Market Outlook for the day – Current chart patterns indicate positive momentum to continue, having 7980 as nearest support.
Bajaj Auto Ltd (BAL) sold 2,84,302 motorcycles during August 2014 as compared to 2,78,583 motorcycles during August last year, a 2 per cent growth. Its two-wheeler model Discover recorded a 16 per cent growth in sales to 93,000 units during last month. The sale of commercial vehicles surged to 52,538 units during August this year as against 33,605 units in the same month last year, a 56 per cent increase.
Cipla has launched an anti-asthma inhaler in Germany and Sweden that is a generic version of GlaxoSmithKline Plc's Advair.
GMR Infrastructure Limited has signed a Memorandum of Understanding (MoU) with Japan Bank for International Cooperation (JBIC) for providing financial assistance to Japanese companies investing in Infrastructure projects of GMR Group.
A decline in crude oil prices and positive cues from European stocks helped key benchmark indices in India strike yet another record high, with the barometer index, the S&P BSE Sensex, crossed the psychological 27,000 level. The latest macroeconomic data showed the current account deficit (CAD) narrowed on year-on-year basis but rose on sequential basis in Q1 June 2014. Meanwhile, Japan has promised 3.5 trillion yen of public and private investment and financing, including Overseas Development Assistance (ODA) over five years for India's development. The market breadth indicating the overall health of the market was positive.