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Indian stock market daily morning report (February 24, 2014, Monday)

February 24, 2014, Monday, 06:38 GMT | 01:38 EST | 12:08 IST | 14:38 SGT
Contributed by Keynote Capitals


Views on markets today

- The BSE Sensex rose for a fifth time in six sessions on Friday, as a recovery in global markets helped blue chips such as ITC to recover from falls in the previous session, while cement makers such as ACC surged on speculation of price hikes.

The Sensex ended up 164.11 points, or 0.- per cent, at 20,700.75, while the Nifty closed 64 points higher, or 1.05 per cent, at 6,155.45.

- Shares of 12 construction firms rose by 0.45% to 2.09% on BSE after the cabinet on Thursday, 20 February 2014, decided to convert 7,200 kilometres of states roads into national highways.

NCC (up 2.09%), Hindustan Construction Company (up 1.96%), Pratibha Industries (up 1.87%), Valecha Engineering (up 1.67%), IVRCL (up 1.43%), IRB Infrastructure Developers (up 0.78%), Madhucon Projects (up 0.75%), Simplex Infrastructures (up 0.7%), Gammon Infrastructure Projects (up 0.58%), PBA Infrastructure (up 0.51%), Unity Infraprojects (up 0.5%) and Sadbhav Engineering (up 0.45%), edged higher.

- Among the 12 BSE Sectoral Indices 11 sectors closed in positive while only 1 sector ended the day in negative. Top Gainer: BSE Capital Goods up by 1.24% and BSE FMCG by 1.20%. Top Losers: BSE Realty down by 0.10%.

Market breadth was positive at ~1.20 as investors bought large cap stocks. On provisional basis, FII's bought Rs 6.03bn worth of Indian equities and DII's sold Rs 3.81 bn worth of equities.


Economic and Corporate Developments

- Foreign investors have poured almost Rs 11,000 crore into the Indian debt market so far this month after being net sellers of bonds in 2013.

The inflows followed a net investment of Rs 12,609 crore in the preceding month.

According to market experts, FII inflows into debt are returning on account of the stability observed in foreign exchange and interest rates.

Foreign institutional investors (FIIs) were gross buyers of debt securities worth Rs 21,210 crore and sellers of bonds to the tune of Rs 10,219 crore till February 21, resulting in a net inflow of Rs 10,991 crore ($1.77 billion), according to data from the Securities and Exchange Board of India.


Buzzing Stocks

- Shree Renuka Sugars fell 5.11% to Rs 21.35 on BSE after the company said that Singapore-based agri-business firm Wilmar International will invest approximately $200 million in the company.

- Bharti Airtel fell 0.99% to Rs 293.90 on BSE after the company said it will move to the Supreme Court of Nigeria against a decision of the Court of Appeals in Lagos in a longstanding dispute with Econet Wireless.

- Shoppers Stop rose 1.96% to Rs 385 on BSE after a bulk deal of 4.4- lakh shares was executed on the counter at Rs 377.60 per share in opening trade on BSE today, 21 February 2014.

- Tara Jewels was locked at 5% upper circuit at Rs 102.15 on BSE, with the stock extending recent gains triggered by IDFC Mutual Fund acquiring stake in the company.

- Sandur Manganese & Iron Ores surged 5.8% to Rs 542.25 on BSE after the Supreme Court permitted the company to continue its mining operations.

- Gujarat State Petronet rose 3.84% to Rs 56.80 on BSE after the company said that Appellate Tribunal for Electricity has granted an interim stay on the Petroleum and Natural Gas Regulatory Board's order.

- HCL Technologies rose 2.92% to Rs 1,538.25 on BSE after HCL Corporation denied a media report that its founder Shiv Nadar was planning to sell its entire stake in HCL Technologies.

- IL&FS Transportation Networks rose 2.16% to Rs 106.45 on BSE after the company said it has secured a road project worth about Rs 1348.52 crore in Spain.

- Shiv-Vani Oil & Gas Exploration Services and Geodesic were, both, locked at 5% lower circuit level on BSE, extending Thursday's slide triggered by a London Court ruling directing the two firms to make payment to bondholders including default interest

- United Bank of India fell 1.03% to Rs 24 on BSE after Archana Bhargava resigned as chairperson and managing director of the bank with effect from 20 February 2014.

- IPCA Laboratories jumped 4.18% to Rs 880.50 on BSE after a foreign brokerage initiated coverage on the stock with an 'outperform' rating.