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Equity Research Report: Religare Morning Digest

Market Outlook for the day –Nifty is wisely placed on the long and short term charts, day traders are advised to avoid short positions till Nifty is trading above 6650 level.
02 Apr 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty is wisely placed on the long and short term charts, day traders are advised to avoid short positions till Nifty is trading above 6650 level.

 

Corporate News:

TVS Motor Company recorded a 17% growth in total sales to 1.96 lakh units in March 2014 over March 2013.

Maruti Suzuki’s total vehicle sales declined 5.5% to 1.13 lakh units in March 2014 over March 2013.

RBI Monetary Policy

RBI kept the key policy rate (repo) unchanged since retail inflation still remains “sticky” but introduced steps to increase liquidity and contain volatility in the money market. In the first bi-monthly monetary policy statement for 2014-15, the RBI Governor decided to pause and not disturb status quo. The repo rate, the central’s bank main policy rate and the rate at which it lends money to banks, remained at 8 per cent. Other policy instruments such as cash reserve ratio also remain unchanged at 4%.

 

Market Roundup 

Key benchmark indices logged gains amid volatility on first trading day of financial year ending  March 31, 2015 (FY 2015) with investor sentiment boosted by firm Asian and European stocks. S&P BSE Sensex, and the CNX Nifty, both, attained record closing high. High volatility was witnessed as key benchmark indices alternately swung between positive and negative zone after the Reserve Bank of India kept its main lending rate viz. the repo rate unchanged at 8%. Banking and Capital goods stocks declined on profit booking. The market breadth, indicating the overall health of the market, was positive.