Market Outlook for the day – We expect selling to continue, 7510-7480 are the immediate supports for Nifty.
Mahindra & Mahindra reported a 5.98% decline in its standalone net profit at Rs. 881.78 crore for Q1FY14 Vs Rs. 937.91 crore during the same period a year ago. Net sales on a standalone basis declined marginally to Rs. 10,597.07 crore from Rs. 10,607.27 crore.
State Bank of India reported a marginal 3.3% increase in net profit to Rs 3,349.08 crore for the quarter ended June 30. Total income increased to Rs 40,739.21 crore during the quarter, against Rs 36,192.62 crore in the same period a year ago.
Results on August 11,2014: Divis Lab, GAIL, HPCL, Jain Irrigation, SAIL, Tata Motors
Key benchmark indices edged lower on the last trading session of the week as increase in crude oil prices triggered by unrest in Iraq dampened sentiment. The weakness on the domestic bourses was a part of a weakness in world stocks triggered by geopolitical worries after US President Barack Obama authorized the military to make targeted airstrikes against Islamist militants in northern Iraq. The market breadth indicating the overall health of the market was weak. The decline was sharper in small-cap and mid-cap indices. The BSE Small-Cap index was off 2.14%. The BSE Mid-Cap index was off 2.06%.