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Reports India

Indian stock market daily morning report (March 05, 2014, Wednesday)

March 5, 2014, Wednesday, 05:43 GMT | 00:43 EST | 10:13 IST | 12:43 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets rebounded with financials leading the gains after media reports which said that Russian President Vladimir Putin ordered his troops back to base raised hopes of a peaceful solution to the recent geopolitical tensions in Ukraine.

Market volatility also subsided on hopes that the escalating tensions in Ukraine have started to recede. India VIX, a measure of traders' perception of near-term market risks, which had surged 7.8% yesterday ended down 5.7% at 14.41.

The 30-share Sensex ended up 263 points at 21,210 and the 50-share Nifty ended up 77 points at 6,298.

- Hero MotoCorp rose 0.26% to Rs 1,961.20 on BSE after the company said its total two-wheeler sales rose 0.59% to 5.04 lakh units in February 2014 over February 2013.

- Ashok Leyland lost 0.96% to Rs 15.40 on BSE after the company said its total sales fell 21% to 7,915 units in February 2014 over February 2013.

- Atul Auto rose 2.95% to Rs 305.35 on BSE, with the stock extending Monday's 5% rally triggered by the company reporting strong sales in February 2014.

- Among the 12 BSE Sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainer: BSE Metal up by 3.31% and BsE Bankex by 2.47%. Top Losers: BSE Healthcare down by 0.40% and BSE IT by 0.01%.

Market breadth was negative at ~1.44 as investors sold large cap stocks. On provisional basis, FII's bought Rs 1.85bn worth of Indian equities and DII's sold Rs 3.44bn worth of equities.

Economic and Corporate Developments

- For February, the HSBC Purchasing Managers' Index (PMI) for the manufacturing sector rose to a year's high at 52.5 points, against 51.4 in January, showed data released on Monday.

“The Indian manufacturing economy showed signs of strengthening in February, with a faster increase in output and new orders bolstering the PMI to a year's peak,” said Markit Economics, the financial information firm that compiles the data for the PMI.

A reading of more than 50 shows expansion in the sector, while one below it indicates contraction.

Buzzing Stocks

- Maruti Suzuki India fell 1.67% to Rs 1,555.40 on BSE after the Reserve Bank of India said foreign share holding limit in the company has reached trigger limit.

- Elantas Beck India lost 3.42% to Rs 529 on BSE as the floor price for the offer for sale of shares by the promoter was set at a discount of 17.84% to the stock's closing price on Monday, 3 March 2014.

- Bharat Heavy Electricals rose 0.58% to Rs 163.45 on BSE after Life Insurance Corporation of India bought 4.66% stake in the company from the Government of India through a bulk deal on BSE on Monday, 3 March 2014.

- Hindustan Construction Company jumped 5.98% to Rs 14 on BSE after the company said it bagged a Rs 903.83 crore order in joint venture with GVPR Engineers from Karnataka Neeravari Nigam.

- Oriental Bank of Commerce rose 1.83% to Rs 172.30 on BSE, with the stock extending Monday's 1.23% gains triggered by the bank announcing its fund raising plan to the extent of Rs 1,000 crore.

- Zuari Global rose 1.65% to Rs 67.60 on BSE after one of the company's promoters bought an additional 0.52% stake in the firm through a bulk deal on BSE on Monday, 3 March 2014.

- Jaiprakash Power Ventures fell 2.50% to Rs 13.65 on BSE, extending Monday's 15.51% fall triggered by the company's plan to sell two operational hydro-power plants to a consortium led by Abu Dhabi National Energy Company.

- Jubilant Life Sciences rose 3.43% to Rs 141.70 on BSE after the company said its wholly-owned subsidiary Jubilant First Trust Healthcare has sold its hospital business to Narayana Health.

- Suven Life Sciences rose 1.84% to Rs 74.60 on BSE after the firm said it has granted an exclusive license and right to distribute and market its Malathion lotion in USA, Canada and Mexico to Taro Pharmaceuticals North America, Inc.

- Motherson Sumi Systems fell 2.64% to Rs 233.95 on BSE on profit booking after the stock rose 9.63% in the preceding four trading sessions to Rs 240.30 on 3 March 2014, from a recent low of Rs 219.20 on 24 February 2014.

- GMR Infrastructure rose 2.21% to Rs 20.85 on BSE after a consortium led by the company has won construction package of rail line doubling between Jhansi and Bhimsen stations in Uttar Pradesh.

- IVRCL jumped 8.18% to Rs 11.11 on BSE after the company said that its irrigation division and water division have bagged orders worth an aggregate Rs 2632.85 crore.

- Thomas Cook (India) rose 1.41% to Rs 75.55 on BSE after the company said it has partnered with Y-Axis, a premier immigration and visa consultant in the country.