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Reports India

Indian stock market daily morning report (May 09, 2014, Friday)

May 9, 2014, Friday, 04:51 GMT | 23:51 EST | 08:21 IST | 10:51 SGT
Contributed by Keynote Capitals


Views on markets today

It was yet another day of lackluster trades at the D8street as investors booked profits at higher levels ahead of impending poll8related market volatility. Volatility is likely to increase post exit poll results on May 16, say analysts.

The market ended almost flat as gains in heavyweight banking stocks such as ICICI Bank, Axis Bank and State Bank of India were offset by losses in ITC and Sun Pharma.

The 308share Sensex ended 20 points higher at 22,344 levels after trading in a 2168point range of 22,227822,443 and the 508share Nifty closed 7 points higher at 6,660 after trading in a 508point range of 6,63886,688.

Procter & Gamble Hygiene and Health Care closed 4.91% up at Rs 3,607.35 on BsE after net profit rose 55.04% to Rs 80.76 crore on 20.09% rise in net sales to Rs 500.35 crore in Q3 March, 2014 over Q3 March, 2013.

MCX and Financial Technologies (India) fell by more than 5% each on BSE after the Mumbai police's Economic Offences Wing on Wednesday, 7th May, 2014, arrested Jignesh Shah, chairman and group chief executive of Financial Technologies (India).

Union Bank of India closed 8.55% down at Rs 135.25 on BSE after net profit fell 26.66% to Rs 578.96 crore on 12.59% increase in total income to Rs 8,444.95 crore in Q4 March, 2014 over Q4 March, 2013.

Among the 12 BSE Sectoral indices, 8 indices closed in positive while 4 indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 1.30% and BSE Bankex by 0.74%. Top Losers: BSE Realty down by 0.92% and BSE FMCG by 0.80%.

Market breadth was negative at ~0.90 as investors sold large cap stocks. On provisional basis, FII's bought Rs.3.63bn worth of Indian equities and DII's sold Rs.1.19bn worth of equities.


Economic and Corporate Developments

About 5% deficit rains due to possible El Nino factor could have a bearing on economic growth by 1.75% in the 2014815 fiscal, affecting lakhs of unskilled jobs, an Assocham report said.

Deficiency in rains could also impact food inflation, which has always been a concern to policy makers, it said.

"The deficit rainfall of 5% due to El Nino factor will cause loss to the GDP of about 1.75%, i.e. Rs 1,0,000 crore, hurting lakhs jobs of unskilled sectors," the report said.


Buzzing Stocks

- Gujarat Pipavav Port closed 2.55% up at Rs 98.70 on BSE, with the stock extending Wednesday's 7.66% rally triggered by the company reporting strong Q1 earnings.

- Mindtree closed 0.85% up at Rs 1,434.35 on BSE after the company and SAP announced their first managed mobility offering for the Australia market.

- Tata Motors closed 1.36% up at Rs 422.15 on BSE after the company said its wholly owned subsidiary issued and allotted $300,000,000 in principal amount of 5.75% senior fixed rate notes due 2021.

- Simplex Projects hit an upper circuit limit of 5% to Rs 41. on BSE after the company said it received an approval for resumption of its stalled project in Libya.

- Balaji Amines closed 18.54% up at Rs 48.60 on BSE after net profit surged 59.47% to Rs 9.09 crore on 21.21% growth in total income from operations to Rs 171.50 crore in Q4 March, 2014 over Q4 March, 2013.

- Brigade Enterprises closed 3.43% up at Rs 79.80 on BSE after net profit rose 73.42% to Rs 49.25 crore on 27.81% rise in net sales to Rs 345.11 crore in Q4 March, 2014 over Q4 March, 2013.

- Shasun Pharmaceuticals hit an upper circuit limit of 10% to Rs 165 on BSE after Morgan Stanley Asia (Singapore) PTE acquired 0.71% stake in the company through bulk deal on Wednesday, 7th May, 2014.

- Aditya Birla Chemicals (India) closed 18.09% down at Rs 158.50 on BSE after net profit declined 90.6% to Rs 0.74 crore on 62.4% growth in net sales to Rs 271.91 crore in Q4 March, 2014 over Q4 March, 2013.

- Hatsun Agro Product closed 0.04% down at Rs 270.00 on BSE after net profit declined 34% to Rs 4.01 crore on 8.2% growth in net sales to Rs 642.07 crore in Q4 March, 2014 over Q4 March, 2013.

- Bharat Heavy Electricals closed 3.22% up at Rs 184.25 on BSE after the company said it has successfully commissioned a 126 megawatts gas turbine power generating unit in Oman for Petroleum Development Oman.

De Nora India closed 4.48% down at Rs 124.80 on BSE as the stock turned ex8dividend on 8th May, 2014, for dividend of Rs 4 per share for the year ended 31st December, 2013.

IRB Infrastructure Developers closed 1.45% up at Rs 125.80 on BSE, extending Wednesday's 7.03% rise triggered by the company receiving a letter of award from National Highways Authority of India for a road project in Haryana.

Magma Fincorp closed 5.95% down at Rs 73.45 on BSE after consolidated net profit declined 4.5% to Rs 42.17 crore on 10.9% growth in total income to Rs 561.22 crore in Q4 March, 2014 over Q4 March, 2013.

Stone India hit an upper circuit limit of 5% at Rs 22.15 on BSE after the company said it won a contract worth Rs 83 crore from Delhi Metro Rail Corporation.