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Indian stock market daily morning report (May 07, 2014, Wednesday)

May 7, 2014, Wednesday, 05:29 GMT | 00:29 EST | 09:59 IST | 12:29 SGT
Contributed by Keynote Capitals


Views on markets today

- It was lackluster session that saw market consolidate further ahead of election results slated to be announced next week.

Both Sensex and Nifty trimmed initial gains towards the end in range bound trades but ended with gains led by heavyweight financial, oil & gas stocks among others.

Reliance Industries, ICICI bank, Larsen & Toubro, ITC and Tata Motors collectively pulled the benchmark Sensex 130 points higher but losses in HDFC, TCS, Bharti Airtel, Infosys and Axis bank restricted the gains.

The 30-share Sensex ended 63 points higher at 22,50- and the broader 50-unit Nifty added 16 points to close at 6,715 levels.

Market participants are wary of wild swings expected in stocks on May 16 - the poll results day, and therefore refraining from taking leveraged bets now, say analysts. Volatility is also expected to set in post exit poll results on May 12-the last day of polling.

- Housing Development Finance Corporation closed 1.12% down at Rs 877.25 on BSE after consolidated net profit rose 15.91% to Rs 2,414.70 crore on 11.34% growth in total income to Rs 12,296.02 crore in Q4 March, 2014 over Q4 March, 2013.

- Pantaloons Fashion & Retail closed 6.43% down at Rs 125.95 on BSE after the company reported net loss of Rs 70.75 crore in Q4 March, 2014, higher than net loss of Rs 59.52 crore in Q4 March, 2013.

- Among the 12 BSE Sectoral indices - indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 3.22% and BSE Oil & Gas by 1.10%. Top Losers: BSE IT down by 0.51% and BSE Teck by 0.46%.

Market breadth was negative at ~0.94 as investors sold large cap stocks. On provisional basis, FII's bought Rs.0.46bn worth of Indian equities and DII's sold Rs.0.56bn worth of equities.


Economic and Corporate Developments

- A modest recovery is on the cards for the Indian economy and it is expected to clock 5.6 per cent GDP (gross domestic product) growth in 2014-15, says a Citigroup report.

"While recent macro data has stayed sluggish, we maintain our expectation of a modest recovery in FY15 GDP to 5.6 per cent," Citigroup said.

The findings of the report comes when the HSBC India Manufacturing Purchasing Managers' Index (PMI), a measure of factory production, stood at 51.3 in April, unchanged from March, amid moderate expansion of business orders.


Buzzing Stocks

- Eveready Industries India rose 0.75%, in the opening trade, to Rs 53.95 on BSE after the company reported a net profit of Rs 1.25 crore in Q4 March, 2014 compared with a net loss of Rs 2.15 crore in Q4 March, 2013.

- Asian Paints closed 0.72% down at Rs 514.75 on BSE after the company said it has closed down its plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants.

- Credit Analysis & Research closed 1.43% up at Rs 816.50 on BSE after the Reserve Bank of India allowed foreign institutional investors to purchase up to 74% of the paid-up capital of the company.

- United Bank of India closed 5.04% up at Rs 36.45 on BSE after net profit galloped 1,405.35% to Rs 469.37 crore on 14.38% growth in total income to Rs 3,073.7- crore in Q4 March, 2014 over Q4 March, 2013.

- Ajanta Pharma rose 3.16%, in the morning trade, to Rs 1.094.00 on BSE, with the stock extending Monday's 8.46% rally triggered by the company reporting strong Q4 earnings.

- City Union Bank closed 6.20% up at Rs 61.65 on BSE after the Reserve Bank of India allowed foreign institutional investors to purchase up to 35% of the paid-up capital of the company.

- Piramal Enterprises surged 5.76%, in the opening hour, to Rs 586.00 on BSE after the company said its board of directors at its meeting held on Monday, 5th May, 2014, recommended hefty dividend of Rs 52.50 per share for the financial year ended 31st March, 2014.

- Punj Lloyd closed 2.76% up at Rs 29.75 on BSE after the company said it bagged a Rs 1,270 crore expressway project in Yemen.

- Pipavav Defence and Offshore Engineering Company jumped 4.06%, in the late morning trade, to Rs 44.90 on BSE on bargain hunting after a recent steep slide.

- Electrosteel Steels closed 6.33% down at Rs 3.85 on BSE after the company reported a net loss of Rs 113.82 crore in Q4 March, 2014, lower than net loss of Rs 121.87 crore in Q4 March, 2013.

Maruti Suzuki closed 0.52% up at Rs 1,909.60 on BSE after the company said its total production declined 1.9% to 1.03 lakh units in April, 2014 over April, 2013.

Deepak Nitrite closed 9.44% up at Rs 616.50 on BSE, extending Monday's 5.86% rise triggered by the company's board approving stock split and bonus issue.

Tube Investments of India closed 4.51% down at Rs 203.05 on BSE, with the stock sliding on profit booking after consolidated net profit rose 15% to Rs 69 crore on 8% growth in revenue to Rs 2,282 crore in Q4 March, 2014 over Q4 March, 2013.

Shasun Pharmaceuticals closed 6.98% up at Rs 136.40 on BSE after the company acquired the global rights to develop and commercialise Ibuprofen the 12-hour extended release tablets from the US-based ScolrPharma.