer to retail shareholders of Jet Airways after market regulator Sebi served notice to the Abu Dhabi-based airline.
- 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 1.21% and BSE Power by 0.96%. Top Losers: BSE Realty down by 0.82% and BSE Consumer Durables by 0.76%.
Market breadth was negative at ~0.87 as investors sold large cap stocks. On provisional basis, FII's bought Rs 5.23bn worth of Indian equities and DII's sold Rs 2.45bn worth of equities.
Economic and Corporate Developments
- Finance Minister P Chidambaram presented the Interim Budget for 2014, stressing that he has managed to fulfill his promise of keeping both the fiscal deficit and the current account deficit for FY14 under control.
Here are the key 10 takeaways from Interim Budget 2014
1) Fiscal deficit for FY14 to be contained at 4.6% of GDP; FY15 target at 4.1%. 2) FY14 Current Account Deficit seen at $45 bn. 3) FY14 Q3 & Q4 GDP growth to be at least 5.2%. 4) Excise cut on capital goods cut from 12% to 10%. 5) Excise duty cut on small cars and two wheelers reduced from 12% to 8%. 6) Excise duty for SUVs cut from 30% to 24%. 7) Excise duty for large and mid-segment cars cut to 20%. 8) Excise duty on consumer durables cut from 12% to 10%. 9) Rs 11,200 crore capital infusion in PSU banks.10) Rs 2,600 crore for education loan moratorium, to benefit 9 lakh borrowers for loans taken before March 31, 2009
- Steel Authority of India closed 2.03% down at Rs 60.20 on BSE after net profit rose 9.97% to Rs 532.60 crore on 7.14% increase in total income to Rs 11,667.52 crore in Q3 December 2013 over Q3 December 2012.
- NMDC closed 4.96% down at Rs 138.10 on BSE after the stock turned ex-dividend on 17th February 2014, for second interim dividend of Rs 5.50 per share for the year ending 31 March 2014.
- DLF rose 1.59%, in the morning trade, to Rs 146.75 on BSE after consolidated net profit rose 45% to Rs 145 crore on 16% increase in total income to Rs 2,590 crore in Q3 December 2013 over Q3 December 2012.
- Supreme Infrastructure India closed 2.17% up at Rs 206.90 on BSE after the company said it has secured new orders worth Rs 111- crore.
- Mastek closed 0.33% up at Rs 197.50 on BSE after a foreign fund bought 0.5% stake in the company on Friday, 14 February 2014.
- Gayatri Projects closed 10.26% down at Rs 52.05 on BSE after net profit fell 89.41% to Rs 1.62 crore on 11.43% decline in total income from operations to Rs 421.60 crore in Q3 December 2013 over Q3 December 2012.
- Kavveri Telecom closed 4.87% down at Rs 27.35 on BSE after the company reported a consolidated net loss of Rs 16.75 crore in Q3 December 2013 as against net profit of Rs 7.61 crore in Q3 December 2012.
- IFCI closed 2.65% up at Rs 23.25 on BSE after the finance minister announced to set up Rs 200 crore venture fund with IFCI.
- Allcargo Logistics closed 3.52% up at Rs 138.05 on BSE after consolidated net profit jumped 58.03% to Rs 57.02 crore on 55.9% growth in total income from operations to Rs 1,516.41 crore in Q3 December 2013 over Q3 December 2012.
- Mahanagar Telephone Nigam rose 3.91% to Rs 14.60 at 13:05 IST on BSE after the company reported a net profit of Rs 428.03 crore in Q3 December 2013 as against net loss of Rs 1182.1- crore in Q3 December 2012.
- ABG Shipyard closed 4.56% down at Rs 250.25 on BSE after the company reported a net loss of Rs 156.0- crore in Q3 December 2013 as against net profit of Rs 18.62 crore in Q3 December 2012.
- Punj Lloyd closed 4.34% down at Rs 26.45 on BSE after the company reported consolidated net loss of Rs 139.4- crore in Q3 December 2013 as against net profit of Rs 8.77 crore in Q3 December 2012.
- MMTC closed 2.63% down at Rs 46.35 on BSE after the company reported net loss of Rs 8.71 crore in Q3 December 2013 as against net profit of Rs 28.84 crore in Q3 December 2012.
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