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Reports India

Indian stock market daily morning report (May 23, 2014, Friday)

May 23, 2014, Friday, 06:05 GMT | 01:05 EST | 09:35 IST | 12:05 SGT
Contributed by Keynote Capitals

Views on markets today

- Benchmark indices trimmed initial gains towards the close of trade after touching an intra-day high in early noon deals.

The 30-share Sensex ended 76 points at 24,374 levels and the 50-share Nifty added 24 points at 7,276 levels.

- Real estate shares had continued their uptrend for the fifth day in a row after the emphatic win of Narendra Modi-led Bharatiya Janata Party (BJP) in the 2014 General Elections.

DLF, Indiabulls Real Estate, D B Realty, Unitech, Housing Development and Infrastructure (HDIL), Anant Raj, Mahindra Lifespace Developers and Godrej Properties have gained 4-9% each in intraday trade, on the Bombay Stock Exchange (BSE).

The S&P BSE Realty index, is the second largest gainer among the sectoral indices and has rallied 5.3% compared to a 0.75% rise in S&P BSE Sensex, in the noon trade.

- Shares of 10 jewellery makers rose by 2.6% to 19.99%, in the intraday trade, on BSE after the Reserve Bank of India eased some restrictions on gold imports that were imposed last year.

Tribhovandas Bhimji Zaveri (up 19.99%), Thangamayil Jewellery (up 19.97%), Winsome Diamonds (up 19.96%), PC Jeweller (up 17.76%), Gitanjali Gems (up 14.17%), Rajesh Exports (up 11.49%), Tara Jewels (up 10.67%), Titan Company (up 10.61%), Shree Ganesh Jewellery House (up 5%) and C Mahendra Exports (up 2.6%), edged higher.

- Eight metal and mining shares rose by 0.42% to 4.39%, in the intraday trade, on BSE after China manufacturing gauge rose to a five-month high in May 2014.

Hindustan Zinc (up 4.39%), Sesa Sterlite (up 3.59%), Tata Steel (up 2.85%), NMDC (up 2.67%), Steel Authority of India (Sail) (up 2.59%), Jindal Steel & Power (up 1.22%), JSW Steel (up 1.15%) and Bhushan Steel (up 0.42%), edged higher.

Essar Oil closed 2.91% down at Rs 86.90 on BSE on profit booking after the stock surged 52.47% in the preceding 14 trading sessions to Rs 89.50 on 21st May, 2014, from a recent low of Rs 58.70 on 30th April, 2014.

- Coal India closed 4.78% up at Rs 389.95 on BSE on reports that the newly elected PM designate Narendra Modi is exploring to break up the company and opening up the sector to foreign investment.

- Among the 12 BSE Sectoral indices, 10 indices closed in positive while 2 indices ended the day in negative. Top Gainers: BSE Consumer Durables up by 6.78% and BSE Realty by 5.54%. Top Losers: BSE Teck down by 0.47% and BSE IT by 0.31%.

Market breadth was sharply positive at ~3.00 as investors bought large cap stocks. On provisional basis, FII's sold Rs 2.95bn worth of Indian equities and DII's bought Rs 2.03bn worth of equities. The ratio of NSE Total Market Capitalization to GDP (at Current Prices) stands at 298.9%.

Buzzing Stocks

- UCO Bank rose 2.13%, in the morning trade, to Rs 107.90 on BSE after net profit galloped 474.45% to Rs 284.70 crore on 17.27% growth in total income to Rs 5,309.27 crore in Q4 March, 2014 over Q4 March, 2013.

- Bajaj Auto rose 2.54%, in the opening trade, to Rs 2,008.95 on BSE on reports the company will resume exports to Egypt after the country lifted ban on imports of two-wheelers and three-wheelers.

- Deepak Nitrite closed 11.96% up at Rs 796.45 on BSE after the firm said it has commissioned balance capacities of optical brightening agent post successful completion of trial runs of production at its new Greenfield plant at Dahej in Gujarat.

- Mahindra Ugine Steel closed 1.44% down at Rs 271.25 on BSE after the company reported a net loss of Rs 3.42 crore in Q4 March, 2014 as against net profit of Rs 0.42 crore in Q4 March, 2013.

- Rane Brake Lining hit an upper circuit limit of 20% at Rs 180.70 on BSE after net profit surged 141.62% to Rs 9.52 crore on 7.74% rise in net sales to Rs 108.42 crore in Q4 March, 2014 over Q4 March, 2013.

- Dhampur Sugar Mills surged 10.38%, in the noon trade, to Rs 60.10 on BSE after net profit jumped 213.3% to Rs 52.19 crore on 23% growth in net sales to Rs 433.21 crore in Q4 March, 2014 over Q4 March, 2013.

- Technocraft Industries (India) closed 10.91% up at Rs 136.75 on BSE after net profit jumped 67.66% to Rs 16.75 crore on 92.26% growth in total income to Rs 321.74 crore in Q4 March, 2014 over Q4 March, 2013.

- Ester Industries was locked at 5% upper circuit at Rs 15.42 on BSE after the company reported a net profit of Rs 1.27 crore in Q4 March, 2014 as against net loss of Rs 7.37 crore in Q4 March, 2013.

- Kalindee Rail Nirman (Engineers) hit a lower circuit limit of 10% at Rs 122.20 on BsE after the company said its board approved the merger with Texmaco Rail & Engineering.

- Motherson Sumi Systems closed 2.39% down at Rs 279.75 on BSE, with the stock sliding on profit taking after consolidated net profit surged 54.59% to Rs 303 crore on 25.59% growth in sales to Rs 8,289 crore in Q4 March, 2014 over Q4 March, 2013.

- Maruti Suzuki India closed 4.44% up at Rs 2,264.45 on BSE after a foreign brokerage put an aggressive three-year target of Rs 4,500 on the stock.

- Suven Life Sciences closed 0.95% down at Rs 93.85 on BSE after net profit jumped 275% to Rs 32.40 crore on 75% growth in revenue to Rs 132 crore in Q4 March, 2014 over Q4 March, 2013.

- IRB Infrastructure Developers closed 1.72% up at Rs 186.70 on BSE after the company at the time of announcing Q4 results said that it has Rs 10,000 crore worth of order book to be executed in the next three to four years.