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Reports India

Indian stock market daily morning report (March 14, 2014, Friday)

March 14, 2014, Friday, 05:11 GMT | 02:11 EST | 09:41 IST | 12:11 SGT
Contributed by Keynote Capitals

Views on markets today

- Selling pressure in Infosys and profit taking in late trades pushed the Nifty below 6,500. Infosys has a weightage of nearly 8% on the Nifty.

The 30-share Sensex shed 82 points, or 0.4% to 21,775 levels and the 50-share Nifty was down 24 points, or 0.4% at 6,493.10 levels.

- Among the 12 BSE Sectoral Indices 7 sectors closed in positive while 5 sectors ended the day in negative. Top Gainer: BSE Oil & Gas up by 1.45% and BSE Bankex by 0.92%. Top Losers: BSE iT down by 4.07% and BSE Teck down by 3.53%.

Market breadth was negative at ~0.82 as investors sold large cap stocks. On provisional basis, FII's bought Rs 6.16bn worth of Indian equities and Dll's sold Rs 3.14bn worth of equities.

Economic and Corporate Developments

- Aided by a drop in food prices, Consumer Price Index (CPI)-based inflation fell to 8.1 per cent in February, the second-lowest since the index was launched in 2012, showed data released on Wednesday. Only for January 2012 did CPI-based inflation stand at a lower level (7.65 per cent).

In February 2013, inflation stood at 10.29 per cent; in January this year, it was 8.79 per cent.

- Having declined for three months in a row, industrial production expanded by 0.1 per cent in January even as manufacturing woes continued, official data showed on Wednesday. Industrial output remained stagnant in the first 10 months of the current financial year, compared to 1 per cent growth in the corresponding period of the previous financial year.

The data came a day after merchandise exports declined 3.67 per cent in February, for the first time in eight months.

Manufacturing output declined for the fourth consecutive month in January. This sector, which occupies over 75 per cent weight in the Index of Industrial Production (IIP), fell by 0.7 per cent compared to a 1.2 per cent decline a month ago.

Buzzing Stocks

- Tata Motors rose 1.86%, in the morning trade, to Rs 396 on BSE after the company's British luxury car unit Jaguar Land Rover reported 14% rise in sales to 30,487 vehicles in February 2014 over February 2013.

- Manappuram Finance rose 2.49%, in the morning trade, to Rs 22.60 on BSE after the company said it has signed definitive agreements to acquire Milestone Home Finance Company from Jaypee Hotels, subject to relevant regulatory approvals.

- Infosys closed 8.54% down at Rs 3,357.50 on BSE, after the company reportedly warned of a tough start to the next financial year because of weak spending by top clients.

- ISMT opened 4.35% up at Rs 12 on BSE after the company said it will receive a payment of euro 15.5 million from one of its equipment suppliers with regard to an arbitration case initiated by the company against the said supplier.

- L&T rose 1.06%, in the noon trade to Rs 1,231.50 on BSE after the company said that L&T Construction has secured an international order of Rs 3,655 crore from ASHGHAL.

- Noida Toll Bridge Company closed 7.25% down at Rs 24.30 on BSE as the stock turned ex-dividend on 13th March 2014, for interim dividend of Rs 1.50 per share for the year ending 31st March 2014.

- Sun Pharmaceutical Industries closed 5.03% down at Rs 573.60 on BSE, on reports the USFDA has imposed an import alert on the company's plant in Gujarat.

- Tansformers and Rectifiers (India) closed 2.69% up at Rs. 82.05 on BSE after the firm said the first 3 units of 1500 MVA, 765 kV transformers manufactured by it have been commissioned successfully at Nellore substation of PGCIL in AP.

- Anjani Portland Cement closed 4.42% up at Rs 57.90 on BSE after Chettinad Cement Corporation announced a mandatory open offer for acquisition of upto 47.81 lakh equity shares of the Anjani Portland Cement at Rs 61.75 per share.

- Shree Cement closed 3.21% down at Rs 5,095.00 on BSE, with the stock sliding on profit booking after recent steep rally.

- Jubilant Life Sciences closed 6.71% up at Rs 151.10 on BSE after the company said it has increased the price of Niacin feed-grade by 18% with immediate effect for non-contract customers and wherever existing contracts permit.

- Goa Carbon closed 4.78% down at Rs 66.80 on BSE after the company said that its Bilaspur plant has been temporarily shut down on account of non-availability of suitable raw material.

- DLF closed 5.94% down at Rs 168.50 on BSE, with the stock sliding on profit booking after recent steep rally.

- HSIL closed 7.26% up at Rs 118.20 on BSE after 4.96% equity changed hands in two bulk deals on BSE on 13th March 2014.