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Indian stock market daily morning report (February 20, 2014, Thursday)
Views on markets today
- After remaining range bound for most part of the trading session benchmark share indices surged in late trades to end near their day's with IT majors leading the gains.
The 30-share Sensex ended up 89 points at 20,723 after touching an intra-day high of 20,751 and the 50-share Nifty ended up 26 points to close at 6,153 after touching a high of 6,160.
- Monsanto India closed 4.95% up at Rs 1,260.70 extending its month-long rally, on back of heavy volumes. A combined 232,800 shares changed hands on the counter, against an average sub 100,000 shares that were traded daily in past two weeks on the BSE and NSE.
- Among the 12 BSE Sectoral Indices - sectors closed in positive while 4 sectors ended the day in negative. Top Gainer: BSE IT up by 1.48% and BSE Teck by 1.22%. Top Losers: BSE Metal down by 1.06% and BSE Power by 0.41%.
Market breadth was positive at ~1. 14 as investors bought large cap stocks. On provisional basis, FII's bought Rs 4.68bn worth of Indian equities and DII's sold Rs 3.39bn worth of equities.
Economic and Corporate Developments
The gross non-performing assets (NPAs) of listed banks rose 35.2% to Rs 243,000 crore during the first three quarters of the current financial year, according to an industry report.
In absolute terms, the listed banks added Rs 63,386 crore to their gross NPAs during the nine months, with State Bank of India, the largest, leading with an accretion of Rs 16,610 crore, npasource.com, a portal that tracks bad assets in the system, said on Tuesday.
IDBI Bank added Rs 3,562 crore to take its gross NPA book to Rs 10,012 crore, while Bank of Baroda's bad loans increased Rs 3,943 crore, or 49.4%, to Rs 11,926 crore, it said.
The Prime Minister's Office has set up an Inter Ministerial Group (IMG) headed by the Industry Secretary to simplify the language of the policy on foreign direct investment.
The group, headed by Department of Industrial Policy and Promotion (DIPP) Secretary Saurabh Chandra, will hold its first meeting tomorrow, an official told PTI.
"Last month, the Prime Minister's Office constituted the IMG to further simplify the language or structure in the text of the consolidated FDI policy. It would help investors more in understanding our policies," the official added.
- Greaves Cotton closed 3.97% up at Rs 60.20 on BSE after 0.49% equity changed hands in a bulk deal today, 19 February 2014.
- Bharti Airtel closed 0.22% up at Rs 302.85 on BSE after the company said it crossed 200 million mobile customers mark in India.
HMT closed 8.61% up at Rs 29.65 on BSE, after the company said that the Government of India has approved its revival and restructuring plans which envisages financial support of Rs 1083.4- crore.
- ABB India closed 1.86% up at Rs 679.05 on BSE, extending Tuesday's 12.80% rise triggered by the company's strong Q4 December 2013 earnings.
- Sun Pharmaceutical Industries closed 0.79% up at Rs 613.80 on BSE on reports the company received US Food and Drug Administration approval to sell a drug to treat osteoporosis.
- Tara Jewels was locked at 5% upper circuit at Rs 92.70 on BSE after IDFC Mutual Fund acquired 4% stake in the company on Tuesday, 1- February 2014.
- Ranbaxy Laboratories closed 3.13% up at Rs 362.15 on BSE on reports that the company and Teva Pharmaceutical Industries have jointly agreed to settle an anti-trust claim with the New York Attorney General.
- Paper Products closed 2.92% up at Rs 79.25 on BSE, after consolidated net profit surged 66.1% to Rs 16.66 crore on 22.61% rise in net sales to Rs 279.02 crore in the quarter ended December 2013 over the quarter ended December 2012.
- Financial Technologies (India) hit an upper circuit limit of 5% at Rs 326.20 on BSE on a media report that Tech Mahindra has shown interest in buying a sizeable equity stake in the company.
- Force Motors closed 7.06% up at Rs 378.25 on BSE, with the stock extending recent rally.
- Ashok Leyland closed 1.95% up at Rs 15.65 on BSE after the company clarified that it is exploring various options to cut down its debt, including divestment of non-core assets.
- Hero MotoCorp closed 1.54% down at Rs 1,947.05 on BSE as the company cut two-wheeler prices after the excise duty reduction announced in the Interim Budget 2014-15.
Fourteen sugar stocks rose by 1.34% to 10.97% on BSE as India's sugar output fell over 13% to 14.4 million tonnes so far this year on delayed crushing.
EID Parry (India) (up 7.35%), Sakthi Sugars (up 10.97%), Rana Sugars (up 4.63%), Simbhaoli Sugar Mills (up 5.79%), Shree Renuka Sugars (up 6.11%), Oudh Sugar Mills (up 9.57%), Dwarikesh Sugar Industries (up 4.90%), Upper Ganges Sugar & Industries (up 4.88%), Balrampur Chini Mills (up 9.28%), Bajaj Hindusthan (up 5.40%), Dhampur Sugar Mills (up 4.84%), Triveni Engineering & Industries (up 4.11%), DCM Shriram Industries (up 1.34%) and KCP Sugar & Industries Corporation (up 2.20%) edged higher.
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