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Reports India

Indian stock market daily morning report (May 30, 2014, Friday)

May 30, 2014, Friday, 06:22 GMT | 01:22 EST | 09:52 IST | 12:22 SGT
Contributed by Keynote Capitals


Views on markets today

- Market slumped on May series futures and options contracts expiry day as investors rolled over positions into the near-term June series. The 30-share Sensex was closed 322 points lower at 24,234 and the Nifty slipped below to 7,235 levels, down 94 points.

- Infosys, Reliance Industries and HDFC Bank collectively pulled the benchmark Sensex almost 200 points lower. Apart from these, ONGC, Wipro and BHEL Coal India were other heavyweight losers.

- Hindalco and Dr Reddys Labs added over 1% and were the top gainers among Sensex-30 stocks. Mahindra & Mahindra (M&M), NTPC and Sun Pharma were other heavyweight gainers.

- BPCL closed 0.96% down at Rs 536.50 on BSE after net profit fell 15.19% to Rs 4068.37 crore on 12.54% increase in total income to Rs 75194.71 crore in Q4 March 2014 over Q4 March 2013.

- Among the 12 BSE Sectoral indices, only 1 index closed in positive while 11 indices ended the day in negative. Top Gainers: BSE Healthcare up by 0.02%. Top Losers: BSE IT down by 3.44% and BSE Teck by 2.92%.

Market breadth was negative at ~0.91 as investors sold large cap stocks. On provisional basis, FII's sold Rs 5.22bn worth of Indian equities and DII's bought Rs 1.95bn worth of equities.


Economic and Corporate Developments

- The pace at which the Reserve Bank of India (RBI) is buying dollars to curb appreciation in the rupee may slow down as inflation continues to be sticky. Despite narrowing of the current account deficit (CAD), the rupee has failed to appreciate sharply as RBI interventions continued through state-run banks.

The central bank has been aggressive in buying dollars — it purchased $8.75 billion in March from the spot market — which slowed down the pace of strengthening of the local currency despite heavy foreign fund inflows, particularly in the equity markets.

- In a bid to manage unclaimed deposits, the Reserve Bank of India (RBI) has authorised banks to convert into rupee the credit balance in any inoperative foreign currency denominated deposit.

According to RBI, if a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the bank shall convert the balances lying in the foreign currency denominated deposit into rupee keeping in mind the exchange rate prevailing as on that date.


Buzzing Stocks

- Hindalco Industries closed 1.43% up at Rs 149.25 on BSE, with the stock reversing intraday fall in volatile trade after declaring Q4 result during market hours today, 29 May 2014.

- Alphageo (India) hit an upper circuit limit of 5% at Rs 221.85 on BSE after the company reported a net profit of Rs 10.9- crore in Q4 March 2014 compared with net loss of Rs 3.43 crore in Q4 March 2013.

- Coal India closed 1.77% down at Rs 373.60 on BSE after consolidated net profit fell 18.10% to Rs 4434.1- crore on 1.23% increase in total income to Rs 22382.35 crore in Q4 March 2014 over Q4 March 2013.

- Bajaj Electricals closed 13.60% down at Rs 319.90 on BSE after the company reported a net loss of Rs 10.65 crore in Q4 March 2014 as against net profit of Rs 0.63 crore in Q4 March 2013.

- Indian Oil Corporation closed 0.85% down at Rs 354.40 on BSE after net profit fell 35.30% to Rs 9,389.85 crore on 5.32% increase in total income to Rs 1,35,465.86 crore in Q4 March 2014 over Q4 March 2013.

- Wockhardt closed 7.69% down at Rs 592.80 on BSE, with the stock extending recent fall.

- Excel Crop Care closed 9.16% up at Rs 620.80 on BSE after net profit surged 338.27% to Rs 10.65 crore on 18.90% increase in net sales to Rs 210.90 crore in Q4 March 2014 over Q4 March 2013.

- Gati closed 1.26% down at Rs 117.55 on BSE, with the stock declining on profit booking after recent upmove.

- Escorts closed 3.75% down at Rs 121.85 on BSE after net profit of declined 15.19% to Rs 31.7- crore on 2% decline in net sales to Rs 977.17 crore in the quarter ended March 2014 over the quarter ended March 2013.

- Tata Global Beverages closed 4.64% down at Rs 149.00 on BSE after consolidated net profit fell 27.63% to Rs 69.30 crore on 3.25% increase in total income to Rs 1926.15 crore in Q4 March 2014 over Q4 March 2013.

- National Aluminium Company closed 0.77% down at Rs 51.25 on BSE after net profit fell 29.9% to Rs 172.45 crore on 0.63% decline in total income to Rs 1973.59 crore in Q4 March 2014 over Q4 March 2013.

- Infosys closed 7.81% down at Rs 2,924.30 on BSE after the company announced the resignation of B. G. Srinivas, president and member of the board, effective 10 June 2014.

- Hero MotoCorp closed 0.39% down at Rs 2,341.20 on BSE after net profit declined 3.45% to Rs 554.43 crore on 6.31% rise in net sales to Rs 6455.70 crore in Q4 March 2014 over Q4 March 2013.

- JK Tyre and Industries closed 7.33% down at Rs 214.85 after the company today reported 36% decline in net profit at Rs 44.96 crore for the fourth quarter ended March 31, 2014. The company had reported consolidated net profit of Rs 70.35 crore in the January-March quarter of 2012-13.

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