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Reports India

Indian stock market daily morning report (May 14, 2014, Wednesday)

May 14, 2014, Wednesday, 05:26 GMT | 00:26 EST | 08:56 IST | 11:26 SGT
Contributed by Keynote Capitals

Views on markets today

- Shares of public sector undertakings (PSU) gained ground after the exit poll data, released post market trading hours on Monday, projected Bharatiya Janata Party-led National Democratic Alliance (NDA) getting a simple majority by crossing a seat tally of 272 in the recently concluded general elections.

If the NDA's tally surpasses UPA's 259 tally, the new government may well be one of the strongest in recent times with the party not needing to go in for any hard bargaining with post-poll allies.

The 30-share Sensex ended up 320 points at 23,871 after hitting a record high of 24,068.94 and the 50-share Nifty ended up 95 points at 7,109 after touching a record high of 7,172.35.

Foreign institutional investors have been net buyers in Indian equities to the tune of Rs 3,000 crore in the previous three sessions.

- Shares of three public sector oil marketing companies rose by

1.78% to 3.15%, in the opening trade, on BSE as diesel prices were on Monday, 12 May 2014, hiked by Rs 1.09 a litre, excluding state levies.

BPCL (up 3.15%), Indian Oil Corporation (IOC) (up 3.08%) and HPCL (up 1.78%), edged higher.

- Among the 12 BSE Sectoral indices, 11 indices closed in positive while 1 index ended the day in negative. Top Gainers: BSE Power up by 3.26%, BSE Consumer Durables by 2.92% and BSE Oil & Gas by 2.84%. Top Losers: BSE Healthcare down by 0.45%.

Market breadth was positive at ~1.22 as investors bought large cap stocks. On provisional basis, FII's bought Rs 20.26bn worth of Indian equities and DII's sold Rs 6.49bn worth of equities.

Economic and Corporate Developments

- Retail price inflation rose for a consecutive month in April to 8.59 per cent, diminishing hopes of a rate cut by the Reserve Bank of India (RBI) in its June 3rd review of credit policy. A sharp rise in the prices of vegetables and fruits by 17.5 per cent and 21.73 per cent, respectively, put the consumer price index (CPI) at a three-month high.

Along with high inflation, fears of a sub-normal monsoon might prevent RBI from taking a benign look at interest rates. The central bank has set a target of eight per cent CPI by January 2015. In the previous review on April 1st, the regulator had kept the key policy rate unchanged. However, with inflation rising, RBI might be forced to hold the rates in its first review after formation of the new government.

Buzzing Stocks

- Tata Motors rose 1.53%, in the morning trade, to Rs 451.80 on BSE after the company's British luxury car unit Jaguar Land Rover reported good sales in April, 2014.

- Just Dial closed 2.15% up at Rs 1,129.00 on BSE after net profit rose 59.80% to Rs 34.15 crore on 26.40% increase in net total income from operations to Rs 124.21 crore in Q4 March, 2014 over Q4 March, 2013.

- Finolex Industries closed 4.19% down at Rs 221.60 on BSE, after net profit fell 29.17% to Rs 56.19 crore on 33.5% increase in net sales to Rs 833.32 crore in Q4 March, 2014 over Q4 March, 2013.

- Bhel closed 10.25% up at Rs 218.80 on BSE on reports that the Cabinet is likely to ratify on 13th May, 2014, the decision to sell 4.66% stake in the company through a block deal.

- Tata Steel jumped 4.18%, in the morning trade, to Rs 437.80 on BSE on reports that the company is planning to raise $1.24 billion overseas through the sale of bonds by one of its Singapore entities.

- NHPC closed 3.35% up at Rs 20.05 on BSE after the company signed an agreement with Kerala State Electricity Board for the development of Solar Power Projects in the state of Kerala.

- Bank of Baroda jumped 6.83%, in the late morning trade, to Rs 896.70 on BsE after net profit rose 12.48% to Rs I,157.27 crore on 13.18% increase in total income to Rs II,614.85 crore in Q4 March, 2014 over Q4 March, 2013.

- Punjab National Bank closed 4.16% down at Rs 800.05 on BSE, with the stock retreating from 52-week high after the bank announced poor Q4 result during market hours on 13th May, 2014.

- Castrol India closed up by 0.86% at Rs 293.05 on BSE, paring intraday gains after net profit fell 19.39% to Rs 100.20 crore on 3.31% increase in total income to Rs 832.60 crore in Q1 March, 2014 over Q1 March, 2013.

- L&T rose 3.06%, in the intraday, to Rs 1,429.60 on BSE after the company said L&T Construction has won new orders worth Rs 1,137 crore across various business segments in April and May, 2014.

- Dr Reddy's Laboratories closed 3.99% down at Rs 2,610.70 on BSE after consolidated net profit declined 15.64% to Rs 481.6 crore on 0.01% growth in total income to Rs 3,503.53 crore in Q4 March, 2014 over Q4 March, 2013.

- Gokaldas Exports closed 9.85% up at Rs 66.90 on BSE, extending Monday's 10% rally triggered by the company reporting turnaround results in Q4 March, 2014.

- Exide Industries gained 1.81%, in the morning trade, to Rs 118.15 on BSE after 0.53% equity changed hands in a bulk on BSE, on 13th May, 2014.