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Reports India

Indian stock market daily morning report (July 10, 2014, Thursday)

July 10, 2014, Thursday, 06:58 GMT | 01:58 EST | 10:28 IST | 12:58 SGT
Contributed by Keynote Capitals

Views on markets today

- The markets ended lower amid volatile trading session as the domestic and global investors turn cautious ahead of the Union Budget to be presented by the Finance Minister tomorrow in the Parliament. The Economic Survey failed to bring any cheer for the market participants. In addition, weak global cues dampened the sentiments of the investors.

The Sensex ended at 25,445 levels lower by 137 points and the Nifty ended at 7,585 levels down by 3- points.

- Shares of ten companies whose business is related to railways dropped by 4.92% to 19.99% on BSE, with these stocks extending Tuesday's slide triggered by the presentation of Railway Budget.

- Texmaco Rail and Engineering (down 19.99%), BEML (down 5%), Titagarh Wagons (down 5%), Kalindee Rail Nirman (Engineers) (down 4.98%), Kernex Microsystems (India) (down 4.98%), Stone India (down 4.94%), Hind Rectifiers (down 4.92%) and Transformers & Rectifiers (India) (down 5%) edged lower.

Among the BSE Sectoral Indices 3 indices ended the day in positive while 9 indices ended the day in negative. Top Gainers: BSE Oil & Gas up by 0.84% and BSE FMCG by 0.81%. Top Losers: BSE Auto down by 2.43%, BSE Power by 1.60%.

Market breadth was negative at ~0.39 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.92bn worth of Indian equities and DII's sold Rs 2.65bn worth of equities.

Economic and Corporate Development

- The Economic Survey today pegged economic growth at 5.4-5.9% for 2014-15, after it crawled at sub-5% levels in the previous two financial years. It asked the government to go for fiscal consolidation, rein in inflation, ease procedures and simplify tax policies to revive the investment climate.

"Indian economy is likely to grow in the range of 5.4 to 5.9% in 2014-15, overcoming the sub-5% growth of Gross Domestic Product (GDP) witnessed over the last two years," said the survey tabled in the Lok Sabha by finance minister Arun Jaitley. However, the economy can return to the growth of 78% from 2016-17, said the survey. That would be the concluding year of the current 12th five year plan (2012-13 to 2016-17).

- In a bid to make general aviation viable, government has decided to review various rules governing air charters and non-scheduled operations and take steps to improve infrastructure and other facilities keeping their interests in mind.

Buzzing Stocks

- Coal India closed 2.97% down at Rs 365.65 on BSE in volatile trade after the Economic Survey suggested that restructuring of the company needs to be pushed through swiftly with a view to raise coal output to feed fuel-starved power plants.

- Polaris Financial Technology closed 5.78% up at Rs 258.05 on BSE, with the stock extending recent upmove triggered by a foreign fund buying 0.54% stake in the software firm last week.

- ITC closed 1.67% up at Rs 341.40 on BSE after a foreign brokerage maintained outperforms rating on the stock.

- Indiabulls Real Estate closed 2.23% down at Rs 83.35 on BSE after 2.29% equity changed hands in a bulk deal on BSE today, 9 July 2014.

- IndusInd Bank closed 1.65% down at Rs 543.40 on BSE. The stock touched an intraday high of Rs 561.95 after net profit surged 25.74% to Rs 421.06 crore on 20.6% growth in total income to Rs 2873.6- crore in Q1 June 2014 over Q1 June 2013.

- Hindalco Industries closed 1.21% up at Rs 170.90 on BSE after US based aluminum major Alcoa Inc reported better-than-expected Q2 earnings.

- Multi Commodity Exchange of India closed 1.36% up at Rs 688.95 on BSE after Rakesh Jhunjhunwala bought a 1.96% stake in the company from promoter Financial Technologies (India), through a block deal on NSE on Tuesday, - July 2014.

- OnMobile Global closed 0.12% up at Rs 35.20 on BSE after the company said it has signed an agreement with Robi Axiata in Bangladesh to deploy various ringback tone and interactive voice response solutions.

- M M Forgings closed 2.14% up at Rs 240.90 on BSE after a mutual fund bought 0.58% stake in the company on Tuesday, - July 2014.

- Steel Authority of India closed 0.22% up at Rs 89.15 on BSE, with the stock recovering on bargain hunting after recent slide.

- Claris Lifesciences closed 3.31% up at Rs 168.60 on BSE after the company said that the US health regulator has found its manufacturing plant acceptable after an inspection.

- ONGC closed 1.77% up at Rs 404.65 on BSE after the company said that ONGC Videsh has priced $1.5 billion and euro 525 million unsecured bonds in the international capital markets.

- IDFC closed 1.46% up at Rs 139.05 on BSE after the company reduced the foreign investors' investment limit by 0.75% to 51.50%.

- Aban Offshore closed 8.46% down at Rs 807.20 on BSE after the firm said that its capital issue committee approved the allotment of 1.07 crore equity shares to eligible QIBs at an issue price of Rs 695.50 per share, aggregating to Rs 749.99 crore.