Views on markets today
- Markets ended on a strong note on account of strength in the capital goods space and a bounce back in the banking counters ahead of the RBI policy meeting on Tuesday. The Sensex closed at 24,685, stronger by 46- points and the Nifty was up 133 points at 7,363.
The mid and smallcap scrips were back in demand. The smallcap and midcap indices advanced over 2% each in the day's trade.
- Shares of - companies that run insurance business rose by 2.31% to 11.19% on BSE on reports the finance ministry could recommend an increase in the limit on foreign direct investment in insurance sector to 49% from 26%.
Reliance Capital (up 11.19%), Max India (up 11.02%), Aditya Birla Nuvo (up 4.39%), State Bank of India (up 4.23%), Religare Enterprises (up 2.89%), ICICI Bank (up 2.80%), Bajaj Finserv (up 2.63%) and HDFC (up 2.31%), edged higher.
- Shares of nine metal firms rose by 0.09% to 4.70% on BSE after strong Chinese data.
Jindal Steel & Power (up 4.70%), Steel Authority of India (Sail) (up 4.11%), NMDC (up 3.79%), Tata Steel (up 2.27%), Hindalco Industries (up 1.59%), Hindustan Zinc (up 1.53%), Bhushan Steel (up 0.72%), JSW Steel (up 0.49%) and Sesa Sterlite (up 0.09%), edged higher.
- L&T closed 6.23% up at Rs 1,645.40 on BSE after net profit surged 69% to Rs 2,723 crore on 11% growth in gross revenue to Rs 20,229 crore in Q4 March, 2014 over Q4 March, 2013.
- Maruti Suzuki India closed 2.53% up at Rs 2,326.85 on BSE after the company said its total sales rose 19.2% to 1 lakh units in May, 2014 over May, 2013.
- Hero MotoCorp closed 1.76% up at Rs 2,385.10 on BSE after the company said on Sunday, 1st June, 2014, its sales rose 8% to 6.02 lakh units in May, 2014 over May, 2013.
- Among the 12 BSE Sectoral indices, 10 indices closed in positive while 2 indices ended the day in negative. Top Gainers: BSE Capital Goods up by 4.93% and BSE Bankex by 3.28%. Top Losers: BSE Healthcare down by 0.92% and BSE FMCG by 0.82%.
Market breadth was sharply positive at ~1.95 as investors bought large cap stocks. On provisional basis, FII's bought Rs 2.34bn worth of Indian equities and DII's sold Rs 1.48bn worth of equities.
Economic and Corporate Developments
- Manufacturing activity inched up in May compared to the previous month, according to the widely-tracked HSBC Purchasing Managers' Index (PMI). The index for manufacturing rose marginally to 51.4 points in May from 51.3 points in April. Any score above 50 points shows growth.
Buzzing Stocks
- Cox & Kings closed 7.91% up at Rs 182.10 on BSE after the company reported a consolidated net loss of Rs 46 crore in Q4 March, 2014, lower than net loss of Rs 49 crore in Q4 March, 2013.
- M&M closed 0.81% up at Rs 1,240.45 on BSE after the company disclosed its sales numbers for the month of May, 2014 on Sunday, 1st June, 2014.
- Ruchi Soya Industries closed 3.75% down at Rs 42.40 on BSE after the company reported a net loss of Rs 9.65 crore in Q4 March, 2014 as compared to net profit of Rs 78.5- crore in Q4 March, 2013.
- Bajaj Auto closed 1.16% up at Rs 1,975.90 on BSE after the company said its total vehicle sales rose 4% to Rs 3.51 lakh units in May, 2014 over May, 2013.
- NMDC closed 3.38% up at Rs 175.95 on BSE after net profit surged 33.93% to Rs 1,962.14 crore on 17.6% growth in total income to Rs 4,412.03 crore in Q4 March, 2014 over Q4 March, 2013.
- Uflex closed 19.58% up at Rs 123.65 on BSE after consolidated net profit rose 45.9% to Rs 60.10 crore on 17.5% increase in net sales to Rs 1,376.87 crore in Q4 March, 2014 over Q4 March, 2013.
- Shalimar Paints closed 8.02% down at Rs 82.55 on BSE after the company reported a consolidated net loss of Rs 10.29 crore in Q4 March, 2014 as against net profit of Rs 0.37 crore in Q4 March, 2013.
- Easun Reyrolle closed 5.26% down at Rs 74.80 on BSE after the company reported a net loss of Rs 16.0- crore in Q4 March, 2014 as against net profit of Rs 12.46 crore in Q4 March, 2013.
- REI Agro was locked at 5% upper circuit at Rs 2.87 on BSE after the company reported a net loss of Rs 49.70 crore in Q4 March, 2014 as against net profit of Rs 67.73 crore in Q4 March, 2013.
- Coal India closed 0.59% up at Rs 373.35 on BSE after the company and its subsidiaries achieved 94% of targeted production at 36.27 million tonnes in May, 2014.
- Jyoti Structures was locked at 10% lower circuit at Rs 54.90 on BSE after the company reported a net loss of Rs 12.53 crore in Q4 March, 2014 as compared to net profit of Rs 22.20 crore in Q4 March, 2013.
- Pipavav Defence and Offshore Engineering Company closed 3.55% down at Rs 65.20 on BSE on profit booking after the stock surged 57.76% in the preceding 11 trading sessions to Rs 67.60 on 30th May, 2014, from a recent low of Rs 42.85 on 15th May, 2014.
- Arvind closed 4.61% up at Rs 191.90 on BSE after the Arvind OG Nonwovens, a joint venture between Arvind and OG Corporation of Japan, inaugurated its manufacturing facilities near Ahmedabad, Gujarat, on 31st May, 2014.
- Tata Power closed 2.02% up at Rs 105.95 on BSE after the company said it commissioned its second 25 megawatts solar farm in Palaswadi, Maharashtra.
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