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Reports India

Indian stock market daily morning report (July 18, 2014, Friday)

July 18, 2014, Friday, 05:55 GMT | 00:55 EST | 09:25 IST | 11:55 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices ended flat amid choppy trades after investors turned cautious and booked profits at higher levels. Losses in financials and oil and gas shares capped gains.

The 30-share Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640 levels.

The broader markets outperformed the large counterparts. BSE Mid-cap index and Small-cap indices gained 1.3% each.

- Financial Technologies (India) and Multi Commodity Exchange of India rose by 3.49% to 5.92%, in the intraday trade, on BSE after Financial Technologies (India) pared stake in Multi Commodity Exchange in the open market.

- Bajaj Auto closed 2.27% down at Rs 2,091.70 on BSE after net profit rose 0.31% to Rs 739.9- crore on 7.57% increase in total income to Rs 5,471.6- crore in Q1 June, 2014 over Q1 June, 2013.

- Lakshmi Vilas Bank rose 3.51%, in the opening hour, to Rs 110.55 on BSE after net profit surged 33.88% to Rs 28.16 crore on 10.27% growth in total income to Rs 587.13 crore in Q1 June, 2014 over Q1 June, 2013.

- Among the 12 BSE Sectoral Indices - indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE Metal up by 2.46% and BSE Power by 2.36%. Top Losers: BSE Realty down by 0.77% and BSE Oil & Gas by 0.42%.

Market breadth was sharply positive at ~1.45 as investors bought large cap stocks. On provisional basis, FII's bought Rs19.12bn worth of Indian equities and DII's sold Rs 13.16bn worth of equities.

Economic and Corporate Developments

- Merchandise exports grew 10.22 per cent to $26.4 billion in June from $24.02 billion in the same month last year, driven by strong demand for engineering goods, ready-made garments and petroleum products. This was even as the export number for June 2013 was revised upwards from $23.7- billion, thereby increasing the base.

This was a second straight month of double-digit growth in exports, with the rate in May higher at 12.40 per cent, official data released here showed.

After contracting for almost 13 months, imports grew 8.33 per cent to $38.24 billion in June from $35.3 billion in the same month last year. The figure for imports in June 2013 was revised from $36.03 billion. The June trade deficit widened to a 13-month high of $11.76 billion from $11.24 billion in May 2014.

Buzzing Stocks

- Reliance Industries closed 0.68% down at Rs 982.35 on BSE after the company issued clarification with regard to news reports of government's penalty on the company.

- Mahindra & Mahindra closed 3.18% down at Rs 1,181.35 on BSE after large block deals were executed in the stock on bourses at the onset of the trading session.

- Crompton Greaves closed 13.45% up at Rs 210.85 on BSE after the company said its board proposed to demerge its consumer products business unit into a separate listed company.

- Strides Arcolab closed 2.14% up at Rs 665.00 on BSE after the company said it has made a series of strategic investments in Oncobiologics Inc.

- CMC closed 4.96% down at Rs 1,880.85 on BSE after consolidated net profit fell 34.68% to Rs 58.42 crore on 4.91% decline in income from operations to Rs 592.63 crore in Q1 June, 2014 over Q4 March, 2014.

- Adani Ports and Special Economic Zone closed 1.60% up at Rs 285.60 on BSE after the company said it has received the environment and coastal regulation zone clearance for its Mundra SEZ.

- ONGC fell 2.28%, in the noon trade, to Rs 406.60 on BSE after the government on Wednesday, 16th July, 2014, invited bids from merchant banks to manage the sale of a 5% stake in the company.

- NIIT Technologies closed 2.65% up at Rs 389.45 on BSE, with the stock recovering on bargain hunting after recent steep slide triggered by the company reporting poor Q1 June, 2014 earnings.

- Hindalco Industries closed 3.91% up at Rs 188.75 on BSE, with the stock extending Wednesday's gains triggered by a foreign brokerage upgrading the stock to buy from underperform.

- Kolte-Patil Developers closed 4.87% up at Rs 167.85 on BSE after the company said it received clearance for the first phase of its township project in Pune.

- TTK Prestige closed 9.11% up at Rs 3,812.85 on BSE after a foreign brokerage maintained an outperform rating on the stock.

- Vakrangee closed 7.88% up at Rs 140.00 on BSE after net profit surged 130.61% to Rs 76.31 crore on 69.39% growth in net sales to Rs 680.87 crore in Q1 June, 2014 over Q1 June, 2013.

- Glenmark Pharmaceuticals closed 1.36% up at Rs 564.55 on BSE after the company said it plans to set up a new manufacturing facility in the US.

- Kotak Mahindra Bank closed 3.45% up at Rs 914.80 on BSE after the bank said its board increased the ceiling limit for investment by foreign institutional investors in the share capital of the bank to 40% with immediate effect.

- Natco Pharma closed 0.61% down at Rs 1,108.00 on BSE, with the stock sliding on profit booking after recent rally.