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Reports India

Indian stock market daily morning report (March 04, 2014, Tuesday)

March 4, 2014, Tuesday, 06:17 GMT | 01:17 EST | 10:47 IST | 13:17 SGT
Contributed by Keynote Capitals


Views on markets today

- Benchmark share indices closed near their day's lows because of heightened political tensions between Russia and Ukraine.

Further, the Russian benchmark equity index MICEX was down nearly 10% and the Russian central bank hiked key lending rate by 150 basis points to 7% after the rouble plunged to an all-time low against the US dollar.

For the day, the 30-share Sensex was down 173 points at 20,947 after hitting an intra-day low of 20,921 and the 50-share Nifty was down 56 points at 6,221 after touching an intra-day low of 6,212.

- Mahindra & Mahindra closed 2.22% down at Rs 951.85 on BSE after the company said its total auto sales declined 12% to 42,166 units in February 2014 over February 2013.

- Tata Motors closed 1.53% down at Rs 410.65 on BSE after the company reported a 35.56% decline in total vehicle sales to 39,951 units in February 2014 over February 2013.

- Maruti Suzuki India closed 0.29% down at Rs 1,581.75 on BSE after the company said its domestic sales rose 1.8% to 99,75- units in February 2014 over February 2013.

- Among the 12 BSE Sectoral Indices 2 sectors closed in positive while 10 sectors ended the day in negative. Top Gainer: BSE Consumer Durables up by 1.74% and BSE Oil & Gas by 0.24%. Top Losers: BSE Healthcare down by 1.55% and BSE IT by 1.25%.

Market breadth was negative at ~0.81 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.98bn worth of Indian equities and DII's sold Rs 15.66bn worth of equities.


Economic and Corporate Developments

Showing signs of recovery, the HSBC Purchasing Managers' Index (PMI) for manufacturing stood at 52.5 points in February, a one-year high. It was 51.4 points in January.

“The Indian manufacturing economy showed signs of strengthening in February with faster increase in output and new orders bolstering PMI to reach a one-year peak," said Markit Economics, a financial firm which compiles the data.

A reading above 50 shows expansion in the sector.

High production was boosted by smooth flow of incoming new work, the survey noted. New orders reached its peak in February, with the work flow increasing for the fourth straight month this year.


Buzzing Stocks

- AstraZeneca Pharma India hit an upper circuit limit of 20% at Rs 1110.90 on BSE after the company said its board will meet on 5 March 2014 to consider delisting proposal.

- Bajaj Auto closed 1.50% down at Rs 1,913.65 on BSE after the company reported 6% decline in total vehicle sales to 3.13 lakh units in February 2014 over February 2013.

- Oriental Bank of Commerce closed 1.23% up at Rs 169.20 on BSE after the bank said it intends to raise Tier II capital to the extent of Rs 1,000 crore through issue of Basel III compliant Tier II Bonds on private placement basis.

- Jaiprakash Power Ventures closed 15.51% down at Rs 14.00 on BSE after the company said its board approved selling two operational hydro-power plants to a consortium led by Abu Dhabi National Energy Company.

- Atul Auto was locked at 5% upper circuit at Rs 296.60 on BSE after the company said its total vehicle sales rose 18.97% to 3,105 units in February 2014 over February 2013.

- L&T closed 1.04% down at Rs 1096.80 on BSE, with the stock sliding on profit booking after recent rally after the company said its Transportation Infrastructure Business has secured a prestigious International order worth Rs 1,550 crore in Oman.

- Reliance Industries rose 0.53% to Rs 803.45 on BSE after the company refuted allegations made by Aam Aadmi Party leader Prashant Bhushan against the firm.

- Voltas closed 1.16% up at Rs 135.05 on BSE after the firm said it has executed a JV pact with Dow Chemical Pacific (Singapore) Pte, for establishing a JV firm in India, to tap the growing water and waste water treatment market in the country.

- HT Media closed 2.13% down at Rs 75.85 on BSE after high-net worth investor Rakesh Jhunjhunwala picked up 0.64% stake in the company through bulk deals on Friday, 2- February 2014.

- Bharat Heavy Electricals closed 2.81% up at Rs 162.50 on BSE on profit booking after the stock jumped 11.10% in the preceding four trading sessions to Rs 167.20 on 2- February 2014, from a recent low of Rs 150.50 on 21 February 2014.

- TVS Motor Company closed 1.92% up at Rs 87.55 on BSE after the company said its total sales rose 7% to 1.77 lakh units in February 2014 over February 2013.

- Cairn India rose 0.94% to Rs 326.75 on BSE as US crude oil futures surged amid escalating geopolitical tension between Ukraine and Russia.

- Monsanto India hit an upper circuit limit of 10% at Rs 1,613.25 on BSE, extending Friday's 10% rise triggered by the Union environment ministry approving field trials of genetically modified food crops on a conditional basis.