Market Outlook for the day – Nifty has approached important support level (7440), hence we may see technical rebound on Monday.
Infosys posted 21.6% increase in net profit to Rs. 2,886 crore on a year-on-year basis with revenues up 13.3% to Rs. 12,770 crore. However, on a sequential basis, the net profit was down 3.5%, while the revenues were down 0.8%. The company also gave revenue guidance for FY15 which is expected to grow 7-9% in dollar terms and 5.6-7.6% in rupee terms.
JSW Steel reported that its crude steel production was up eight% in the June quarter at 3.10 mn tonnes against 2.86 mt logged in the same period last year. Flat product output increased nine percent at 2.43 mt (2.23 mt) while that of long products used in real estate and infrastructure projects were up 16% at 0.52 mt (0.45 mt).
Metal and mining PSUs SAIL, NMDC and RINL plan to invest Rs 15,069 crore this fiscal towards modernization and expansion.
Indian stocks slumped on the last trading day of the week as Union Budget 2014-15 lacked any major policy reforms and timeline for reduction of subsidies. The Sensex and CNX Nifty, both, hit 2-1/2-week low. There was a sharper decline in small-cap and mid-cap indices. The BSE Mid-Cap index fell almost 3%. The BSE Small-Cap index was off over 3%. The market breadth indicating the overall health of the market was weak, with more than three losers for every gainer on BSE.