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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty is trading around its resistance zone, thus we advice our clients to keep a cautious approach.
06 Mar 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty is trading around its resistance zone, thus we advice our clients to keep a cautious approach.

 

Corporate News:

Dr. Reddy's Laboratories launched anti-bacterial Moxifloxacin generic in the US market on 4 March 2014.

SAIL recorded 7 per cent growth in sales in February over the same month last year. SAIL produced 1 million tonnes (mt) of saleable steel in February. The month also witnessed 4 per cent production growth each in hot metal and crude steel at 1.12 mt and 1.04 mt respectively.

GMR Infra has forayed into the railway sector, winning a construction package of Rs 267 crore from Rail Vikas Nigam.

Tata Communications has signed a collaboration agreement with Turkey's telecom operator Turkcell Superonline to set up a Multi-protocol Label Switching (MPLS) node in Istanbul. 

 

Market Roundup

Key benchmark indices edged higher in choppy trade after a survey showed that private sector output across India rose for the first time in eight months during February and that Indian services companies maintained their positive outlook for output growth over the coming year in February 2014. BSE Sensex and the CNX Nifty, both, settled at their highest level in almost six weeks. Receding geopolitical worries over Ukraine aided the upmove on the domestic bourses. The market breadth, indicating the overall health of the market, was positive.