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Indian stock market daily morning report (January 03, 2014, Friday)
Views on markets today
- Markets slipped for the second consecutive day with the benchmark indices losing over 1% each in the second half of the trading session as profit booking emerged at higher levels.
Both the benchmark indices - Sensex and Nifty- gave off their key levels of 21,000 and 6,300 levels respectively. At close, the Sensex was down 252 points or 1.2% at 20,88- and the Nifty dipped 80 points or1.3% at 6,221.
- IT majors TCS, Infosys were up 0.4% and 0.2% respectively. Wipro was flat with a positive bias. Maruti Suzuki and Sun Pharma up 0.3% each rounded off the gainers among the Sensex-30. BHEL, Tata Power, Coal India, L&T and Bharti Airtel down 3-3.5% were the draggers among Sensex-30.
- Among the BSE sectoral Indices 1 sector closed in positive while 11 sectors ended the day in negative. Top Gainers: BSE IT up by 0.11%. Top Losers: BsE Realty down by 3.07% and BSE Capital Goods by 2.84%.
Market breadth was negative at ~0.66 as investors sold large cap stocks. On provisional basis, FII's bought Rs 6.74bn worth of Indian equities and DII's sold Rs 1.89bn worth of equities.
Economic and Corporate Developments
- India's manufacturing sector ended the year 2013 on a bit of pessimistic note as growth fell in December against the previous month, showed the widely-tracked HSBC purchasing managers' index (PMI). However, consumer segment of the manufacturing, which had faced the heat of slow down, showed some signs of uptick.
The PMI was down at 50.7 points in December from 51.3 in the previous month. This is the second month in a row when manufacturing activities registered a growth after falling since August. A reading above 50 points shows a growth, while the one below is a contraction.
- Reserve Bank of India has eased norms for assigning risk weights and making provisions for loans extended for low income housing which are covered by the new credit guarantee fund.
The government of India has set up a Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH). This provides cover for advances given for low income housing, RBI said.
Non-banking finance companies and microfinance institutions may assign zero risk weights for the guaranteed portion. The balance due in excess of the guaranteed portion would attract a risk-weight in line with present norms.
- KSK Energy Ventures closed down 5.85% at Rs 63.55 on BSE, after 0.3% equity changed hands in a bulk deal on BSE today, 2 January 2014.
- HOV Services hit an upper circuit limit of 5% to Rs 87.40 on BSE, extending Wednesday's 5% jump triggered by Source HOV LLC appointing an investment bank to explore various strategic options.
- Arvind closed up 4% to Rs 144.25 on BSE after 1.39% equity changed hands in a bulk deal on BSE today, 2 January 2014.
- Suprajit Engineering closed up 3.36% to Rs 52.25 on BSE, after the company announced robust sales in Q3 December 2013.
- Viceroy Hotels closed down 7.83% to Rs 20 on BSE on profit booking after the stock jumped 35.63% in the preceding two trading sessions to Rs 21.70 on 1 January 2014 from a recent low of Rs 16 on 30 December 2013.
- Mahindra & Mahindra closed down 1.22% to Rs 936.05 on BSE. The stock touched an intraday high of Rs 958.75 after the company said SsangYong Motor's total sales rose 11.8% at 13,271 units in December 2013 over December 2012.
- Ricoh India was locked at 5% upper circuit at Rs 137.25 on BSE, after the company's foreign promoter fixed an indicative price for delisting of shares of Indian unit.
- Sangam (India) closed up 7.76% to Rs 40.95 on BSE after a block deal of 16.35 lakh shares, or 4.14% equity, was struck at Rs 38.25 per share at 9:37 IST on BSE.
- Bharti Airtel closed down 2.81% to Rs 328.10 on BSE after two bulk deals were executed on the counter on BSE today, 2 January 2014.
- MCX closed down 0.86% to Rs 488.25 on BSE. The stock touched an intraday high of Rs 513.85 on reports a jewellers' trade body is planning to buy 5% in the exchange.
- Gati closed down 5.50% to Rs 44.70 on BSE, with the stock declining on profit booking after seeing a recent steep rally.
- Pratibha Industries closed up 5.72% to Rs 28.65 on BSE after the company said it bagged new order aggregating to Rs 589.69 crore.
- Sandur Manganese & Iron Ores closed down 5.64% to Rs 586.40 on BSE after the company said it suspended its mining operations after mining leases expired on 31 December 2013.
- Shares of three PSU OMCs fell by 1.18% to 3.07% on BSE after media reports suggested that the price of aviation turbine fuel was hiked by 2.7% on Wednesday, 1 January 2014.
HPCL (down 3.07%), BPCL (down 2.87%) and Indian Oil Corporation (down 1.18%), edged lower.
- Zyden Gentec was locked in lower circuit for eight straight days, down 5% at Rs 15.25 on the BSE, after the Punjab National Bank offloaded around one-third of its holding in the company via open market.
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