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Indian stock market daily morning report (May 02, 2014, Friday)

May 2, 2014, Friday, 05:14 GMT | 00:14 EST | 09:44 IST | 12:14 SGT
Contributed by Keynote Capitals


Views on markets today

- The benchmark indices had a roller-coaster ride before ending in the red for the fourth straight session due to both domestic poll-related concerns and global geo-political worries.

The BSE Sensex oscillated in a broad range of 400 points between a high of 22,6-0 and a low of 22,2-4 before ending at 22,417, down 4- points and the Nifty ended just short of the technically important level of 6670 at 6696, down 1- points.

- Fulford (India) was locked at 10% upper circuit at Rs 1,0-6.35 on BSE, with the stock extending recent steep rally triggered by the company's promoter offering a substantial premium to delist shares of Indian unit.

- Kotak Mahindra Bank closed 0.55% down at Rs -03.25 on BSE after net profit fell 6.65% to Rs 407.1- crore on 0.74% decline in total income to Rs 2,552.96 crore in Q4 March, 2014 over Q4 March, 2013.

- CEAT closed 4.91% down at Rs 3--.55 on BSE, after consolidated net profit fell 3.9% to Rs 62.42 crore on 7.9% increase in total income to Rs 1,457.5- crore in Q4 March, 2014 over Q4 March, 2013.

- Advanta rose 2.0-%, in the opening tarde, to Rs 1-9.10 on BSE after consolidated net profit galloped 329.46% to Rs 24.05 crore on 35.-3% growth in total income from operations to Rs 30-.34 crore in Q1 March, 2014 over Q1 March, 2013.

- Among the 12 BSE Sectoral indices 3 indices closed in positive while 9 index ended the day in negative. Top Gainers: BSE Auto up by 0.37% and BSE FMCG by 0.16%. Top Losers: BSE Realty down by 5.30% and BSE Power by 2.0-%.

Market breadth was sharply negative at ~0.51 as investors sold large cap stocks. On provisional basis, FII's bought Rs.4.54bn worth of Indian equities and DII's sold Rs.0.06bn worth of equities.


Economic and Corporate Developments

- Gold jewellery exports from India rose for a second straight month in March as raw material supply improved after the RBI allowed more banks to import bullion, with industry officials saying the upward trend looks set to continue.

Struggling with a ballooning trade deficit, government last year imposed a record duty of 10% on overseas purchases of gold, the second-biggest expense in its import bill. That hit gold jewellery exports, with shipments in the fiscal year that ended in March dropping around 40%.

But the country shipped $992.03 million worth of gold jewellery in March, up 6.1% year-on-year, the Gems and Jewellery Export Promotion Council (GJEpC) said. It exported $71-.36 million worth of jewellery in February.


Buzzing Stocks

- Bharti Airtel closed 2.24% down at Rs 327.65 on BSE after the company declared strong Q4 results after market hours on Tuesday, 29th April, 2014.

- Tata Sponge Iron surged 9.13%, in the opening trade, to Rs 626.40 on BSE, with the stock extending Tuesday's sharp rally triggered by the company reporting strong Q4 earnings.

- Goodyear India closed 1.96% down at Rs 405.50 as the stock turned ex-dividend on, 30th April, 2014, for dividend of Rs 9 per share for the year ended 31st December, 2013.

- TCS closed 0.19% down at Rs 2,1-9.40 on BSE after the company was named exclusive certification services provider for cloud data management interface conformance testing by storage networking industry association.

- Indian Overseas Bank closed 12.35% up at Rs 61.-5 on BSE after net profit surged 355.-% to Rs 26-.33 crore on 9.79% growth in total income to Rs 6,475.93 crore in Q4 March, 2014 over Q4 March, 2013.

- TVS Motor Company closed 3.25% up at Rs 95.25 on BSE, with the stock extending Tuesday's gain triggered by reporting turnaround Q4 results.

- Kesoram Industries closed 15.04% down at Rs 62.70 on BSE after the company reported a net loss of Rs 19-.60 crore in Q4 March, 2014, higher than net loss of Rs 62.04 crore in Q4 March, 2013.

- Cipla closed 0.79% down at Rs 39-.00 on BSE in volatile trade after the company clarified to media report which indicated that the company faces fresh penalty for overcharging.

- Swaraj Engines closed 6.06% up at Rs 721.50 on BSE after net profit rose 25.3% to Rs 17.46 crore on 39.7% growth in net sales to Rs 15-.27 crore in Q4 March, 2014 over Q4 March, 2013.

- Alstom T&D India jumped 10.39%, in the noon trade, to Rs 292.75 on BSE, after net profit rose 17.3% to Rs 62.24 crore on 19.3% growth in total income to Rs 1,313.09 crore in Q4 March, 2014 over Q4 March, 2013.

- BASF India closed 4.67% down at Rs 747.50 on BSE after net profit dropped 50.-% to Rs 6.56 crore on 30.3% growth in net sales to Rs 1,067.32 crore in Q4 March, 2014 over Q4 March, 2013.

- Oriental Bank of Commerce lost 1.9-%, in the afternoon trade, to Rs 244.55 on BSE after net profit rose 0.77% to Rs 310.32 crore on 13.19% growth in total income to Rs 5,655.36 crore in Q4 March, 2014 over Q4 March, 2013.

- Shriram Transport Finance Company closed 1.-4% down at Rs 733.45 on BSE after consolidated net profit declined 17.9% to Rs 314.-9 crore on 12.7% growth in total income to Rs 2,150.04 crore in Q4 March, 2014 over Q4 March, 2013.

- Marico closed 0.32% up at Rs 203.65 on BSE after consolidated profit after tax rose -% to Rs -9 crore on 17% growth in revenue from operations to Rs 1,072 crore in Q4 March, 2014 over Q4 March, 2013.