Market Outlook for the day – Doji candlestick pattern formed on the monthly chart indicates profit taking to continue.
Hindustan Construction Company surged 8.14% to Rs 20.60 at 14:52 IST on BSE after the company reported a net profit of Rs 24.40 crore in Q4 March 2014 as against net loss of Rs 50.30 crore in Q4 March 2013.
BHEL announced the commissioning of 160-MW combined cycle power plant in Rajasthan.
TVS Motor Company sold 190,683 vehicles in April, 15% rise from 165,214 units sold during the same month last year. Total exports grew 41% to 30,650 units from 21,714 units.
Bajaj Auto’s total sales fell 4% in April to 3,31,529 vehicles compared with 3,44,178 units sold during the same month a year ago.
Results on May 05, 2014: Canara Bank, Century Textiles, Pantaloons, United Bank.
The market edged higher in early trade but trimmed initial gains and hit fresh intraday low in morning trade. It hovered in positive terrain in mid-morning trade. Indices were trading marginally higher in early afternoon trade and bounced back from fresh intraday low levels in afternoon trade. It pared gains and were trading almost unchanged in mid-afternoon trade. It slipped into the red and hit fresh intraday low in late trade. Most metal stocks declined for the second day in a row IT stocks edged higher. The market breadth, indicating the overall health of the market, was positive. On BSE, 1,422 shares gained and 1,307 shares fell. A total of 123 shares were unchanged.