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Equity Research Report: Religare Morning Digest

Market Outlook for the day –Lok Sabha elections outcome will set the trend for the near term but the index is expected to remain volatile on Friday.
16 May 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Lok Sabha elections outcome will set the trend for the near term but the index is expected to remain volatile on Friday.


Corporate News:

Adani Ports and Special Economic Zone’s consolidated net profit fell 25.41% to Rs 529.80 crore on 19.15% increase in total income to Rs 1288.78 crore in Q4 March 2014 over Q4 March 2013.

Bajaj Auto's net profit fell 0.24% to Rs 763.93 crore on 2.55% increase in total income to Rs 5117.10 crore in Q4 March 2014 over Q4 March 2013.

Bank of India net profit fell 26.31% to Rs 557.51 crore on 21.68% increase in total income to Rs 11274.09 crore in Q4 March 2014 over Q4 March 2013.

Sun Pharmaceutical Industries has settled legal dispute with Novartis Pharmaceuticals in the US on a generic version of patented leukemia drug Gleevec.

Economy News

Wholesale price index (WPI) in April came at a lower-than-expected 5.2% as against 5.7% in the previous month. Fuel inflation had declined to 8.93% for the month under review as against 11.22 % in the previous month. Food articles inflation declined to 8.64% from 9.9% in the previous month.

Results on May 16, 2014: Bajaj Hind, Scooters India, Spicejet, United Spirits, Wheels India 


Market Roundup 

Key benchmark indices edged higher amid high intraday volatility after the latest data showed that inflation based on monthly wholesale price index eased to 5.2% in April 2014 from 5.7% in March 2014. Market opened higher but trimmed initial gains in morning trade and slipped into red. Volatility ruled the roost as the key benchmark indices regained positive zone in afternoon trade. Intraday volatility continued as key benchmark indices alternately swung between positive and negative zone later. The market breadth was negative.

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