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Reports India

Indian stock market daily morning report (March 28, 2014, Friday)

March 28, 2014, Friday, 05:34 GMT | 01:34 EST | 10:04 IST | 12:34 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets closed at record highs as traders actively rolled over their positions in the futures & options (F&O) segment from the near-month March 2014 series to April 2014 series.

Gains were backed by higher rollovers on absolute basis coupled with high roll cost, indicating market participants are bullish for April series.

At close, the Sensex was up 119 points at 22,214 and the Nifty advanced 40 points at 6,642.

- Two aviation stocks rose by 1.89% to 3.90% on BSE after the Reserve Bank of India extended the deadline for aviation sector to raise funds through external commercial borrowings route till March 2015.

SpiceJet (up 3.90%) and Jet Airways (India) (up 1.89%), edged higher.

- Dena Bank closed 1.31% up at Rs 58.10 on BSE after the bank said it has allotted total shares aggregating about 6.90 crore shares at Rs 52.91 per share to Life Insurance Corporation of India and GIC of India on preferential allotment basis.

- State Bank of India closed 4.04% up at Rs 1,839.55 on BSE after a foreign brokerage upgraded the stock to buy from neutral rating.

- Among the 12 BSE Sectoral Indices 9 sectors closed in positive while 3 sectors ended the day in negative. Top Gainer: BSE Consumer Durables up by 1.46% and BSE Oil & Gas by 1.28%. Top Losers: BSE Healthcare down by 0.81% and BSE IT by 0.10%.

Market breadth was positive at ~1.47 as investors bought large cap stocks. On provisional basis, FII's bought Rs 21.92 bn worth of Indian equities and DII's sold Rs 5.92bn worth of equities.

Economic and Corporate Developments

- Net profit of top 25 real estate companies registered a fall of 41% during the last eight quarters, while the net profit margins during the same period plummeted from 13.6% to 9.7%, a new report said

"A tightened monetary policy by the central bank (RBI) increased the policy rates which in turn pushed up the base rate for scheduled commercial banks. Rise in the gross debt levels coupled with the increase in cost of funds were a double whammy on the real estate companies adversely impacting the net profits," said global realty consultancy Knight Frank in a report released here.

Buzzing Stocks

- CMC closed 1.65% down at Rs 1,379.85 on BSE after the company said it has won a legal case against Kuwait Stock Exchange.

- Talwalkars Better Value Fitness closed 8.74% up at Rs 173.50 on BSE on report that UK-based health and fitness group David Llyod is eyeing 20% stake in the Indian company.

- JBM Auto rose 2.04%, in the opening trade, to Rs 130 on BSE, with the stock extending Wednesday's 5% gains triggered by the company's announcement that the commercial operation of its new bus project is likely to start from October, 2014.

- Gujarat NRE Coke closed 3.92% down at Rs 8.34 on BSE, with the stock sliding on profit booking after recent rally triggered by the company receiving the formal approval for the restructuring of the debts, from the Empowered Group of CDR Cell.

- L&T closed 0.64% up at Rs 1,283.35 on BSE after the company said L&T Construction has won new orders worth Rs 1,981 crore in March 2014.

- Fiem Industries closed 1.07% down at Rs 405.00 on BSE after the company said it has purchased a 7.65 acre land in Ahemadabad, Gujarat for setting up a new factory.

- NTPC closed 1.74% up at Rs 117.00 on BSE after the company declared commercial operation at select units of Rihand Super Thermal Power Station and Vindhyachal Super Thermal Power Station.

- Caplin Point Laboratories was locked at 5% upper circuit at Rs 175.50 on BSE after the company said that its state-of-art injectable plant near Gummidipoondi, Tamil Nadu has commenced its commercial production today, 27 March 2014.

- Ambuja Cements closed 3.06% up at Rs 192.05 on BSE, with the stock extending Wednesday's 1.77% gains triggered by the High Courts of Gujarat and New Delhi approving the Scheme of Amalgamation of Holcim India with the company.

- VST Tillers Tractors closed 2.86% up at Rs 925.60 on BSE after the company said that commercial production and sales at its tractor plant in Hosur, Tamil Nadu will commence from 27th March 2014.

- IFCI closed 3.45% up at Rs 25.50 on BSE after the company said that the Government of India has authorized the company to issue tax free, secured, redeemable, nonconvertible bonds upto to Rs 430 crore during the current financial year.

- BF Utilities hit an upper circuit limit of 10% at Rs 641.30 on BSE, extending recent gains triggered by the company evaluating corporate restructuring to enhance shareholders value.

- Godrej Properties closed 2.68% up at Rs 191.60 on BSE, with the stock extending Wednesday's 2.39% gains triggered by the company entering into a partnership to develop a residential project in Mundhwa, Keshavnagar, Pune.