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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Exit poll numbers, which are schedule late Monday evening, hold the key for the Tuesday's session so one should maintain extra caution and avoid overleveraging at current levels.
13 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Exit poll numbers, which are schedule late Monday evening, hold the key for the Tuesday's session so one should maintain extra caution and avoid overleveraging at current levels.


Corporate News:

Cipla to acquire 14.6% stake in Washington-based Chase Pharmaceuticals for $1.5mn. Cipla will make an additional $4.5 million investment in Chase upon achievement of certain milestones.

Indian Bank net profit declined 7.13% to Rs 271.28 crore on 5.27% growth in total income to Rs 4234.83 crore in Q4 March 2014 over Q4 March 2013.

Taj GVK Hotels & Resorts net profit surged 748.28% to Rs 4.92 crore on 1.26% rise in net sales to Rs 65.07 crore in Q4 March 2014 over Q4 March 2013.

Results on May 13, 2014: Aptech, Bank of Maharashtra, Bank of Baroda, Castrol India, Dr. Reddys Lab, Nestle India, PNB, Tata Coffee, Tata Communication.


Market Roundup

Indian markets again touched a new all-time high and surged over 2.2 per cent at the closing session on Monday led by strong capital inflows and widespread buying by retail investors ahead of the exit poll results. NIFTY first time managed to close above the level of 7000 in history. Investors are hoping that the exit polls would show BJP and its allies winning a majority in the current elections. Oil & gas, power, auto and capital goods stocks led the Sensex rally and were up 3.07 per cent, 2.98 per cent, 2.88 per cent and 2.78 per cent, respectively. Only healthcare index was down 0.81 per cent.