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Reports India

Indian stock market daily morning report (March 18, 2014, Tuesday)

March 18, 2014, Tuesday, 07:25 GMT | 04:25 EST | 11:55 IST | 14:25 SGT
Contributed by Keynote Capitals

Views on markets today

- Ignoring weak global cues, Indian markets staged a smart recovery from day lows, in late trades, to close the week in green. The closing hour gains were led by index heavyweights and short covering in financial shares.

For the day, the Sensex closed at 21,810, up 35 points or 0.2% and the Nifty gained 11 points or 0.2% to close above the psychological 6,500 levels at 6,504.

- Shares of L&T and L&T Finance Holdings closed 0.68% to 3.16% on BSE as the floor price for the offer for sale of shares of L&T Finance Holdings by L&T was fixed at a discount of 11.61% to stock's closing price on Thursday, 13 March 2014.

At the end of the trading session L&T closed 2.46% up while L&T Finance Holdings closed 6.19% down.

- Castrol India closed 3.06% up at Rs 297.85 on BSE as trading in shares of the company resumed on the bourses today, 14 March 2014 pursuant to Scheme of Arrangement involving reduction of share capital.

- MphasiS lost 4.11%, in the afternoon trade to Rs 377.95 on bSe after consolidated net profit fell 5.05% to Rs 180.60 crore on 1.88% decline in net sales to Rs 1,563.97 crore in Q1 January 2014 over Q4 October 2013.

- Among the 12 BSE Sectoral Indices - sectors closed in positive while 4 sectors ended the day in negative. Top Gainer: BSE Capital Goods up by 1.85% and BSE Realty by 1.00%. Top Losers: BSE Bankex down by 0.68% and BsE Teck by 0.56%.

Market breadth was negative at ~0.82 as investors sold large cap stocks. On provisional basis, FII's bought Rs 9.82bn worth of Indian equities and DII's sold Rs 8.66bn worth of equities.

Economic and Corporate Developments

- The wholesale price-based inflation eased to a nine-month low in February as food and fuel prices moderated, raising expectations that the RBI would leave interest rates unchanged at its policy review next month.

The wholesale price index (WPI), long regarded as India's main inflation measure, rose 4.68% last month, data showed on Friday.

A 10% drop in wholesale vegetable prices from January helped overall inflation ease for the third straight month.

Friday's data comes on the heels of a faster-than-expected slowdown in consumer inflation, which eased for a third straight month to a 25-month low of 8.10% in February.

Buzzing Stocks

- Tech Mahindra rose 1.43%, in the opening trade, to Rs 1,806 on BSE after the Reserve Bank of India notified that foreign institutional investors can now purchase up to 48% stake in the company from the earlier limit of 45%.

- Bharti Airtel closed 1.93% down at Rs 295.10 on BSE after the company said it has raised 350 million CHF through issue of bonds in the Swiss market.

- Sun Pharmaceutical Industries closed 1.42% up at Rs 581.75 on BSE, with the stock extending Thursday's 5.13% slide triggered by USFDA issuing an import alert for the company's cephalosporin facility located at Karkhadi, Gujarat in India.

- HDFC closed 1.41% down at Rs 854.00 on BSE, with the stock cutting intraday decline, after a bulk deal was executed on the counter today, 14th March 2014.

- Gujarat Gas Company closed 2.95% up at Rs 241.05 on BSE after the company said it has accepted the authorization in Schedule D of the PNGRB to lay, build, operate, or expand local natural gas distribution network in Bhavnagar district.

- KEC International closed 1.90% up at Rs 61.70 on BSE after the company said it has secured new orders worth about Rs 1,200 crore in its transmission, power systems, railways and cables businesses.

- Astrazeneca Pharma India closed 8.82% up at Rs 1,159.85 on BSE, after the company scheduled a board meeting on 15th March 2014 to consider voluntary delisting proposal.

Oil India closed 0.23% up at Rs 480.95 on BSE after the company said its board of directors will meet on 21st March 2014, inter alia, to consider the declaration of second interim dividend for the year ending 31st March 2014.

Max India advanced 2.62%, in the late morning trade, to Rs 202 on BSE, in highly volatile trade, after 0.14% equity changed hands in a bulk deal on BSE on 13th March 2014.

Lambodhara Textile closed 2.57% up at Rs 121.80 on BSE after the company said its board has given its consent to the issue of equity shares on preferential basis to promoter's upto an amount of Rs 2.3- crore.

CEAT closed 3.14% down at Rs 389.85 on BSE, with the stock declining on profit booking after the recent upmove.

Goa Carbon closed 1.94% down at Rs 65.55 on BSE, with the stock extending Thursday's slide triggered by the company announcing a temporary shut down at its Bilaspur plant on account of non-availability of suitable raw material.

BF Utilities closed 9.59% down at Rs 465.90 on BSE after two promoters entities offloaded 0.34% stake of the company through market sale in March 2014 so far.

Jubilant Life Sciences closed 2.28% down at Rs 147.65 on BSE, with the stock sliding on profit booking after recent rally.