Market Outlook for the day – Nifty has closed marginally above psychological support of 6000, any fall below the same may attract fresh selling.
Lupin net profit grew 42% to Rs 476.10 crore on 21% increase in net sales to Rs 2983 crore in Q3 December 2013 over Q3 December 2012.
Ashok Leyland's sales of medium & heavy commercial vehicles (M&HCV) declined 19% to 5,530 units in January 2014 over January 2013. Sales of light commercial vehicles (LCVs) dropped 37% to 2,317 units in January 2014 over January 2013.
Bajaj Auto's total motorcycle sales fell 7% to Rs 2.81 lakh units in January 2014 over January 2013. Total commercial vehicles sales declined 20% to 36,781 units in January 2014 over January 2013. Exports rose 7% to 1.37 lakh units in in January 2014 over January 2013. The company said that it was the highest ever export figure for any January.
Indraprastha Gas jumped 7.13% to Rs 265.20 on BSE on reports the price of compressed natural gas was slashed by Rs 15 per kg and the price of piped natural gas was cut by Rs 5 per kg in Delhi.
Results on 04 Feb 2014: Bharat Forge, Cummins India, Power Finance, Suven Life, Talwalkar, Tech Mahindra.
Key benchmark indices edged lower on the first trading session of the week and the month after the government revised downwards the GDP growth rate for the year ended FY 2013 to 4.5% from 5% reported earlier. The market sentiment was affected adversely by data showing that foreign funds were net sellers of Indian stocks on 31 January 2014. BSE Sensex, and CNX Nifty, both, hit their lowest level in more than 10 weeks. The Nifty fell below the psychological 6,000 mark in late trade. The market breadth, indicating the overall health of the market, was negative.