Indian stock market daily morning report 24 october

Views on markets today

– Markets closed in the red amid profit taking in index heavyweight Reliance Industries and auto major Tata Motors. Further, IT majors continued to exhibit weakness amid profit taking after recent gains in the run up to the second quarter earnings.

At close, the Sensex was down 97 points or 0.6% at 20,729 and the Nifty closed lower by 24 points or 0.4% at 6,17- (provisonal).

Hero MotoCorp rose 0.86% to settle at Rs 2,087.70 on BSE after net profit rose 9.27% to Rs 481.41 crore on 10.50% increase in total income to Rs 5841.67 crore in Q2 September 2013 over Q2 September 2012.

L&T Finance Holdings lost 2.4% to Rs 77.25 on BSE after consolidated net profit rose 8.34% to Rs 155.72 crore on 40.18% growth in total income to Rs 1320.06 crore in Q2 September 2013 over Q2 September 2012.

ACC fell 1.96% to Rs 1,114 on BSE after consolidated net profit declined 50.86% to Rs 118.90 crore on 1.33% decline in sales turnover to Rs 2,508.65 crore in Q3 September 2013 over Q3 September 2012.

Exide Industries fell 1.82% to Rs 126.60 on BSE after net profit fell 1.31% to Rs 118.63 crore on 6.96% decline in total income to Rs 1,435.74 crore in Q2 September 2013 over Q2 September 2012.

Wipro fell 4% to Rs 494.25 on BSE after consolidated net profit rose 19.02% to Rs 1932.10 crore on 12.92% rise in total income from operations to Rs 10,990.70 crore in Q2 September 2013 over Q1 June 2013.

– Among the 13 BSE Sectoral Indices, 4 sectors ended the day in positive while 9 sectors ended in negative. Top Gainers: BSE Capital Goods up by 0.58% and BSE Bankex by 0.56%. Top Losers: BSE Realty down by 1.46% and BSE Power by 1.28%.

Market breadth was flat at ~0.95 as investors traded on both sides of large cap counter. On provisional basis, FII’s bought Rs 6.44bn worth of Indian equities and DII’s sold Rs 5.45bn worth of equities.

Economic and Corporate Developments

– India Ratings & Research (Ind-Ra) expects India’s GDP growth to remain sluggish at 4.9% in the current financial year, due to a mix of domestic and external factors.

According to India Ratings, the country’s agricultural growth came to the rescue as without it, growth rate for this financial year would have been much lower.

Buzzing Stocks

– Hindustan Zinc rose 0.15% to Rs 134.20 on BSE after net profit rose 7% to Rs 1,640 crore on 25% growth in income from operations to Rs 3,521 crore in Q2 September 2013 over Q2 September 2012.

– JSW Energy fell 3.59% to Rs 47 on BSE on profit booking after the stock jumped 11.56% in the preceding four trading sessions to Rs 48.75 on 22 October 2013, from a recent low of Rs 43.70 on 15 October 2013.

– GAIL (India) rose 3.12% to Rs 343.70 on BSE on a media report that the oil ministry has decided to exempt the company from sharing subsidy burden with state-run oil retailers.

– Strides Arcolab rose 1.2% to Rs 861 on BSE after the company said its biotech subsidiary – Stelis Biopharma has entered into research collaboration agreement with BioScaffold International Pte, a Singapore based start-up company.

– Vascon Engineers rose 2.12% to Rs 21.70 on BSE after the company said it has sold out its investment in Zenith Ventures (AOP).

– Tata Teleservices (Maharashtra) lost 2.96% to Rs 7.87 on BSE after the company denied media reports that discussions are going on regarding possible merger of Tata Teleservices (Maharashtra) with Tata Teleservices.

– Welspun Corp rose 1.56% to Rs 39 on BSE after the company said that its shareholders and creditors have unanimously approved a demerger scheme.

– Atul fell 1.37% to Rs 357 on BSE after the company said it stopped manufacturing activity at its Tarapur factory after the Maharashtra Pollution Control Board issued notice.

– Cadila Healthcare rose 1.2% to Rs 669 on BSE after the company secured USFDA approval for initiating Phase I clinical trials of ZYDPLA1 — a novel next generation orally active, small molecule DPP-4 inhibitor to treat Type 2 diabetes.

– Eros International Media rose 1.81% to Rs 146.30 on BSE after consolidated net profit rose 41.76% to Rs 36.97 crore on 12.80% decline in total income to Rs 201.47 crore in Q2 September 2013 over Q2 September 2012.

– V-Guard Industries lost 4.22% to Rs 503 on BSE after net profit declined 19.4% to Rs 14.4- crore on 6.2% growth in net sales to Rs 331.17 crore in Q2 September 2013 over Q2 September 2012.

– Gujarat Pipavav Port surged 10.14% to Rs 52.70 on BSE after net profit surged 439% to Rs 44.10 crore on 36% jump in income from operations to Rs 11- crore in Q3 September 2013 over Q3 September 2012.

– Gujarat Fluorochemicals lost 2.87% to Rs 240 on BSE after consolidated net profit declined 59.68% to Rs 56.06 crore on 8.69% growth in total income from operations to Rs 704.72 crore in Q2 September 2013 over Q2 September 2012.

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