Market Outlook for the day – We expect Nifty to consolidate in a broader range of 7650-7850 prior to next directional move.
NTPC Ltd, has reported a 13% drop in net profit for the first quarter of fiscal 2014-15 due to the implementation of Tariff Regulations 2014 of the Central Electricity Regulatory Commission. Total income for the quarter grew 15.2% to Rs. 18,885.14 crore from Rs. 16,391 crore in the same quarter last year.
Maruti Suzuki India reported net profit of Rs. 762.28 crore for the first quarter ended June 30, up 21% compared with Rs. 631.30 crore in the same period last year. The company sold 2,70,643 units of vehicles during this period, up 10% against 2,45,346 units during the same period last year.
ICICI Bank’s net profit rose 16.76% to Rs 2655.30 crore on 13.26% increase in total income to Rs 14616.71 crore in Q1 June 2014 over Q1 June 2013. The bank's net interest income increased 18% to Rs 4,492 crore in Q1 June 2014 over Q1 June 2013.
HCL Technologies reported a 53.7 per cent jump in its consolidated net profit to Rs 1,834 crore for the fourth quarter ended June 30, 2014. Its consolidated revenues rose 20.7 per cent to Rs 8,424 crore in the April-June quarter as against Rs 6,980 crore in the same period last year.
Results on August 01,2014: Berger Paints, Cummins, Karur Vysya Bank, United Spirits, Union Bank.
Weakness during the latter part of the trading session pulled key benchmark indices lower as traders rolled over positions in the F&O segment from July 2014 series to August 2014 series. BSE Sensex, settled below the psychological 26,000 mark as concerns about the health of Europe's banking sector pulled European stocks lower. Banking and cement stocks led the decline. The market breadth indicating the overall health of the market turned negative from positive in late trade.