Published on March 18, 2014
Sensex ends flat after hitting new life-time high; Maruti zooms 7.6% Market Snapshot | 18-03-2014 04:21 PM After the “Holi” day, Indian indices made a gap up start with Sensex hitting another life-time high at 22040.72 in early trades. Markets continued to trade in green zone as firm global cues and positive Goldman Sachs outlook on Indian equities served as buying catalyst. The global consulting giant has upgraded Indian equities to “over-weight” from “market-weight” and raised its Nifty target to 7600. However, weak trades in European markets led Indian benchmarks to pare their early gains and end flat. Sensex settled below 21900 whereas Nifty managed to hold crucial level of 6500 at the close. Among BSE sectorials, FMCG index was the top gainer while IT index was the top loser. On global front, US markets made a smart bounce back straddling a good data for industrial production in the month of February and easing tension in Ukraine over the situation in Crimea. Additionally, Asian markets too edged higher tailing the gains in US markets. On the contrary, European indices witnessed some weakness on strong Yen. Back home, on currency front, Rupee witnessed mixed trades against Dollars. In futures trades, INR hit an intra-day high of 61.02/USD and an intra-day low of 61.36/USD. In spot trades, INR hit an intra-day high of 60.87/USD and an intra-day low of 61.18/USD. As per RBI reference rate, INR stood at 60.94/USD. Smart Movers Automobile bellwether, Maruti Suzuki India Ltd (MSIL) zoomed 7.6% and touched fresh life time high at Rs 1899.9 on BSE after the company decided to seek minority shareholders’ nod for the Gujarat project even though not required by law. The company announced capital expenditure for FY15 at Rs 4000 crore. Country’s biggest public sector bank, State Bank of India climbed 2.7% on BSE on the plans to sell the Non- Performing Assets (NPAs) of Rs 5000 crore to asset reconstruction companies (ARCs) before the end of March 2014. (Read More) Financial Technologies India Ltd (FTIL) rallied 5% on BSE as the company entered into Share Purchase Agreement (SPA) for sale of 100% equity ownership in NBHC. However, the transaction is subject to certain customary closing conditions including the approval of shareholders of FTIL. (Read More) Orchid Chemicals spiked 10% on BSE after receiving Corporate Debt Restructuring’s (CDR) nod for the sale of a portion of its businesses to Hospira Healthcare India and reduce debt. (Read More) SREI Infrastructure rallied 7% on BSE as Reliance Jio entered into infrastructure sharing agreement with Viom Network. SREI Infrastructure and other PE investors hold nearly 45% stake in Viom. Amtek India rallied 20% on BSE on successfully acquiring the Kuepper Group that has 5 manufacturing facilities across Germany and Hungary. (Read More) The market breadth on the BSE closed in positive. Advancing and declining stocks were 1609 and 1288 respectively, while 193 scrips remained unmoved. The S&P BSE Sensex ended at 21832.61, up 22.81 points or 0.10%. The 30 share index touched a high and a low of 22040.72 and 21785.38 respectively. 17 stocks advanced against 13 declining ones on the benchmark index. The CNX Nifty gained 12.45 points or 0.19% to settle at 6516.65. The index touched high and low of 6574.95 and 6497.65 respectively. 29 stocks advanced against 21 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved up to 6719.37 and gained 0.95% while S&P BSE Small-cap index jumped up by 0.97% to 6691.68. The broader S&P BSE 500 index increased to 7997.57 (up 0.46%) and CNX 500 index rose to 5035.40 (up 0.48%). The volatility as denoted by INDIA VIX gained 4.13% at 17.13 from its previous close of 16.45 on Friday. Sectors in action On the BSE Sectorial front, FMCG (up 1.84%), Power (up 1.27%) and Consumer Durables (up 0.89%) were the top gainers.