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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty, Sensex & Banknifty closed at record highs on Friday, we are expecting this positive bias to continue.
12 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Nifty, Sensex & Banknifty closed at record highs on Friday, we are expecting this positive bias to continue.


Corporate News:

Ranbaxy Laboratories reported a consolidated net loss of Rs 73.65 crore in the quarter ended March 2014, compared with net profit of Rs 125.75 crore in the quarter ended March 2013. Its total income fell 1.73% to Rs 2490.51 in the quarter ended March 2014 over the quarter ended March 2013.

Syndicate Bank will raise $350 million in the next few weeks through the medium term note route to fund its London operations.

Eicher Motors posted 42% increase in consolidated net profit to Rs 139.12 crore in the first quarter ended March 31.

NIIT Technologies reported a 9.5% rise in net profit at Rs 61.9 crore for the fourth quarter ended March 31, 2014.

Results on May 12, 2014: Balrampur Chini, DB Corp, Finolex Industries, Indian Bank, Just Dial


Market Roundup 

The Sensex climbed to a new record high at the closing session on Friday on a flurry of buying in banking, realty, power and capital goods sector stocks by funds and retail investors amid increased foreign capital inflows. Key benchmark indices further extended gains and hit fresh intraday high in mid-morning trade. The Sensex hit its highest level in more than a week. The uptrend on the bourses continued as key benchmark indices scaled fresh intraday high in early afternoon trade. Bank stocks gained across the board on renewed buying. Among private sector bank; ICICI, SBI, Yes Bank, IndusInd Bank PNB, Union Bank of India and Federal Bank were the major gainers.

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