Market Outlook for the day – Nifty failed to cross the resistance barrier of 7750 spot mark and slipped in red on Wednesday. We expect negative bias to continue on Thursday as well.
Apollo Tyres reported consolidated net profit of Rs 228 crore for the first quarter ended June 30, up 37% from Rs 166 crore in the corresponding period last year. Net sales of the company also were marginally up at Rs 3,235 crore during the quarter from Rs 3,190 crore in April-June quarter 2013
Adani Power reported a consolidated net loss of Rs 303 crore in Q1 June 2014, lower than net loss of Rs 1198 crore in Q1 June 2013. Its consolidated total income rose 104% to Rs 5248 crore in Q1 June 2014 over Q1 June 2013.
Adani Ports and SEZ consolidated net profit rose 36.04% to Rs 568 crore on 8.77% fall in total income to Rs 1430.38 crore in Q4 March 2014 over Q4 March 2013.
IDBI Bank net profit fell 65.85% to Rs 104.81 crore on 2.87% decline in total income to Rs 7231.37 crore in Q1 June 2014 over Q1 June 2013.
Results on August 07,2014: India Cements, Nestle India, Neyvelli Lignite, Zee Media.
Key benchmark indices extended losses in late trade as European stocks dropped after weak economic reports in Germany and Italy and on Russia-Ukraine tension. Before extending losses in late trade, key indices had seen intermittent recovery from lower level in intraday trade after remaining in the red since the beginning of the trading session. A sharp slide in rupee against the dollar also weighed on sentiment. PSU OMCs declined as rupee edged lower against the dollar. Bank, Realty and Metal stocks dropped.