Market Outlook for the day –The current chart pattern and domestic clues suggest that sideways move is more likely to be witnessed in the coming session.
Piramal Enterprises Ltd has agreed to divest its entire equity stake, about 11 per cent (comprising 45,425,328 shares), in Vodafone India Ltd to Prime Metals Ltd, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore. This values the shares of Vodafone India Ltd at Rs 1,960 per share.
Sesa Sterlite announced production figures for its various businesses for the Q4 and full year ended 31 March 2014. Mined metal production of the company's subsidiary Hindustan Zinc dropped 23% to 200,000 tonnes in Q4 March 2014 over Q4 March 2013. Mined metal production rose 1% to 880,000 tonnes in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
State Bank of India has hit the overseas bond market with a dual tranche benchmark issue of 5-year and 10-year maturity to raise up to USD 1 billion.