Daily Round-Up of 18 March, 2014
The markets registered yet another fresh all-time high today with the Sensex at 22,040-odd levels as the so-called hope rally continued. The sentiment was also boosted after Goldman Sachs report indicates Nifty target of 7,600 in a year’s time. However, intra-day profit taking in the markets saw the BSE index end with marginal gains at 21,833 – up 23 odd points.
Maruti Suzuki was the star performer today, after the company announced its revised plans on the Gujarat plant. The stock zoomed 7.5 per cent to Rs 1,869. SBI, ITC Coal India were the other major gainers – up over 2 per cent each. On the other hand, Tata Motors slipped over 3 per cent to Rs 381. Mahindra & Mahindra, Wipro and Infosys were the other prominent losers. Among sectors, the FMCG and Power sectors were the lead gainers, while IT and realty indices declined.
Meanwhile, the Indian Rupee which touched a high of 60.8638 in morning deals, pared gains in the second half of the trading day and finally ended on a flat note 61.20 per US dollar. In the commodity space, Cardamom futures have rallied over 2 per cent, while Mentha Oil too have jumped over 1.5 per cent on the MCX. On the other hand, KapasKhali has plunged 3 per cent, and Brent Crude has tumbled over 2 per cent. Kapas is the other major loser. Near-month Gold and Silver futures also trade with losses of Rs 100 and Rs 400, respectively.
In major corporate news – Cairn Energy has reportedly paused the on-going share buyback of Cairn India owing to the tax dispute with the Indian IT department. According to reports, Sesa Sterlite will shut its copper smelter for 22 days starting April 26. This is said to be the first maintenance closure in four years. Polaris Financial Technology approved demerger of its Products (Intellect) business into an independent entity. Every shareholder of Polaris to get one share of the new firm Intellect Design Arena for each share held. In other news, United Bank of India reduced lending rates by 25 basis points.
In political developments, the Congress today suffered a major set-back, after transcripts of a confidential report on the India-China 1962 war was made public. The report blames the then prime minister Jawarharlal Nehru for the poor states of the army and the war itself. Taking advantage of the situation, the opposition BJP has asked for the full report to be made public.