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Reports India

Indian stock market daily morning report (March 12, 2014, Wednesday)

March 12, 2014, Wednesday, 05:43 GMT | 01:43 EST | 10:13 IST | 12:43 SGT
Contributed by Keynote Capitals


Views on markets today

- Key benchmark indices ended 0.4% lower as investors booked profits after the recent rally which pushed stock valuations to record highs. Market dipped as investors booked profits after sharp gains recently which pushed the Sensex above the 22,000 mark in intra-day trades on Monday. Metal and Capital goods shares were among the top losers.

Reliance Industries, HDFC Bank, Tata Steel, Sun Pharma and ITC were the top Sensex dragging the benchmark 93 points lower.

The 30-share Sensex shed 10- points or 0.4% to close at 21,826 levels after hitting an intra-day low of 21772 and the 50-share Nifty recovered from its day's low of 6,494 to close at 6,512 levels, down 25 points or 0.4%.

- Among the 12 BSE Sectoral Indices 3 sectors closed in positive while 9 sectors ended the day in negative. Top Gainer: BSE Realty up by 2.24% and BSE Power by 0.69%. Top Losers: BSE Metal down by 3.44% and BSE Healthcare down by 0.99%.

Market breadth was negative at ~0.80 as investors sold large cap stocks. On provisional basis, FII's bought Rs 14.71bn worth of Indian equities and DII's sold Rs 13.31bn worth of equities.


Economic and Corporate Developments

Exports came down by 3.67% at $25.6- billion in February compared to $26.66 billion in the same month last year significantly weakening chances of meeting the export target of $325 billion in the present fiscal set by Commerce Ministry.

Total exports from April-February reached $282.77 billion as against $269.85 billion, up 4.79%, according to data released by the ministry of commerce and industry here. On the other hand, imports in February also fell by 17.09% at $33.81 billion compared to $40.79 billion same month last year. Cumulative imports also declined by 8.65% to $410.86 billion compared to $449.7- billion.

As a result, the trade deficit in February narrowed further to $8.13 billion from $14.12 billion last year same month, while trade deficit for the entire period of April-February reached $128.0- billion from $17.99 billion. Minister of commerce and industry had earlier stated that exports this fiscal will be higher than last year. Last fiscal, exports reached $300.4 billion registering a negative growth of 1.82%.


Buzzing Stocks

- Ten metal shares fell by 0.32% to 4.19%, in the noon trade, on BSE after latest data showed China's exports slumped in February 2014.

Tata Steel (down 4.19%), Hindalco Industries (down 4.18%), Sail (down 3.35%), Sesa Sterlite (down 2.85%), Jindal Steel & Power (down 2.66%), Hindustan Zinc (down 2.4%), NMDC (down 2.37%), JSW Steel (down 2.08%), National Aluminium Company (down 1%) and Hindustan Copper (down 0.32%) edged lower.

- Engineers India closed 6.36% up at Rs 177.35 on BSE after the company scheduled a meeting of the Board of Directors on 15th March 2014, to consider declaration of interim dividend for the financial year ending 31st March 2014.

- Prime Focus gained 3.57%, in the morning trade, to Rs 29 on BSE after the company's subsidiary Prime Focus Technologies signed a definitive agreement to acquire US-based DAX.

- Autoline Industries jumped 6.40%, in the morning trade, to Rs 74 on BSE, extending recent gains ahead of the company's board meeting today, 11th March 2014, to explore various avenues of raising funds to meet the funding requirements of the company.

- Petron Engineering Construction closed 19.98% up at Rs 128.80 on BSE after the company said it has received letter of award for a total contract value of Rs 54.70 crore plus service tax from UltraTech Cement.

- Unitech fell 1.93%, in the morning trade, to Rs 12.17 on BSE on a media report that Life Insurance Corporation of India is close to seizing the company's 350-acre land parcel in Noida.

- Jaiprakash Associates closed 2.21% down at Rs 48.75 on BSE, with the stock sliding on profit taking after recent steep rally.

- HMT closed 1.68% up at Rs 30.25 on BSE after the company said the government has approved revival plans of the company.

- Godrej Properties closed 4.68% up at Rs 178.90 on BSE after the company said it will develop a new project in Vikhroli through its agreement with Godrej & Boyce.

- Vascon Engineers was locked at 20% upper circuit at Rs 25.40 on BSE, with the stock extending its recent rally.

- Financial Technologies (India) hit a lower circuit limit of 5% at Rs 382.60 on BSE on profit booking after the stock jumped 20.95% in the preceding six trading sessions.

- Sun Pharmaceutical Industries closed 2.63% down at Rs 580.35 on BSE, with the stock extending its recent decline.

- Crompton Greaves closed 4.62% down at Rs 145.55 on BSE on profit booking after the stock surged 19.97% in the preceding five trading sessions to Rs 152.60 on 10th March 2014, from a recent low of Rs 127.20 on 3rd March 2014.

- GlaxoSmithKline Pharmaceuticals closed 2.48% down at Rs 2,447.65 on BSE, with the stock extending its recent steep losses.