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Reports India

Indian stock market daily morning report (March 31, 2014, Monday)

March 31, 2014, Monday, 05:53 GMT | 00:53 EST | 09:23 IST | 11:53 SGT
Contributed by Keynote Capitals

Views on markets today

- Markets closed the week on a strong note as gains in index heavyweights lifted markets to record highs in the closing hour of trade. For the day, the Sensex was up 125 points at 22,340 and the Nifty gained 54 points to end at 6,696.

Adding to the positive sentiment was the gain in Rupee which was quoting at an eight month low at 59.88.

In intra-day trades, both the Sensex and Nifty scaled new highs with the Sensex at 22,363 and the Nifty crossed the 6,700 levels to trade at 6,703.

- Fourteen bank shares rose by 0.11% to 5.37% on BSE after after the Reserve Bank of India extended the timeline for full implementation of the Basel III capital regulations to 31st March, 2019.

Union Bank of India (up 5.37%), Canara Bank (up 4.46%), Bank of India (up 3.61%), Punjab National Bank (up 3.58%), Bank of Baroda (up 3.16%), State Bank of India (up 2.69%), Yes Bank (up 2.66%), Federal Bank (up 2.56%), IDBI Bank (up 2.35%), IndusInd Bank (up 1.72%), Axis Bank (up 1.45%), Kotak Mahindra Bank (up 1.04%), ICICI Bank (up 0.20%) and HDFC Bank (up 0.11%), edged higher.

- Ambuja Cements closed 3.67% up at Rs 199.10 on BSE, with the stock extending recent gains triggered by the High Courts of Gujarat and New Delhi approving the Scheme of Amalgamation of Holcim India with the company.

- GM Breweries was locked in 20% upper circuit limit at Rs 132.05 on BSE after the company said its board will consider/recommend issue of bonus shares during its board meeting to be held on 3rd April, 2014.

- All the 12 BSE Sectoral Indices ended the day in positive. Top Gainers: BSE Power up by 3.02% and BSE Realty by 1.61% and BSE Metal by 1.52%.

Market breadth was positive at ~1.55 as investors bought large cap stocks. On provisional basis, FII's bought Rs 13.63 bn worth of Indian equities and DII's sold Rs 2.08bn worth of equities.

Economic and Corporate Developments

India's external debt was at $426 billion - including the government's debt of $76.4 billion - at the end of December.

"Government (Sovereign) external debt stood at $76.4 billion, (17.9% of total external debt) at end- December 2013 as against $81.7 billion (20.2%) at end-March 2013," the Finance Ministry said here.

Buzzing Stocks

- Canara Bank closed 6.45% up at Rs 267.50 on BSE after the bank said it has successfully raised Rs 1,000 crore under BASEL-III Complaint Tier-II Bonds (Series-II).

- Castrol India closed 5.08% up at Rs 311.25 on BSE as the stock will be transferred from trade-for-trade segment to rolling segment on the National Stock Exchange from on 28th March, 2014.

- JBM Auto was locked at 5% upper circuit at Rs 134.10 on BSE, with the stock extending recent rally triggered by the company's announcement that the commercial operation of its new bus project is likely to start from October, 2014.

- Godrej Properties closed 5.77% up at Rs 202.65 on BSE after the company said it has entered into a partnership to develop a residential project at Old Mahabalipuram Road in Chennai.

- Caplin Point Laboratories was locked at 5% upper circuit at Rs 184.25 on BSE, triggered by the company's state-of-art injectable plant near Gummidipoondi, Tamil Nadu commencing its commercial production on Thursday, 27th March, 2014.

- Pennar Industries closed 19.90% up at Rs 23.80 on BSE after the company said it has received orders to the tune of Rs 102 crore.

- Lakshmi Vilas Bank closed 5.06% up at Rs 69.55 on BSE after the bank said it has filed a draft letter of offer in connection with the proposed rights issue of equity shares aggregating up to Rs 505 crore.

- BF Utilities jumped 4%, in the morning trade, to Rs 666.95 on BSE, extending recent gains triggered by the company evaluating corporate restructuring to enhance shareholders value.

- Everonn Education closed 1.48% up at Rs 37.65 on BSE after the company said its board has approved preferential allotment of 10.91 lakh equity shares to a promoter group entity upon conversion of loan amount of Rs 4.33 crore.

- Bharti Infratel closed 3.19% up at Rs 203.30 on BSE on profit booking after the stock rose 6.79% in the preceding six trading sessions to Rs 210 on 27th March, 2014, from a recent low of Rs 196.65 on 20th March, 2014.

- Goodricke Group closed 2.26% down at Rs 140.65 on BSE as the stock turned ex-dividend, on 28th March 2014, for dividend of Rs 4.50 per share for the year ended 31st December, 2013.

- A2Z Maintenance & Engineering Services was locked at 10% upper circuit at Rs 10.69 on BSE after the company said that the Master Restructuring Agreement has been executed on Thursday, 27th March, 2014 as per CDR Guidelines.

- Fiem Industries closed 2.80% up at Rs 417.05 on BSE after the company said it purchased a 7.65 acre land in Ahemadabad, Gujarat for setting up a new factory.