Indian stock market daily morning report (January 24, 2014, Friday)
January 24, 2014, Friday, 04:56 GMT | 23:56 EST | 09:26 IST | 11:56 SGT
Views on markets today
- Key benchmark indices extended gains in the day's trade to end at fresh highs on a closing basis. The 50-share Nifty ended at its highest closing level in 2014 while the 30-share Sensex hit an all time closing high in the day's trade. The positive tone for the market was set in noon trades when European markets started in the green reversing some of its earlier losses.
For the day, the Sensex closed up 36 points at 21,374 and the Nifty gained seven points to close for the day at 6,345.
- Among the 12 BSE Sectoral Indices 4 sectors closed in positive while - sectors ended the day in negative. Top Gainers: BSE Consumer Durables up by 2.33% and BSE Capital Goods by 1.84%. Top Losers: BSE Auto down by 1.05% and BSE Oil & Gas by 0.46%.
Market breadth was negative at ~0.85 as investors sold large cap stocks. On provisional basis, FII's bought Rs 4.34bn worth of Indian equities and DII's sold Rs 3.94bn worth of equities.
Economic and Corporate Developments
- Improvement in fuel availability as well as the financial health of distribution companies has helped the power sector but certain concerns continue to be a drag, India Ratings & Research said.
It assigned a stable to negative outlook to the power sector for financial year 2014-15.
The outlook reflects the pending policy level issues, manifestation of risks undertaken in earlier years, mismatches in coal demand and supply and continued tariff pressures, India Ratings said in a statement.
Part of the Fitch Group, the agency has maintained Stable Outlook on power entities for the next fiscal.
- The government is working towards meeting the Rs 40,000 crore target it had set from selling off stake in state-owned firms in the current fiscal, Minister of State for Finance J D Seelam said in a statement.
With barely two months to go before the 2013-14 fiscal ends, the government has so far garnered only about Rs 3,000 crore from PSU stake sale proceeds.
Unlikely to meet the ambitious disinvestment target, it is counting on higher dividends from PSUs and banks to keep its fiscal deficit under check.
- L&T closed 2.78% up at Rs 10,322.70 on BSE after the company said its order inflow rose 21% to Rs 21,722 crore in Q3 December 2013 over Q3 December 2012, shrugging off prevailing weak investment climate.
- Biocon closed 5.74% down at to Rs 461.65 on BSE after consolidated net profit rose 14.42% to Rs 104.99 crore on 9.08% increase in total income to Rs 719.57 crore in Q3 December 2013 over Q3 December 2012.
- Raymond rose 3.52% to Rs 310.60, in the early trade, on BSE after consolidated net profit surged 343% to Rs 57 crore on 15% rise in net sales to Rs 1,207 crore in Q3 December 2013 over Q3 December 2012.
- Sasken Communication Technologies closed 13.31% down at Rs 179.75 on BSE after the stock turned ex-dividend on 23rd January 2014, for a special dividend of Rs 22.50 per share for the year ending March 2014.
- Ashok Leyland closed 2.32% up at Rs 17.65 on BSE, extending Wednesday's 2.68% rise triggered by the company's optimism about Q4 March 2014 after reporting dismal Q3 December 2013 results on Tuesday, 21 January 2014.
- Mahindra & Mahindra Financial Services closed 5.53% down at Rs 239.90 on BSE on high volume, with the stock extending Wednesday's fall triggered by the company reporting weak Q3 result.
- KPIT Technologies closed 13.81% down at Rs 158.50 on BSE after consolidated net profit fell 8.93% to Rs 60.77 crore on 3.53% fall in net sales to Rs 677.93 crore in Q3 December 2013 over Q2 September 2013.
- Radico Khaitan closed 3.03% up at Rs 164.70 on BSE after Morgan Stanley Asia Singapore acquired 20.46 lakh shares, or 1.54% equity, of the company from the BSE and the NSE on Wednesday, 22 January 2014.
- Bharti Infratel closed 1.73% up at Rs 167.90 on BSE after consolidated net profit rose 62% to Rs 410.50 crore on 4% growth in revenue from operations to Rs 2,731.10 crore in Q3 December 2013 over Q3 December 2012.
- Amara Raja Batteries jumped 3.88%, in the afternoon trade, to Rs 343.75 on BSE after net profit rose 17.43% to Rs 95.01 crore on 13.69% increase in net sales to Rs 859.95 crore in Q3 December 2013 over Q3 December 2012.
- Tata Sponge Iron closed 15.30% up at Rs 403.95 on BSE, extending recent gains after the company reported strong Q3 December 2013 results.
- Bharat Bijlee closed 7.82% up at Rs 382.00 on BSE, after reporting net profit of Rs 0.70 crore in Q3 December 2013 as compared to net loss of Rs 1.5- crore in Q3 December 2012.
- KSK Energy Ventures closed 6.59% up at Rs 69.55 on BSE after 0.1% equity changed hands in three bulk deals on BSE on 23rd January 2014.