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Reports India

Indian stock market daily morning report (July 24, 2014, Thursday)

July 24, 2014, Thursday, 06:52 GMT | 02:52 EST | 11:22 IST | 13:52 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark share indices gained for the seventh straight session to end at record closing highs on Wednesday amid renewed buying interest in IT majors. Meanwhile, the benchmark Nifty also touched fresh all-time high of 7,809.20 in intra-day trades.

- The S&P BSE Sensex gained 122 points and ended at 26147.33 while the CNX Nifty ended 2- points higher at 7,795.75.

Infosys was the top Sensex gainer as the scrip surged over 3.46% after the company entered into a multi-year agreement with German auto giant Daimler for the management of infrastructure services and data centres.

- Bank of Baroda closed 2.66% up at Rs 853.95 on BSE after the central bank lifted curb on foreign portfolio investors to buy shares in the bank as foreign shareholding is under prescribed limit.

- Among the 12 BSE Sectoral Indices - indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE IT up by 2.24% and BSE Teck by 1.74%. Top Losers: BSE Metal down by 0.39% and BSE Healthcare by 0.17%.

Market breadth was negative at ~0.74 as investors sold large cap stocks. On provisional basis, FII's bought Rs 6.52bn worth of Indian equities and DII's sold Rs 2.92bn worth of equities.

Economic and Corporate Developments

- The proposed 3P India, a public private institution of the Union government, will look into issues relating to regulation, finance structure and management of contracts, finance secretary Arvind Mayaram said today. Besides, it would also go into capacity building of both the government and private sector, he said at India PPP summit by FICCI.

- As many as 39- special economic zones (SEZs) have not yet started operations despite getting necessary approvals, Commerce and Industry Minister Nirmala Sitharaman told Rajya Sabha today.

The reasons for not being able to operationalise the SEZs include changed fiscal incentive regime for SEZs, difficulty in achieving contiguity of land, global recession, delay in approvals from statutory/state government bodies and delay in environment clearance etc, she said.

- Indian banks, particularly those owned by the government and facing an urgent need to raise capital, could get some relief. The finance ministry has written to the corporate affairs ministry, asking the latter to exempt banks from the corporate-social responsibility (CSR) spending mandated by the Companies Act.

Buzzing Stocks

- Financial software maker Financial Technologies (India) (FTIL) hit an upper circuit limit of 10% to Rs 332.50, extending recent gains triggered by the company's plan to exit from exchanges businesses.

- MRF closed 7.27% up at Rs 24,651.10 on BSE after net profit rose 1.29% to Rs 230.22 crore on 9.71% increase in total income to Rs 3,357.03 crore in Q3 June 2014 over Q3 June 2013.

- Jet Airways (India) closed 3.48% up at Rs 264.95 on BSE after the airline's Chairman told the media that the company will look at selling planes and restructuring its debt.

- Atul closed 12.59% up at Rs 1,215.30 on BSE after net profit surged 47.78% to Rs 59.7- crore on 25.22% growth in total income from operations to Rs 647.0- crore in Q1 June 2014 over Q1 June 2013.

- Yes Bank closed 1.72% down at Rs 536.65 on BSE. The stock had touched an intraday high of Rs 554.80 after net profit rose 9.64% to Rs 439.4- crore on 9.34% increase in total income to Rs 3105.21 crore in Q1 June 2014 over Q1 June 2013.

- Polaris Financial Technology closed 7.40% down at Rs 214.50 on BSE after consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014.

- Ind-Swift Laboratories closed 4.97% down at Rs 46.85. The stock had touched an intraday high of Rs 54.25 on BSE, triggered by the company's announcement that it is contemplating raising of funds to expand the existing manufacturing capacities.

- Sun TV Network closed 7.07% down at Rs 427.15 on BSE on reports that the Central Bureau of Investigation may file a chargesheet against former telecom minister Dayanidhi Maran and his brother Kalanidhi Maran in the Aircel-Maxis deal.

- KPIT Technologies closed 11.34% down at Rs 154.85 on BSE after consolidated net profit fell 17.13% to Rs 50.80 crore on 1.5% decline in revenue to Rs 689.70 crore in Q1 June 2014 over Q4 March 2014.

- Tide Water Oil (India) closed 0.26% down at Rs 11,866.25 on BSE. The stock had touched an intraday high of Rs 12,19- after the company said it has signed an agreement with JX Nippon Oil & Energy Corporation, Japan to form a 50:50 JV firm in India.

- CEAT closed 7.42% down at Rs 579.95 on BSE, extending Tuesday's 5.84% fall triggered by weak Q1 June 2014 results.

- ING Vysya Bank closed 3.08% down at Rs 600.35 on BSE after net profit declined 18.11% to Rs 143.40 crore on 4.77% growth in total income to Rs 1627.2- crore in Q1 June 2014 over Q1 June 2013.