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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty crossing 6300 in intraday trade and Banknifty closing above its 200 EMA, both are positive developments signaling bullish bias ahead.
05 Mar 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty crossing 6300 in intraday trade and Banknifty closing above its 200 EMA, both are positive developments signaling bullish bias ahead.

 

Corporate News:

Dhanlaxmi Bank spurted 16.08% on BSE after the bank said its board by circulation on 1 March 2014 has approved to issue and allot 5.96 crore shares at Rs 39 per share aggregating to Rs 232 crore through preferential allotment.

Bharti Airtel reported that its unit in Kenya has sought an approval from the industry regulator to acquire the telecommunications licenses and subscribers of Essar Telecom Kenya.

IVRCL jumped 8.18% on BSE after the company said that its irrigation division and water division have bagged orders worth an aggregate Rs 2632.85 crore.

GMR Infrastructure rose 2.21% on BSE after a consortium led by the company has won construction package of rail line doubling between Jhansi and Bhimsen stations in Uttar Pradesh.

Suven Life Sciences has granted an exclusive license and right to distribute and market its Malathion lotion in USA, Canada and Mexico to Taro Pharmaceuticals North America, Inc.

 

Market Roundup

Key benchmark indices edged higher as firmness in European stocks and higher US index futures boosted market sentiment. Fall in crude oil prices after sharp gains on Monday triggered by crisis in Ukraine also eased fiscal deficit and current account deficit worries. The Sensex and the CNX Nifty, both, hit their highest level in 5-1/2 weeks. Except BSE IT index and the BSE Healthcare index all the other sectoral indices on BSE were in the green. The market breadth, indicating the overall health of the market, was positive.