Market Outlook for the day – Current chart pattern suggests 7660 spot as nearest resistance level.
Sun Pharmaceutical Industries has acquired US-based Pharmalucence Inc for an undisclosed amount.
Kotak Mahindra Bank's net profit rose 6.69% to Rs 429.80 crore on 1.27% growth in total income to Rs 2686.11 crore in Q1 June 2014 over Q1 June 2013.
India's merchandise exports jumped 10.22% to $26.48 billion in June 2014 over June 2013. Imports rose 8.33% to $38.24 billion in June 2014 over June 2013. The trade deficit stood at $11.76 billion in June 2014, which was higher than trade deficit of $11.28 billion in June 2013. For the first three months of the year (April-June), the trade deficit stood at USD 33.08 billion against USD 48.33bn, exports rose 9.3% to USD 80.11 billion, while imports declined 6.9 percent to USD 113.20 billion (Y-o-Y).
A rally in European stocks helped Indian stocks extend gains in late trade. The Sensex and CNX Nifty, both, hit their highest level in almost a week. The market sentiment was positive after the Reserve Bank of India (RBI) on 15 July 2014, announced incentives to raise long term bonds for infrastructure financing and after the latest data showed a decent growth in merchandise exports in June 2014. The BSE Mid-Cap index was up 1.34%. The BSE Small-Cap index was up 2.04%. The market breadth indicating the overall health of the market was strong with more than two gainers for every loser on BSE.