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Reports India

Indian stock market daily morning report (March 21, 2014, Friday)

March 21, 2014, Friday, 05:47 GMT | 01:47 EST | 10:17 IST | 12:47 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark stock indices plunged to their lowest levels in almost two weeks tracking weak global cues. US Federal Reserve Chairper Janet Yellen hinted at raising interest rates sooner than expected, in her first press conference after assuming the top job at US central bank. Also, Fed's bond-buying program was expectedly snipped of another $10bn this month, adding to the gloom.

Stocks world over as measured by the MSCI world equity index dropped 0.6%, after Yellen said the US Fed might end its bond-buying program as early as autumn, and could start to raise interest rates from historic lows, around six months later.

The 30-share Sensex closed 92 points lower at 21,740 levels while the 50-unit NSE Nifty index was down 40 points at 6483 levels. Benchmarks plunged to their lowest levels since 6th March, 2014.

- Among the 12 BSE Sectoral Indices 3 sectors closed in positive while 9 sectors ended the day in negative. Top Gainer: BSE IT up by 1.69% and BSE Teck by 1.23%. Top Losers: BSE Realty down by 2.23% and BSE Capital Goods by 1.94%.

Market breadth was negative at ~0.77 as investors sold large cap stocks. On provisional basis, FII's bought Rs 7.22bn worth of Indian equities and DII's sold Rs 5.63bn worth of equities.

Economic and Corporate Developments

- The Reserve Bank of India (RBI) has announced a host of liquidity boosting measures. RBI will infuse liquidity for an amount of about Rs 40,000 crore on Friday through 14 day term repo variable rate auction.

The reversal of the 14 day term repo will take place on April 4. Further, in order to facilitate smooth and non-disruptive conduct of banking operations during the annual closing of accounts for the financial year 2013-14, RBI has decided to conduct a 5 day term repo variable rate auction for a notified amount of Rs 20,000 crore on March 2- with reversal on 2nd April .

RBI has also decided to offer funds to the banks through the Marginal Standing Facility (MSF) on March 31 with reversal on April 2.

“The MSF window will remain open between 5.00 and 5.30 pm on March 31,” said RBI.

Buzzing Stocks

- Nine IT stocks rose by 0.61% to 3.21% on BSE on weak rupee and improving outlook in the US economy.

Hexaware Technologies (up 3.21%), Wipro (up 2.54%), TCS (up 2.26%), Tech Mahindra (up 1.71%), MphasiS (up 1.62%), Oracle Financial Services Software (up 1.45%), Infosys (up 1.38%), HCL Technologies (up 1.37%) and CMC (up 0.61%), edged higher.

- Bombay Rayon Fashions closed 1.54% down at Rs 195.00 on BSE after the company said it has declared a lock-out at its mill division located at Dodaballapur in Bangalore.

- Persistent Systems closed 3.33% down at Rs 1,059.00 on BSE after the company said it has set up Accelerite to take a portfolio of products and related solutions to market.

- Polaris Financial Technology closed 10.77% up at Rs 203.10 on BSE, with the stock extending recent rally triggered by the company announcing the demerger of its products business into a separately listed company.

- SKS Microfinance closed 2.09% up at Rs 197.45 on BSE after the company said that it has completed the tenth securitization transaction during the current financial year of Rs 26.73 crore.

- Cummins India closed 3.78% down at Rs 560.45 on BSE, with the stock declining on profit booking.

- L&T Finance Holdings rose 1.54%, in the opening trade, to Rs 70.95 on BSE, with the stock gaining on bargain hunting after the recent slide.

- Eveready Industries India rose 1.14%, in the intraday trade, to Rs 44.35 on BSE after the company announced a hike in the prices of its batteries.

- Prestige Estates Projects jumped 4.45%, in the late morning trade, to Rs 159.55 on BSE on bargain hunting after the stock declined 12.39% in the preceding seven trading sessions to Rs 152.75 on 19th March 2014, from a recent high of Rs 174.35 on 7th March 2014.

- Excel Crop Care closed 8.39% up at Rs 537.90 on BSE after 3.63% equity changed hands in three bulk deals on BSE, 20th March 2014.

- Amtek India rose 2.15%, in the late morning trade, to Rs 83 on BSE, extending recent gains triggered by the company announcing acquisition of Germany-based Kuepper Group.

- Mukand was locked at 20% upper circuit at Rs 24.95 on BSE, after promoters steeply hiked their stake in the company through rights issue.

- Maruti Suzuki India closed 0.69% down at Rs 1,857.65 on BSE after rival Japanese carmaker Nissan Motors on Wednesday, 19th March 2014, launched its low-cost Datsun brand in India.