Indian stock market daily morning report (January 14, 2014, Tuesday)
January 14, 2014, Tuesday, 06:02 GMT | 01:02 EST | 10:32 IST | 13:02 SGT
Views on markets today
- Markets surged on Monday to end nearly 2% higher recording their highest single-day gain since November 25, 2013 led by IT majors and hopes that the Reserve Bank of India would maintain status quo on key policy rates for the second straight month.
The 30-share Sensex ended up 376 points at 21,134 and the 50-share Nifty ended up 101 points at 6,273.
- Tata Motors closed up 2.15% to Rs 376.05 on BSE after the company's British luxury car unit Jaguar Land Rover on Saturday, 11 January 2014 said it has delivered its strongest ever global sales performance in 2013.
- Infosys closed up 3.29% to Rs 3665.70 on BSE, with the stock extending Friday's 2.83% gains triggered by the company raising its revenue growth guidance for the year ending 31 March 2014.
- Shares of three companies engaged in production of natural gas rose by 2.58% to 3.59% on BSE after the government on Friday, 10 January 2014, issued the notification regarding Domestic Natural Gas Pricing Guidelines, 2014.
Reliance Industries (up 2.58%), ONGC (up 2.94%) and Oil India (up 3.59%) gained.
- Among the 12 BSE Sectoral Indices 11 sectors closed in positive while 1 sector ended the day in negative. Top Gainers: BSE IT up by 2.92% and BSE Teck by 2.40%. Top Losers: BSE Healthcare down by 0.68%.
Market breadth was flat at ~0.94 as investors traded on both sides of large cap stocks. On provisional basis, FII's bought Rs 0.68bn worth of Indian equities and DII's bought Rs 0.81bn worth of equities.
Economic and Corporate Developments
- The Reserve Bank will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy.
"We will examine that (IBA recommendation of cutting down number of free ATM transaction to 5 per month). Many other proposals have come. The whole idea is that people are using too much of cash and adding to the costs. We will examine all those issue," RBI Deputy Governor H R Khan told PTI.
RBI has been taking measures to cut down on cash transaction in the economy in a bid to minimise the risk of money laundering in the system.
- Kotak Mahindra Bank closed up 3.19% to Rs 724.05 on BSE after a bulk deal was executed on the counter on BSE today, 13 January 2014.
- Reliance Power closed up 1.20% to Rs 67.35 on BSE after the company said that boiler light up has been achieved for its third 660 MW unit at the 3,960 MW Sasan Ultra Mega Power Plant.
- NMDC rose 1.40% to Rs 141.10 on BSE after the company said that its total iron ore production and dispatches rose in nine months ended 31 December 2013 over nine months ended 31 December 2012.
- Pennar Industries closed up 5.69% to Rs 23.20 on BSE after the company said its subsidiaries have secured orders aggregating Rs 70 crore.
- Nitin Spinners closed up 1.61% to Rs 15.80 on BSE after the company said it has achieved financial closure for term loan of Rs 200 crore from banks for expansion project of spinning and knitting facilities at a project cost of Rs 286 crore.
- Ranbaxy Laboratories closed down 5.42% to Rs 438.35 on BSE after the company said it has received the form 483 with certain observations as a result of the recent US FDA inspection at its plant at Toansa, Punjab, India.
- Oberoi Realty closed up 1.91% to Rs 210.95 on BSE, with the stock recovering on bargain hunting after recent slide.
- Exide Industries closed down 6.20% to Rs 105.10 on BSE after net profit declined 25.52% to Rs 77.52 crore on 11.28% fall in total income to Rs 1308.85 crore in Q3 December 2013 over Q3 December 2012.
- BS closed up 3.74% to Rs 11- on BSE after the company said its board has fixed 22 January 2014 as the record date for 10-for-1 stock split.
- Gati was locked at 10% upper circuit at Rs 62.30 on BSE, after two bulk deals were executed on the counter today, 13 January 2014.
- Tata Steel rose 0.48% to Rs 386.15 on BSE after the company said its steel sales rose 9.4% to 2.06 million tonnes in q3 December 2013 over Q3 December 2012.
- Escorts closed up 3.14% to Rs 123.25 on BSE, after 1.23% equity changed hands in a bulk deal today, 13 January 2014.
- Rushil Decor closed up 3.08% to Rs 55.20 on BSE after the company said its board has approved the procedures for conducting postal ballot for the sale, lease or otherwise dispose of the selective land in Gujarat to a prospective buyer.
- Bharat Forge closed up 4.17% to Rs 345.65 on BSE after the company said its indirect subsidiary in Hong Kong has divested its 51.85% stake in its Chinese JV operations to its JV partner for a consideration of $28.20- million.
- L&T rose 2.52% to Rs 980.10 on BSE, with the stock recovering on bargain hunting after recent slide.