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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Tuesdays’ strong green candlestick after Doji pattern in the previous session suggests more upside move in the coming session.
18 Jun 2014 | 07:00 AM

Highlights for Today

Market Outlook for the day Tuesdays’ strong green candlestick after Doji pattern in the previous session suggests more upside move in the coming session.


Corporate News:

Cairn India has received environmental nod for raising crude oil production from its prolific Rajasthan fields by 50% to 300,000 barrels per day (15 million tons a year).

Cipla Ltd has acquired 60% stake in a new company in Sri Lanka for $14 million (nearly Rs 85 crore) to market its product in the country. The new company will market the Cipla's products in Sri Lanka.

Adani group will raise $1 billion (Rs 6,000 crore) by selling new shares of Adani Enterprises and raise another $1.5 billion (Rs 9,000 crore) from banks abroad to fund projects both in India and abroad.


Market Roundup 

Key benchmark indices rallied to fresh intraday high in late trade. A slide in crude oil prices and gains in European stocks underpinned sentiment on the domestic bourses. Markets gained momentum in late hour trade on value-buying in blue-chip stocks. Banks and Capital goods stocks witnessed strong buying and its BSE indices closed 2.28% and 1.93% up respectively. The market breadth indicating the overall health of the market was strong. The BSE Mid-Cap index was up 1.5%. The BSE Small-Cap index was up more than 2%.

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