Market Outlook for the day – We are maintaining cautious view over Nifty till it is trading below 7750 spot level. Break and consolidation above this level is important for sustainable upmove.
Tata Steel first quarter consolidated net profit slumped 70%, hurt by provisions for impairment of non-core assets and a higher tax expense. The company posted net income of Rs 3.37 billion($55.01 million) in the three months ended June 30, compared with Rs 11.39 billion a year earlier. Net sales jumped 11 per cent to Rs 361.43 billion, helped by an increase in European demand.
Siemens has posted Rs. 13 crore net profit for the quarter ended June 30, 2014, against a net loss of Rs. 49 crore logged in the same quarter last year.
Tata Power Solar, has commissioned a 3-MW solar power plant for The Andhra Sugars Ltd.
Results on August 14,2014: Cipla, Hindalco
The Sensex and the Nifty ended the session marginally in the green in a volatile trading session. But, the broad market showed weakness after the latest data showed that industrial output slowed unexpectedly in June 2014 while inflation accelerated in July 2014. Strong buying was witnessed in FMCG, IT and healthcare stocks. However, intense selling pressure seen in realty, capital goods, consumer durables and power stocks. The market breadth indicating the overall health of the market was weak, with more than two losers for every gainer on BSE.