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Equity Research Report: Religare Morning Digest

Market Outlook for the day – 7220 spot is an important support, any fall below the same may attract fresh short positions.
02 Jun 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day 7220 spot is an important support, any fall below the same may attract fresh short positions.


Corporate News:

Mahindra & Mahindra has posted an almost flat net profit of Rs. 896.88 crore for the quarter ended March 31, 2014 against Rs. 889.1 crore for the quarter ended March 31, 2013.

Tata Chemicals reported a consolidated net loss of Rs 1225.72 crore in Q4 March 2014, higher than net loss of Rs 188.03 crore in Q4 March 2013.

Kotak Mahindra Bank’s promoter group sold a 3.24% stake in the bank to comply with the central bank's guidelines on equity holding in local banks.

Jammu & Kashmir Bank tumbled 19% on NSE after a media report alleged that some of the directors and officers at the bank were not declaring all the non-performing and stressed assets in its loan book.


Market Roundup 

Markets opened on a flat note and witnessed a choppy session throughout. The key indices edged lower after alternately swinging between positive and negative zone. M&M, Cipla and ONGC gained in choppy trade after reporting strong Q4 result. The BSE Mid-Cap index was up 32.82 points or 0.39%. The BSE Small-Cap index was up 30.36 points or 0.34% to 9,015.73. Both these indices outperformed the Sensex.