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Reports India

Indian stock market daily morning report (March 20, 2014, Thursday)

March 20, 2014, Thursday, 06:33 GMT | 02:33 EST | 11:03 IST | 13:33 SGT
Contributed by Keynote Capitals


Views on markets today

- Markets consolidated on Wednesday after hitting fresh all-time highs on Tuesday amid profit taking in IT majors after TCS reportedly said that growth in Q4 March 2014 is likely to be subdued. Further, investors also turned cautious ahead of the US Federal Reserve policy review later in the day.

The 30-share Sensex ended flat at 21,833 and 50-share Nifty gained 7 points at 6,524.

- Shares of nine IT companies fell by 1.31% to 4.93% on BSE as sector major TCS reportedly expects growth in Q4 March 2014 to be subdued.

TCS (down 4.93%), Tech Mahindra (down 2.81%), HCL Technologies (down 2.66%), Infosys (down 2.61%), Hexaware Technologies (down 2.60%), Oracle Financial Services Software(down 2.54%), CMC (down 2.39%), Wipro (down 2.09%) and MphasiS (down 1.31%), edged higher.

- Among the 12 BSE Sectoral Indices 6 sectors closed in positive while 6 sectors ended the day in negative. Top Gainer: BSE Metal up by 2.12% and BSE FMCG by 1.21%. Top Losers: BSE IT down by 2.24% and BSE Teck by 1.63%.

Market breadth was flat at ~1.03 as investors traded on both sides of the large cap stocks counter. On provisional basis, FII's bought Rs 10.70bn worth of Indian equities and DII's sold Rs 6.11bn worth of equities.


Economic and Corporate Developments

- Global ratings agency Standard & Poor's said an increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

"More companies are improving their high financial leverage and boosting their credit profiles by adopting measures such as sale of equity and assets or using their free operating cash flows to reduce debt," S&P said in a report.

"Focus on lowering debt will likely improve their credit profiles," it added.

The routes adopted by domestic companies include raising equity, selling non-core assets and in some cases divesting businesses, it noted.


Buzzing Stocks

- TCS closed 3.84% down at Rs 2040.95 on BSE after the company in an analyst meet on Tuesday, 18th March 2014, reportedly said that growth in Q4 March 2014 is likely to be subdued.

- Ashok Leyland closed 0.57% up at Rs 17.60 on BSE after the company said it sold 50 lakh shares of IndusInd Bank on Tuesday, 18th March 2014, through a combination of bulk deal and normal trading.

- State Bank of Travancore closed 5.77% up Rs 389.80 on BSE after the bank scheduled a board meeting on 21st March 2014 to consider preferential and rights issue of shares along with interim dividend.

- JSW Steel closed 2.62% up at Rs 972.05 on BSE after the company reported 10% increase in crude steel production on pro forma basis to 9.63 lakh tonnes in February 2014 over February 2013.

- Polaris Financial Technology hit the 20% circuit limit at Rs 183.35 on BSE, with the stock extending Tuesday's rally triggered by the company announcing the demerger of its products business into a separately listed company.

- Max India closed 2.23% up at Rs 199.65 on BSE on profit booking after the stock rose 7.22% in the preceding five trading sessions to Rs 204.20 on 18th March 2014, from a recent low of Rs 190.45 on 10th March 2014.

- Coal India closed 2.63% down at Rs 263.30 on BSE, after a bulk deal of 14.67 lakh shares was executed on the scrip at Rs 270.20 per share on BSE.

- AstraZeneca Pharma India closed 4.75% down at Rs 1,135.75 on BSE on profit booking after the stock jumped 11.87% in the preceding two trading sessions to Rs 1,192.35 on Tuesday, 18th March 2014, from a recent low of Rs 1,065.85 on 13th March 2014.

- State Bank of Bikaner and Jaipur closed 2.74% up at Rs 300.15 on BSE after the bank scheduled a board meeting to consider declaration and payment of interim dividend for financial year ending 31st March 2014.

- Orchid Chemicals & Pharmaceuticals rose 2.89%, in the ipening trade, to Rs 55.15 on BSE, extending Tuesday's 10% rise triggered by the company's corporate debt restructuring empowered group approving the debt restructuring package.

- Arrow Coated Products was locked at 5% upper circuit at Rs 42 on BSE after the company announced an exclusive supply co-operation agreement with Tsukioka Film Pharma Co, Japan.

- Amtek India closed 4.84% up at Rs 81.25 on BSE, extending Tuesday's 10% rise triggered by the company announcing acquisition of Germany-based Kuepper Group.