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Indian stock market daily morning report (February 19, 2014, Wednesday)
Views on markets today
- Markets surged on Tuesday to end at their highest closing level in three weeks, led by financial shares, amid high growth forecast in the last two quarters of the current fiscal, fiscal deficit target at an 8-year low of 4.1% and reduction in net borrowing for FY15.
The 30-share Sensex ended up 170 points at 20,634 and the 50-share Nifty ended up 54 points at 6,127. On January 29, 2014, the Sensex had ended at 20,647 and the Nifty had ended at 6,120.
- Shares of seventeen capital goods firms rose by 0.11% to 7.34%, in the afternoon trade, on BSE after the government announced reduction in excise duty on some capital goods to 10% from 12% in the interim budget on Monday, 17 February 2014.
ABB (up 7.34%), EMCO (up 6.62%), Siemens (up 3.58%), Triveni Turbine (up 2.99%), Crompton Greaves (up 2.66%), Voltamp Transformers (up 2.21%), ALSTOM India (up 1.48%), Praj Industries (up 1.42%), Bharat Bijlee (up 1.27%), Bhel (up 1.22%), Transformers & Rectifiers (India) (up 1.18%), Voltas (up 1.07%), L&T (up 0.85%), Jindal Saw (up 0.8%), BEML (up 0.35%), Blue Star (up 0.14%) and SKF India (up 0.11%), edged higher.
- Among the 12 BSE Sectoral Indices 9 Sectors closed in positive while 3 Sector ended the day in negative. Top Gainer: BSE Bankex up by 2.34% and BSE Capital Goods by 2.09%. Top Losers: BSE FMCG down by 0.28% and BSE Oil & Gas by 0.06%.
Market breadth was positive at ~1.14 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.92bn worth of Indian equities and DII's sold Rs 1.54bn worth of equities.
Economic and Corporate Developments
- Global rating agency Moody's said India's interim budget is in line with the policy assumptions that underpin the government's Baa3 rating with a stable outlook.
The global rating agency has, however, cautioned that India's fiscal position remains "weak".
"Moody's stable outlook on India's Baa3 sovereign rating incorporates the macro-economic risks posed by the government's high deficit and debt ratios as well as its recent efforts to control the fiscal deficit through ad hoc measures," it said in a statement.
The rating also incorporates the medium-term credit support provided by the government's favourable access to domestic savings for the purposes of financing its large borrowing requirements, the statement added.
- Castrol India closed 0.20% down at Rs 296.60 on BSE after net profit rose 7.04% to Rs 126.20 crore on 7.80% increase in total income to Rs 836.60 crore in Q4 December 2013 over Q4 December 2012.
- Force Motors closed 15.08% up at Rs 353.30 on BSE after the company said its promoters have raised their total stake in the company to 56.54% from 51.75% by acquiring additional shares.
- Bharti Airtel closed 0.95% down at Rs 302.20 on BSE after the company agreed to acquire smaller rival Loop Mobile.
- V-Mart Retail advanced 1.79%, in the opening trade, to Rs 284.90 on BSE, after two institutional investors bought 9.69% stake in the company on Monday, 17 February 2014.
- Financial Technologies (India) was locked at 5% upper circuit at Rs 310.70 on BSE, with the stock extending recent upmove.
- Godrej Consumer Products closed 1.04% up at Rs 757.60 after a bulk deal was executed on the counter on BSE on 18th February 2014.
- ABB India closed 12.80% up at Rs 666.65 on BSE, after net profit surged 249.37% to Rs 58.59 crore on 5.72% rise in total income to Rs 2,204.56 crore in Q4 December 2013 over Q4 December 2012.
- GlaxoSmithkline Pharmaceuticals rose 0.12% to Rs 3,017 on BSE after the company declared result for the Q4 and full year ended 31 December 2013 during trading hours today, 1- February 2014.
- Hindustan Zinc closed 2.43% down at Rs 120.25 on BSE on reports that the government may not complete its sale of minority stakes in the company this fiscal year.
- Ambuja Cements rose 1.29%, in the afternoon trade, to Rs 153.25 on BSE after a bulk deal was executed on the counter on BSE.
- Gujarat Pipavav Port closed 11.12% up at Rs 70.95 on BSE after net profit surged 114% to Rs 77.10 crore on 22% increase in total income to Rs 145.20 crore in Q4 December 2013 over Q4 December 2012.
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