Markets end higher after volatile trade

Markets trimmed early gains to end marginally higher on Friday as investors turned cautious ahead of the GDP data for the current fiscal to be released on Friday. 

The government is likely to lower its estimate of 5% growth forecast for the financial year 2013-14, because of slower-than-expected recovery in industrial growth.

The Sensex ended up 66 points higher at 20,376, after hitting an intra-day high of 20,441 while the Nifty 50 gained 27 points to close at 6,063, after reaching an intra-day high of 6,080 earlier in the day.

The revised GDP data for 2013/14 fiscal year, ending March 31, is scheduled be released later today around 5.30 pm.

The broader markets marginally outperformed the benchmark indices, with the BSE Mid-cap gaining 0.6% and the BSE Small-cap increasing by 0.3%.

At 62.38, the rupee remained flat compared to its previous close of 62.38, although traders expect dollar inflows towards the Vodafone deal and spectrum auctions, among other things.

Foreign investors bought 107.5 million rupees worth of Indian shares on Thursday after selling Indian stocks worth $542 million in secondary markets, in the past five sessions, as shown by the provisional exchange and regulatory data.

Sectors and Stocks 

BSE Metals, Realty, and Healthcare outshined, gaining by 1.04%-2.66% each. FMCG and IT shares remained weak, and were down by more than 0.5%-0.6% each. All other sectoral indices were trading higher than their previous close.

Tata Steel was the biggest gainer in the Sensex and Nifty 50, gaining 6.4% to close at Rs. 384.45.

Tata Power trimmed its early gains and was down 0.33% as its consolidated net loss narrowed to Rs 75 crore for the quarter ended December 31, 2013, compared to a net loss of Rs 329 crore posted in the same period last year. It closed at Rs. 75

Maruti Suzuki India extended Thursday's gains on back of its latest compact car launch, Celerio, and increased by 1.6% to close at Rs. 1,665.

Ambuja Cements gained almost 5% to close at Rs. 163.75, after net profit rose 49.31% to Rs 316.50 crore on 5.19% decline in total income to Rs 2297.62 crore in Q4 December 2013 over Q4 December 2012.

Market breadth was positive with 1371 advances and 1195 declines, while 163 scrips remained unchanged on the BSE.

Smart Moves 

Cadila Healthcare rallied almost 6% to close at Rs.903 on the BSE, after reporting a better than expected 82% year on year growth in consolidated net profit at Rs. 186 crore for the third quarter ended December 31, 2013 (Q3FY14). The pharmaceutical company had profit of Rs. 102 crore in the year-ago period.

Jubilant Life Sciences increased by 4.5% to Rs 138.50, as its net profit more than quadrupled to Rs. 143.43 crore for the quarter ended December 31, 2013. Revenues increased by 10% during the same period.

Eveready Industries remained locked in upper circuit of 5% at Rs 38.50, after reporting 152% year on year (yoy) jumped in net profit at Rs 4.53 crore for the third quarter ended December 31, 2013 (Q3), due to better realization, cost conservation and saving in finance cost. The company had profit of Rs 1.80 crore in the same quarter previous fiscal.

Apar Industries declined by more than 8% to Rs. 117.85, with the stock extending Thursday's 4.82% fall triggered by the company reporting poor Q3 earnings.

Mahindra Ugine Steel Company moved up by more than 7% to Rs 139.55 after reporting more than double profit before extraordinary items at Rs 18 crore for the third quarter ended December 31, 2013 (Q3FY14). The company had profit Rs 7.61 crore in a year ago quarter. 

Aurobindo Pharma has gained 2.74% to Rs 507 after reporting over four-fold jumped in consolidated net profit at Rs 417 crore for the third quarter ended December 31, 2013 (Q3) on back of strong operational income. The pharmaceutical company had profit of Rs 92 crore in the same quarter previous fiscal.

Global markets 

Japan's Nikkei average jumped 2.12%, its biggest daily percentage rise since January 29, as investor sentiment brightened on hopes for an upbeat US jobs report later in the day. Recovering from a four-month trough of 13,995.86 set earlier this week on Wednesday, the Nikkei ended at 14,462.41. Singapore's Straits Times was up 0.8%, while Hong Kong's Hang Seng gained 1%.

Amongst European benchmark indices, the DAX and FTSE-100 were marginally up by 0.2-0.3%, while the CAC 40 remained relatively flat in early trades.