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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Currently Nifty is struggling to cross & sustain above 6550 mark, thus possibility of profit taking from the current levels cannot be ruled out.
11 Mar 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Currently Nifty is struggling to cross & sustain above 6550 mark, thus possibility of profit taking from the current levels cannot be ruled out.

 

Corporate News:

L&T Construction has won orders worth Rs. 2,935 crore across business segments in February and March.

Tata Power Company has decided to issue 33.22 crore shares on rights basis at Rs 60 per share, which is proposed to open on or prior to 31 March 2014. Rights entitlement ratio is 7:50, i.e. an eligible shareholder will be entitled to apply for 7 rights shares for every 50 shares held. Tata Power has fixed 20 March 2014 as the record date for the purpose of issuing equity shares by way of the rights issue.

SPML infra has bagged two orders worth Rs. 721 crore from Bhavnagar Irrigation Project Division, Gujarat, and South Bihar Power Distribution Company, Patna.

 

Industry News

Domestic passenger car sales increased 1.39% to 1,60,718 units in February from 1,58,512 units in the year-ago month. Motorcycle sales last month climbed 5.39% to 8,43,307 units from 8,00,165 units a year earlier, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

 

Market Roundup

Key benchmark indices settled with tiny gains in a volatile trading session. BSE Sensex, fell below the psychological 22,000 mark after hitting a record high above that level in intraday trade. Buying support witnessed in Realty, Banking and Capital goods segment and its BSE indices closed 2.47%, 1.91% and 2.77% up respectively. While IT, Pharma and FMCG indices closed negative. The market breadth, indicating the overall health of the market was positive.