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Equity Research Report: Religare Morning Digest

As Nifty has closed below 8100 mark, caution is advised at current levels with 8050 as the next crucial support.
11 Sep 2014 | 07:00 AM

Corporate News: 

Steel Authority of India lost 2.7% on NSE on reports the government is proposing to offload 5% stake in the company this month and provide more incentives to retail investors to increase their participation.

Shares of three shipbuilding companies (ABG Shipyard, Bharati Shipyard and Pipavav Defence)  rose on reports the government is considering a financial assistance scheme to revive the debt-laden and struggling shipbuilding industry.

Bajaj Finance has reviewed the performance of the company’s mortgage business spanning across loans against property/ home loans and lease rental discounting and has approved the  formation of a housing finance company (HFC) as a wholly-owned subsidiary.

 

Economy News:

Domestic passenger car sales grew 15.16 per cent to 1,53,758 units in August this year compared with 1,33,513 units in the same month of 2013. According to the data released by the Society of Indian Automobile Manufacturers (SIAM), motorcycle sales during the month grew 14.45 per cent to 9,10,312 units from 7,95,411 units in August last year.  Total sale of vehicles across categories registered a growth of 17.54 per cent to 16,60,437 units in August 2014 against 14,12,602 units in the same month of 2013.  

 

Market Roundup 

Key benchmark indices dropped for second day in a row on speculation that US interest rates will rise sooner than estimated. Higher interest rates could lure money to the US from emerging markets, including India. FMCG stocks declined. Oil and gas stocks dropped. PSU OMCs fell on reports that diesel prices may be cut for first time in seven years on declining crude oil prices. The market breadth indicating the overall health of the market was positive.

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