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Reports India

Indian stock market daily morning report (July 14, 2014, Monday)

July 14, 2014, Monday, 05:21 GMT | 00:21 EST | 08:51 IST | 11:21 SGT
Contributed by Keynote Capitals


Views on markets today

- The market exuberance seem to be fading as benchmark indices succumbed to profit taking in select sectors dragging them to five week closing low even as investors sought the safety of defensive shares. Although the Finance Minister in his maiden Union Budget toed a fine line between prudence and promises lack of broader reforms weighed on market sentiment.

The S&P BSE Sensex slumped by 34- points or 1.3% to end at 25,024.35 while the CnX Nifty slipped by 10- points or 1.43% to end at 7,459.60.

The broader markets underperformed major benchmark indices as BSE Mid-cap index ended lower by over 2.5% and BSE Small-cap index tumbled over 3%.

Shares of ten real estate companies dropped 0.2% to 7.3%, in the intraday trade, on BSE, with these stocks reversing Thursday's gains triggered by the Finance Minister announcing favourable measures for the sector in Union Budget 2014-15.

DLF (down 5.12%), HDIL (down 2.12%), Hubtown (down 5.48%), Indiabulls Real Estate (down 6.62%), Prestige Estates (down 2.26%), Parsvnath Developers (down 3.32%), D B Realty (down 4.24%), Unitech (down 7.3%), Sobha Developers (down 0.2%) and Godrej Properties (down 1.17%) edged lower.

Among the 12 BSE Sectoral Indices 4 indices closed in positive while - indices ended the day in negative. Top Gainers: BSE IT up by 1.42% and BSE Healthcare by 1.09%. Top Losers: BSE Realty down by 5.16% and Capital Goods by 4.75%.

Market breadth was negative at ~0.32 as investors sold large cap stocks. On provisional basis, FII's sold Rs 7.23bn worth of Indian equities and DII's sold Rs 0.45bn worth of equities.


Economic and Corporate Developments

- Prime Minister Narendra Modi will shortly announce the role that Planning Commission is going to play in his government, Finance Minister Arun Jaitley has said.

Last month, the Independent Evaluation Office (IEO) had said that Planning Commission acted as a 'control commission' and should be replaced by a 'reforms and solution body'.

More than one and half months after BJP swept to power, the new government is yet to announce the new Deputy Chairman of Planning Commission, in place of Montek Singh Ahluwalia who held the post for almost a decade under the UPA regime.


Buzzing Stocks

- GMR Infrastructure closed 8.08% down at Rs 26.15 on BSE after the company said it has approved the issue and allotment of 46.8- crore shares to eligible qualified institutional buyers at the issue price of Rs 31.50 per share.

- Infosys rose 2.49%, in the opening trade, to Rs 3,375.05 on BSE after consolidated net profit fell 3.5% to Rs 2,886 crore on 0.8% decline in revenue to Rs 12,770 crore in Q1 June, 2014 over Q4 March, 2014.

- Jay Bharat Maruti rose 2.29%, in the early trade, to Rs 91.65 on BSE after net profit jumped 32.8% to Rs 6.76 crore on 9.91% growth in total income from operations to Rs 309.95 crore in Q1 June, 2014 over Q1 June, 2013.

- Himachal Futuristic Communications rose 1.27%, in the opening trade, to Rs 15.95 on BSE after net profit galloped 354.34% to Rs 69.47 crore on 139.54% growth in net sales to Rs 618.82 crore in Q1 June, 2014 over Q1 June, 2013.

- Tata Motors closed 1.62% down at Rs 445.50 on BSE after the company's British luxury car unit Jaguar Land Rover reported 14% rise in sales to 240,372 vehicles in January to June, 2014 compared to same period last year.

Caplin Point Laboratories rose 3.77%, in the morning trade, to Rs 271.45 on BSE, with the stock extending Thursday's 3.93% gains triggered by the company commencing additional line of production at its Pondicherry plant.

- R S Software (India) closed 2.19% up at Rs 333.90 on BSE after an investment firm bought 0.54% stake in the company in a bulk deal on NSE on Thursday, 10th July, 2014.

- United Spirits closed 2.34% down at Rs 2,294.80 on BSE, with the stock sliding amid volatility after the company said it has entered into an asset purchase agreement with J P Impex Incorp.

Unichem Laboratories closed 4.09% down at Rs 195.60 on BSE, with the stock extending Thursday's 6.2% slide triggered by the European Commission deciding to impose a fine on Niche/Unichem (jointly and severally).

Polaris Financial Technology closed 6.65% down at Rs 216.20 on BSE, after the company's second largest shareholder trimmed its stake on Thursday, 10th July, 2014.

- Eicher Motors closed 1.44% up at Rs 8,245.80 on BSE, with the stock recovering on bargain hunting after recent slide.

Hero MotoCorp rose 0.44%, in the late morning trade, to Rs 2,434.75 on BSE, with the stock recovering on bargain hunting after recent slide.

- Force Motors closed 5.73% up at Rs 445.80 on BSE after Bajaj Holdings & Investment offloaded 0.86% stake in the auto firm on Thursday, 10th July, 2014.

Cera Sanitaryware closed 5.48% down at Rs 1,202.05 on BSE after net profit rose 21.91% at Rs 13.63 crore on 28.24% growth in total income from operations to Rs 162.33 crore in Q1 June, 2014 over Q1 June, 2013.

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