Published on February 5, 2014
Positive European cues pulls Indian market to end in green Market Snapshot | 05-02-2014 04:21 PM Indian indices traded in negative in morning deals amidst reports of heavy FII selling in CY2014 so far. Markets recovered subsequently, in post noon session tracking positive cues from European indices. Benchmarks managed to keep their head above water to settle marginally higher with Nifty at 6022. On BSE sectorial front, Auto index was the top gainer. Among global markets, after the biggest crash since June in the previous trading session, US indices edged higher tailing a lower-than-expected drop in factory orders during December. Most of the Asian indices traded on mixed note whereas European indices climbed after the Composite PMI that gauges business activity rose to 52.9 in January as against 52.1 in December marking it the highest final number since June 2011. Back home, on currency front, Rupee traded strong against US Dollar tracking the weakness in Dollar against other foreign currencies. In futures trades, INR touched a high of Rs 62.64/USD and a low of Rs 62.85/USD. In spot trades, Indian Rupee hit an intra-day high of 62.36/USD and an intra-day low of Rs 62.57/USD. (Read More) On bullion front, Gold futures edged lower in the early trades on strong US equities that led investors to unwind some of their investments in the yellow metal. However, Gold witnessed some fresh buying later and was trading higher by 0.60% in futures trade. (Read More) As per the NSE data declared on Tuesday, Foreign Institutional Investors (FIIs) injected their money in the Indian equities and were the net buyers of Rs 955.65 crore in index futures and options segments. They sold index futures worth Rs 267.25 crore and bought index options worth Rs 1222.9 crore. Moreover, they sold stock futures worth Rs 5.28 crore and stock options worth Rs 19.97 crore. (Read More) On macro-economic front, Cabinet Committee on Economic Affairs (CCEA) deferred the decision on raw sugar export subsidy due to differences of opinion between Food and Agriculture Ministries. Food Ministry proposed cash subsidy of Rs 2000 per ton for export of four million tons of raw sugar for a period of two years whereas Agriculture Ministry cited the reasonable subsidy not less than Rs 3500 per ton. (Read More) On stock specific front, automobile giant, Maruti Suzuki India unveiled two new models Sedan CIAZ and SX4 SCROSS on the inaugural day of the Auto Expo 2014. The company will launch the models in India soon and these will help the company to enhance its position in the premium car segments. The stock ended marginally down on BSE. (Read More) Muthoot Finance soared 3.7% on BSE as the company has entered into the ATM business by launching its first ever white-label Automated Teller Machine (ATM). By the end of March, the company will roll out 100 ATMs on a pan-India basis. (Read More) Key Quarterly Results Public Sector bellwether, Bharat Heavy Electricals Ltd (BHEL) slipped 1.7% on BSE as the company’s Net tanked 41% in Q3FY14 at Rs 694.81 crore for the quarter, as compared to Rs 1181.85 crore for the same quarter in the previous year. (Featured Result) Pharmaceutical major, Ranbaxy Laboratories rallied 1% on BSE on reporting lower losses in Q4FY14. The company posted a Net loss of Rs 395.9 crore in December Quarter as against a loss of Rs 616.09 crore in the corresponding quarter of the previous year. (Result) Tech Mahindra spurted 3.7% on BSE as the company reported over four fold jump in Q3FY14 Net at Rs 924.65 crore as compared to Rs 189.09 crore for the same quarter in the previous year. On the consolidated basis, the group’s Net spiked over three fold at Rs 1009.82 crore for the quarter as compared to Rs 275.75 crore for Q3FY13. (Read More) The market breadth on the BSE closed in positive. Advancing and declining stocks were 1516 and 1144 respectively, while 161 scrips remained unmoved. The S&P BSE Sensex ended at 20261.03, up 49.10 points or 0.24%. The 30 share index touched a high and a low of 20289.33 and 20076.10 respectively. 17 stocks advanced against 12 declining ones on the benchmark index. The CNX Nifty gained 21.50 points or 0.36% to settle at 6022.40. The index touched high and low of 6028.05 and 5962.05 respectively. 31 stocks advanced against 18 declining ones on the index.
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