Indian stock market daily morning report (January 13, 2014, Monday)
January 13, 2014, Monday, 06:50 GMT | 01:50 EST | 11:20 IST | 13:50 SGT
Views on markets today
- Market closed marginally higher supported by IT shares after street gave a thumbs up to Infosys's Q3 FY14 results and upbeat December trade deficit figures released on Friday.
Key benchmark indices pared its early gains near the end of the day's trading session pulled down by banking shares which witnessed panic selling after IndusInd bank reported a rise in its net performing assets (NPAs) in the third quarter ended December 31, 2013.
The 30-share Bombay Stock Exchange (BSE) Sensex closed 45.12 points higher at 20,758.49 and the 50-unit Nifty of the National Stock Exchange (NSE) was quoting at 6,171.45, up 3.10 points.
- Shares of two gold financing firms Manappuram Finance and Muthoot Finance rose by 7.32% and 15.70% respectively on BSE after the central bank allowed non-banking finance companies to lend up to 75% of the value of gold from 60% at present.
- Financial Technologies (India) closed 4.70% down at Rs 312.95 on BSE after a media report suggested that Tech Mahindra is keen on acquiring the company
- Among the 12 BSE Sectoral Indices 5 sectors closed in positive while 7 sectors ended the day in negative. Top Gainers: BSE IT up by 2.16% and BSE Teck by 1.76%. Top Losers: BSE Realty down by 1.55% and BSE Bankex by 1.54%.
Market breadth was negative at ~0.67 as investors sold large cap stocks. On provisional basis, FII's bought Rs 0.68bn worth of Indian equities and DII's bought Rs 0.81 bn worth of equities.
Economic and Corporate Developments
Gold and silver imports declined 68.8% to $1.77 billion in December after the government imposed restrictions on inbound shipments of the yellow metal aimed at narrowing the current account deficit.
Imports of gold and silver in December 2012 stood at $5.6 billion. However, the level in December was higher than $1.05 billion in November.
Gold and silver imports during April-December declined 30.3% to $27.3 billion from $39.2 billion a year earlier.
- Infosys closed 2.84% up at Rs 3,548.90 on BSE after the company raised its revenue growth guidance for the year ending 31 March 2014.
- Mastek closed 9.03% down at Rs 183.35 on BSE, with the stock sliding on profit booking after recent steep rally triggered by the company's announcement of buyback of equity shares.
- VA Tech Wabag closed 0.58% up at Rs 555.40 on BSE after the company said it has bagged its first ever order worth $40 million from Dar Es Salaam Water & Sewerage Authority in Tanzania.
- Deccan Gold Mines closed 5.75% up at Rs 23.90 on BSE after the company said it has commenced diamond core drilling in its Ganajur-Karajgi PL block.
- MTNL closed 3.63% down at Rs 16.74 on BSE on reports the Cabinet approved a refund of about Rs 11,260 crore for broadband wireless access spectrum surrendered by state-run MTNL and BSNL.
- Atul rose 1.41%, in the intraday trade, to Rs 454 on BSE after the company said that the rating agency CARE has revised rating from ‘CARE AA-' to ‘CARE AA' assigned to the longterm facilities of the company.
- Jubilant FoodWorks closed 2.47% down at Rs 1,200.10 on BSE as index provider MSCI excluded the stock from its small cap indices.
- Hindalco Industries closed 2.08% down at Rs 110.45 on BSE after Alcoa Inc, the largest US aluminium producer, reported a loss in fourth quarter earnings on Thursday, 9 January 2014.
- Tata Power Company closed 0.92% down at Rs 80.40 on BSE after the firm said that a loud thud was observed in low pressure turbine accompanied by fire on the turbine and generator deck of 250 MW Unit - at Trombay late Thursday, January 2014.
- Motherson Sumi Systems closed 4.92% down at Rs 202.50 on BSE on profit booking after the stock jumped 16.41% in the preceding seven sessions to Rs 212.50 on 9 January 2014, from a recent low of Rs 182.55 on 31 December 2013.
- IndusInd Bank closed 2.84% down at Rs 404.95 on BSE after net profit rose 29.79% to Rs 346.90 crore on 21.68% increase in total income to Rs 2,623.76 crore in Q3 December 2013 over Q3 December 2012.
- Gillette India closed 0.24% up at Rs 2,073.20 on BSE, with the stock recovering on bargain hunting after recent slide triggered by the company's clarification to a media news that it has no plans for an open offer or delisting.
- Goa Carbon closed 3.80% down at Rs 70.90 on BSE after the company said it has temporarily shut down operations at its Bilaspur plant in Chattisgarh on account of non availability of suitable raw material.