Highlights for Today
Market Outlook for the day – Profit taking is more likely to continue having 7530 as nearest support. This dip can be utilized to accumulate quality stocks.
Tech Mahindra has formed a global services alliance with HPS, a Morocco-based provider of solutions to the cards and payments industry.
Future Retail will raise Rs 2,000 crore by issuing shares to promoters and investors. About 75% of the funds raised will be used to reduce debt.
Exports grew by a six-month high of 12.40% at $27.9 billion in May this year against $24.91 billion in the same a year ago. Imports, on the other hand, contracted 11.41% at $39.23 billion in May against $44.28 a year ago. This was partly reflective of 72% decline in gold imports. As such, trade deficit declined by 42.01% at $11.23 billion in May against $19.37 billion in the same month of 2013-14.
Key benchmark indices edged lower in choppy trade as weakness in European stocks hit sentiment on the domestic bourses adversely. Key indices edged higher in morning trade. A sudden slide was witnessed after the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit record high in mid-morning trade. Volatility ruled the roost in afternoon trade as fresh selling derailed an intraday recovery on the bourses triggered data showing that India's merchandise exports jumped 12.4% in May 2014. Volatility continued as key benchmark indices weakened once again after trimming losses in late trade.