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Reports India

Indian stock market daily morning report (July 04, 2014, Friday)

July 4, 2014, Friday, 09:55 GMT | 04:55 EST | 13:25 IST | 15:55 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets ended with marginal losses, amid a lacklustre trading session on Thursday, as investors booked profits after the sharp rally yesterday which saw the Sensex and Nifty hitting fresh record highs. The losses were led by oil and gas shares.

The 30-share Sensex ended down 17 points at 25,823 and the 50-share Nifty closed 10 points down at 7,714 levels.

Ranbaxy Laboratories closed 2.20% up at Rs 533.30, its highest level since November 2012 after after USFDA granted approval to Ranbaxy's subsidiary Ohm Laboratories to manufacture and sell generic Diovan in the US.

Sharon Bio-Medicine closed 8.48% up at Rs 53.75 after the company said its board has decided to issue warrants to promoter group at price of Rs 50 per warrant on preferential basis.

- Among the 12 BSE Sectoral Indices, 6 indices ended the day in positive while other 6 indices ended the day in negative. Top Gainers: BSE Healthcare up by 1.12% and BSE Auto by 0.80%. Top Losers: BSE Realty down by 1.47% and BSE Oil & Gas by 1.19%.

Market breadth was negative at ~0.85 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.92bn worth of Indian equities and DII's sold Rs 6.24bn worth of equities.

Economic and Corporate Developments

- An upbeat mood unleashed by the Narendra Modi government lifted the services activities to a 17-month high in June, shows the widely-tracked HSBC purchasing managers' index (PMI).

Services is the biggest sector of India's economy. The index rose to 54.4 points in June from 50.2 points in the previous month. A reading above 50 shows expansion and one below that is contraction.

Foreign debt issuances from India have seen a drop in the first half of 2014, as most of the re-financing activities took place last year due to which the need to raise funds was not much this year, said experts.

According to data from RBS, from India, $9 billion was raised in the January-June period compared with about $11 billion in the corresponding period in 2013. Among various currencies available to issuers, most of the fund-raising continues to be in dollars.

Buzzing Stocks

- Apollo Tyres closed 3.35% up at Rs 211.10 on BSE after the company said its board approved upgrading manufacturing facilities at Chennai and Kerala.

- Sesa Sterlite closed 0.37% up at Rs 310.55 on BSE after a report indicated that the company expects to resume production in Goa in September 2014 following a court-imposed ban of nearly two years.

- Eicher Motors closed 5.16% up at Rs 8,603.45 on BSE, with the stock extending recent gains.

- Tata Global Beverages closed 2.93% down at Rs 169.25 on BSE on reports a foreign brokerage maintained underweight rating on the stock.

- Hexaware Technologies closed 2.31% down at Rs 152.35 on BSE on reports a foreign brokerage downgraded the stock to underperform.

- Alstom T&D India closed 0.28% up at Rs 337.50 on BSE after the company said it won an Rs 27.70 crore contract from Himachal Pradesh Power Transmission Corporation.

- TVS Motor Company closed 2.24% up at Rs 171.25 on NSE after sales rose 23% in June 2014 over June 2013.

- Sasken Communication Technologies closed 2.53% down at Rs 294.40 on NSE on profit booking after the stock surged 44.94% in the preceding four trading sessions to Rs 301.70 on 2 July 2014, from a recent low of Rs 208.15 on 26 June 2014.

- United Spirits closed 0.05% up at Rs 2,487.70 on NSE, after the company said that Diageo has acquired an additional 26% stake in the company through tender offer.

- GMR Infrastructure closed 7.98% down at Rs 31.15 on NSE after the company launched a share sale to institutional investors.

- Castrol India closed 4.10% down at Rs 346.40 on NSE after the company clarified that it is not aware of foreign promoter's plan to delist its equity shares from the stock exchanges.

- Larsen & Toubro closed 0.09% down at Rs 1,752.50 on BSE. The stock had touched an intraday high of Rs 1763 after the company said L&T Construction won new orders worth Rs 1459 crore across various business segments in June 2014.

- Hero MotoCorp closed 3.17% down at Rs 2589.40 on NSE, with the stock turning ex-dividend today, 3 July 2014, for the dividend of Rs 65 per share for the year ended 31 March 2014 (FY 2014).

- Reliance Capital closed 0.47% up at Rs 658.80 on BSE after the company said it has begun the process of unlocking value from investments in non-core sectors to focus on its key financial services businesses.

- Tech Mahindra closed 0.45% up at Rs 2,113.40 on BSE after the company said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia.