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Reports India

Indian stock market daily morning report (March 25, 2014, Tuesday)

March 25, 2014, Tuesday, 05:17 GMT | 01:17 EST | 09:47 IST | 12:17 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices gained 1.4% each on Monday, ending at record closing highs, as foreign investors latched on to banking names. For the day, the Sensex closed up 300 points at 22,055 and the Nifty gained 89 points to close at 6,584.

In intra-day trades, the Sensex and Nifty surpassed their previous all-time highs hit just last week as the Nifty rose to a lifetime high of 6,591.50, while the benchmark Sensex touched a record high of 22,074.34.

Foreign investors have been particularly heavy buyers during the rally, with net purchases of $1.6 billion of shares so far this month, regulatory data showed. According to regulatory data, FIIs bought a net $495 million in Indian banks, while selling a net $791 million in pharmaceutical and biotechnology shares this month as of March 15.

- MOIL closed 43.92% up at Rs 252.80 on BSE after the company said that PL deeds were executed and registered for grant of prospecting licence by Government of Maharashtra over an area of 597.44 hectares in Nagpur and Bhandara districts.

- Reliance Power closed 1.01% up at Rs 65.25 on BSE after the company said that the third 660 MW unit of the 3,960 MW Sasan Ultra Mega Power Project has commenced power generation.

- Geometric closed 4.05% down at Rs 116.15 on BSE after the company clarified that it is not planning to sell its stake to any private equity firm.

- Among the 12 BSE Sectoral Indices 10 sectors closed in positive while 2 sectors ended the day in negative. Top Gainer: BSE Bankex up by 2.73% and BSE Oil & Gas by 2.46%. Top Losers: BsE Healthcare down by 0.61% and BsE IT by 0.02%.

Market breadth was negative at ~0.81 as investors sold large cap stocks. On provisional basis, FII's bought Rs 14.65bn worth of Indian equities and DII's sold Rs 7.70bn worth of equities.

Economic and Corporate Developments

- Exuding confidence that growth will improve in the coming months, the Finance Ministry said economy has stabilised which is evident from the strengthening of the stock markets as well as the rupee.

"I certainly believe ... The economy has stabilised and that is reflected in rupee and stock markets. And going forward, I think, we will see growth numbers also improving," Economic Affairs Secretary Arvind Mayaram told reporters here.

Buzzing Stocks

- Jaiprakash Associates rose 1.34% to Rs 49 on BSE after the company said that its board will meet on 24th March 2014, to consider stake sale in joint venture subsidiaries.

- Federal Bank rose 2.52%, in the opening trade, to Rs 93.45 on BSE, with the stock extending recent gains triggered by Reserve Bank of India withdrawing its restrictions placed on purchase of the bank's shares by foreign investors with immediate effect.

- MT Educare closed 1.14% up at Rs 87.00 on BSE after the company said its board has approved selling pre-university college campus in Mangalore, Karnataka.

- Arshiya International hit the 10% upper circuit limit to Rs 14.50 on BSE after the company said its board will meet on Thursday, 27th March 2014 to review restructuring package approved in CDR system by Corporate Debt Restructuring Cell.

- ABG Infralogistics closed 2.08% down at Rs 44.75 on BSE on profit booking after the stock jumped 13.97% in the preceding two trading sessions to Rs 45.70 on 21st March 2014, from a recent low of Rs 40.10 on 19th March 2014.

- IIFL Holdings closed 0.59% down at Rs 75.35 on BSE after the company said it has completed sale of its stake in two Sri Lankan subsidiaries.

- Transformers and Rectifiers (India) rose 1.40%, in the noon trade, to Rs 94.30 on BSE after the company said it won a Rs 66 crore contract from Gujarat Energy Transmission Corporation.

- NHPC rose 0.28% to Rs 17.75 on BSE after the company announced commercial operation of unit 1 and 2 of Parbati-III HE project in Himachal Pradesh.

- Sundaram Clayton closed 2.61% up at Rs 513.00 on BSE as the stock turned ex-dividend on 24th March 2014, for second interim dividend of Rs 3.75 per share for the year ending 31st March 2014.

- Bhel rose 1.34%, in the opening trade, to Rs 189.45 on BSE after the company said it won a mega contract worth Rs 3,000 crore from NTPC for supplying 2x800 megawatts supercritical boilers.

- ONGC closed 4.27% up at Rs 321.20 on BSE ahead of the company's board meeting today, 24th March 2014, to consider second interim dividend for financial year ending March 2014

- Astral Poly Technik closed 1.93% up at Rs 481.75 on BSE after the company said that Bureau of Indian Standards has granted licence for the company's Product Blaze Master CPVC Pipes for fire sprinkler system.

- Tech Mahindra closed 1.38% up at Rs 1,844.80 on BSE after the company announced a global alliance with Box, a premier member of the Box Services Partner Program.