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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Confirmation of bearish formation on the intraday chart is indicating continuation in down side move with 6570 as important support.
08 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Confirmation of bearish formation on the intraday chart is indicating continuation in down side move with 6570 as important support.


Corporate News:

Allahabad Bank's net profit rose 25.05% to Rs 157.75 crore on 9.65% increase in total income to Rs 5237.68 crore in Q4 March 2014 over Q4 March 2013.

Lupin's consolidated net profit rose 39.73% to Rs 1836.37 crore on 25.5% growth in total income from operations to Rs 8939.38 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

Syndicate Bank net profit declined 30.9% to Rs 409.30 crore on 12.06% growth in total income to Rs 5357.40 crore in Q4 March 2014 over Q4 March 2013.

HCL Technologies announced a $400 million strategic engagement with DNB Bank ASA, Norway's largest bank and one of the world's leading maritime shipping banks.

Results on May 08, 2014: Amtek Auto, Amtek India, Birla Corp, Finolex Cables, Glenmark Pharma, KRBL, NDTV, Orient Paper, Sintex Ind, Union Bank, Zuari Agro, Zuari Global.


Market Roundup 

Key benchmark indices edged lower on weak global cues. CNX Nifty hit its lowest level in almost six weeks. Market extended losses and hit fresh intraday low in afternoon trade. It extended losses and hit fresh intraday low in late trade. Lupin edged lower in volatile trade after announcing strong Q4 results. The IT sector’s losses widened in the market after global investment bank UBS pressed the 'sell' button in the Infosys counter after downgrading the stock. The market breadth, indicating the overall health of the market was negative.