Indian stock market daily morning report (January 23, 2014, Thursday)
January 23, 2014, Thursday, 07:12 GMT | 02:12 EST | 11:42 IST | 14:12 SGT
Views on markets today
- Market ended its third consecutive session of gains with benchmarks ending at their highest closing levels in 2014, led by buying in RIL, Sun Pharma and ICICI Bank among other heavyweights.
The 30-share Sensex of the Bombay Stock Exchange (BSE) closed 86.55 points higher at 21,337.67 and the National Stock Exchange (NSE) Nifty index closed at its highest closing levels in 2014, up 25.15 points at 6,338.95.
- Among the 12 BSE Sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainers: BSE Healthcare up by 1.31% and BSE Metal by 0.93%. Top Losers: BSE Capital Goods down by 0.52% and BSE FMCG by 0.14%.
Market breadth was positive at ~1.11 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.80bn worth of Indian equities and DII's sold Rs 0.90bn worth of equities.
Economic and Corporate Developments
- Moody's Analytics, the research and analysis arm of Moody's group, forecast a better economic management in India after the new government takes over post-Lok Sabha elections. Its views are based on the possibility of the Bharatiya Janata Party-led government coming to power at the centre with Narendra Modi as the prime minister.
"If elected, a Modi-led BJP government should offer a more business friendly policy that will further support confidence and investment," Moody's Analytics said in its report— Dismal Scientist.
The report said early polls suggest that the BJP should win the most votes and seats, giving it the opportunity to form a government.
- India's growth rate in the current fiscal is expected to slide to 4.8% and the prospects for 2014-15, which currently appear to be bright, hinge on the stability of the new government.
"We believe growth will print at 6 % for 2014-15, up from our 4.8% estimate for 2013-14," Crisil said, adding that a normal monsoon would cushion growth and help in taming inflation.
Normal monsoon, reforms and global recovery would aid the growth process, it said, but cautioned that growth could weigh in below 5% yet again if the above assumptions do not play out.
- Colgate-Palmolive (India) closed 0.73% up at Rs 1,320.15 on BSE after net profit rose 1.6% to Rs 112.83 crore on 14.05% growth in total income to Rs 907.35 crore in Q3 December 2013 over Q3 December 2012.
- Thermax closed 2.55% down at Rs 650.00 on BSE after net profit fell 12.73% to Rs 66.64 crore on 2.13% decline in total income to Rs 1,036.6- crore in Q3 December 2013 over Q3 December 2012.
- Finolex Cables closed 4.47% up at Rs 87.55 on BSE after the company said it won an advance purchase order of over Rs 200 crore for metal free optical fibre cable of the national optic fibre network backbone project.
- Torrent Pharmaceuticals closed 6.84% up at Rs 507.85 on BSE after consolidated net profit rose 41.1% to Rs 15- crore on 28.9% increase in net sales to Rs 990 crore in Q3 December 2013 over Q3 December 2012.
- MphasiS closed 4.96% down at Rs 399.75 on BSE on turning ex-dividend on 22nd January 2014, for a final dividend of Rs 17 per share for the year ended 31 October 2013.
- Zensar Technologies closed 6.21% down at Rs 386.95 on BSE, after consolidated net profit fell 28.2% to Rs 50.71 crore on 4.5% fall in total income to Rs 588.3- crore in Q3 December 2013 over Q2 September 2013.
- Suven Life Sciences closed 5.10% up at Rs 78.25 on BSE after the company said its facility in Pashamylaram near Hyderabad received approval from the US Food and Drug Administration.
- Bharti Airtel closed 1.56% up at Rs 309.75 on BSE on bargain hunting after the stock fell 8.01% in the preceding four trading sessions to Rs 305 on 21 January 2014 from a recent high of Rs 331.55 on 15 January 2014.
- Jaypee Infratech closed 4.92% up at Rs 20.25 on BSE on bargain hunting after the stock fell 16.27% in the preceding eleven trading sessions to Rs 19.30 on 21 January 2014 from a recent high of Rs 23.05 on 6 January 2014.
- Zee Entertainment Enterprises closed 1.03% up at Rs 284.45 on BSE after consolidated net profit rose 10.03% to Rs 213.59 crore on 25.8% rise in total income to Rs 1226.40 crore in Q3 December 2013 over Q3 December 2012.
- Dabur India closed 4.03% down at Rs 160.85 on BSE after consolidated net profit rose 15.05% to Rs 242.8- crore on 16.82% increase in total income to Rs 1,943.23 crore in Q3 December 2013 over Q3 December 2012.
- Mahindra & Mahindra Financial Services closed 4.91% down at Rs 253.95 on BSE after consolidated net profit fell 15.65% to Rs 182.36 crore on 28.36% growth in total income to Rs 1363.20 crore in Q3 December 2013 over Q3 December 2012.