Ended Stock Technical News

Market closed marginally higher supported by IT shares after street gave a thumbs up to  Infosys’s Q3 FY14 results and upbeat December trade deficit figures released today.Key benchmark indices pared its early gains near the end of today’s trading session pulled down by banking shares which witnessed panick selling after IndusInd bank reported a rise in its net performing assets (NPAs) in the third quarter ended December 31, 2013.Also, investors turned cautious and booked profits at higher levels ahead of November index of industrial production data slated to be released later in the day.  Industrial production contracted by 1.8% in the month of October primarily led by slowdown in manufacturing.  The 30-share Bombay Stock Exchange Sensex closed 45.12 points higher at 20,758.49 and the 50-unit  Nifty of the National Stock Exchange was quoting at 6,171.45, up 3.10 points.Market surged in early trades after data showed that trade deficit for December eased significantly year-on-year. India’s exports grew 3.49% in December to $26.3 billion, while imports dipped 15.25%. Imports last month were $36.4 billion. The market breadth in BSE remains marginally negative with 1505 shares advancing and 1191 shares declining.
BSE IT index tracking information technology stocks was the top gainer in BSE sectoral indices, ending over 2% higher. TECk, FMCG and Oil & gas indices also gained while banks, auto, capital goods and power indices remained the laggardsIT shares led by Infosys came in focus after Infosys raised its revenue guidance for FY14 in its Q3 FY14 results, which were slighty better better than street expectations.Infosys, Wipro, ITC, TCS and Dr Reddy’s labs all ended 1.7 – 2.8% higher and were the top Sensex gainers today.Infosys, the largest gainer among IT pack rallied almost 3% at Rs 3,567 after reporting a 19.4% quarter-on-quarter growth in consolidated net profit at Rs 2,875 crore for the quarter ended December 31 2013 (Q3). Analysts on an average had expected net profit of Rs 2,681 crore for the quarter.The consolidated net revenues came in at Rs 13,026 crore, up 0.5% sequentially, the country’s second-largest software services provider said in a statement. Consolidated dollar revenue came in at $2,100 million.

Banks came under selling pressure after IndusInd reported a jump in its NPAs for the quarter ended December 31, 2013. CNX Bank ended 1.5% capping the gains of the benchmark Nifty. In currency market, the rupee hit a one-week high of 61.94, its highest since January 2. Currently, the pair is trading at 61.93 versus its close of 62.07/08 on Thursday, tracking broad losses in the dollar versus other majors.Foreign institutional investors (FIIs) sold shares worth a net Rs 3.74 crore on Thursday as per provisional data from the stock exchanges.On the losing side, M&M, Coal India, Hindalco, Bajaj Auto and ICICI Bank have declined between 1-1.5%.Shares of gold financing firms – Manappuram Finance and Muthoot Finance ended over 7% higher, extending their previous day’s 20% rally after the Reserve Bank of India (RBI) has revised upwards loan-to-value (LTV) norm for non-banking finance companies (NBFC) engaged in gold loans from 60% to 75%.The broader markets are trading positive- BSE Midcap and Smallcap indices are up between -0.17 – 0.2%.

On the global front, Asian share markets stayed soggy on Friday after Chinese trade data proved to be a mixed bag, leaving investors with little incentive to take positions ahead of the US jobs report.
The Hang Seng gained 0.26% and the Nikkei 225 rose 0.20%. The Shanghai Composite lost 0.71%.

While China’s exports grew a little less than expected at 4.3% in December, from a year earlier, imports easily outpaced forecasts with an increase of 8.3%.

Asian share markets stayed soggy on Friday after Chinese trade data proved to be a mixed bag, leaving investors with little incentive to take positions ahead of the US jobs report.

While China’s exports grew a little less than expected at 4.3% in December, from a year earlier, imports easily outpaced forecasts with an increase of 8.3%.

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