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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty’s recovery from lower levels suggests that there are higher chances that index will first take a positive turn before heading for any sustainable directional move.
05 Feb 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty’s recovery from lower levels suggests that there are higher chances that index will first take a positive turn before heading for any sustainable directional move.

 

Corporate News

Whirlpool of India  net profit jumped 111.02% to Rs 21.25 crore on 8.73% growth in total income from operations to Rs 672.77 crore in Q3 December 2013 over Q3 December 2012.

Bharat Forge net profit fell 2.5% to Rs 94 crore on 1.5% fall in total revenues to Rs 832.10 crore in Q3 December 2013 over Q2 September 2013.

Hero MotoCorp total two-wheeler sales rose 0.61% to 561,253 units in January 2014 over January 2013.

Alstom T&D India the subsidiary of France-based Asltom Grouphas bagged an order worth €41million from Power Grid Corporation of India Ltd (PGCIL).

Results on 05 Feb 2014: BHEL, Blue Dart, Chennai Petro, DIC India, Powergrid Corp, Praj Ind, Ranbaxy, Redington India, SJVN.


Market Roundup 

Key benchmark indices made a strong comeback from an initial setback triggered by weakness in Asian stocks and steep losses for US stocks. The Sensex trimmed intraday losses in mid-morning trade and regained the psychological 20,000 level and Nifty regained the psychological 6,000 level. BSE banking index closed almost a percent up. Selling pressure witnessed in IT and Pharma stocks.  The market breadth, indicating the overall health of the market turned positive from negative in late trade.