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Equity Research Report: Religare Morning Digest

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.
12 Jun 2014 | 07:00 AM

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.


Corporate News:

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.

Economy News:

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.


Market Roundup 

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.

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