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Equity Research Report: Religare Morning Digest

Market Outlook for the day –Recovery in late trade once again brought the bulls back into action thus we are maintaining our bullish view with a cautious approach.
18 Mar 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Recovery in late trade once again brought the bulls back into action thus we are maintaining our bullish view with a cautious approach.

 

Corporate News:

BF Utilities slumped 9.59% on BSE after two promoters entities offloaded 0.34% stake of the company through market sale in March 2014 so far.

Astrazeneca Pharma India jumped 8.82% on BSE, after the company scheduled a board meeting on 15 March 2014 to consider voluntary delisting proposal.

Castrol India gained 3.06% on BSE as trading in shares of the company resumed on the bourses on 14 March 2014 pursuant to Scheme of Arrangement involving reduction of share capital.

ONGC and Oil India Ltd have bought a 10% stake in Indian Oil Corp (IOC) from the Government for Rs. 5,340 crore.  

Economy News:

Inflation based on the wholesale price index (WPI) eased to a nine-month low of 4.68% in February 2014, from 5.05% in January 2014 and 7.28% during the corresponding month of the previous year.

 

Market Roundup 

The market edged lower in early trade on weak Asian stocks. A strong intraday rebound in late trade took the key benchmark indices to positive from negative zone. The market sentiment was boosted after the data showed that inflation based on the wholesale price index (WPI) eased to a nine-month low last month. Among the BSE Sectoral indices; Capital Goods and Realty remain positive whereas IT and Bankex remain negative. The overall breadth of the market remains negative.

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