Published on March 8, 2014
India Market Summary for the week ended 7-3-2014 I Review of the Week Market review for the week ended 7 March 2014 • Market edged higher in the week on speculation the National Democratic Alliance (NDA) will be able to form the next government at Centre. • Sensex and Nifty both settled at record closing high after scaling record high on intraday basis on Friday. • The market gained in four out of five trading sessions in the week just gone by. • The BSE Mid-Cap and the BSE Small-Cap indices underperformed the Sensex during the week. • Sensex rose 3.79% to 21919.79 and Nifty rose 3.98% to 6526.65 in the week ended 7 March 2014
India Market Summary for the week ended 7-3-2014 Government Policies during the week • The Lok Sabha elections will be held between 7 April 2014 and 12 May 2014 in nine phases. The counting of votes will be take place on 16 May 2014. The term of the current Lok Sabha expires on June 1 and the new House has to be constituted by May 31. Economic data • India's current account deficit (CAD) narrowed sharply to $4.2 billion or 0.9% of GDP in Q3 December 2013, from $31.9 billion or 6.5% of GDP in Q3 December 2012 • The seasonally adjusted HSBC India Composite Output Index posted 50.3 in February 2014, higher than 49.6 in January 2014, indicating a fractional rate of expansion
Corporate Announcements • Coal India (up 8.38%), HDFC (up 3.7%) and NTPC (up 3.24%) edged higher from the Sensex pack. • ITC rose 3.07% and Reliance Industries (RIL) rose 8.73%. Oil & Natural Gas Corporation (ONGC) advanced 8.2%. The company said that a meeting of the board of directors of the company will be held on 24 March 2014 to consider payment of second interim dividend for the year ending 31 March 2014. • Among auto stocks, M&M rose 0.73%. Tata Motors fell 1.93%. • Car major Maruti Suzuki India was up 9.43%. The company said its total production declined 9.8% to 1.08 lakh units in February 2014 over February 2013. The monthly production data includes CBU imports of Kizashi. • Bank stocks surged. ICICI Bank (up 15.1%), AXIS Bank (up 11.14%), HDFC Bank (up 6.57%) and State Bank of India (up 7.64%) edged higher. • L&T gained 8.05% to Rs 1,197.55 after hitting 52-week high of Rs 1,221.80 in intraday trade on Friday, 7 March 2014.
Corporate Announcements • Bharat Heavy Electricals advanced 9.87% to Rs 183.70. Life Insurance Corporation of India bought 4.66% stake in the company from the Government of India • Bharti Airtel surged 4.83%. The company said that Standard and Poor's Rating Services (S&P) has upgraded its issuer rating of the company to 'BBB-'. The rating agency assigned a stable outlook which is above the credit rating outlook assigned to the country, reflecting the company's ability to withstand sovereign stress, Bharti Airtel said. • Pharma stocks declined as investors offloaded defensive stocks in favour of high beta stocks as key benchmark indices scaled record high. A strong rupee was another trigger for profit taking in pharma stocks. Pharma companies earn substantial revenue from exports. Dr Reddy's Laboratories (down 6.04%) and Sun Pharmaceutical Industries (down 4.75%) declined. • IT stocks declined on the recent strength in rupee against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. Infosys (down 2.07%), TCS (down 2.1%) and Wipro (down 5.23%) declined.
India Market Summary for the week ended 7-3-2014 Top Gainers and Losers of the week (NSE) PRICE ON COMPANY PRICE ON COMPANY DR. REDDYS LAB HCL TECH. WIPRO SUN PHARMA LUPIN LTD Feb 28, 2014 (Rs) 141.15 105.35 551.15 1,043.85 41.9 PRICE ON DLF LTD HINDALCO BANK OF BARODA ICICI BANK JAIPRAKASH ASSO. Mar 7, 2014 (Rs) 166.9 124.55 649.55 1,201.90 47.9 PRICE ON Mar 7, 2014 (Rs) 2,725.30 1,487.90 565.35 612.3 966.3 Feb 28, 2014 (Rs) 2,895.50 1,575.55 597.25 644.7 995.45 CHANGE (%) 18.20% 18.20% 17.90% 15.10% 14.30% CHANGE (%) -5.90% -5.60% -5.30% -5.00% -2.90%
India Market Summary for the week ended 7-3-2014 II Forth coming week Government policies / announcements • • Reserve Bank of India next undertakes monetary policy review on 1 April 2014 The next major trigger for the stock market is the outcome of the upcoming Lok Sabha elections Economic data • • • • • The government will unveil industrial production data for January 2014 on Wednesday, 12 March 2014 The government unveils data on inflation based on the combined consumer price index (CPI) for urban and rural India for February 2014 on Wednesday, 12 March 2014 Figures of corporate advance tax payment for fourth and last instalment due on 15 March 2014 could provide cues on the likely Q4 March 2014 corporate earnings The data on inflation based on the wholesale price index (WPI) for February 2014 is due on Friday, 14 March Asian stock markets will on Monday, 10 March 2014, react to the influential US non-farms payroll data for February 2014 which will be out on Friday, 7 March 2014.
India Market Summary for the week ended 7-3-2014 Market outlook • Corporate advance tax data for the fourth and final instalment, domestic macroeconomic data and the influential US non-farms payroll data for February 2014 will dictate the near term trend on the domestic bourses. • Trend in investment by foreign institutional investors, trend in global markets, trend in other global emerging markets, the movement of rupee against the dollar and crude oil price movement hold key. • The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 18-19 March 2014. • After a monetary policy review, the FOMC on 29 January 2014 announced it will reduce monthly bond purchases by another $10 billion to $65 billion. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets over the past few years
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