Market Outlook for the day – We believe this rebound will continue on Wednesday as well; however, 7600-7650 zone hold crucial resistance in Nifty so plan your trades accordingly.
State Bank of India slashed the interest rate on short-term fixed deposits up to 179 days by 0.5%. Interest rate on fixed deposits between 7-179 days now would be 7.5%. The new rate would be effective from July 18, 2014.
DLF is planning to raise up to Rs. 3,500 crore through issue of securities backed by IT-SEZs to replace its costlier debt.
Canara Bank is planning a Rs. 3,000 crore QIP issue, which is likely by August.
Key benchmark indices extended gains and hit fresh intraday day high in late trade. Bank stocks gained across the board after the latest data showed easing of retail inflation in June 2014. Among BSE sectoral indices, consumer durables, banking, capital goods and realty indices were the star-performers and were up 2.82 per cent, 2.8 per cent, 2.23 per cent and 2.15 per cent, respectively. Only FMCG and IT indices were down 0.31 per cent and 0.17 per cent, respectively. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index was up by 1.93%. The BSE Small-Cap index was up 2.21%.