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Reports India

Indian stock market daily morning report (July 16, 2014, Wednesday)

July 16, 2014, Wednesday, 06:33 GMT | 02:33 EST | 11:03 IST | 13:33 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets surged in late trades, snapping their five-day losing streak, led by rate sensitive shares on hopes that easing inflation may give central bank the much needed comfort to cut key policy rates.

The 30-share Sensex ended up 222 points at 25,229 and the 50-share Nifty ended up 73 points at 7,527.

As per the data released late Monday, consumer price index (CPI)-based inflation fell to 7.31% in June, the lowest since its launch in January 2012.

Its wholesale counterpart declined to a four-month low of 5.43% in the month and wholesale price inflation eased to a four-month low in June after the new government curbed farm exports.

- Fourteen bank shares rose by 0.58% to 3.44%, in the intraday trade, on BSE after annual rate of inflation based on the combined consumer price indices declined in June, 2014.

Union Bank of India (up 3.44%), IDBI Bank (up 3.17%), Canara Bank (up 3.06%), Bank of India (up 3.04%), Federal Bank (up 2.99%), ICICI Bank (up 2.66%), Bank of Baroda (up 2.34%), Axis Bank (up 1.88%), Punjab National Bank (up 1.83%), State Bank of India (up 1.80%), Yes Bank (up 1.54%), IndusInd Bank (up 1.03%), Kotak Mahindra Bank (up 0.91%) and HDFC Bank (up 0.58%), edged higher.

- TTK Prestige closed 1.22% up at Rs 3,484.15 on BSE after net profit rose 0.07% to Rs 25.81 crore on 9.59% growth in total income to Rs 337.61 crore in Q1 June 2014 over Q1 June 2013.

- ONGC closed 2.54% up at Rs 412.50 on BSE on a media report that the government will decide in August 2014 whether to sell a 5% stake in the company.

- Reliance Power closed 2.48% up at Rs 95.20 on BSE after the company said that boiler light up has been achieved for its fifth 660 mW unit at the 3,960 Mw Sasan ultra mega power project.

- Among the 12 BSE Sectoral Indices 10 indices closed in positive while 2 indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 2.82% and BSE Bankex by 2.76%. Top Losers: BSE FmCG down by 0.31% and IT by 0.17%.

Market breadth was positive at ~1.71 as investors bought large cap stocks. On provisional basis, FII’s s old Rs 0.03bn worth of Indian equities and DII’s bought Rs 4.72bn worth of equities.

Buzzing Stocks

- DCB Bank closed 3.69% up at Rs 80.00 on BSE after net profit rose 4.65% to Rs 45 crore on 35.15% growth in total income to Rs 173 crore in Q1 June, 2014 over Q1 June, 2013.

- L&T closed 2.18% up at Rs 1,633.45 on BSE after the company said that its subsidiary has secured an order worth Rs 5,076 crore from Kuwait Oil Company.

- Tata Sponge Iron closed 9.02% up at Rs 698.65 on BSE after net profit surged 145.45% to Rs 44.2- crore on 23.52% increase in total income from operations to Rs 203.12 crore in Q1 June, 2014 over Q1 June, 2013.

- Orchid Chemicals & Pharmaceuticals closed 14.03% up at Rs 83.30 on BSE after the company said its board has approved the issue of shares to promoters on a preferential allotment basis pursuant to the conditions of CDR package.

- Unichem Laboratories rose 1.12%, in the intraday trade, to Rs 189.05 on BSE, with the stock recovering on bargain hunting after recent steep slide.

- Lyka Labs closed 4.98% up at Rs 15.80 on BSE after the company said its board of directors at a meeting held on Monday, 14th July, 2014, considered sale of manufacturing facilities of formulations at Tarapur, Maharashtra.

- Glenmark Pharmaceuticals closed 1.41% up at Rs 546.75 on BSE after the company said its US-based unit received final approval for Fluocinonide cream from the US drug regulator.

- Zydus Wellness closed 5.09% down at Rs 583.55 on BSE, with the stock extending Monday's 5.58% slide triggered by the company reporting poor Q1 earnings.

- Piramal Enterprises closed 9.78% down at Rs 631.35 on BSE after the stock turned ex-dividend on 15th July, 2014, for dividend of Rs 52.50 per share for the year ending March, 2014.

- Sujana Towers was locked at 5% upper circuit at Rs 19.65 on BSE after the company said its board has approved issue of 1.09 crore equity shares at Rs 27.50 per share to promoters.

- Adani Ports and Special Economic Zone closed 4.11% up at Rs 263.15 on BSE on reports the Supreme Court has pulled up the Centre for not completing the process of environment clearance to the Adani Group's Mundra Ports and SEZ in Gujarat.

- Sadbhav Engineering closed 4.24% up at Rs 195.65 on BSE after the company said its joint venture Sadbhav-Vishnushiva received an order from South West Mining in Rajasthan.

- Sagar Cements closed 4.73% down at Rs 337.10 on BSE ahead of the company's board meeting later on, 15th July, 2014, to consider sale of investment in joint venture with Vicat Sagar Cement.

- NIIT Technologies closed 11.46% down at Rs 409.20 on BSE after consolidated net profit declined 18.7% to Rs 43.20 crore on 6.6% growth in revenue to Rs 577.60 crore in Q1 June, 2014 over Q1 June, 2013.

- State Bank of India closed 4.32% up at Rs 2,516.20 on BSE after the bank said it will revise the interest rates on bulk and retail term deposits from 18th July, 2014.