Equities arrive: Markets end at highest 2014 closing levels

Markets ended its third consecutive session of gains with benchmarks ending at their highest closing levels in 2014, led by buying in RIL, Sun Pharma and ICICI Bank among other heavyweights.

The 30-share Sensex of the Bombay Stock Exchange closed 86.55 points higher at 21,337.67 and the National Stock Exchange Nifty index closed at its highest closing levels in 2014, up 25.15 points at 6,338.95.

Broader markets underperformed the bechnmark indices with the BSE mid and smallcap indices ending 0.2% higher against Sensex's 0.4% upmove and Nifty's 0.3%.

Market participants now await heavyweight Larsen & Toubro's December, 2013 qaurter results to announced later in the day. The stock is closed at Rs 1,004.80 down 0.35%.

The rupee was trading at Rs 61.84 compared with previous close of Rs 61.88 per dollar.

The Indian rupee was trading lower due to month end dollar demand from importers.

Bearish sentiments in equity markets also contributed to the weakness.

Reliance up 0.94%, Sun Pharma up 2.85, ICICI Bank up 0.76%, Bharti Airtel up 1.56% and Tata Steel up 2.2% were the top Sensex gainers today.

Asian stocks remained subdued on Wednesday amid worries that the US Fed may further trim its monetary stimulus and ahead of central bank meetings in Thailand and Japan.

Japanese central bank, The Bank of Japan, is widely expected to keep its policy rates on hold on Wednesday.

The Nikkei was up 0.3%, Shanghai Composite gained 1.8% and Hang Seng was up 0.2% while Straits Times was trading flat with negative bias.

Healthcare, Metal Oil & gas and Realty indices were the top gainers among the sectoral indices on the BSE while Capital goods was the top loser.

On metal stocks: "Sesa Sterlite is in an uptrend could test 213-214 (52-week high) again. SAIL also has upside potential. Both 2-3 session positions and stops will have to be about 2% below current price," suggests Devangshu Datta, Technical Analyst.

Market breadth was strong with 1404 gainers and 1274 losers on the BSE.

Deals corner

French power equipment maker Alstom's Indian arm has bagged a contract worth Rs 106 crore from Reliance Industries Limited for supplying equipment for the latter's Jamnagar refinery in Gujarat.

"Alstom T&D India was recently awarded a contract worth Rs 106 crore from Reliance Industries for supplying transformer packages for its Jamnagar refinery in Gujarat," the company said in a statement filed with the stock exchanges today.

The contract was bagged by Alstom T&D in December 2013.

Results corner

HDFC, a housing finance provider, posted a 12% increase in net profit at Rs 1,278 crore for the quarter ended December 2013 as against Rs 1,140 crore in December 2012.

The total income rose 15% to Rs 6,031 crore as compared to Rs 5,250 crore in December 2012.

The loan book as of December 31, 2013 is at Rs 1.92 lakh crore.

At 1335 hours, HDFC's stocks on BSE were trading 0.2% higher at Rs 839 apiece.

Zee Entertainment posted consolidated net profit of Rs 213.6 crore for the quarter ended December 31, 2013 as compared to Rs 194 crore in the same period last year, up 10%.

Total Income of the group increased from Rs 975 crore to Rs 1,226 crore.

The advertising revenue increased 34.3% on a year-on-year basis.

EBITDA stood at Rs 290 crore, recording a gain of 11.3% over the same quarter last fiscal.