Indian stock market daily morning report (January 22, 2014, Wednesday)
January 22, 2014, Wednesday, 06:07 GMT | 01:07 EST | 10:37 IST | 13:07 SGT
Views on markets today
- Markets closed in the positive territory for the day as gains in financials helped the benchmark indices to recover some of the lost ground due to profit taking in IT heavyweights. Bank shares gained ahead of the Policy on January 28, on hopes that the Reserve Bank of India will keep interest rates unchanged after inflation cooled last month.
At close, the Sensex was up 46 points at 21,251 and the Nifty gained 10 points to end a tad above the 6,300 mark at 6,313.
- Hindustan Zinc closed 2.00% up at Rs 135.20 on BSE on reports the government on Monday, 20 January 2014, decided to sell its residual stake in Hindustan Zinc in an open market auction.
- Federal Bank closed 1.09% up at Rs 83.55 on BSE after the Cabinet Committee on Economic Affairs approved raising foreign shareholding limit in the bank to 74% from existing 49%.
- Among the 12 BSE Sectoral Indices 6 sectors closed in positive while 6 sectors ended the day in negative. Top Gainers: BSE Bankex up by 1.55% and BSE Auto by 1.03%. Top Losers: BSE IT down by 0.68% and BSE Teck by 0.63%.
Market breadth was positive at ~1.05 as investors bought large cap stocks. On provisional basis, FII's sold Rs 0.44bn worth of Indian equities and DII's bought Rs 1.81bn worth of equities.
Economic and Corporate Developments
- India and Pakistan will now trade on a "non-discriminatory-market-access" (NDMA) basis, not a most-favoured-nation (MFN) one. The two sides also decided to carry out trade through the Wagah-Attari border on all days of the week and allow containers carrying shipments from both sides.
A joint statement, issued after a two-hour meeting between Minister of Commerce and Industry Anand Sharma and his Pakistani counterpart Khurram Dastagir Khan here on Saturday, said, "Both ministers reaffirmed the commitment of their governments to expeditiously establish normal trading relations and, in this context, provide non-discriminatory market access on a reciprocal basis."
- Asian Paints closed 2.26% down at Rs 479.00 on BSE after consolidated net profit fell 1.75% to Rs 329.35 crore on 13.03% rise in total income to Rs 3,481.99 crore in Q3 December 2013 over Q3 December 2012.
- Emami jumped 3.82%, in the early trade, to Rs 460.80 on BSE after consolidated net profit rose 31.1% to Rs 150.6- crore on 6.6% increase in net sales to Rs 584.67 crore in Q3 December 2013 over Q3 December 2012.
- Century Plyboards (India) closed 16.60% up at Rs 29.85 on BSE after the company reported net profit of Rs 19.74 crore in Q3 December 2013 as compared to net loss of Rs 8.23 crore in Q3 December 2012.
- Lakshmi Machine Works closed 2.21% up at Rs 2,791.90 on BSE after net profit jumped 174.34% to Rs 52.40 crore on 46.19% growth in total income from operations (net) to Rs 629.63 crore in Q3 December 2013 over Q3 December 2012.
- Aurobindo Pharma closed 6.33% up at Rs 435.15 on BSE, extending Monday's 6.31% rise triggered by the company signing a binding offer to acquire commercial operations in seven Western European countries from Actavis plc.
- Tata Motors closed 2.68% up at Rs 384.65 on BSE after the company unveiled its first indigenously-developed petrol engine for passenger vehicles.
- Sasken Communication Technologies closed 6.05% up at Rs 207.70 on BSE after the company's board of directors declared a special dividend of Rs 22.50 per share.
- Kotak Mahindra Bank closed 3.03% down at Rs 706.10 on BSE after net profit fell 6% to Rs 339.9- crore on 3.86% increase in total income to Rs 2,492.01 crore in Q3 December 2013 over Q3 December 2012.
- Amtek Auto closed 2.45% up at Rs 71.00 on BSE after 0.32% equity changed hands in two bulk deals on 21st January, 2014.
- Easun Reyrolle closed 12.43% up at Rs 76.45 on BSE after a domestic mutual fund acquired 1.43% stake in the company on Monday, 20 January 2014.
- Jet Airways (India) closed 5.50% up at Rs 279.95 on BSE after the company said it will launch a daily direct flight service from Mumbai to Paris with effect from 14 May 2014, subject to government approvals.
- Biocon closed 6.14% up at Rs 482.30 on BSE, with the stock extending Monday's gain triggered by the company saying that it will start selling a breast cancer drug, developed jointly with US-based Mylan, in the country from next month.