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Reports India

Indian stock market daily morning report (May 16, 2014, Friday)

May 16, 2014, Friday, 05:27 GMT | 00:27 EST | 08:57 IST | 11:27 SGT
Contributed by Keynote Capitals


Views on markets today

- Renewed buying interest in late trades on hopes of BJP-led NDA winning the general elections, results of which are due on Friday pushed the benchmark indices to record closing highs.

The 30-share Sensex ended up 90 points at 23,906 and the 50-share Nifty ended up 14 points at 7,123.

- HDFC and HDFC Bank ended up 1.5-1.7% each, contributing the most to the Sensex gains. Meanwhile, MSCI has reduced HDFC Bank's weightage in the MSCI India Index to 1.89% from 5.4%.

- In the oil and gas space, index heavyweight Reliance Industries ended up 0.7% and ONGC gained 2.6%. Other Sensex gainers include, ITC, Infosys and Hindustan Unilever.

- Among the 12 BSE Sectoral indices, 5 indices closed in positive while 7 indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 1.52% and BSE power by 0.97%. Top Losers: BSE Realty down by 1.11% and BSE Capital Goods by 0.90%.

Market breadth was negative at ~0.63 as investors sold large cap stocks. On provisional basis, FII's bought Rs 9.35bn worth of Indian equities and DII's sold Rs 3.85bn worth of equities. The ratio of NSE Total Market Capitalization to gDp (at Current Prices) stands at 281.32%.


Economic and Corporate Developments

- Drop in prices of food items, including vegetables, as well as fuel brought down the April inflation to 5.2%, ahead of the RBI's monetary policy review in early next month. The inflation, measured on Wholesale Price Index (WPI), was 5.7% in March.

As per the data released by the government today, the WPI inflation in the overall food segment eased to 8.64% in April, from a high of 9.9% in March.

- Encouraged by declining inflation, Finance Secretary Arvind Mayaram today expressed hope that the trend would continue, but said the government will have to remain cautious about impact of possible deficiency in monsoon.

"We are encouraged that the inflation numbers are coming down. On the whole at the moment, it appears that we are on track as far as inflation is concerned (it is) something to smile about," he said while commenting on the drop in wholesale inflation.

Mayaram hoped that "as we go forward in the current financial year inflation numbers will be moderating further". He, however, sounded caution on the possible deficiency in monsoon due to the El Nino effect.


Buzzing Stocks

- Apollo Tyres closed 5.88% up at Rs 177.30 after consolidated net profit jumped 98.62% to Rs 281.62 crore on 5.39% growth in total income to Rs 3247.8- crore in Q4 March 2014 over Q4 March 2013.

- Adani Ports and Special Economic Zone closed 1.47% up at Rs 220.35 on BSE after consolidated net profit fell 25.41% to Rs 529.80 crore on 19.15% increase in total income to Rs 1288.7- crore in Q4 March 2014 over Q4 March 2013.

- LG Balakrishnan & Bros closed 18.44% up at Rs 556.80 on BSE after the company's board of directors approved issue of a 1:1 bonus shares.

- Tata Motors closed 0.70% down at Rs 439.30 on BSE after the group's global wholesales, including Jaguar Land Rover, fell 7.65% to 75,026 units in April 2014 over April 2013.

- Bajaj Auto closed 4.28% down at Rs 1953.20 on BSE after net profit fell 0.26% to Rs 764 crore on 2.55% increase in turnover to Rs 5117 crore in Q4 March 2014 over Q4 March 2013.

- Bank of India closed 3.36% down at Rs 263.55 on BSE after net profit fell 26.31% to Rs 557.51 crore on 21.68% increase in total income to Rs 11274.09 crore in Q4 March 2014 over Q4 March 2013.

- Shakti Pumps India closed 13.84% up at Rs 113.10 on BSE after net profit jumped 99.4% to Rs 9.71 crore on 90.6% increase in net sales to Rs 98.14 crore in Q4 March 2014 over Q4 March 2013.

- Sun Pharmaceutical Industries closed 1.72% up at Rs 621.80 on BSE after the company said it has settled legal dispute with Novartis Pharmaceuticals in the US on a generic version of patented leukemia drug Gleevec.

- Asian Paints closed 4.89% down at Rs 529.70 on BSE, with the stock reversing direction after scaling record high in volatile trade.

- Aurobindo Pharma 0.04% down at Rs 614.75 on BSE as the stock will be included in the MSCI India index effective from the close of trade on 30 May 2014. The stock reversed direction after scaling record high in a volatile trade.

- Wipro closed 1.50% down at Rs 516.35 on BSE, with the stock reversing initial gains triggered by the company securing a 7-year deal from UK-based Xoserve.

- Nilkamal closed 10.15% up at Rs 232.30 on BSE after net profit surged 194.99% to Rs 14.13 crore on 5.17% rise in net sales to Rs 461.05 crore in Q4 March 2014 over Q4 March 2013.

- Tech Mahindra closed 0.46% down at Rs 1,829.75 on BSE after consolidated net profit declined 39.18% to Rs 614.20 crore on 3.25% growth in revenue from services to Rs 5058.10 crore in Q4 March 2014 over Q3 December 2013.

- Tata Steel closed 1.89% up at Rs 460.70 on BSE after the company reported a consolidated net profit of Rs 1035.87 crore in Q4 March 2014 as against net loss of Rs 6528.51 crore in Q4 March 2013.

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