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Reports India

Indian stock market daily morning report (March 07, 2014, Friday)

March 7, 2014, Friday, 05:22 GMT | 01:22 EST | 10:52 IST | 13:22 SGT
Contributed by Keynote Capitals


Views on markets today

- A sharp decline in India's current account deficit during the December quarter coupled with a sustained buying by foreign funds in the past few sessions fuelled the markets to all-time highs on Thursday.

Investors cheered a sharp decline in the Current Account Deficit (CAD), which stands at a 4 year low as exports picked up and gold imports reduced. Also, Strong FII inflows in cash market aided the sentiment. FI Is were net buyers of local stocks worth Rs 193.30 (cash segment) on Wednesday, as per provisional data.

The 30-share Bombay Stock Exchange (BSE) Sensex surged 237 points or 1.1% to close at its record high levels of 21,514 while 50 and the 50-unit Nifty index of the National Stock Exchange (NSE) jumped 73 points or 1.1% to close at its alltime high levels of 6,401.

- Five stocks rose by 1.11% to 5.07% on BSE on reports FTSE increased investability weightage of these stocks in its Global Equity Index.

Container Corporation of India (up 5.07%), Mahindra & Mahindra Financial Services (up 3.67%), Bharti Infratel (up 3.28%), Mindtree (up 1.51%) and Axis Bank (up 1.11%), edged higher.

- CMC closed 4.16% up at Rs 1,555.10 on BSE after the company said its board decided to enhance the limit of shareholding of foreign institutional investors to 35% of the paid up share capital of the company.

- Among the 12 BSE Sectoral Indices 11 sectors closed in positive while 1 sector ended the day in negative. Top Gainer: BSE Realty up by 4.09% and BSE Power by 2.45%. Top Losers: BSE Healthcare down by 0.27%.

Market breadth was positive at ~1.64 as investors bought large cap stocks. On provisional basis, FII's bought Rs 12.73bn worth of Indian equities and DII's sold Rs 5.67bn worth of equities.


Economic and Corporate Developments

- Raising hopes that curbs on gold imports would be eased, India's current account deficit (CAD) for the quarter ended December stood at $4.2 billion, or 0.9 per cent of the gross domestic product (GDP), a sharp fall from $31.9 billion (6.5 per cent) in the year-ago period. The fall resulted from a pickup in exports and moderation in imports, especially of gold.


Buzzing Stocks

- Tata Power Company lost 2%, in the opening trade, to Rs 78.45 on BSE on equity dilution worries after the firm said that its board will meet on Saturday, 8th March 2014, to consider and decide upon the terms and conditions of the proposed rights issue.

- Astrazeneca Pharma India closed 9.13% down at Rs 1,064.35 on BSE after the company said its board deferred the proposed delisting of the firm's shares from the domestic stock exchanges.

- ALSTOM India closed 2.92% up at Rs 359.70 on BSE after the company said it won a contract worth approximately Rs 679 crore from state-run Bhel to supply two supercritical boilers for a super thermal power project in Odisha.

- Bharti Infratel closed 4.00% up at Rs 207.95 on BSE, with the stock extending Wednesday's gains triggered by the company signing a Master Services Agreement with Reliance Jio Infocomm for sharing of telecom tower infrastructure.

- Dredging Corporation of India closed 0.71% up at Rs 225.75 on BSE after the company said that a new dredger vessel has been delivered at Netherlands on 23rd January, 2014 and was inaugurated and joined the fleet on Wednesday, 5th March 2014.

- ITC fell 0.59% to Rs 330.95 on BSE on profit booking after the stock rose 6.77% in the preceding eight trading sessions to Rs 332.90 on 5th March 2014 from a recent low of Rs 311.80 on 20th February 2014.

- IL&FS Transportation Networks closed 6.29% up at Rs 120.75 on BSE after the firm said it has approved the allotment of 1,000 rated, listed, redeemable, non-convertible debentures aggregating to Rs 100 crore on a private placement basis.

- Financial Technologies (India) closed 4.99% up at Rs 370.00 on BSE after global financial services firm Merrill Lynch on Wednesday, 5th March 2014, picked up 0.51% in the company through bulk deal.

- Delta Corp closed 0.72% up at Rs 104.95 on BSE after the company said it launched a casino resort in Daman.

- Thomas Cook (India) closed 3.68% up at Rs 78.80 on BSE after the firm said it has partnered with meet & greet service provider 'marhaba' to ensure a swift, smooth and safe passage for Indian travelers at Dubai, Abu Dhabi and Bahrain airports.

- Easun Reyrolle closed 2.73% down at Rs 64.10 on BSE after the company said its board has decided for the rights issue of equity shares in the ratio of 12:25 at an offer price of Rs 59 per share which is at a discount to ruling market price.

- Jaiprakash Power Ventures closed 2.93% up at Rs 14.05 on BSE on bargain hunting after the stock slumped 17.62% in the preceding three trading sessions to Rs 13.65 on 5th March 2014, from a recent high of Rs 16.57

- JBF Industries closed 2.13% down at Rs 71.25 on BSE after HDFC mutual fund sold 17.30 lakh shares of the company in a block deal on BSE on Wednesday, 5th March 2014.

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